Activities of Jakop G. DALUNDE related to 2023/0076(COD)
Plenary speeches (1)
Improving the Union’s protection against market manipulation on the wholesale energy market (debate)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 1227/2011 and (EU) 2019/942 to improve the Union’s protection against market manipulation in the wholesale energy market
Amendments (44)
Amendment 99 #
Proposal for a regulation
Recital 1
Recital 1
(1) Open and fair competition in the internal markets for electricity and for gases and ensuring a level playing field for market participants requires integrity and transparency of wholesale energy markets. Regulation (EU) No 1227/2011 of the European Parliament and of the Council establishes a comprehensive framework (‘REMIT’) to achieve this objective. To enhance the public’s trust in functioning energy markets and to protect the Union effectively against market abuse or attempts of market manipulation, Regulation (EU) No 1227/2011 should be amended to further increase insufficient transparency and strengthen monitoring capacities as well as to ensure more effective investigation and enforcement of potential cross-border market abuse cases addressing the shortcomings identified in the current framework.
Amendment 110 #
Proposal for a regulation
Recital 3
Recital 3
(3) The definition of inside information should also be adjusted to mirror Regulation (EU) 596/2014. In particular, where inside information concerns a process which occurs in stages, each stage of the process as well as the overall process could constitute inside information. An intermediate step in a protracted process may in itself constitute a set of circumstances or an event which exists or where there is a realistic prospect that they will come into existence or occur, on the basis of an overall assessment of the factors existing at the relevant time. However, that notion should not be interpreted as meaning that the magnitude of the effect of that set of circumstances or that event on the prices of the financial instrumenwholesale energy products concerned must be taken into consideration. An intermediate step should be deemed to be inside information if it, by itself, meets the criteria laid down in this Regulation for inside information. As markets develop and new forms of infractions might emerge, the Commission, having consulted with the Agency and relevant stakeholders, should have the ability, by means of delegated act, to further elaborate the definition of inside information. There should be a contact point at the Agency for market participants seeking clarification on whether or not a specific information would constitute inside information according to this Regulation and the relevant delegated act.
Amendment 113 #
Proposal for a regulation
Recital 6
Recital 6
(6) Where information is not, or no longer, sensitive from a commercial or security viewpoint, or can be published in an aggregated and anonymised format, the European Agency for the Cooperation of Energy Regulators (the ‘Agency’ or ‘ACER’) should be able to make that information available in an accessible format to market participants and the wider public with a view to contributing to enhanced market knowledge. This should include the possibility for ACER to publish information on organised market places, IIPs, RRMs according to applicable data protection laws in the interest of improving transparency of wholesale energy markets and provided it does not distort competition on those energy markets.
Amendment 116 #
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) Persons within the private and public sector shall, as according to Directive (EU) No 2019/1937, have effective channels to report breaches of this Regulation confidentially within their organisation or to the Agency and national regulatory authorities, and be fully protected against retaliation.
Amendment 117 #
Proposal for a regulation
Recital 10
Recital 10
(10) To improve the Agency’s market monitoring and make data collection more complete, the current reporting regime needs improvement. The data collected should be expanded to overcome gaps in the data collection and include coupled markets, new balancing markets, contracts for balancing markets and products that have potential delivery in the Union. Organised market places should be required to provide the full order book data set to the Agency. Order book providers should also be designated as persons professionally arranging transactions subject to the obligation to monitor and report suspected breaches. To avoid double reporting, records of transactions that have been reported by order book provider, should not be subject to reporting by market participants who originated the transaction.
Amendment 120 #
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) At the EU level, most power is traded outside organised power exchanges, known as 'over the counter' (OTC) trading. OTC wholesale energy contracts lack transparency as they are privately negotiated contracts, and any information concerning them is usually only available to the contracting parties. They create a complex web of interdependence which can make it difficult to identify the nature and level of risks involved. This Regulation lays down conditions for improving the transparency of OTC wholesale energy contracts.
Amendment 121 #
Proposal for a regulation
Recital 11
Recital 11
(11) Inside Information Platforms (IIPs) should play an important role for the effective and timely publication of inside information. It should be mandatory to disclose without undue delay inside information on dedicated IIPs to make the information easily accessible and enhance transparency. To ensure trust in the IIPs they should be authorised and registered. The Agency's supervisory powers over IIPs should be extended to include the power to issue fines and public notices.
