REMIT - Regulation on Wholesale Energy Market Integrity and Transparency
National Register of Market Participants
REMIT Article 9(1) establishes that market participants entering into transactions which are required to be reported to the Agency for the Cooperation of Energy Regulators (ACER) in accordance with Article 8(1), shall register with the national regulatory authority in the Member State in which they are established or resident or, if they are not established or resident in the Union, in a Member State in which they are active.
ACER set up the format of transmission of information from national registers to central European register (ACER Decision n. 01/2012
The Regulatory Authority for Electricity Gas and Water (AEEGSI) has developed a REMIT national register of market participants within its own Registry of Operators, pursuant to Resolution No. 86/2015/E/com
of 5 March 2015.
The operators already accredited in the Registry of Operators can access the REMIT Register using the same credentials. The non-accredited operators, however, must first be accredited in the Registry of Operators.
With resolution No. 301/2013/A
of July 11 2013, the Authority (AEEGSI) established an interdepartmental working Group carrying out activities needed for REMIT implementation.
Contact: email@example.com What is REMIT
The EU Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) (Regulation No. 1227/2011
) entered into force on 28 December 2011 for all member Countries of the European Union.
The Regulation is aimed at establishing a set of common rules at European level to prevent abusive practices in wholesale energy markets.
REMIT introduces specific EU rules to monitor the wholesale energy markets aimed at:
- defining abusive practices, with regard to market manipulation (or attempts to engage in market manipulation) and insider trading;
- prohibiting abusive practices in the wholesale energy (electricity and gas) markets;
- identifying and addressing cases of market manipulation (or attempts to engage in market manipulation) and insider trading through a monitoring system of the European energy markets;
- adopting appropriate measures to verify and monitor the above markets, providing the National Regulatory Authorities with specific powers to enforce rules, investigate and sanction misconducts.
The implementation of REMIT is entrusted to ACER
and the National Regulatory Authorities (in Italy AEEGSI) in cooperation among each other and with other National and European Authorities (financial and antitrust authorities). The role of the Italian Regulatory Authority in REMIT
REMIT assigns to National Regulatory Authorities (NRAs) the task to ensure that the prohibitions set out in Articles 3 and 5 and the obligation set out in Article 4 are applied.
Each Member State must ensure that its NRA have the investigatory and enforcement powers necessary for the exercise of that function.
Italian national Law n. 161/2014 (Article 22) gives to AEEGSI the investigatory and enforcement powers established by REMIT, and, in addition, the power to place administrative penalties on those who break the rules.
Law n.161/2014 also foresees dealings between AEEGSI and other national institutions:
Commission implementing regulation
- GME, the national organised market for energy, and Terna, the national electricity system operator, as aid for the investigations of suspected violations of REMIT;
- Italian Anti-trust Authority, in coordination for investigations of suspected violations of market-manipulation and insider trading;
- CONSOB (Italian Financial Authority), in coordination for investigations of suspected violations of insider trading.
The Commission Implementing Regulation (EU) No 1348/2014
entered into force on January 7th 2015. The Regulation defines the details of reportable wholesale energy products and fundamental data and establishes appropriate channels for data reporting, including defining timing and regularity of data reports.