The Energy Council last February set the objective of the completion the Internal Energy Market (IEM) by 2014. A well-functioning IEM requires sufficient infrastructure capacity to integrate the different national markets, but also well-organised markets where energy can be traded efficiently within and across national borders. These markets should be easily accessible by participants, including new entrants, who ideally should find trading in the IEM no more difficult or cumbersome than trading in national markets. Liquidity in these markets is promoted by a conducive sectoral structure and measures fostering confidence by market participants.

The 3rd legislative energy package has introduced Network Codes which the ENTSOs are developing on the basis of the framework guidelines produced by ACER. These Network Codes will set, for the first time, common rules on a number of key aspects of the energy market and system operation directly applicable in all 27 Member States, thus creating a more level playing field among market participants, which is a pre-requisite for the development of a well-functioning IEM. But simplified market access conditions, greater transparency of wholesale energy trading and stronger integrity requirements are also extremely important. Transparency in the energy sector and markets has been an on-going main objective of the Commission and energy regulators for many years. Their effort to introduce better and more consistent transparency rules has been supported by many market participants. Transparency reports were developed over the last five years in most electricity regions and the Commission is working on Comitology guidelines on transparency.

Market access, integrity and transparency are being also addressed by the new Regulation on energy market integrity and transparency (REMIT). REMIT establishes, for the first time, rules prohibiting abusive practices affecting wholesale energy markets, which are sector specific but also coherent with those applying in financial markets. It provides for a consistent system for registration of market participants and for the monitoring of wholesale energy markets by the Agency for the Cooperation of Energy Regulators (ACER) in close collaboration with national regulatory authorities.

The Workshop intends to review the way in which energy sector regulation has developed to promote energy trading and well-functioning wholesale energy markets. While, as indicated above, many aspects of energy regulation have an impact on energy trading, the focus will be on market access conditions and market monitoring. Taking place immediately before REMIT comes into force, it will provide an opportunity for stakeholders to discuss the most crucial aspects of its implementation.

The Workshop will be divided into three sessions. Session I will focus on current obstacles on entering markets and the way in which the new registration regime introduced by REMIT may address these obstacles. The second session will be devoted to an assessment, on the energy markets, of the new reporting requirements introduced by REMIT and the way in which they relate to those under other directive/regulations – e.g. MAD, EMIR, and MiFID. The third session will look at the new responsibilities of energy regulators and ACER in monitoring the wholesale energy markets.