REMIT and the monitoring provisions of the EU energy markets

With the adoption of Regulation (EU) No. 1227/2011 on Wholesale Energy Market Integrity and Transparency (REMIT), the European Agency for the Cooperation of Energy Regulators (ACER) took on unprecedented powers to monitor the wholesale energy markets in the EU. The aim of this paper is to give an overview of current development of the framework for monitoring of the wholesale electricity and gas markets under the auspices of REMIT. After a brief overview of ACER, REMIT and implementing acts covering the monitoring of the wholesale energy market, the status of the reporting framework and the process design of transaction and fundamental data reporting are presented. The conceptual design of market monitoring platform ARIS, which is currently being developed by ACER, is described. The paper provides an overview of reporting requirements for market participants and discusses the adaptations the market participants will need to undergo to adequate the new requirements.