Amendment 123 #
Proposal for a regulation
Recital 12
Recital 12
(12) To streamline and make the reporting of data to the Agency more effective, the information should be provided through Registered Reporting Mechanisms (RRMs) and the operation of RRMs should be authorised by the Agency. The RRMs should at all times comply with the conditions for authorisation and data protection law. The Agency should also establish a register of all RRMs in the Union. The Agency's supervisory powers over RRMs should be extended to include the power to issue fines and public notices.
Amendment 131 #
Proposal for a regulation
Recital 16
Recital 16
(16) In order to obtain an accurate, objective and reliable assessment of the price for LNG deliveries to the Union, the Agency should collect all the LNG market data that are necessary to establish a daily LNG price assessment. The price assessment should be undertaken based on all transactions pertaining to LNG deliveries to the Union. ACER should be empowered to collect this market data from all participants active in LNG deliveries to the Union. All such participants should be obliged to report all of their LNG market data to ACER as close to real time as technologically possible either after the conclusion of a transaction or the posting of a bid or offer to enter into a transaction. TWhere ACER finds that an LNG market participant has not submitted required information, it could decide to impose fines. ACER price assessment should comprise the most complete dataset including transaction prices and, as of 31 March 2023, bids and offer prices for LNG deliveries to the Union. The daily publication of this objective price assessment, and of the spread established in comparison to other reference prices on the market in the form of an LNG benchmark, paves the way for its voluntary uptake by market participants as the reference price in their contracts and transactions. Once established, the LNG price assessment and the LNG benchmark could also become a reference rate for derivatives contracts used for hedging the price of LNG or the difference in price between the LNG price and other gas prices.
Amendment 132 #
Proposal for a regulation
Recital 17
Recital 17
(17) Delegation of tasks and responsibilities can be an effective instrument to reduce duplication of tasks, foster cooperation and reduce the burden imposed on market participants. Therefore a clear legal basis should be provided for such delegation. National regulatory authorities should be able to delegate tasks and responsibilities to another national regulatory authority or to the Agency, with the delegates’ prior approval. The Agency should stimulate and facilitate the delegation of tasks and responsibilities by identifying relevant tasks and responsibilities and by promoting best practices. Introducing specific conditions and limiting the scope for the delegation to what is necessary for the effective supervision of cross-border market participants or groups should be possible. Delegations should be governed by the principle of allocating competence to an authority which is best placed to take action on the subject matter.
Amendment 143 #
Proposal for a regulation
Recital 21
Recital 21
(21) The investigation of breaches of this Regulation with a cross-border dimension should be carried out through a uniform process at Union level. Complexity of cross-border cases and the need to ensure sufficient resources for such cases requires involvement of the Agency, in particular in more integrated energy market. Since the entry into force of Regulation (EU) No 1227/2011, the Agency has gained significant experience in monitoring and collecting relevant data on the wholesale energy markets in the Union to ensure their integrity and transparency. Building on this experience, the Agency should be empowered to carry out investigations to fight against the breaches of the provisions of Regulation (EU) No 1227/2011. The Agency should carry out such investigations in cooperation with the na, including by appointing an independent investigating officer within the Agency with powers to conduct on-site inspectionals, regulatory authorities with the purpose of supporting and complementing their enforcement activquest information and conduct interviews. The Agency may carry out such investigations in cooperation with the national regulatory authorities. Equally, in the context of an investigation by the Agency, where necessary, relevant national regulatory authorities should cooperate amongst each other in assisting the Agency.
Amendment 145 #
Proposal for a regulation
Recital 21 a (new)
Recital 21 a (new)
(21a) To fulfil the new obligations assigned to it, in particular those relating to enhanced investigatory and sanctioning powers in cross-border cases, the Agency should have adequate staff and the ability to hire additional personnel, if necessary. For this reason, instead of 25 additional full time equivalent (FTE) indicated in the financial statement, ACER should be able to hire at least 100 FTE. The Agency should be allowed to hire the staff it needs immediately, rather that through a phased approach. Also, the Agency should receive additional budgetary resources to deploy advanced and innovative data analysis tools to detect potential irregular patterns in trading or cross-border allocations.
