No-deal EU exit REMIT contingency arrangements
Correspondence and other
- Publication date
- Industry sector
- Generation and Wholesale Market
As you know, the United Kingdom is scheduled to leave the European Union on 29 March 2019. This letter sets out Ofgem’s contingency plans for how the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) will apply in Great Britain in the unlikely event of no deal being agreed.
As part of the UK Government’s preparations for departure, the European Union (Withdrawal) Act 2018 was granted Royal Assent on 26 June 2018. The Act will serve to convert EU law that the UK is subject to at the moment of exit into UK law.
The UK Government has agreed the full legal text of the Withdrawal Agreement with the EU and remains confident that this will provide the basis for a smooth and orderly exit. However, as part of our contingency preparations, we think it is timely for us to convey to GB Market Participants (MPs), and relevant EU stakeholders, how wholesale energy market integrity and transparency will be maintained in Great Britain, in the unlikely event that this is not the case.