REMIT (Market Surveilance)
REMIT is the European Union's Regulation on Wholesale Energy Market Integrity and Transparency (Regulation (EU) No 1227/2011), which aims to ensure the integrity and transparency of wholesale energy markets by preventing market manipulation and abuse. It requires market participants to engage in fair market practices, prohibiting the use of insider information or other manipulative tactics for personal benefit. Additionally, it establishes guidelines for the timely publication of information to enhance transparency.
Litgrid, together with other Baltic TSOs, organises the common balancing capacity market (FCR, aFRR, mFRR) and acts as an intermediary by providing market participants with the opportunity to trade on the European Electricity Balancing Energy Platforms - MARI (mFRR) and PICASSO (aFRR). As operators of these markets, the Baltic TSOs are committed to ensuring they operate transparently and fairly, promoting the efficient use of resources.
Under Article 15 of REMIT, Litgrid is required to monitor the market and report any suspicious activity to national regulatory authorities (e.g., VERT) and ACER (the Agency for the Cooperation of Energy Regulators).
In collaboration with the other Baltic TSOs and the State Energy Regulatory Council (VERT), Litgrid has established the necessary monitoring procedures to identify potential market manipulation or unlawful use of inside information. These efforts are designed to ensure that participants in the electricity balancing market adhere to REMIT regulations.
Information for Market Participants
REMIT requires market participants in the electricity balancing market to act fairly and transparently, prioritizing consumer interests and fostering trust in the market. In collaboration with NordPool and the Baltic TSOs, Litgrid has created a Best Practice Guidance document aimed at market participants. This document outlines trading practices in the balancing market that align with REMIT requirements.
The guidance highlights the core principles of REMIT and provides insight into how these can be applied across various electricity balancing markets. It is not intended to serve as a detailed explanation of market operations or participation but aims to clarify potential ambiguities and ensure a consistent understanding of REMIT regulations.
ACER has also published a non-binding guidance on REMIT. Additional information on REMIT can be found on the ACER | REMIT website.
To introduce the Best Practice Guidance document, key REMIT requirements, and market monitoring activities, the Baltic TSOs, together with NordPool's market monitoring experts, hosted a seminar for market participants. A recording of the seminar is available below. If you can't see the video, please accept all cookies by clicking on the black logo in the bottom left corner.
For any questions regarding REMIT or the material presented during the training, feel free to contact [email protected].
Reporting suspicious activity
Litgrid conducts market monitoring to detect potential violations and reports any findings to the National Regulatory Agency, using market monitoring tools and detailed case studies as a basis for analysis.
Reporting suspicious activity plays a crucial role in identifying possible REMIT violations. If you come across any such information, please report it immediately to the Market Monitoring Team at [email protected]. Rest assured, both the confidentiality of the reporter and the information provided is guaranteed.
