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REMIT

CRE announces 6 REMIT investigations

The Commission de régulation de l’énergie (CRE), France’s National Regulatory Authority (NRA, i.e. energy regulator), has issued a press release (here) and communique (here) providing  market participants and PPATs (Professional Persons Arranging Transactions) with reminders of their obligations under REMIT, and information the market that there are currently 6 open investigations, of which 3 are in power and 3 are in gas.

The communique looks at certain aspects of REMIT, such as the obligation to disclose inside information, and provides some comment on the criteria used to determine whether a piece of information is within scope. There is a focus on the meaning of “precise”, one of the criteria, and a reminder that “precise” is not the same as “certain”.

The note follows the announcement two weeks ago by DERA, the Danish NRA that two cases of alleged capacity hoarding had been referred to the police (see here), on the same day that ACER issued a guidance note on the topic (see here).

These activities by energy regulators, together with activity on the financial regulation side (see here), support the direction of the market in focusing on improving anti abuse processes and technology.

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity 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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