Deal on new EU rules to tackle electricity market manipulation
(EurActiv, 17 Nov 2023) EU legislators agreed on new rules on Thursday (16 November) to tackle potential cases of manipulation or insider trading on the bloc’s wholesale electricity market, granting new powers for regulators to investigate potential cases and crack down on offenders.
The provisional agreement gives new rights to the EU’s Agency for the Cooperation of Energy Regulators (ACER) to investigate cases with a cross-border dimension and to prioritise cases.
ACER will also be conferred the right to investigate cases involving at least two EU countries, according to a statement released by the Council of the EU, the institution representing the bloc’s 27 member states.
“This is good news for consumers and companies, especially in times of volatile energy prices,” said Teresa Ribera, the Spanish ecological transition minister who represented EU member states in negotiations with Parliament.
“The REMIT regulation will improve the protection of consumers and companies against market manipulation and will strengthen the framework to address and prevent market abuse,” she said in a statement.
ACER’s decision-making powers will be extended to on-site inspections, requests for information and authorisations or withdrawal of authorisations of Inside Information Platforms (IIPs) and Registered Reporting Mechanisms (RRMs), according to a statement issued by the Council of the EU, which represents EU member countries.