Amendment 146 #
Proposal for a regulation
Recital 21 b (new)
Recital 21 b (new)
(21b) There are concerns that excessive delays in handling reports of possible breaches of this Regulation as well as ineffective cooperation between authorities, have impeded or prevented the investigation of cases. Therefore this Regulation should clarify the responsibility of national regulatory authorities to ensure an effective working process in handling reports, including setting a one-year maximum for processing of reports. The Agency should have the possibility to take over investigation where a national regulatory authority is not fulfilling its obligations under this Regulation.
Amendment 149 #
Proposal for a regulation
Recital 22
Recital 22
(22) The Agency should be empowered to carry out investigations by conducting on-site inspections and by issuing requests for information to the persons under investigations, in particular where the suspected breaches of Regulation (EU) No 1227/2011 have a clear cross-border dimension. In undertaking the on-site inspections and in issuing requests for information to the persons under investigations, the Agency shouldmay closely and actively cooperate with the relevant national regulatory authorities, which in turn should provide the Agency with full assistance, including where a person refuses to be subject to the inspection or to provide the requested information. It is important that the procedural guarantees and fundamental rights of the persons concerned of the persons subject to the Agency’s investigations are fully respected. The confidentiality of the information submitted by the persons subject to the investigation should be safeguarded exchanged in accordance with applicable Union data protection rules.
Amendment 150 #
Proposal for a regulation
Recital 22 a (new)
Recital 22 a (new)
(22a) Where ACER finds that an infringement of requirements set out in this Regulation has been committed, it should have the ability to take enforcement measures, including imposing fines and issuing public notices
Amendment 151 #
Proposal for a regulation
Recital 22 b (new)
Recital 22 b (new)
(22b) The Agency's performance in relation with its objectives, mandate and tasks defined in this Regulation should be periodically evaluated by the Commission. This evaluation, submitted in the form of a report to the European Parliament and the Council, could address the possible need to modify the mandate of the Agency, and the financial implications of any such modification.
Amendment 153 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b a (new)
Article 1 – paragraph 1 – point 1 – point b a (new)
Regulation (EU) No 1227/2011
Article 1– paragraph 5 a (new)
Article 1– paragraph 5 a (new)
(ba) The Agency’s Administrative Board shall ensure that the Agency has adequate staff and the ability to hire additional personnel, if necessary, to fulfil the new obligations assigned to it.
Amendment 160 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Regulation (EU) No 1227/2011
Article 2 – point (1) subparagraph 5a (new)
Article 2 – point (1) subparagraph 5a (new)
After consultations with the Agency and relevant stakeholders, the Commission shall be empowered, by means of delegated act, to develop guidelines and to elaborate the definition of inside information. The Agency shall establish a contact point for market participants seeking clarification on whether or not a specific information shall constitute inside information according to this Regulation and the relevant delegated act.
Amendment 163 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point c
Article 1 – paragraph 1 – point 2 – point c
Regulation (EU) No 1227/2011
Article 2 –paragraph 1– point 2 – point a
Article 2 –paragraph 1– point 2 – point a
(a) entering into any transaction, issuing any order to trade or engaging in any other behaviour relating to wholesale energy products or relevant infrastructure which:
Amendment 165 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point c
Article 1 – paragraph 1 – point 2 – point c
Regulation (EU) No 1227/2011
Article 2 –paragraph 1 – point 2 – point ii
Article 2 –paragraph 1 – point 2 – point ii
(ii) secures, or is likely to secure , by a person, or persons acting in collaboration, the price of one or several wholesale energy products at an abnormal or artificial level, unless the person who entered into the transaction or issued the order to trade establishes that his reasons for doing so are legitimate and that that transaction or order to trade conforms to accepted market practices on the wholesale energy market concerned; or
Amendment 169 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point f
Article 1 – paragraph 1 – point 2 – point f
Regulation (EU) No 1227/2011
Article 2 – paragraph 1– point 4 – point a
Article 2 – paragraph 1– point 4 – point a
(a) all contracts for the supply of electricity or natural gas where delivery is in the Union or contracts for the supply of electricity or natural gas which may result in delivery in the Union;”, including for balancing markets as well as contracts for difference and power purchase agreements;
Amendment 185 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j
Article 1 – paragraph 1 – point 2 – point j
Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 20a (new)
Article 2 – paragraph 1 – point 20a (new)
(20a) ‘order book’ means all details of wholesale energy products executed at organised market places including matched and unmatched orders as well as system-generated orders and life cycle events.
