Integrity and transparency in the EU wholesale electricity market - New rules for a better functioning market? (co-author C. Musialski) (REMIT)

The aim of this contribution is to take a closer look into the REMIT in order to assess how this initiative aims at ensuring a better integrated electricity market and effectively enhances market integrity and transparency at the wholesale level with a focus on the first two aspects of the REMIT mentioned above in relation to wholesale electricity trading. We first address the general scope of application of the REMIT to determine the range of business activities in the electricity sector that are impacted by the REMIT ('Part one'). We then look more closely into the provisions regarding market behaviour and integrity. After some introductory considerations on the concept of manipulative behaviour, we examine the approach of the REMIT in this respect ('Part two'). In a following section we examine how the REMIT addresses transparency in traded wholesale electricity markets ('Part three'). In a last section we will draw our conclusions in respect of the regime implemented by the REMIT.

Publication year:2013

Keywords:REMIT, integrity, transparency, electricity market, wholesale trading, insider trading, market abuse