By Aksha Jain | Brussels | European Parliament
New Rules to Protect Consumers
The European Parliament has approved new legislation to curb energy market manipulation. The reform strengthens transparency and oversight across the EU’s wholesale energy market. As a result, households and businesses will be better protected from sudden price fluctuations.
Stronger Transparency Under REMIT
The updated Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) brings EU energy rules closer to financial market standards. It now covers modern trading methods, including algorithmic trading. Moreover, it enhances reporting and monitoring measures to prevent market abuse.
European Parliament: Greater Role for ACER
During negotiations, MEPs expanded the EU dimension of the law. They also reinforced the supervisory powers of the Agency for the Cooperation of Energy Regulators (ACER).
ACER will now oversee inspections, information requests, and authorisations for Inside Information Platforms (IIPs) and Registered Reporting Mechanisms (RRMs).
If companies fail to provide required data in cross-border cases, ACER can impose penalty payments.
Lead MEP Maria da Graça Carvalho said the law is crucial to fight energy market malpractices. She added that European consumers and small operators will benefit from stronger, more transparent markets.
European Parliament: Next Steps
The regulation passed with 440 votes in favour, 32 against, and 31 abstentions.
Next, the Council must formally endorse the law before it enters into force.
The European Commission proposed the update on 14 March 2023 in response to the energy crisis intensified by Russia’s invasion of Ukraine. The reform modernizes REMIT, originally adopted in 2011 to combat insider trading and manipulation in energy markets.
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