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REMIT

The Regulation on energy market integrity and transparency (REMIT) came into force in January 2015, subject to a phased implementation regime during the year. REMIT requires market participants to report wholesale energy market contracts within the EU to a Registered Reporting Mechanism. A new governing body, similar to ESMA has been created, the Agency for the Cooperation of Energy Regulators (ACER), to monitor the reporting regime and to ensure greater transparency in markets by helping to reduce the risk of manipulation.

REMIT introduces the term “wholesale energy products”—a term never before used in any law. Based on this term, the following products are covered by the reporting obligation:

  • Contracts relating to the supply of electricity and natural gas with delivery in the EU 
  • Contracts relating to the transportation of electricity or natural gas with delivery in the EU 
  • Derivatives (physical and financial) relating to the aforementioned products.

REMIT also exempts certain products from the reporting regime. If you are a participant in the wholesale energy markets, we can help you navigate the new rules and assess whether and to what extent you will need to transaction report.

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