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 obliged to transpose and implement the requirements and principles of the adapted version of the Regulation №1227/2011 (EC) on Wholesale Energy Market Integrity and Transparency (REMIT) approved by European Parliament and Council.
The adapted REMIT Regulation sets out common rules for the operation of the wholesale electricity and natural gas markets in the Contracting Parties to the Energy Community. These rules establish a common European framework for the following wholesale market-related issues in the EU and the Energy Community:
- Prohibition of insider trading;
- Obligation to disclose inside information;
- Prohibition of manipulation or attempted manipulation in the wholesale energy market;
- Registration obligation of wholesale energy market participants.
To whom does REMIT apply?
REMIT applies to any natural or legal person, including all energy undertakings or end-users defined by the Law of Georgia on Energy and Water Supply, who enters into transactions, including placing orders and/or bids for trade in one or more wholesale energy markets;