UK forced to implement tougher energy market rules by July
The UK government will be forced to introduce shortly tougher regulations on the energy market, in order to comply with the EU regulation on wholesale energy markets and transparency (Remit), a news report reveals.
Under European directives, the Regulation on Wholesale Energy Markets and Transparency (Remit) must be brought into force by the end of June, meaning that time is actually starting to run out for the UK government, leaving it only a few weeks to comply.
The tougher measures, which also include a series of hefty fines, should be introduced by UK energy regulator Ofgem and have been specifically designed in order to detect any attempt at market manipulation and insider trading, partly by demanding that all trade deals be reported publicly.
After receiving some public displays of criticism regarding their delay of implementing these measures, the Department of Energy and Climate Change said Remit was a complicated piece of legislation that had involved a lot of work by government lawyers.
A spokesman for DECC said the government would beat the 28 June deadline, adding that “secondary legislation will be introduced shortly”, with sources believing that this could be as soon as next week. The bill is designed to meet the twin needs of keeping the lights on and reducing carbon emissions at the same time as ensuring that household bills remain as low as possible.
Unfortunately, it’s still quite unclear just how this bill will affect the energy suppliers’ business and whether it will translate into energy bill hikes or not.
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