Statement of FNB Gas on the proposed amendments to the REMIT Regulation

The European Commission presented a reform of the European electricity market on March 14, 2023. As part of the reform, EU legislation such as the Electricity Regulation, the Electricity Directive and the REMIT Regulation are to be revised. In the interest of competitive markets and transparent pricing, the Agency for the Cooperation of Energy Regulators (the ACER) and national regulators should be able to better monitor the integrity and transparency of the energy market in the future. The proposed amendments to the REMIT Regulation are intended in particular to ensure greater data quality and to strengthen ACER’s ability to investigate potential market abuse in cross-border cases.

FNB Gas welcomes in principle the Commission’s intention to better protect consumers and industry from market abuse. In its statement on the proposed amendments to the REMIT Regulation, however, FNB Gas takes a critical view of the planned transfer of competences to the European level and calls for a clearer demarcation between the powers of ACER and the national regulatory authorities. In addition, more transparency in the establishment of new market rules through implementing acts of the European Commission and guidelines and recommendations of ACER is suggested. Market participants should be given the opportunity to participate in the adoption of the aforementioned legal acts through public consultations. Furthermore, for data protection reasons, the proposed expansion of the definition for inside information is critically questioned.

The complete statement of FNB Gas on the amendment of the REMIT Regulation in German and English version is available in the downloads.