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Q&As on REMIT – Question II.2.1.

What is the role of the Agency under REMIT?


Answer:

The Agency for the Cooperation of Energy Regulators plays a central role in the monitoring framework under REMIT.

As recognised in REMIT, the Agency is best placed to carry out efficient market monitoring at Union level as it has both a Union-wide view of electricity and gas markets, and the necessary expertise in the operation of electricity and gas markets and systems in the Union. Therefore the Agency has been tasked with collecting and screening wholesale market transaction data across the EU and performing an initial assessment of anomalous events, before notifying suspicious cases to NRAs for investigation.

 

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Q&As on REMIT – Question II.2.2.

Why centralise the monitoring at the Agency?


Answer:

Wholesale energy markets are becoming increasingly interlinked across the Union. NRAs typically see only a part of these markets. A centralised approach to market monitoring with a holistic view of the markets is therefore essential to ensure effective detection and deterrence of abusive market practices. In addition, a centralised data collection will help to avoid double reporting of market participants active in several Member States will instead provide the Agency with a complete set of data on the EU wholesale energy market.

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Q&As on REMIT – Question II.2.3.

Will the Agency prosecute cases of market abuse?


Answer:

Investigations of market abuse cases and prosecution of market participants are left to NRAs.

Member States had until 29 June 2013 (eighteen months from the date on which REMIT entered into force) to adapt their legislation in order to give their national authorities the necessary powers to enforce REMIT.

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Q&As on REMIT – Question II.2.4.

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