Over the past decade, the EU has sought to develop a liberalised and more integrated energy market in Europe with the objective of increasing efficiency, reducing energy costs for consumers and strengthening security of supply.
Central to this policy is the development of liquid and efficient wholesale markets for electricity, gas and carbon products. Such markets give businesses the confidence to invest in new generation and infrastructure, which are needed as part of the transition towards a carbon-neutral electricity supply.
Prices on wholesale markets also determine energy costs for households and business, so citizens, businesses and authorities need to have confidence in the integrity of these markets. We fully support the EU's objective of ensuring transparency and market integrity for energy markets. The Guidelines on Fundamental Electricity Data Transparency should be the cornerstone of the EU's harmonised and legally binding rules in this field.
The European Commission and national energy regulators have spent considerable resources developing markets which will support efficient risk allocation, dynamic cross-border trade, and effective competition. We are closely following the legislative developments in financial regulation where it affects our sector, for instance on over-the-counter derivatives and central counterparties, on markets in financial instruments, and on market integrity and transparency.