EU Wholesale Energy Market

Key points

The EESC:

• Welcomes the basic objective of the proposed Regulation to strengthen the monitoring and transparency of the wholesale energy markets. It underlines, continuous monitoring and analysis is required so that appropriate interventions and regulatory responses can be made in a timely manner on a sound basis. It also calls for proportionality in data reporting and the application of the once-only principle. The revision should aim at creating a transparent and non-discriminatory system, while avoiding a misuse of data collected.
• Welcomes the alignment of the definitions of inside information and market manipulation with financial market rules. The EESC also highlights the importance of cooperation between national and EU-level authorities and stresses the need to ensure an appropriate and efficient division of duties between national regulatory authorities and ACER.
• Highly regrets that the proposals regarding electricity market design have not gone through full consultation and impact assessment. It is of the opinion that no reform should be rushed and public consultations and impact assessments are precious tools in the law-making process.