The MTU Electricity/Gas is responsible for continuously monitoring activity in the electricity and gas markets to detect insider trading and market manipulation in accordance with REMIT (Regulation (EU) No 1227/2011 on wholesale energy market integrity and transparency). Insider trading and market manipulation in the wholesale electricity and gas markets are prohibited by Articles 3 and 5 of REMIT respectively.
Article 3(1) of REMIT prohibits the use of inside information relating to a wholesale energy product to acquire or sell wholesale energy products. Persons possessing inside information are prohibited from using the information for their own account, disclosing the information to third parties and making recommendations on the basis of the information.
More information about the prohibition of insider trading can be found on the Bundesnetzagentur's REMIT information portal.
Article 5 of REMIT prohibits both trading-based and information-based market manipulation.
Trading-based market manipulation is where a transaction is entered into or an order to trade in wholesale energy products is issued which, for instance, is likely to give false or misleading signals as to the supply of, demand for, or price of wholesale energy products and hence influence market activity (Article 2 (2)(a) of REMIT).
Information-based market manipulation is where information is published which gives false or misleading signals as to the supply of, demand for, or price of wholesale energy products (Article 2 point (2)(b) of REMIT).
More information about the prohibition of insider trading can be found on the Bundesnetzagentur's REMIT web pages.
Role of the MTU Electricity/Gas
The MTU Electricity/Gas monitors activity in the wholesale electricity and gas markets to identify indications of market manipulation and insider trading in accordance with REMIT. It does so by continuously analysing the trade and fundamental data supplied.
As soon as the MTU Electricity/Gas suspects a case of market manipulation or insider trading, it refers the case to the Bundesnetzagentur for further investigation. The Bundesnetzagentur is responsible for pursuing such cases if initial suspicions are confirmed.
More information about the MTU Electricity/Gas' enforcement tasks can be found on the Bundesnetzagentur's REMIT information portal.