Written statement to Parliament

皇冠体育app Electricity and Gas (Market Integrity and Transparency) (Enforcement etc.) Regulations 2013

Update on implementation the EU Regulation on wholesale electricity and gas market integrity and transparency (REMIT).

From:
Department of Energy & Climate Change and 皇冠体育app Rt Hon Sir Edward Davey MP
Published
6 June 2013
This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
Delivered on:
皇冠体育app Rt Hon Sir Edward Davey MP

On 13 November 2012, following allegations of market manipulation in wholesale gas markets, I promised to update the House on implementation the EU Regulation on wholesale electricity and gas market integrity and transparency (REMIT). REMIT prohibits insider dealing and market abuse in wholesale energy markets across Europe and establishes a monitoring regime for wholesale energy trading. It also requires Member States to put in place an enforcement and penalty regime for breaches of the Regulation.

I have today laid 皇冠体育app Electricity and Gas (Market Integrity and Transparency) (Enforcement etc.) Regulations 2013 which will enter into force on 29 June. 皇冠体育appy give Ofgem powers to take action against market manipulation in wholesale electricity and gas market, including the power to impose unlimited fines in the case of breaches of the Regulations. Similar regulations will be laid for Northern Ireland. 皇冠体育app UK will be one of the first Member States to implement REMIT.

Ofgem and the FCA are continuing their analysis of the allegations into manipulation of the gas markets raised in November 2012.

Updates to this page

Published 6 June 2013