Global Correspondence

GFMA Submits Comments to the OFGEM on REMIT Penalties Statement and Procedural Guidelines

GFMA provides comments to the Office of Gas and Electric Markets (Ofgem) in repsonse to Ofgem’s consultation on proposed penalties statement and procedural guidelines under the Regulation on Wholesale Energy Markets Integrity and Transparency (REMIT).  

While generally agreeing with the approach taken, GFMA believes that the following three areas could benefit from being considered further:

• the circumstances in which the Authority would exercise its power to publish information on warning notices, especially bearing in mind that the FCA is still in the process of consulting on the circumstances in which it will use similar powers;
• alignment of regulatory approaches under REMIT and under the Market Abuse Directive / Market Abuse Regulation; and
• additional details on proposed arrangements for regulatory cooperation.

 

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