Brussels, 14/06/2011 (Agence Europe) - The Hungarian Presidency wants to complete the first reading of the draft regulation on energy market integrity and transparency during its term of office. Agreement is “very close”, according to Commissioner Günther Oettinger, who told the Energy Council on 10 June that he had received signals of constructive cooperation from the European Parliament.
The text, tabled by the Commission in December, seeks to prevent market manipulation and insider dealing on the wholesale markets (see EUROPE 10273). It establishes a framework for supervision across Europe of wholesale markets, a task to be fulfilled by the Agency for the Cooperation of Energy Regulators (ACER). Operators will be required to submit information on their transactions, and national regulatory authorities will be able to investigate and, where appropriate, punish abuses.
Negotiations with the European Parliament will begin and will continue in trialogue on 16 and 23 June. MEPs tightened up the text at the end of May, calling for minimum sanctions to be harmonised. (E.H./transl.rt)