REMIT is an EU regulation on energy market integrity and transparency (No 1227/2011).
We take any breach of REMIT prohibitions and obligations extremely seriously. We would view any attempt to take advantage of a national emergency as a serious aggravating factor.
Following Government advice on coronavirus (COVID-19) measures, we understand that many market participants will have implemented working from home arrangements. REMIT continues to apply regardless of working arrangements.
In the case where working from home arrangements impose technical limitations on trading supervision and the broader control environment, we expect market participants to consider what steps they could take to mitigate outstanding risks. This could include, for example:
- enhanced monitoring, or
- retrospective review once the situation has been resolved.
If market participants have concerns about REMIT compliance during this time they should contact us at REMIT@ofgem.gov.uk
Where any issues are due to the coronavirus (COVID-19) situation, we will take this fully into account.
We continue to review the situation, and monitor for market abuse. We will take action where necessary.