Insider trading in energy markets: REMIT Article 3
Article 3 prohibits trading on inside information: precise, non-public information that would be likely to significantly affect wholesale energy prices if published. For a generator or a TSO, the commonest inside information is the availability of its own assets.
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The definition
Article 3 prohibits persons who possess inside information from using it to acquire or dispose of the wholesale energy products it relates to, from disclosing it except in the normal course of their duties, and from recommending or inducing others to trade on it. Since REMIT II, cancelling or amending an order already placed, on the basis of inside information, is insider trading too. Article 4 requires participants to publish the inside information they hold, through an inside information platform, effectively and in a timely manner.
“'Inside information' means information of a precise nature which has not been made public, which relates, directly or indirectly, to one or more wholesale energy products and which, if it were made public, would be likely to significantly affect the prices of those wholesale energy products.”
The decisions
CoRDiS fined EDF in 2022 for not publishing in time the nuclear safety authority's request for additional controls on five reactors, and for buying related products through its trading arm while the information was not public: the first REMIT insider trading sanction. EWRC fined Kozloduy NPP in 2024 for transactions on 31 October and 1 November 2021. RME fined Energi Danmark in 2024 for correcting an erroneous auction position without telling the market first.
RME's Statnett decisions are disclosure cases rather than insider trading: in its 2025 decision RME reassessed and found the incident did not fall under the trading ban, but fined the late publication.
What a review asks
When the participant first knew of the event, when the urgent market message was published, and what it traded in between. RME applied a benchmark of one hour for an interconnector outage; a delayed disclosure is permitted only under the conditions of Article 4(2), and the participant may not trade on the information while it is delayed.
Decisions
- Statnett fined twice for late NordLink disclosures (RME)Norway · Published 12 December 2025 · Electricity
- Energi Danmark fined NOK 7.5 million for erroneous trades (RME, 2024)Norway · Published 9 December 2024 · Electricity
- Kozloduy NPP fined for insider trading under REMIT (EWRC, 2024)Bulgaria · Decided 16 April 2024 · Electricity
- EDF fined for the first REMIT insider trading breach (CRE, 2022)France · Decided 25 April 2022 · Electricity
- SSE fined GBP 2.06 million for late inside information (Ofgem, 2020)Great Britain · Published 3 September 2020 · Electricity
Sources
- Regulation (EU) No 1227/2011 (REMIT), consolidated text including Regulation (EU) 2024/1106 (Regulation)
- ACER, Guidance on the application of REMIT, 6.1st edition, 18 December 2024 (Guidance)
Sources read on 15 October 2026. This guide summarises the regulation and ACER’s non-binding guidance for orientation; it is not legal advice, and the decisions it cites are the deciding authorities’ findings, some of them under appeal.