Regulation (EU) No. 1227/2011 on the integrity and transparency of the wholesale energy market (REMIT)

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Regulation (EU) No. 1227/2011

Title: Regulation (EU) No. 1227/2011 of the European Parliament and of the Council of 25 October 2011 on the integrity and transparency of the wholesale energy market
Designation:
(not official) 		REMIT
Scope: EEA
Legal matter: Energy law
Basis: TFEU , in particular Article 194 (2)
Procedure overview: European Commission
European Parliament
IPEX Wiki
To be used from: December 28, 2011
Reference: OJ L 326 of 8 December 2011, pp. 1–16
Full text Consolidated version (not official)
basic version
Regulation has entered into force and is applicable.
Please note the information on the current version of legal acts of the European Union !

The regulation on the integrity and transparency of wholesale energy market ( english R egulation on wholesale E nergy M arket I ntegrity and T ransparency ; acronym REMIT ) is a 2011 from the European Parliament and the European Council adopted Regulation with immediate legal effect for the EU member states. The aim of REMIT is to increase the transparency and stability of the European energy markets . In particular, insider trading and

Market manipulation are combated. The EU authority ACER is entrusted with the monitoring and regulation of the energy markets in accordance with REMIT .

history

In October 2011, the European Parliament and the European Council adopted Regulation (EU) No. 1227/2011 on the integrity and transparency of the wholesale energy market (REMIT), which ACER is responsible for implementing. The ordinance came into force on December 28, 2011.

Content of the regulation

The essential content of REMIT are four things:

  1. Prohibition of insider trading (Article 3) and market manipulation (Article 5)
  2. Obligation of market participants to register (Article 9)
  3. Obligation of market participants to report transactions on the wholesale energy market (Article 8, Paragraph 1) as well as fundamental data of systems for the generation, storage and transmission of electricity and gas (Article 8, Paragraph 5), to publish inside information (Article 4) and to report of uncovered incidents
  4. Authorization of ACER to implement the regulation, in particular for market surveillance (Article 7), to collect transaction reports (Article 8) and to register market participants (Article 9)

All legal and natural persons who carry out trade transactions for wholesale energy products are considered to be market participants in the wholesale energy market within the meaning of REMIT. This includes in particular energy traders, transmission or line network operators, electricity and gas exchanges and energy brokers.

Wholesale energy products include physical and financial transactions in electricity or gas, in particular supply contracts, transport contracts and derivative transactions such as options or swaps . Supply and distribution contracts to end consumers or major customers are regulated in REMIT from a size of 600 GWh per year in a geographical market area.

implementation

REMIT came into force twenty days after publication in the EU Official Journal, ie on December 28, 2011. The data collection of transactions on the wholesale energy market as well as the reporting of fundamental data required by Article 8 has been postponed and will only take effect nine months and twenty days after the publication of an implementing act ("Implementing Act") in force. This means that REMIT is initially limited to the prohibition and obligation to report insider trading and market manipulation, as well as the obligation to publish insider information.

On the day of the entry into force, RWE announced that, in the interests of REMIT, as the power plant operator, the public would be informed in detail and as quickly as possible about the status of current electricity production and about problems in the power plants that lead to reduced performance or failures. E.ON also submitted a corresponding report. Vattenfall fulfills its disclosure obligations via the EEX electricity exchange transparency platform .

The comitology process for the implementing act (“Implementing Act”, mostly abbreviated to “IA”) for REMIT was completed on October 3, 2014. The last draft of July 22, 2014 was adopted. The publication in the EU Official Journal took place on December 18, 2014. Only after the publication of the implementing act did the above Running deadlines, d. H. reporting of standard transaction data and fundamental data in accordance with Article 8 of REMIT begins on October 7, 2015.

REMIT in national law

While REMIT as an EU regulation has general validity and immediate effectiveness in the EU member states, monitoring the implementation and sanctioning violations is a matter for the member states. Accordingly, the competence of national authorities and the possibility of sanctions must be regulated in national law. In the context of REMIT, the responsible authorities are referred to as "National Regulatory Authorities" (NRAs). For REMIT, these are mostly the national regulatory authorities who are already responsible for regulating the electricity. and gas market.

Germany

In Germany, the Market Transparency Unit (MTS) at the Federal Network Agency is involved in implementation. The legal basis for this is the “Act to Establish a Market Transparency Unit for Wholesale Electricity and Gas” passed in 2012. At the same time, the Energy Industry Act (EnWG) was amended, in which the obligations of market participants and the sanctions for non-compliance were regulated. The sanctions can be found in § 95 EnWG (fine regulations) as well as § 95a and 95b EnWG (criminal regulations). On this legal basis, prison sentences of up to five years can be imposed.

For operators of renewable energy systems , REMIT applies from an installed capacity of at least 10 MW and for infrastructure companies. They have to register their system once with the market transparency office of the Federal Network Agency and then submit continuous reports on the amount of electricity they have generated and sold.

