REMIT

On this page you can find information on REMIT and our role under the EU framework as Britain’s national regulatory authority (NRA) on wholesale energy markets.

You can also find information on registration requirements for REMIT market participants and how to report suspected market abuse to us.

What is REMIT?

REMIT is an EU regulation on energy market integrity and transparency (No 1227/2011). It has been in force since 28 December 2011.

It provides a consistent EU-wide regulatory framework specific to wholesale energy markets that:

  •  defines market abuse. This includes market manipulation, attempted market manipulation or insider trading
  •  explicitly prohibits market abuse
  •  requires effective and timely public disclosure of inside information by market participants
  •  obliges firms professionally arranging transactions to report suspicious transactions.

REMIT creates a very important framework for identifying and penalising market abuse in GB and across the rest of Europe. This helps consumers, industry and other participants have confidence that wholesale energy prices are open, fair and competitive; the foundations of an effectively functioning energy market.

Our role in REMIT

As Britain’s NRA, we have powers through The Electricity and Gas (Market Integrity and Transparency) (Enforcement etc) Regulations 2013 to monitor, investigate and enforce against breaches of REMIT.

This allows us to:

  •  oblige any regulated person to record and retain records, including relevant communications, for a period of at least six months from the date the record was created
  •  require that these records are kept for longer, until a specified date
  •  require those we regulate under REMIT to provide us with information in connection with monitoring the integrity and transparency of the wholesale energy market
  •  investigate where circumstances suggest a failure to comply with REMIT. In this context, we can:
          o require any person to provide information or documents relevant to an investigation.
          o summon people to attend a meeting and answer questions, and to apply for a warrant to enter premises.

Our work with other regulators

Given the nature of market trading, we work closely with the Financial Conduct Authority. We also work with the Agency for the Co-operation of Energy Regulators (ACER) and with other European NRAs to detect and investigate cross-border market abuse.

How we enforce REMIT

We can publicly censure or place unlimited financial penalties on those who break the rules.  We can also demand payment for profits, or losses suffered, from non-compliance with REMIT.

For full details of our REMIT penalties and policy procedures, or for further general information, please see the publications and updates list below, or contact us at REMIT@ofgem.gov.uk.

Registering as a market participant

Registration is a requirement for REMIT market participants. We have established an online registration system. REMIT market participants must register before entering into reportable transactions, with transaction reporting starting from 7 October 2015. Find out more on how to register at Registering as a market participant under REMIT.

Reporting suspected market abuse or suspicious transactions under REMIT

We take seriously any allegation of abuse in the wholesale energy market and will consider carefully any evidence that is brought to our attention. You can find out about the obligations on firms arranging transactions on GB wholesale energy products and how to report suspected abuse, such as insider dealing or market manipulation, at Reporting suspected market abuse or suspicious transactions under REMIT.

For information on use of exemptions and when reporting can be delayed, please see Use of exemptions and delaying publication of inside information under REMIT.

Transaction reporting

All participants trading wholesale gas or electricity contracts for delivery in Europe on Organised Market Places have an obligation to report information about their trading activity to ACER from 07 October 2015. More information can be found on ACER’s website, and ACER should be the first point of contact for questions about transaction reporting.

Publications and updates

  • Published: 12th Dec 2016
  • Open letters & correspondence
  • 1 Associated documents
The purpose of this letter is to set out Ofgem’s position on the interaction between the pricing of scarcity in the wholesale energy markets and potential market conduct issues.

  • Published: 8th Sep 2015
  • Open letters & correspondence
  • 1 Associated documents
Open letter on issues relating to REMIT, including practices related to market manipulation, inside information, registration and transaction reporting under REMIT, and also the European Transparency Regulation.

  • Published: 23rd Jun 2015
  • Decisions
  • 3 Associated documents
See our decision on our consultation on proposed changes to two documents that describe how we monitor, investigate and enforce the requirements in REMIT - the EU regulation on wholesale energy market integrity and transparency.

  • Published: 18th Mar 2015
  • Guidance
  • 1 Associated documents
A comprehensive guidance document explaining how to use the REMIT registration online system.

  • Published: 18th Dec 2014
  • Closed: 19th Feb 2015
  • Consultations & responses
  • 10 Associated documents
We are consulting on changes to our REMIT Procedural Guidelines and the REMIT Penalties Statement.

  • Published: 1st Dec 2014
  • Guidance
  • 1 Associated documents
This document provides answers to some frequently asked questions for market participants registering under REMIT.

  • Published: 12th Nov 2014
  • Agendas, minutes and presentations
  • 5 Associated documents
Ofgem held a seminar for market participants and stakeholders on REMIT on the morning of Monday 1 December.

  • Published: 11th Jul 2014
  • Open letters & correspondence
  • 1 Associated documents
This letter summarises the findings of our review of inside information notifications and highlights some areas market participants may wish to consider further.

  • Published: 8th Nov 2013
  • Decisions
  • 3 Associated documents
We published consultation papers in June on proposed penalties and procedural guidelines for REMIT investigations and are grateful for the responses we received. Most respondents agreed that our approach to enforcement should, as far as possible, be...

  • Published: 20th Aug 2013
  • Open letters & correspondence
  • 1 Associated documents
We published an open letter on 15 March 2013 with the aim of helping stakeholders understand Regulation (EU) No 1227/2011

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