Moldova Requires Energy Market Participants to Disclose Inside Information

Participants in the wholesale energy market are now required to disclose insider information

At a public meeting on August 18, the Board of Directors of the National Energy Regulatory Agency (ANRE) approved the criteria that must be met to ensure compliance with obligations regarding the effective, simultaneous, complete, and timely disclosure of insider information by participants in the wholesale electricity and natural gas markets.

This document was developed in accordance with Law No. 164/2025 on Electricity and Act No. 108/2016 on Natural Gas, which require the Agency to establish, by separate decision, the criteria applicable to the disclosure of inside information, as well as the procedure for its disclosure.

According to the approved Criteria, participants in the wholesale energy market are required to immediately publish, in a manner that is equally accessible to all wholesale market participants, information that may affect their operations and prices, such as planned or unplanned outages of generation, transmission, distribution, and consumer facilities, or other events affecting available capacity.

Publication must be carried out via urgent market announcements in a standardized format, on platforms recognized by ANRE, and on participants’ official websites, no later than one hour after the information is received and verified as complete.

The Regulation also sets forth the conditions under which the publication of inside information may be deferred to protect the legitimate commercial interests of a market participant, as well as the mechanisms for informing and monitoring by ANRE applicable in such situations.

The document ensures that the national regulatory framework complies with the principles of Regulation (EU) No. 1227/2011 on the integrity and transparency of the wholesale energy market (REMIT) and contributes to aligning practices in Moldova with European standards in this area, as well as to strengthening the commitments undertaken by our country within the framework of the Energy Community.

By implementing these provisions, ANRE aims to ensure fair competitive conditions in the wholesale energy market, reduce information asymmetry among market participants, prevent the use of insider information and market manipulation, and strengthen the Agency’s capacity to oversee market integrity. These measures indirectly contribute to fairer pricing of electricity and natural gas in the interests of all consumers.

The decision will take effect one month after the date of its publication in the Official Gazette of the Republic of Moldova.