Associated European Energy Consultants

“Delivering European Energy Solutions”

Associated European Energy Consultants

“Delivering European Energy Solutions”

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REMIT and 6th Edition ACER Guidance – New Legislation

The Agency for the Cooperation of Energy Regulators (ACER) released the 6th edition of its REMIT Guidance on 22 July 2021, covering the application in the EU of EU Regulation No 1227/2011 on wholesale market integrity and transparency (REMIT).

By virtue of the European Union (Withdrawal Agreement) Act 2020, the provisions of REMIT (and its accompanying implementing regulation) became part of EU retained law at the end of the Brexit implementation period, with a few amendments to ensure its operability in GB and with the suspension of trade and fundamental data reporting obligations pending establishment by Ofgem of a GB reporting system. 

This latest guidance update from ACER is important however to those actively involved in the GB wholesale energy markets, because the key definitions in REMIT – “inside information”, “market manipulation” and “attempt to manipulate the market” – remain the same in both the GB and EU REMIT regimes, and Ofgem has stated that in carrying out its GB monitoring and enforcement responsibilities it intends to continue to interpret REMIT having regard to ACER’s guidance.

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