Law: important changes

As published in the Federal Law Gazette (BGBl. I Nr. 174/2013) on 06.08.2013, important changes have been made to the Electricity Act 2010, the Natural Gas Act 2011 and the E-Control Act.

The text can be found here

The changes introduce administrative and criminal penalties for breaches of Regulation (EU) Nr. 1227/2011 (REMIT).

In addition, Section 10a has been inserted into the Electricity Act 2010 and Natural Gas Act 2011, stating:

“§10a. Market participants which are obliged to publish inside information in accordance with Article 4 of Regulation (EU) Nr. 1227/2011 are required to inform E-Control simultaneously of such disclosed information”.

This amendment comes into force on September 1, 2013. From this time, market participants are required to inform E-Control of the published information together with the internet address where disclosures are made as well as the time of publication. The provision in §10a of the Electricity Act 2010 and the Natural Gas Act 2011 can be fulfilled by sending an E-Mail to the following address with a link of where the disclosure was made:

Until further notice, ‘simultaneous’ (‘Zeitgleich’) will be considered as informing E-Control on the same calendar day.

Further details regarding how to adequately disclose inside information can be found in the ACER Guidance on the Implementation of REMIT document.