REMIT: Bundestag Adopts Bill on Market Transparency Agency for Gas and Electricity Wholesale Market

The German Bundestag on Thursday adopted the Bill on the Market Transparency Agency for Gas and Electricity Wholesale Market with important rules on the implementation of REMIT in Germany.

The European regulation No 1227/2011 on wholesale energy market integrity and transparency (REMIT) entered into force on 28 December 2011. Full effectiveness of REMIT requires certain national implementation measures. To that end, the German government in May adopted a bill on the establishment of a market transparency agency for gas and electricity wholesale. The bill had subsequently been supplemented by competences for the agency regarding the supervision of the market for fuels.

Yesterday, the Bundestag in the final 2nd and 3rd reading adopted the bill, in the form as amended by the proposal of the Committee for Economics and Technology. In preparation, the committee had held an expert hearing on 15 October 2012.

The new law will provide the legal basis for the operation of the new Market Transparency Agency for Power and Gas (Markttransparenzstelle für Strom und Gas)) at the Federal Network Agency (Bundesnetzagentur).  It provides rules on how the Market Transparency Agency for Electricity and Gas shall work together with the Federal Cartel Office, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), the supervisory authorities for exchanges (Börsenaufsichtsbehörden), Trading Surveillance Offices (Handelsüberwachungsstellen) and the Public Prosecutor (Staatsanwaltschaft).

A separate Market Transparency Agency for Fuels (Markttransparenzstelle für Kraftstoffe) shall be established at the German Federal Cartel Office (Bundeskartellamt).

The market transparency agency act also contains rules on criminal and administrative penalties for non-compliance with REMIT.

While the Bundestag has now decided on how it intends to implement important elements of the REMIT regime, it remains to be seen whether and to what extent the new German regime will work.

According to the bill, the law does not require consent from the Bundesrat (Federal Council), but the Federal Council may  object. The new law shall enter into force on the day after promulgation.


Source: Bundestag

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