Search for a lawyer - Attorney-of-law - Rechtsanwalt - Avocat
On 14 September 2011, new rules to prevent abuses in wholesale energy trading, and thus protect end consumers, were adopted by Parliament. Wholesale trading will now be monitored independently across the EU, to enable Member States to prevent and punish anti-competitive behaviour.
As press-room of the European Union Parliament informed, the EU Regulation on energy market integrity and will govern all wholesale energy trading in the EU, covering contracts and derivatives for the supply and transportation of natural gas and electricity. New rules will ban the use of insider information and market manipulation practices, while national penalties for breaches will have to reflect the damage done to consumers.
"We want pricing for consumers to be transparent and unfortunately there are too many deals in the wings paid for at the end by the consumers with too high energy prices something which greatly affects employment and growth. Europe needs more transparent energy markets protected against abuse and this regulation is aimed at that" said rapporteur Jorgo Chatzimarkakis during the debate.
"Energy must remain affordable for everyone as it is the key to the economy. I welcome this important regulation which guarantees transparency and prevents abuses in wholesale energy trading ensuring affordability and fairness in the market. The regulation will help to ensure more transparent pricing across the EU", said Parliament's President Jerzy Buzek.
At Parliament's request, an EU register will be drawn up, based on national registers and listing all energy traders. No market participant will be able to enter into a transaction unless it has been registered.
NB: This summary is only for information and is not designed to interpret or replace the reference document, which remains the only binding legal text. Source: www.europarl.europa.eu
Back to Laws, EU Regulation, News page