EU Legislation on Energy Trading

Europex has developed this resource to offer a broad overview of EU legislation governing wholesale energy trading. It covers both physical and financial energy markets, which are regulated under EU law.

Only legislation currently in force is included. Where relevant, links to non-binding guidance or supporting documents are also provided.

Relevant and applicable laws for our members.

Europex assumes no responsibility for external content.

  • Energy Efficiency Directive

Energy Efficiency Directive (EED II)

Directive (EU) 2018/2002, amending Directive 2012/27/EU on energy efficiency (Text with EEA relevance). On 14 July 2021, the European Commission proposed the revision of the EED II under the “Fit ...

  • MiFID and MiFIR

MiFID II and MiFIR

The Markets in Financial Instruments Directive (MiFID) and the Markets in Financial Instruments Regulation (MiFIR) form the core of the EU’s legal framework for financial markets. Together, they aim to ...

  • Electricity Network Codes & Guidelines

Forward Capacity Allocation Guideline (FCA GL)

The FCA GL governs the allocation of long-term transmission rights (LTTRs) between bidding zones, enabling market participants to hedge against price differences across borders. Latest consolidated version: 15/03/2021   It ...

  • ACER , 
  • Electricity Market Design Review

ACER Regulation

Regulation (EU) 2019/942 establishing a European Union Agency for the Cooperation of Energy Regulators (Text with EEA relevance). Consolidated text:23/06/2022.

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  • EU ETS

EU Emissions Trading System Directive (EU ETS)

The EU ETS is a cornerstone of the EU’s policy to combat climate change and its key tool for reducing greenhouse gas emissions cost-effectively. It is the world’s biggest carbon ...

  • PRIIPs

Packaged Retail and Insurance-Based Investment Products (PRIIPs)

Regulation (EU) No 1286/2014 on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs) requires product manufacturers and distributors to provide retail investors with a KID. The ...

  • Electricity Network Codes & Guidelines

Capacity Allocation and Congestion Management Guideline (CACM GL)

The CACM GL establishes rules for day-ahead and intraday market coupling across the EU. It is central to the operation of single electricity markets and determines how transmission capacity is ...

  • Electricity Network Codes & Guidelines

Electricity Balancing Guideline (EB GL)

The EB GL harmonises rules for electricity balancing across the EU. It introduces a common framework for balancing energy markets, procurement, and settlement, supporting real-time system stability. Latest consolidated version: ...

  • Gas Network Codes and Guidelines

Balancing Network Code (BAL NC)

Commission Regulation (EU) No 312/2014 establishing a Network Code on Gas Balancing of Transmission Networks.

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  • Gas Network Codes and Guidelines

Interoperability Network Code (INT NC)

Commission Regulation (EU) 2015/703 establishing a network code on interoperability and data exchange rules.

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  • Gas Network Codes and Guidelines

Capacity Allocation Mechanism Network Code (CAM NC)

Commission Regulation (EU) 2017/459 establishing a network code on capacity allocation mechanisms in gas transmission systems. Current consolidated version: 15/03/2021

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  • Gas Network Codes and Guidelines

Transmission Tariff Structures Network Code (TAR NC)

Commission Regulation (EU) 2017/460 establishing a network code on harmonised transmission tariff structures for gas.

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  • EU ETS

Market Stability Reserve (MSR)

The Market Stability Reserve (MSR) aims to provide stability for the EU emissions trading system (EU ETS) by addressing the current surplus of allowances and improving the system’s resilience to ...

  • EMIR

European Market Infrastructure Regulation (EMIR)

The European Market Infrastructure Regulation (Regulation (EU) No 648/2012) establishes EU-wide rules for over-the-counter (OTC) derivatives, central counterparties (CCPs), and trade repositories (TRs). It aims to improve market transparency, reduce ...

  • BMR

Benchmark Regulation (BMR)

The Benchmarks Regulation (Regulation (EU) 2016/1011) establishes EU-wide rules on the use and administration of benchmarks in financial instruments, financial contracts, and investment fund performance measurement. It entered into force ...