Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-13-Speech-2-481-000"
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"en.20110913.40.2-481-000"2
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"Mr President, Mr Korolec, honourable Members, the internal market in electricity is now 15 years old and European legislation on gas has been in place for 12 years. Since then, we have been in the implementation phase. The internal market means transparency for consumers, competition between the providers of products and services and the application of market economy rules. For this reason, I believe that introducing regulations to prevent possible market abuse is a significant and logical step forward, as part of the process of creating the internal market, which we will be working to establish within the next four years using all the technical, economic and competition law-related measures at our disposal.
We will ensure that only those changes which are absolutely necessary will be made to the energy market. In this respect, it is important to me that those market participants which are trading in energy not primarily for the sake of trading, but because their core business requires them to do so, are not burdened with excessive regulation. Some of the rules which apply to the financial markets are not relevant to the energy market and can often involve regulations that are too far-reaching.
Thank you for your very constructive work here in Parliament.
Deregulation and the internal market in electricity and gas have brought about changes in the landscape of the energy exchanges and marketplaces. Clear regulations and restrictions are needed, in particular, to ensure that the marketplaces and energy exchanges function effectively. Without these regulations, it would be difficult to ensure a safe, sustainable and fair supply of energy at a reasonable cost.
The wholesale prices that are under discussion today and the wholesale markets are also relevant to consumers, at least indirectly, and have an influence on the size of their future energy bills. Therefore, it is in everyone’s interest that the marketplaces function properly. First and foremost, it is in the interest of consumers, European citizens and also the market participants, in other words, the product and service providers.
This is precisely the intention of the regulation we are debating today: to generate confidence in the market processes. As the rapporteur has already mentioned, this regulation is a
. We have spent a long time evaluating whether the general market rules can be applied on a one-to-one basis and have come to the conclusion that the specific nature of the energy markets requires special rules, special procedures and separate authorities, in order to prevent market abuse and attempts to manipulate the market and in order to uncover activities of this kind and impose sanctions on the perpetrators.
We have a clearly worded code of conduct which, together with the European marketing monitoring body that forms part of the Agency for the Cooperation of Energy Regulators (ACER) and the well-defined responsibilities of the authorities, represents a supervisory framework for the traded energy markets that we believe sets international standards.
I would like to thank everyone involved for the intensity and speed of the debate, including Parliament and you, Mr Chatzimarkakis, because you have put a great deal of effort into this. The fact that it was possible to complete the debates within six months is due to the goodwill, competence and integrity of all the honourable Members and also to the efforts of the Hungarian Presidency during this period. I am very grateful for this. The suggestions for improvements that we have received also indicate that constructive discussions have taken place.
We believe that this proposal is in the interest of fair emissions trading and that the division of responsibilities between the European level and the regulators in the Member States represents a practical solution. We have not transferred all the tasks to the European level, but it is also the case that in a European internal market, the responsibility cannot lie entirely with the national regulators.
After you have adopted this regulation tomorrow, we will begin putting it into effect immediately. This involves the necessary implementing acts which will enable the data collection process required for market monitoring purposes to be established quickly. We are relying on the ACER and on effective cooperation between this European body and the regulators in the Member States.
It is important to me that this proposal for a regulation functions as a tailor-made supplement to the general financial regulations. The provisions of the European Markets in Financial Instruments Directive (MiFID) and the Market Abuse Directive (MAD) also apply, in principle, to the energy market participants. Both directives are currently being revised and will be adapted to meet the new requirements of the financial markets. Therefore, I recommend that you focus your attention on developing these general rules, which are also important for the energy market and the wholesale markets, and apply your knowledge from the fields of energy and industry."@en1
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