Amendment 186 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j
Article 1 – paragraph 1 – point 2 – point j
Regulation (EU) No 1227/2011
Article 2 – paragraph 1 – point 20b (new)
Article 2 – paragraph 1 – point 20b (new)
(20b) “over the counter (OTC) wholesale energy contract” means a wholesale energy contract the execution of which takes place bilaterally between market participants or via a broker and not on an energy exchange.
Amendment 193 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a
Article 1 – paragraph 1 – point 4 – point a
Regulation (EU) No 1227/2011
Article 4 – paragraph 1 – sub–paragraph 2
Article 4 – paragraph 1 – sub–paragraph 2
Market participants shall disclose the inside information through IIPs. The IIPs shall ensure that the inside information is made public without undue delay in a manner which enables easy, free of charge and fast access, including access through a clear application programming interface. and complete, correct and timely assessment of the information by the public.;
Amendment 204 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1227/2011
Article 4a – paragraph – 4a (new)
Article 4a – paragraph – 4a (new)
4a. Where ACER finds that an IIP has committed an infringement of requirements provided for in paragraphs 1 to 3 of this article, it shall take one or more of the following actions: (a) adopt a decision requiring the person to bring the infringement to an end; (b) adopt a decision imposing fines with a maximum amount of EUR 200 000 or the corresponding value in the national currency in the Member States whose currency is not the euro; (c) issue public notices.
Amendment 210 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1227/2011
Article 4a – paragraph 6 – sub–paragraph 1
Article 4a – paragraph 6 – sub–paragraph 1
The Commission shall, by means of implementingdelegated acts, specify:
Amendment 214 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1227/2011
Article 4a – paragraph 6 – sub–paragraph 1 – point c a (new)
Article 4a – paragraph 6 – sub–paragraph 1 – point c a (new)
(ca) the mechanisms to exercise the Agency’s supervisory power to impose fines, including provisions on the collection of fines or periodic penalty payments, the rights of the defence and temporal provisions for the imposition and enforcement of fines, and
Amendment 215 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1227/2011
Article 4a – paragraph 6 – sub–paragraph 1 – point c b (new)
Article 4a – paragraph 6 – sub–paragraph 1 – point c b (new)
(cb) a minimum threshold for applying the public disclosure obligation to wholesale energy market participants pursuant to Article 4(1).
Amendment 216 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1227/2011
Article 4a – paragraph 6 – sub–paragraph 2
Article 4a – paragraph 6 – sub–paragraph 2
Those implementingdelegated acts shall be adopted in accordance with the examination procedure referred to in Article 21(2) by no later than1 April 2024.;
Amendment 236 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) No 1227/2011
Article 7c – paragraph 4 a (new)
Article 7c – paragraph 4 a (new)
4a. Where ACER finds that an LNG market participant has not submitted information required under paragraph 1 of this article, the Agency may adopt a decision to impose a fine.
Amendment 237 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) No 1227/2011
Article 7c – paragraph 4 b (new).
Article 7c – paragraph 4 b (new).
Amendment 244 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 1227/2011
Article 9 – paragraph 1 – sub–paragraph 1
Article 9 – paragraph 1 – sub–paragraph 1
1. Market participants entering into transactions which are required to be reported to ACER in accordance with Article 8(1) shall register with the national regulatory authority in the Member State in which they are established or resident. Market participants resident or established shall declare an office that controls and executes trading a third country shall declare an office , in activities related to European wholesale energy markets in one of the Member State in which they are active and register with the national regulatory authority of that Member State.;:
Amendment 251 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) No 1227/2011
Article 9 a – paragraph 3 a (new)
Article 9 a – paragraph 3 a (new)
3a. Where ACER finds that an RRM has committed one of the infringements of requirements provided for in paragraphs 1 to 3 of this Article, it shall take one or more of the following actions:(a) adopt a decision requiring the person to bring the infringement to an end; (b) adopt a decision imposing fines with a maximum amount of EUR 200 000 or the corresponding value in the national currency in the Member States whose currency is not the euro; (c) issue public notices.
