THE COMING INTO FORCE OF REMIT – THE MONITORING SYSTEM FOR THE WHOLESALE ENERGY AND GAS MARKETS. AN ANALYSIS OF THE DUTIES OF MARKET PARTICIPANTS

THE COMING INTO FORCE OF REMIT – THE MONITORING SYSTEM FOR THE WHOLESALE ENERGY AND GAS MARKETS. AN ANALYSIS OF THE DUTIES OF MARKET PARTICIPANTS

TOMASZ BRZEZIŃSKI AND ANNA MATHEWS Collective work "Zarządzanie energią i teleinformatyka ZET 2015" (ISBN 978-83-937928-7-0), edited by. Assoc. Eng. Henry Kaproń (Warsaw University of Technology)

The main duties introduced by REMIT include the obligation to publically publish internal information, the prohibition of insider trading, and the imposition of non-manipulation in wholesale energy markets. Furthermore, the REMIT Implementing Regulation imposes an obligation to report transactions to the regulatory agency –  ACER, and imposes the obligation to provide basic data on the capacity and use of facilities, as well as the obligation for the registration of market participants in the register maintained by the Energy Regulatory Office (URE).

The article describes each of the above duties, giving also the penalties for non-compliance or violations. Proposals for criminal and administrative penalties were included in the draft amendment to the Energy Law to implement REMIT.

The authors also identified the REMIT competent authorities for monitoring wholesale energy markets as the Agency for the Cooperation of Energy Regulators (ACER) and the national regulatory authority (in Poland this being the URE).

The article by Tomasz Brzezinski and Anna Mathews of W&W on the obligations imposed by REMIT for energy companies appeared in the collective work “Zarządzanie energią i teleinformatyka ZET 2015″ edited by prof. Assoc. Eng. Henry Kaproń (University of Warsaw).

The entire article is available in PDF format below.