EU lawmakers vote for tougher crackdown on energy market abuse

A committee of European lawmakers on Thursday voted in favor of a tougher crackdown on manipulation in gas and electricity markets which would give an EU agency the teeth to investigate and impose fines.

The vote concerned the stance of EU lawmakers on proposals made by the European Commission for regulation against the manipulation of the wholesale energy market (REMIT), which have pitted them against member states.The lawmakers are looking to give the Agency for the Cooperation of Energy Regulators (ACER), an EU body, powers to look into market abuse and to impose sanctions, while EU member states mostly want national regulators to stay in charge.The lawmakers’ stance will now move to the full European Parliament for a vote, before deliberations between the EU’s three branches can take place to reach a final compromise law.

via Reuters