FIA and several other trade associations have sent a letter to trilogue parties regarding proposed changes to Art. 9 of the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) concerning the supervision of third-country firms.
The associations urge legislators to adopt the least burdensome of the pending proposals, which would have third-country firms designate a representative to respond to requests for information. This contrasts with having to establish an office or move principal trading operations to the EU, which would create considerable market access barriers prompting many non-EU firms to refrain from trading European wholesale energy products even though these markets rely on global participation for their liquidity.
"We strongly believe that the Council General Approach, proposing the designation of a representative authorised to act on its behalf, is a less disruptive approach to ensure the proper investigation of third-country firms. The designation of a representative reflects established international practices for market access and thereby avoids disturbing newly established LNG supply chains with exporting countries like the US, on which Europe now greatly relies for its energy security," the associations say.
