New EU Rules on Wholesale Electricity and Gas Trading
The EU has adopted new stringent rules on wholesale energy trading. The main objective is to prevent use of insider information and other forms of market abuse which distort wholesale energy prices and normally mean that businesses and consumers pay more for their energy than they need. The new law will enter into force by the end of this year. For the first time energy trading will be screened at EU level to uncover abuses. National authorities in Member States will put in place penalties to help stop and prevent market manipulation.
EU Energy Commissioner Günther Oettinger said: “Today is an important milestone in the development of the internal market. The new trading rules will contribute to fair energy prices. Moreover, by improving market transparency and integrity, we also build confidence of all market participants in the good functioning of the internal market. This will foster competition and ensure that consumers will always get the best deal.”