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Transport, Telecommunications and Energy Council (Energy), 19 June 2023
Main results
Electricity market design
The Council reached a general approach on a proposal for regulation on wholesale energy market integrity and transparency (REMIT).
The proposal aims to support an open and fair competition in the European wholesale energy markets, by banning trading based on inside information and deterring market manipulation.
I’m glad we found an agreement on the REMIT regulation. It is an important piece of the electricity market reform that will ensure transparency and integrity on the EU’s energy market.
Ebba Busch, Swedish Minister for energy, business and industry
The proposal on REMIT is part of a wider reform of the EU’s electricity market design. The remaining parts of the reform, that aim to make electricity prices less dependent on volatile fossil fuel prices and shield consumers from price spikes and accelerate the deployment of renewable energies and improve consumer protection, will be agreed at a later stage.
Under any other business, the Commission provided an overview of the main developments in the field of external energy relations during this semester and informed ministers on upcoming initiatives in the field of international energy relations.
The Commission also gave ministers an update on preparedness for winter 2023/2024.
Lithuania provided ministers with information on nuclear safety and lasting transparency issues linked to the launch of the second power unit of the Belarusian nuclear power plant Ostravets.
Cyprus informed ministers about ensuring nuclear safety in view of the construction and operation of the Akkuyu nuclear power plant on the southern coast of Turkey.
The incoming Spanish presidency presented its work programme.
The Council also approved the list of A-items below.
I’m glad we found an agreement on the REMIT regulation. It is an important piece of the electricity market reform that will ensure transparency and integrity on the EU’s energy market.