By Decision of the Ministerial Council of the Energy Community №D/2018/10/MC-EnC, Georgia, as a Contracting Party to the Energy Community, was tasked to transpose and implement the requirements and principles of the adapted Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) approved by the Regulation №1227/2011 (EC) of European Parliament and Council.
The adapted REMIT Regulation sets out common rules for the operation of the electricity and natural gas wholesale markets in the Contracting Parties to the Energy Community. These rules establish a common European framework for the following wholesale market issues in the EU and the Energy Community:
- Prohibition of trade using inside information;
- Obligation to publish inside information;
- Prohibition of manipulation or attempted manipulation of the wholesale energy market;
- Obligation to register a wholesale energy market participant.
To whom does REMIT apply?
REMIT refers to any natural or legal person, including all energy enterprises or end-users defined by the Law of Georgia on Energy and Water Supply, who enters into transactions, including placing applications and/or bids for trade in one or more wholesale energy markets;