The Energy Division of the ACCIONA Group (henceforth ACCIONA), which participates in the Iberian Electricity Market through its subsidiary company ACCIONA Green Energy Developments S.L.U., subscribes to the principles stated in EU Regulations No. 1227/2011 of the European Parliament and Council (REMIT). The aim of this regulation is that consumers and other participants in the market can trust the integrity and transparency of the wholesale energy market, these being the spot and long-term markets with physical or financial settlement for electricity and natural gas in each of the Member States.
The prices set in the wholesale energy markets should reflect a fair and competitive interaction between supply and demand. To achieve this, REMIT lays down rules that prohibit abusive practices and an obligation to report operations made in the different markets to ACER (European Agency for the Cooperation of Energy Regulators).
REMIT also establishes a specific legislative framework for the supervision of the wholesale energy market, promoting coordination between ACER and the national regulatory authorities in order to carry out this supervisory function.
ACCIONA supports this initiative and complies with the terms of the abovementioned Regulation. It provides, in the greatest possible detail and in advance, information on the availability of its generation portfolio and operations made in the markets, with a view to encouraging transparency and facilitating competition in energy markets.
Prohibition of abusive practices
Specifically, REMIT establishes prohibitions on insider trading and any attempts to manipulate – or try to manipulate – the market, plus an obligation to publish insider information.
In its Internal Code of Conduct in Wholesale Energy Markets ACCIONA Green Energy Developments S.L.U. includes rules to set up suitable checks related to Insider Information and the preparation or performance of practices that may affect the free formation of prices or involve other kinds of actions that could represent a manipulation or abuse of wholesale energy markets.
ACCIONA Green Energy Developments S.L.U. provides the information indicated below, subject to its review and updating by the company in compliance with current legislation.
Registration requirement and reporting operations
REMIT establishes a requirement for participants in the wholesale energy market to register with the national regulatory authority of the Member State in which they operate or, in the case of operators who are not established or are domiciled in the European Union, with the authority of a Member State in which they operate.
From October 7th 2015, participants in the wholesale energy market, either directly or through a person or entity authorized to act on their behalf, are obliged to provide ACER with a list of operations carried out.
For this purpose, ACCIONA – through its subsidiary Acciona Green Energy Developments S.L.U., a participant in the Iberian Electricity Market (MIBEL) and the OTC market − reports its operations in the futures market and has contracted the services of OMIE to report the operations carried out in the MIBEL.