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In December 2012, the law on the establishment of a market transparency unit for the wholesale trade in electricity and gas (MTS Act) created the basis for more comprehensive supervision of the wholesale markets in electricity and gas.
(© Petra Bork / pixelio.de)
It provides for the establishment of a market transparency office for electricity / gas at the Federal Network Agency, whose tasks the Federal Network Agency and the Federal Cartel Office will perform by mutual agreement and in which the two authorities also work together in terms of personnel. The task of the electricity / gas market transparency unit is to monitor the wholesale trade in electricity and gas in order to identify anomalies in the formation of prices at the wholesale level, which can be attributed to abusive behavior - be it in the trading sector or due to the abuse of market power. For this purpose, the Market Transparency Unit for Electricity / Gas will collect and examine data on trading transactions and fundamental data.
The activity of the electricity / gas market transparency unit fits into a European regulatory framework for the supervision of the wholesale energy markets to avoid insider trading and market manipulation (REMIT regulation). For its monitoring task, the electricity / gas market transparency agency receives the data relevant for the German market that has been collected at European level on the basis of the REMIT regulation and can also collect additional data in accordance with the provisions of the MTS Act.
While the activities of the Market Transparency Unit Electricity / Gas focus on the identification of insider trading, market manipulation and abuse of market power, the MTS Act also affects tasks under the Securities Trading Act and the Stock Exchange Act. If the analysis of the data reveals indications of a violation of the relevant legal regulations, the Market Transparency Unit for Electricity / Gas informs the authority responsible for enforcement and reports any suspected cases to this authority.
Duties of the Federal Cartel Office
With regard to the tasks of the Federal Cartel Office, the focus is on the prohibition of abuse of a dominant market position. Furthermore, the market transparency office for electricity / gas supports the Federal Cartel Office in merger control and sector investigations with its work in data collection and pre-evaluation. In addition, the data of the Federal Network Agency and the Federal Cartel Office are available for their respective monitoring tasks (Section 35 EnWG and Section 48 (3) GWB), as well as the Federal Network Agency for the fulfillment of its other tasks under the Energy Industry Act.
The establishment of the electricity / gas market transparency unit is closely coordinated with the establishment of data collection and analysis at European level on the basis of the REMIT regulation. The necessary preparatory work for the supervisory activities at European and national level should be completed before the end of 2015.
Cooperation agreement between the Federal Network Agency and the Federal Cartel Office for the market transparency agency for wholesale electricity and gas (March 16, 2015).
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