Contracts Related to the Storage of Energy Included in REMIT's Scope of Application
Regulation (EU) No. 1227/2011 (Regulation on Wholesale Energy Market Integrity and Transparency, REMIT) serves to prevent abusive practices (in particular insider trading and market manipulation) on the wholesale energy markets. Indirectly, the scope of application is largely determined by the term ‘wholesale energy product’, which is defined in Art. 2 No. 4 REMIT.
In its original version, REMIT only covered wholesale energy products in the form of spot or derivative contracts with regard to the supply and transport of electricity and natural gas in the Union. When the amending Regulation (EU) 2024/1106 (known as REMIT II) came into force on 7 May 2024, the definition of wholesale energy product was expanded to include contracts (letter e) and derivatives (letter f) relating to the storage of electricity or natural gas in the Union.
The inclusion of energy storage in the scope of REMIT is in line with the objectives of the EU Energy System Integration Strategy, the EU Hydrogen Strategy and the comprehensive European approach to energy storage. Compliance with REMIT in Germany is monitored by the Federal Network Agency (Bundesnetzagentur) and ACER.
Kronsteyn advises companies on German and European financial market law, including energy and emissions trading law. Please address any enquiries to Dr Hendrik Müller-Lankow, German Attorney at Law.
Kronsteyn assumes the role as German REMIT representative for registration of third-country market participants of wholesale energy markets.
Since 5 February 2025, the REMIT regulations (registration, insider trading, etc.) have also applied to wholesale hydrogen energy products.
