Jorgo Chatzimarkakis, MEP responsible for the report adopted by the Energy Committee in the European Parliament, explained that the main aim of the draft regulation on energy market integrity and transparency (REMIT) is to prevent market abuse and manipulation in the wholesale energy market. The key changes to the proposed regulation is to get the maximum market transparency: minimum penalties and clearer rules.

The Energy Committee wants to see harmonised penalties among Member States by setting minimum standards. MEPs also voted to use existing reporting structures, whenever possible, in order to avoid extra administrative burdens for market participants.

On the registration of market participants, the Energy Committee calls for each Member State to have a licence system or a register of participants. In cases where a country does not adhere to the EU licensing system, national authorities should apply the EU mandatory registration system.

According to MEPs, all large volume contracts should be included. Under the Commission's proposal, all contracts for supplying energy to traders who are "final consumers" (whether their consumption is high or low) would be exempted from the legislation. MEPs disagree because that large volume contracts (where the trader consumes more than a certain amount of GWh) should be treated as wholesale and thus be subject to the rules. Smaller traders would be exempt. The precise cut-off point would be decided at a later stage by the Commission through a "delegated act", although this would have to be endorsed by Parliament.

The European Agency for the Cooperation of Energy Regulators (ACER) will gather and monitor data on energy transactions to enforce the new rules. It will then forward this information to national authorities, which will be responsible for investigation and enforcement. REMIT falls under the codecision procedure, with European Parliament and Council deciding on an equal footing. Thus, negotiations between the institutions are expected to start in June, with the plenary vote expected to take place in September.