Austria

In Austria, the E-Control authority was entrusted with the implementation of REMIT at the beginning of 2014 . For this purpose, in Section 21 (1) E-ControlG under Item 12, Regulation (EU) No. 1227/2011 (REMIT) as well as the guidelines, delegated acts and implementing acts issued on the basis of this regulation were placed under the responsibility of E-Control. According to Section 25a of the E-ControlG, this also includes the powers of investigation and surveillance.

In § 99 ElWOG 2010 the sanctions for non-compliance with REMIT are set. According to § 99 (1) ElWOG 2010, a number of violations of REMIT obligations are classified as administrative offenses and subject to a fine of up to 50,000 euros. Section 99 (4) ElWOG 2010 stipulates a fine of up to 150,000 euros for market manipulation or attempts to do so, as well as for the disclosure or use of inside information with the intended achievement of a financial advantage .

A special feature of the Austrian implementation of REMIT is the early submission of reports with the same content to the national authorities as they are planned at a later point in time at European level. As soon as the reports to the EU authority ACER begin, the national obligations are considered fulfilled. This is to avoid "double reporting". According to § 10a ElWOG 2010, market participants who have to publish insider information according to Article 4 of the REMIT regulation must also inform E-Control of these facts to be published at the same time.

Switzerland

As Switzerland is not a member of the EU, REMIT does not apply directly in Switzerland. For companies in the energy wholesaling business based in Switzerland, however, this is more of a difficulty than a relief, because compliance for internal business in Switzerland must be handled differently than for business with EU counterparties . In principle, the REMIT requirements apply to the place of delivery and purchase (electricity and gas) as well as to the place of performance (transmission of electricity and gas). No consideration is given to the location of the companies involved. However, without a transfer into Swiss law, there would be no prosecution of non-compliance. However, the large companies in the Swiss energy market operate across borders without exception, so non-compliance with EU rules would not be an option.

To take this into account, the Federal Electricity Commission (ElCom) was entrusted with implementing REMIT in Switzerland. In 2013, Articles 26a, 26b, 26c were added to the Electricity Supply Ordinance (StromVV). Companies with registered offices in Switzerland are obliged to report information reported under REMIT "simultaneously and in the same form" to ElCom. The rules on insider trading also apply accordingly. The implementation of this special Swiss feature in addition to the REMIT reporting obligation is determined by ElCom, which wants to be “based on the time-scale procedure in the EU”.

Web links

Individual evidence

  1. ↑ Regulation (EU) No. 1227/2011 of the European Parliament and of the Council of 25 October 2011 on the integrity and transparency of the wholesale energy market . In: Official Journal of the European Union , No. L 326/1 of December 8, 2011.
  2. ↑ RWE quickly implemented the EU REMIT regulation . RWE AG press release of December 28, 2011.
  3. ^ REMIT: information for market participants . E.ON notification dated December 27, 2011.
  4. ^ Voting Sheet - REMIT Committee October 3. Brussels, 3 October 2014, Comitology dossier CMTD (2014) 1283 .
  5. ↑ Directorate General for Energy: Draft Implementing Regulation: COMMISSION IMPLEMENTING REGULATION (EU) No… / .. of XXX on data reporting implementing Article 8 (2) and Article 8 (6) of Regulation (EU) No 1227/2011 of the European Parliament and of the Council on wholesale energy market integrity and transparency . Brussels, 22 July 2014, Comitology dossier CMTD (2014) 0927 .
  6. ↑ Implementing Regulation (EU) No. 1348/2014 of the Commission of December 17, 2014 on data reporting in accordance with Article 8 Paragraphs 2 and 6 of Regulation (EU) No. 1227/2011 of the European Parliament and of the Council on the integrity and transparency of the wholesale energy market . In: Official Journal of the European Union . L336, December 18, 2014, pp. 121–142.
  7. ↑ Implementing Regulation (EU) No. 1348/2014 of the Commission of December 17, 2014 , Article 12. In: Official Journal of the European Union. L336, December 18, 2014, pp. 121–142.
  8. ↑ Law on the establishment of a market transparency office for the wholesale of electricity and gas ( Memento of the original of September 13, 2014 in the Internet Archive ) Info: The @1@ 2Template: Webachiv / IABot / www.bmwi.de archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. . In: Federal Law Gazette . Year 2012, Part I, No. 57, pp. 2403–2414, Bonn on December 11, 2012.
  9. ↑ Statkraft direct marketing. Retrieved September 22, 2016 .
  10. ↑ amendment of the Electricity Supply with Decree of January 30, 2013 , in force since July 1, 2013, AS 2013 559th
  11. ↑ Question: When do you start with data delivery to ElCom? In: Supervision of the wholesale electricity market - FAQ ( Memento of the original from October 21, 2014 in the Internet Archive ) Info: The @1@ 2Template: Webachiv / IABot / www.elcom.admin.ch archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. . Federal Electricity Commission (ElCom), Bern, last change July 4, 2013, p. 2.