EU energy market oversight to be strengthened to prevent electricity and gas price manipulation

The European Parliament and the Council of the European Union have agreed on a joint approach to the amendment of the so-called REMIT Regulation. The purpose of the amendment is to strengthen oversight of trading in energy markets, with increased supervision intended to prevent manipulation of wholesale prices of energy commodities. The amendment to the REMIT Regulation must still be formally approved by the European Parliament and the Council of the European Union. 

In response to the energy crisis, the European Union is gradually revising its energy legislation. The main purpose of the revision is clear: to prevent a repeat of the current energy crisis, which began to emerge in the second half of 2021.

One of the pieces of legislation being revised is the so-called REMIT Regulation, which aims to prevent manipulation in wholesale markets. It came to the attention of the European Union precisely because of suspicions that the extreme commodity prices in mid-2022 were not entirely coincidental, but may have been influenced by market manipulation by Russia.