ACER: The Gas Market Task Force Releases Its Assessment Of EU Gas And Gas Derivatives Markets

The Gas Market Task Force (GMTF) - bringing together the expertise of the European Commission  and the two EU Agencies responsible for regulating and overseeing gas and gas derivatives markets (ACER and ESMA) - concluded its work to scrutinise the functioning of the EU’s gas market and gas derivatives markets under the mandate of the European Commission’s 2025 Clean Industrial Deal Communication and the Action Plan for Affordable Energy. 

As highlighted by the Commission in their Action Plan, “the importance of gas markets for our economy makes it essential to ensure an optimal functioning of those markets. Full regulatory oversight and close cooperation between energy and financial regulators is required to prevent market manipulation and to close any possible loopholes related to any lack of transparency, asymmetry of information and risk of market concentration”. 

The (2024) Draghi report on the future of European competitiveness stressed that high energy prices, and in particular gas prices, are one of the main aspects affecting the growth potential, and thus the competitiveness of European industries.  Accordingly, it called for urgent action to ensure the proper functioning of energy spot and derivatives markets.

Against this background, the GMTF reviewed key market fundamentals and developments in European gas and gas derivatives markets, as well as the applicable legislative framework. It also analysed the stakeholder feedback received in the context of the European Commission’s public consultation on commodity derivatives and spot energy markets. 

What are the Gas Market Task Force’s finding?

The GMTF report includes suggestions for further work in several areas, aimed at ensuring that European gas and gas derivatives markets continue delivering for European businesses and consumers including: 

• monitoring trends in algorithmic trading;
• the development of new market monitoring tools;
• the effective and timely implementation of the REMIT framework by EU Member States to prevent market abuse and ensure transparency in wholesale electricity and gas markets;
• the amendment of certain rules governing commodity derivatives trading (position management controls, position reporting); and 
• data sharing and cooperation between energy and financial supervisory authorities.