REMIT II Implementation should ensure Proportionality, a Tailor-Made Approach to Energy Markets and Stakeholder Consultation.

Eurogas welcomes the revision of REMIT as a necessary step to reflect the evolving energy market and further increase transparency. Over the last decade, REMIT has provided a robust legal framework, where prices reflect fair and competitive interaction between supply and demand and market abuse is prevented. Even under the exceptional circumstances of the energy crisis, REMIT has operated effectively. Eurogas’ objective is to contribute to a successful and harmonized implementation of the revised REMIT framework, by sharing industry expertise with institutional stakeholders.

Considering the broad scope of the revision and the upcoming entry into force of its main provisions, secondary and tertiary legislation will be key to facilitate compliance. In this regard, Eurogas welcomes the extension of ACER guidance and guidelines to additional REMIT provisions and stresses the importance of adopting a tailor-made approach in adequacy with the specificities of energy markets while ensuring the safeguard of the principle of proportionality. In addition, Eurogas underlines that stakeholders’ consultation is key in shaping effective and proportionate regulatory measures. It is therefore important to ensure the incorporation of stakeholders’ feedback in ACER guidance.

In this position paper, we seek to develop various definitions:

  • ‘inside information’
  • ‘market manipulation’
  • ‘wholesale energy products’
  • ‘algorithmic trading’ and related obligations
  • ‘organised market place’

We additionally comment on the following topics:

  • The obligation to publish inside information and authorisation and supervisions of IIPs
  • Materiality thresholds
  • LNG market data reporting and LNG price assessment and benchmarks
  • Registration of market participants
  • Suspicious Transaction and order reporting
  • Stakeholder consultation