Strasbourg, 14/09/2011 (Agence Europe) - At its plenary session, the European Parliament enshrined its agreement with the Council on the regulation targeting the integrity and transparency of the wholesale energy markets. The move paves the way for new rules to create a framework for market behaviour and monitoring mechanisms, in order to detect and prevent abuse and manipulations on the wholesale markets. Wholesale trade in energy will now be controlled independently throughout the EU, to allow the member states to prevent and penalise anti-competitive practices. The brand-new Agency for the Cooperation of Energy Regulators (ACER), which is based in Ljubljana, will play a pivotal role.
Adopted by 616 votes in favour, 26 against and 24 abstentions on Wednesday 14 September at the plenary session in Strasbourg, the report by the German MEP Jorgo Chatzimarkakis (ALDE) amends the regulation on the integrity and transparency of the wholesale energy market, which applies to trade in wholesale energy products within the EU, and covers contracts and derivative products connected to the supply and transport of gas and electricity. The new rules ban the illegal use of privileged information and market manipulations, whilst national sanctions for infringements of the regulation must reflect the damage to consumers.
ACER will be responsible for controls on commercial agreements, and will provide information to the national regulators, which will carry out investigations on infringements of the regulation and will have executive powers to put an end to such infringements. In the event of cross-border infringements, ACER will coordinate investigations. The sanctions will be applied by the national regulators in the member states. In order to create a balance of power, the director of ACER must consult the national regulators over issues related to the regulation, but will not be bound by their opinions.
By request of the Parliament, the regulation will require a European register to be held of all players on the energy market, on the basis of the national registers set in place by the regulators. No operators will be able to carry out any transactions unless they are registered.
As regards sanctions, the Commission is invited to put forward proposals to harmonise minimum sanctions imposed by the member states in the event of infringements. In its negotiations with the Council, the Parliament pushed for harmonised sanctions to deter those involved from moving to less strict member states. The Commission is also called upon to work on tightening up regimes sanctions in the financial sector. National sanctions will have to reflect the damage suffered by consumers.
Once a formal agreement is concluded at first reading, the regulation will enter into force 20 days after its publication in the Official Journal of the EU. (E.H./transl.fl)