REMIT

CRE monitors wholesale energy markets within the framework of REMIT, the European regulation on wholesale energy market integrity and transparency, and under the provisions of the French Energy Code.

CRE monitors wholesale energy markets within the framework of REMIT – the European regulation on wholesale energy market integrity and transparency (Regulation (EU) No 1227/2011 of 25 October 2011, as amended by Regulation (EU) No 2024/1106 of 11 April 2024) – and under the provisions of the French Energy Code. The French Energy Code also provides for CRE’s monitoring of the French capacity mechanism (Article L.131-2) and greenhouse gas emission allowances (Article L.131-3). In practice, insofar as CO2 emission allowance markets are monitored by financial authorities under financial regulation, CRE analyzes these markets only in the context of monitoring energy market fundamentals.

REMIT is articulated with the regulations governing transparency on energy markets (Regulation (EU) No 543/2013 of 14 June 2013 for electricity and Regulation (EU) 2024/1789 of 13 June 2024 for natural gas) and with financial regulation.

REMIT is implemented at the European level pursuant to the provisions of Article 16, which notably provide for cooperation between the Agency for the Cooperation of Energy Regulators (ACER), the European Securities and Markets Authority (ESMA), the energy regulators of European Union Member States, and financial and competition authorities.

Obligations and prohibitions under REMIT monitored by CRE

• Data reporting obligation:
  • wholesale market participants must report to ACER all transactions carried out and orders placed on wholesale energy markets (Article 8);
  • participants in the liquefied natural gas (LNG) market must submit to ACER, on a daily basis and as close to real time as possible, data relating to the LNG market (Article 7(4)), while complying with the quality requirements applicable to such data (Article 7(5));
• Registration obligation (Article 9): all wholesale market participants required to report transactions and orders pursuant to Article 8 of REMIT must register with the regulator of the European Union Member State in which they are established or resident or, in the case of wholesale market participants established or resident in a third country, designate a representative in a Member State in which they carry out activities on wholesale energy markets and register with the regulator of that Member State;
• Obligation to publish inside information (Article 4): wholesale market participants in possession of inside information must publish it;
• Prohibition of insider trading (Article 3): it is prohibited to carry out transactions or place orders using inside information, to disclose inside information to another person, or to recommend that another person carry out transactions or place orders on the basis of inside information;
• Prohibition of market manipulation (Article 5): it is prohibited to manipulate or attempt to manipulate wholesale energy markets;
• Obligation for persons professionally arranging or executing transactions on wholesale energy markets to establish monitoring arrangements and notify ACER and the relevant national regulatory authorities of suspected breaches of Articles 3, 4, and 5 of REMIT (Article 15).

ACER publishes non-binding guidance on the application of REMIT. This guidance specifies how the provisions establishing the obligations and prohibitions set out in Articles 3, 4, 5, 7(4), 7(5), 8, 9, and 15 of REMIT are to be applied, as well as the concepts of wholesale energy products, wholesale energy markets, and market participants.

CRE’s monitoring of wholesale markets

CRE monitors the orders and transactions of market participants likely to affect the French wholesale electricity or natural gas markets, or the French capacity mechanism. In this context, it also analyzes the technical and economic constraints affecting these participants and influencing their bids and transactions. CRE pays particular attention to the quality of information disclosed by market participants, especially information relating to the availability of electricity generation facilities.

The parties concerned (producers, traders, energy suppliers, etc.), as well as exchanges, brokers, transmission system operators, etc., may be questioned by CRE regardless of the country in which they and their counterparties are established and regardless of the trading method used (brokered or non-brokered bilateral transactions, or transactions on organized markets).

CRE monitors all wholesale energy markets, from the longest maturities (forward markets) to real-time operations (short-term markets and balancing mechanisms), as well as the markets and mechanisms governing the allocation of cross-border capacities. In 2025, the scope monitored by CRE under REMIT represented more than 26 million transactions for more than 5,495 TWh traded, including 4,421 TWh involving contracts for the delivery of energy.

CRE actively monitors the markets on the basis of the data available to it, collected directly from the parties concerned or transmitted by ACER under REMIT reporting obligations and market monitoring activities. CRE’s analyses rely on the ex post detection of potentially suspicious behavior, either through internal detection tools or following external reports. CRE also analyzes unusual market events or specific behaviors of certain participants. CRE reviewed 800 internal alerts and 23 external reports during 2025.

Where a suspected breach of REMIT or the French Energy Code is identified through this monitoring, the Chair of CRE may decide to open an investigation. An authorized investigation officer is then appointed and granted investigative powers defined by the French Energy Code.

Investigators may notably request that the companies concerned or third parties provide any information necessary for the purposes of the investigation. At the conclusion of investigations, findings of breach or non-breach are recorded by the investigator in an official report. These reports, together with the maximum penalties that may be incurred in the event of a finding of breach, are notified to the companies concerned, which are invited to submit written or oral observations.

The Chair of CRE may refer the matter to the Dispute Settlement and Sanctions Committee (CoRDiS) on the basis of the report and the observations submitted by the companies concerned, where applicable. CoRDiS decides whether to pursue proceedings and, if so, whether to impose sanctions.

At the end of 2025, ten investigations were under review by CRE investigators and one sanction procedure was under examination by CoRDiS.

ACER maintains an up-to-date register of public sanction decisions issued under REMIT in the European Union on ACER’s website.