The EU Parliament has approved with 616 votes in favor the regulation on energy market integrity and transparency (REMIT), which will govern all wholesale energy trading in the EU, covering contracts and derivatives for the supply and transportation of natural gas and electricity. New rules will ban the use of insider information and market manipulation practices, while national penalties for breaches will have to reflect the damage done to consumers.
“Energy must remain affordable for everyone as it is the key to the economy. I welcome this important regulation which guarantees transparency and prevents abuses in wholesale energy trading ensuring affordability and fairness in the market. The regulation will help to ensure more transparent pricing across the EU”, said Parliament’s President Jerzy Buzek
All trade deals will be monitored by the newly established Agency for the Cooperation of Energy Regulators (ACER) which will supply the data to EU Member States, to aid them in investigating breaches of the regulation and enforce remedies. Also, an EU register will be drawn up, based on national registers and listing all energy traders. No market participant will be able to enter into a transaction unless it has been registered.