Case studies analysis of REMIT regulation
2020
A fair level of competition is a fundamental aspect for the functioning of the European energy wholesale market. In this context, the Regulation (EU) No. 1227/2011 on wholesale Energy Market Integrity and Transparency (REMIT) endows the Agency for the Cooperation of Energy Regulators (ACER) and prohibits market manipulation, attempted market manipulation and insider trading. REMIT’s assessment of possible market abuses is organized as an ex-post analysis. This paper proposes a methodology for market abuse monitoring based on the analysis of historical market data tested on 2019 data for the Italian Day Ahead Market and identifies a causal link between the withholding behaviors, an alteration of the electricity market price and the profit of the generators.
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