Rösler: "Greater transparency in the wholesale electricity and gas market"
The Federal Ministry of Economics and Technology has transmitted a draft law to establish a market transparency office for the wholesale electricity and gas market (Market Transparency Office Act) to the Länder and business associations. The draft is an important element of the Federal Government's 10-point immediate action programme to implement its energy reforms. The market transparency office is to be established at the Bundeskartellamt. Its task is to ensure transparent price formation which is in conformity with competition in the marketing of and trade in electricity and gas at the wholesale stage. The Market Transparency Office will work in co-operation with the Federal Network Agency.
Minister Rösler commented:"The act aims to boost the confidence of the citizens and the companies in the energy wholesale markets. By setting up the market transparency office, we are creating a central office which, by evaluating all the relevant data on an ongoing basis, will help to ensure that any unlawful influencing of the price on these markets can be detected more quickly and more effectively. This will particularly benefit the consumers of energy."
The draft law also serves to implement the EU Regulation on Energy Market Integrity and Transparency (the REMIT Regulation). This Regulation prohibits market manipulation and insider trading on the energy wholesale market and provides for deterrent sanctions. The REMIT Regulation is creating a pan-European supervisory system for the wholesale electricity and gas market, based around the Agency for the Co-operation of Energy Regulators (ACER).
The aim is for the draft act to be adopted by the Federal Cabinet at the beginning of May.