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Our Mission & Vision
Our Mission is to improve conditions for energy trading in Europe and to foster the development of an open, liquid and transparent European wholesale energy market.
We promote competition, transparency and open access in the European energy sector. We build trust in power, gas and associated markets across Europe, so that they may underpin a sustainable, efficient and secure energy supply and enable the transition to a carbon neutral economy.
We do this by:
- Working to maintain the functionality and good design of European gas, electricity and associated markets for the benefit of the overall economy, society and end consumers.
- Developing and maintaining standard wholesale supply contracts and standardising related transaction and business processes.
- Elaborating and promoting wholesale market design improvements and taking policy initiatives, for discussion between traders, market operators and others in the energy value chain on the one hand and facilitating debate amongst TSOs, regulators, policy makers, and legislators on the other.
Our Main Activities
Our Main Activities
Advocacy
for liberased markets
Promotion
of energy trading in europe
Our work is guided by the
EFET Core Principles for Energy Markets
Companies engaged in trading in energy markets will:
We work to build trust in power, gas and carbons markets across Europe, so that they may underpin a sustainable, efficient and secure energy supply and enable the transition to a carbon neutral economy.
We also ask all our members to sign up to the following "10 Pillars" of Good Conduct for Energy Trading.
- Respect and promote free and fair competition as the basis for trading sustainable traded energy markets.
- Not engage in any activities which would amount to market abuse, market manipulation or fraud, nor relay information known or strongly suspected to be false or misleading.
- Deal with each other in accordance with established market practices and the standards expected of professional market counterparties.
- Deal with customers fairly and with integrity and manage any conflicts of interest that may arise appropriately.
- Organise their energy trading business effectively, respecting appropriate segregation of staff duties, and exercise diligent control over trading functions.
- Establish effective risk management policies and control procedures governing the key risks managed by their energy trading functions.
- Establish compliance policies setting out the company's procedures for fulfilling all legal and regulatory obligations and any related corporate governance rules relating to their energy trading functions.
- Ensure that their traders are suitably qualified and properly supervised to carry out their duties, including where appropriate to have taken relevant industry examinations.
- Prohibit their employees from giving or receiving bribes and from indulging in other corrupt behaviour in all circumstances; and establish policies governing gifts and hospitality, highlighting acceptable and unacceptable practices.
- Maintain accounts related to trading transactions and risk books in accordance with relevant accounting standards, and respecting normal audit practices.