Amendment 255 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) No 1227/2011
Article 9a – paragraph 5 – sub–paragraph 1
Article 9a – paragraph 5 – sub–paragraph 1
The Commission shall by means of implementingdelegated acts specify :
Amendment 256 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) No 1227/2011
Article 9a –paragraph 5 – sub–paragraph 1 – point a
Article 9a –paragraph 5 – sub–paragraph 1 – point a
(a) the means by which an RRM shall comply with the information obligation referred to in paragraph 1; and
Amendment 260 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) No 1227/2011
Article 9a – paragraph 5 – sub–paragraph 1 – point b a (new)
Article 9a – paragraph 5 – sub–paragraph 1 – point b a (new)
(ba) the mechanism to exercise the supervisory power to impose fines, including provisions on the collection of fines or periodic penalty payments, the rights of the defence and temporal provisions for the imposition and enforcement of fines.
Amendment 261 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) No 1227/2011
Article 9a – paragraph 5 – sub–paragraph 2
Article 9a – paragraph 5 – sub–paragraph 2
Those implementingdelegated acts shall be adopted in accordance with the examination procedure referred to in Article 21(2) by no later than 1 April 2024.”;
Amendment 264 #
Proposal for a regulation
Article 1 – paragraph 1 – point 13 – point b
Article 1 – paragraph 1 – point 13 – point b
Regulation (EU) No 1227/2011
Article 12 – paragraph 2 – sub–paragraph 1
Article 12 – paragraph 2 – sub–paragraph 1
2. Subject to Article 17, ACER mayshall decide to make publicly available parts of the information which it possesses in an accessible format, including information regarding the trading of over the counter wholesale energy contracts, power purchase agreements and contracts for difference, provided that commercially sensitive information on individual market participants or individual transactions or individual market places are not disclosed and cannot be inferred. ACER shall not be prevented from publishing information on organised market places, IIPs, RRMs according to applicable data protection laws.”;
Amendment 268 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point a
Article 1 – paragraph 1 – point 14 – point a
Regulation (EU) No 1227/2011
Article 13 – paragraph 1 – sub–paragraph 4 – point c a (new)
Article 13 – paragraph 1 – sub–paragraph 4 – point c a (new)
(ca) by request of the Agency where its initial assessments have provided robust information to recommend exercising those powers
Amendment 271 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b
Article 1 – paragraph 1 – point 14 – point b
Regulation (EU) No 1227/2011
Article 13 – paragraph 3
Article 13 – paragraph 3
3. In order to fight against breaches of the provisions of this Regulation, to support and complement the enforcement activities of the national regulatory authorities, and to contribute to a uniform application of this Regulation throughout the Union, the Agency may carry out investigationor upon a request from the European Parliament, the Council or the Commission, or on its own initiative, the Agency may carry out investigations into a particular type of activity or type of product or type of conduct aiming to assess potential threats to the integrity and transparency of wholesale markets by exercising the powers conferred onto it by and in accordance with Articles 13a andto 13bk.
Amendment 277 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b
Article 1 – paragraph 1 – point 14 – point b
Regulation (EU) No 1227/2011
Article 13 – paragraph 4
Article 13 – paragraph 4
4. The Agency may exercise its powers to ensure that the prohibitions set out in Article 3 and Article 5 and the obligations set out in Article 4 are applied where:
Amendment 283 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b
Article 1 – paragraph 1 – point 14 – point b
Regulation (EU) No 1227/2011
Article 13 – paragraph 4 – point a
Article 13 – paragraph 4 – point a
(a) acts are being or have been carried out on wholesale energy products for delivery in at least threewo Member States; or
Amendment 288 #
(b) acts are being or have been carried on wholesale energy products for delivery in at least two Member States and at least one of the natural or legal persons who is carrying or carried out these acts is resident or established in a third country but registered pursuant to Article 9(1)or another Member State; or
Amendment 294 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point b
Article 1 – paragraph 1 – point 14 – point b
Regulation (EU) No 1227/2011
Article 13 – paragraph 4 – point d
Article 13 – paragraph 4 – point d