The European Parliament has adopted amendments to the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) concerning action against market manipulation in the wholesale energy market, providing more effective protection for European households and businesses against short-term market fluctuations, the EU Parliament announced on Thursday. The amendment to REMIT, adopted with 440 votes in favour, 32 against, and 31 abstentions, makes EU rules on financial market transparency more coherent.
The regulation, designed to respond to the energy crisis, covers new trading practices and strengthens reporting and monitoring requirements to protect consumers from market abuses.
The amendment reinforced the Agency for the Cooperation of Energy Regulators (ACER) in its EU role. The agency will be responsible for adopting decisions on the supervision, requests for information, and approvals of information platforms and on registered reporting mechanisms. If ACER does not receive necessary information during cross-border investigations, it can impose coercive fines, the statement said. The regulation still needs to be approved by the European Council to become law.
Fidesz MEP András Gyürk stated in a press release that the measures outlined in the regulation could make energy market processes more predictable, but, as he put it, ‘we cannot entrust their implementation to the failed Brussels bureaucrats.’
According to him,
the ‘failed sanctions and misguided energy policy’ of the European Commission led to a serious crisis in the European Union.
The disruption of the normal functioning of energy markets contributed to the rise in household utility bills and made business planning more difficult. ‘Therefore, it is timely to tighten related regulations,’ the politician stressed.
However, he remarked, the amendment could represent progress. It increases the transparency of energy markets and addresses market manipulation. He also pointed out that it regulates new trading practices such as algorithmic trading.
‘The REMIT regulation can make energy cost planning more predictable for families and businesses. However, to truly stabilize energy markets, we need a European energy policy based on common sense, which we cannot expect from the failed Brussels bureaucrats. That’s why we need change in Brussels in June,’ Gyürk concluded.
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