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MAD, REMIT

Ofgem open letter – the anti abuse focus continues

Ofgem, Great Britain’s National Regulatory Authority (NRA) yesterday issued this open letter to the market on the topic of “scarcity pricing” and conduct. It reminds market participants that generation must be priced economically both under REMIT and also the Balancing and Settlement Code.

This letter represents  the latest anti abuse activity in the energy sector, following several investigations and other interactions over the last few months. Despite the Market Abuse Regulation(MAR) applying from 3rd July this year, much of the regulatory activity has been under REMIT. Both rulesets combined have increased the focus on effective monitoring, via processes, training and technology,  across the energy and commodity trading sector.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on energy and commodity regulation. He has more than 20 years of experience in energy and commodity trading, credit, risk and financial technology. He has delivered a series of trading, credit and risk solutions to a wide variety of oil majors, power and gas companies and investment banks. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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