The Austrian Financial Market Authority (FMA) and Energie-Control Austria (E-Control), the electricity and gas sector regulator, today signed an agreement to cooperate in the supervision of the energy wholesale markets in Austria. The Regulation (EU) on wholesale energy market integrity and transparency (REMIT) stipulates that while E-Control must investigate market manipulation in relation to energy wholesale products that are traded as spot products (goods), the FMA has responsibility for market manipulation in relation to energy wholesale products traded as financial instruments (derivatives). As the derivatives and spot markets are closely intertwined, this requires close cooperation between the two competent supervisory authorities. The cooperation agreement regulates the ways in which the institutions may work together, how they exchange information and the mutual support that they may provide each other in the case of ongoing supervision and investigation of market manipulation.
E-Control’s directors Walter Boltz and Martin Graf have both welcomed the future cooperation. “This is an absolutely key step. The close cooperation between our two supervisory authorities guarantees the best possible monitoring of the energy wholesale market. Together with the FMA, E-Control will be keeping a close eye on energy wholesalers.” The FMA Executive Directors Helmut Ettl and Kurt Pribil explained, “This cooperation agreement contributes significantly to strengthening the efficiency and effectiveness of the regulator in this area that is so vital for the Austrian economy.”
Journalists may address further enquiries to:
FMA: Klaus Grubelnik (FMA Media Spokesperson)
+43 (0)1 24959 5106
+43 (0)676 882 49 516
E-Control: Bettina Ometzberger
+43-1-24 7 24-202
www.e-control.at
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