REMIT Procedural Guidelines and Penalties Statement consultation

Publication date
18th December 2014
Closing date
19th February 2015
Policy areas

We are consulting 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. Our proposals will affect companies and individuals who are connected to or involved in wholesale energy markets. We want your views on some changes to:

1. the REMIT Procedural Guidelines. These explain how we take action under our REMIT powers, and
2. the REMIT Penalties Statement. This explains when and how we would impose a penalty if a company or individual breached REMIT.

The changes we are proposing came from:

• changes to our wider enforcement policies and procedures
• looking at the approach to regulation in financial markets
• what we have learnt through using our REMIT monitoring and enforcement powers, and
• the need to encompass imminent new powers that will allow us to take action if REMIT market participants fail to register or submit REMIT data.

The REMIT Enforcement Regulations requires us to consult on our proposed changes. Please send us your views by 19 February 2015. We would like to issue an updated REMIT Procedural Guidelines and REMIT Penalties Statement in summer 2015.