The Federal Network Agency (BNetzA) has launched a new web presence containing information on Regulation (EU) No 1227/2011 on wholesale energy market integrity and transparency (REMIT) and the obligations thereunder for market participants as well as the competences of BNetzA in monitoring compliance with the regulation. At the same time BNetzA also launched the new web presence of the Market Transparency Agency.
1. REMIT Regulation
The REMIT Regulation is in force since 28 December 2011. The objective is to increase confidence in the integrity of the electricity and gas wholesale markets by prohibiting insider trading and market manipulation. To this end the regulation contains registration and reporting obligations for market participants.
BNetzA is the competent German authority with which market participants have to register. The agency intends to start registration in mid-February. Besides, BNetzA is assigned to implement reporting obligations vis-à-vis the European Agency for the Cooperation of Energy Regulators (ACER) and to investigate and sanction infringements of REMIT.
On 7 January 2015 the European Commission Implementing Regulation(EU) No 1348/2014 on data reporting implementing Article 8(2) and Article 8(6) of REMIT entered into force. It lays down rules for the provision of data to Acer and defines the details of reportable wholesale energy products and fundamental data. It also establishes appropriate channels for data reporting including defining timing and regularity of data reports. These data will also be used by the Market Transparency Agency (MTS).
2. Market Transparency Agency
MTS is the national market surveillance body pursuant to REMIT established by a special law in 2012.
MTS will continuously monitor the gas and electricity wholesale markets, i.e. wholesale trading with energy products, generation and generation dispatch (Kraftwerkseinsatz) so as to reach transparent prices at the wholesale markets.
The tasks under the MTS law are jointly performed by BNetzA and the German Cartel Office.
Source: Federal Network Agency, REMIT Information Portal, Market Transparency Agency
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