The EU will regulate and control electricity prices on the EU energy market

• The new EU law increases the transparency and integrity of the energy market and its flow in all EU countries.
• Energy bills will be more protected against market price fluctuations by EU institutions such as ACER.
• An enhanced role for regulators and a strengthened EU dimension.
  The new EU rules are a response to the energy crisis exacerbated by Russia’s invasion of Ukraine.

Rules aimed at combating energy market manipulation by strengthening transparency and supervision were approved by MEPs this Thursday.

The EP introduces rules regulating energy prices across the EU

The law, already informally agreed with the Council, introduces new measures to better protect the EU wholesale energy market, better protecting the energy bills of European households and businesses from potential short-term fluctuations in market prices.

The Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) brings closer alignment with EU rules on the transparency of financial markets.

It also covers new commercial practices, such as algorithmic trading, and strengthens reporting and monitoring rules to protect consumers from market abuse.

The ACER agency will control the energy market throughout the EU

During negotiations with the Council, MEPs strengthened the EU dimension and the supervisory role of the Agency for the Cooperation of Energy Regulators (ACER). The Agency will be tasked with adopting inspection decisions, information requests and authorizations for Confidential Information Platforms (IIPs) and Registered Reporting Mechanisms (RRMs).

If ACER does not receive the necessary information during investigations into cross-border cases, it may impose periodic penalty payments.

The Council must approve the regulation of the EU Parliament

The regulation was adopted by 440 votes to 32, with 31 abstentions. It will now need to be formally approved by the Council to become law.

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