In response to the growing threat of energy market manipulation and the acute crisis triggered by the Russian invasion of Ukraine, the European Parliament gave the green light to a ground-breaking plan to protect the stability and transparency of the EU energy market.

The adoption of the new law, in line with EU regulations on transparency in financial markets, marks a crucial milestone in the fight against unfair practices that could affect the energy bills of households and businesses across Europe.

These will be the Key Measures of the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT):

Increased transparency and oversight

REMIT strengthens oversight of the wholesale energy market, increasing transparency and integrity to prevent manipulation and protect consumers from short-term price fluctuations.

Strengthened role of regulators and the EU dimension

MEPs highlighted the importance of the Agency for the Cooperation of Energy Regulators (ACER) in making decisions on inspections, requests for information and authorisations of Insider Information Platforms (IIPs) and Registered Reporting Mechanisms (RRMs).

Responding to the energy crisis

The adoption of REMIT is a direct response to the energy crisis exacerbated by the Russian invasion of Ukraine, demonstrating the EU's determination to safeguard its energy market in times of adversity.

Statement by Maria da Graça Carvalho MEP

"REMIT is a very important tool in our efforts to prevent and combat malpractices in the energy market. With this legislation, European consumers, as well as small operators, will receive a better service. And the energy market will be more robust," said Maria da Graça Carvalho MEP (EPP, Portugal).

Next steps

With an overwhelming approval of 440 votes in favour, 32 against and 31 abstentions, REMIT now moves to the stage of formal adoption by the Council to become law. This legislation is expected to play a crucial role in strengthening and protecting the European energy market in the years to come.

This legislative plan not only reflects the European Union's proactive response to crises, but also demonstrates its firm commitment to transparency, stability and protection of consumers interests in the vital energy sector.