REMIT

REMIT Market Surveillance

The EU Regulation 1227/2011 (REMIT) on wholesale energy market and integrity, sets a s goal a transparent and fair operation of the European wholesale energy markets. In order to support this aim, REMIT prohibits trading with insider information, manipulation of the markets and sets standards on communicating market information.

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Elering, along with AST and Litgrid, organizes the Baltic balancing capacity market (FCR, aFRR; mFRR) and facilitates the participation of local market participants in the European balancing energy platforms MARI (mFRR) and PICASSO (aFRR). As operators of these markets, the Baltic TSOs have great interest in ensuring that these markets are well-functioning and that the resources are used as efficiently as possible.

Under REMIT Article 15, TSOs must monitor for market abuse and insider trading, reporting any suspicious activities to national authorities (e.g., Konkurentsiamet in Estonia) and ACER (Agency for Cooperation of Energy Regulators). To ensure this, Elering has implemented arrangements and procedures to detect any potential cases of market manipulation or insider trading and collaborates with the Baltic TSOs, NEMOs, and regulators.    

Guidance

Detecting possible breaches and reacting to these are important to ensure the well-functioning markets. However, it is also important to implement measures to prevent breaches from happening in the first place. The Baltic TSOs have therefore decided to publish this Best Practice Guidance Document.

The Best Practice Guidance highlights some important principles that should be kept in mind when trading on the Baltic balancing markets. The document does not aim to be a comprehensive guide regarding all the requirements for balancing market trading. Rather, its aim is to highlight some of the issues where there may be additional need for clarification.

ACER has also published a non-binding guidance on REMIT. This and additional information about the implementation of REMIT could be found on ACER’s REMIT Portal.

The Baltic TSOs, in collaboration with Nord Pool’s Market Surveillance team, held a webinar for market participants on market surveillance. You can watch the webinar recording here:

For questions or comments on market surveillance, contact Elering’s team at REMIT@elering.ee.

Notifying suspicious activity 

Elering notifies the authorities based on alerts generated by its dedicated internal monitoring systems, ad-hoc analysis, or any outlier events that attract the scrutiny of our market surveillance experts. 

To strengthen efforts in ensuring market integrity and transparency, the Market Surveillance team welcomes input from market participants and any other interested individuals. For questions or tips regarding irregular trading behaviour, please contact: REMIT@elering.ee.

All correspondence is handled in strict confidence.