The revised Regulation on Wholesale Energy Market Integrity and Transparency (EU Regulation 2024/1106), published in the Official Journal of the European Union, enters into force on 7 May 2024.
Europe has an EU-wide legal framework (generally called ‘REMIT’) designed to prevent and protect consumers and businesses against market abuse in the European electricity and gas markets.
REMIT II aims to strengthen the supervision of EU and national-level market systems, encourage open and fair competition in the internal electricity and gas markets, and ensure equal competition conditions for market participants.
The purpose of the REMIT II modification is to contribute to stabilising energy prices and protecting consumers, making the investigation of potential cross-border market abuses more efficient, and enhancing related enforcement measures.
By the end of 2024, ACER will update its guidance to National Regulatory Authorities and reporting parties on the application of REMIT to reflect the new legal framework.