The European Union is strengthening regulations for better protection against manipulation of the wholesale energy market, DPA reported.
The European Parliament and EU member states on November 16 announced an interim agreement that will lay the foundations for greater transparency and market integrity.
Spain’s Minister of Environmental Transition, Teresa Ribera Rodríguez, said the REMIT regulation will improve the protection of consumers and companies against market manipulation and strengthen the framework to address and prevent market abuse.
“This is good news for consumers and companies, especially in times of volatile energy prices,” said the Spanish minister. The agreement includes stricter requirements for market participants from non-EU countries.
The European Union’s Agency for the Cooperation of Energy Regulators (ACER) will be given greater powers, including the ability to investigate cases across borders, carry out on-the-spot checks and impose penalty payments.
REMIT is part of a wider reform of the bloc’s electricity market setup. The remaining parts of the reform, yet to be agreed, aim to reduce the dependence of electricity prices on volatile fossil fuel prices, protect consumers from price spikes and accelerate the use of renewable energy sources.
The agreement must now be approved and formally adopted by the European Parliament and EU member states, but this is considered a formality, DPA said.
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