Estonian Competition Authority
The Nordic and Baltic NRAs have for a long time partaken in cooperation with Nord Pool Spot for regional market surveillance. With the entry into force of REMIT, this cooperation has become even more important. Not only does REMIT put forward harmonised rules on wholesale energy trading within the European Union but it also creates a foundation for market surveillance at national, regional and European level.
ACER shall monitor the wholesale energy markets within the European Union. Pursuant to their obligations under REMIT, NRAs shall cooperate at regional level and with ACER in carrying out this market surveillance.
Therefore, it is of great importance that Nordic and Baltic NRAs work together to strengthen and broaden the cooperation in order to maintain the efficiency and effectiveness of market surveillance in the region. The market surveillance will become even more comprehensive with reporting of bilateral trades. In accordance with the new task at hand, the Nordic and Baltic NRAs have commenced a coordinated surveillance of Urgent Market Messages and disclosure of inside information pursuant to Art. 4 REMIT and the Transparency Regulation.
As an organised market place Nord Pool Spot continues to have significant responsibilities on the Nordic and Baltic wholesale energy market. Nord Pool Spot oversees trading at its market place and is obligated to notify NRAs in case of a reasonable suspicion that a transaction may constitute market manipulation or insider trading, pursuant to Art. 15 REMIT. Furthermore, Nord Pool Spot shall maintain effective arrangements and procedures to identify such breaches.
As the Nordic-Baltic energy market is an integrated market with one system price, it is of importance that surveillance is done in a cooperative and coordinated manner. We, the Nordic and Baltic NRAs believe that a coordinated regional market surveillance solution will ensure integrity and transparency on the wholesale energy market in the Nordic and Baltic region. We will continue to work together for a well-functioning Nordic-Baltic energy market as an integrated part of the European energy market.