Regulation of EU 1227/2011 on wholesale energy market integrity and transparency (REMIT)

REMIT is the regulation with No. 1227/2011 of the European Union on the integrity and transparency of the wholesale energy market. Albania as a contracting Party of the Energy Community has transposed this regulation in its domestic legislation in the framework of her legal obligations.

The Regulation on the Integrity and Transparency of the Wholesale Energy Market sets out the criteria that prohibit abusive practices that affect wholesale energy markets and provides for the monitoring of these markets at the local level. Approval of this regulation proves the importance that the Regulatory Entity of Albania (ERE) show to the competitive market, and the need to ensure the integrity of this market based on the Acquis of the European Union.

This Regulation creates a very important regulatory framework for the identification and penalization of market abuse in Albania and beyond. In this context, it is important to ensure that consumers and other market participants can have confidence in the integrity of electricity markets, that prices set on wholesale energy markets reflect a fair and competitive interplay between supply and demand, and that no profits can be drawn from market abuse

ERE and, where necessary, the national competition authority and other relevant national authorities, including the Albanian Power Exchange ALPEX Sh.a., cooperate to ensure a coordinated approach to the implementation of this Regulation.