Summary
The Federal Council opened the consultation on the Regulation on Supervision and Transparency in Energy Wholesale Markets (VATE) on 28 January 2026. The regulation implements the Federal Act (BATE) adopted in March 2025 and requires market participants to report transactions to the Swiss Federal Electricity Commission (ElCom). The new regulations are aligned with applicable EU law and are intended to strengthen transparency, supervision and market integrity. The consultation period runs until 5 May 2026.
Persons & Institutions
Topics
- Energy wholesale markets
- Market supervision and transparency
- Insider trading and market manipulation
- EU regulatory harmonization
- Fee regulations for supervisory activities
Detailed Summary
The new VATE specifies the implementation of the Federal Act on Supervision and Transparency in Energy Wholesale Markets. The regulation clarifies the registration procedure for market participants with ElCom, defines reporting mechanisms and data requirements for transactions and trading orders on energy wholesale markets, and regulates ElCom's fee structure for its supervisory activities.
The underlying Federal Act contains an explicit prohibition of insider trading and market manipulation. These measures aim to strengthen confidence in the integrity of energy wholesale markets and increase market transparency.
The new regulation is strongly aligned with applicable EU law, as Swiss energy companies must already comply with transparency requirements vis-à-vis European authorities in European trading. This alignment creates consistency and reduces compliance requirements.
Key Messages
- VATE establishes binding transparency requirements for electricity and gas trading companies as well as other market participants
- Registration and reporting obligations clarify the requirements for ElCom
- EU harmonization enables seamless regulation between Swiss and European markets
- Insider trading prohibition and market manipulation protection strengthen market integrity
- Consultation period until 5 May 2026 for submissions
Stakeholders & Affected Parties
Directly affected:
- Electricity and gas trading companies (European and Swiss markets)
- Swissgrid and gas transmission system operators
- Electricity producers and storage companies
- Energy trading intermediaries
- Large end consumers (>600 GWh annual consumption)
Beneficiaries:
- Regulatory authorities through increased market transparency
- Smaller market participants through fairer competitive conditions
- Energy consumers through strengthened market integrity
Burdened:
- Energy trading companies through new compliance requirements and fees
- Administrative resources for registration and reporting
Opportunities & Risks
| Opportunities | Risks |
|---|---|
| Increased market transparency and confidence | Increased compliance costs for market participants |
| Better early detection of market abuses | Administrative burden from reporting obligations |
| EU harmonization reduces double regulation | Competitive disadvantage compared to unregulated markets |
| Stronger market integrity and stability | Potential market liquidity effects |
Action Relevance
Relevant for decision-makers:
- Timely submission: Organizations should submit feedback on VATE by 5 May 2026
- Compliance preparation: Affected companies must implement registration and reporting processes
- Fee planning: Monitor and budget for ElCom fees for supervisory activities
- EU alignment: Existing European compliance structures can be partially adapted
Quality Assurance & Fact-Checking
- [x] Central statements and data verified
- [x] Publication date and authority source validated: 28.01.2026
- [x] Legal references (BATE March 2025) confirmed
- [x] Consultation deadline (until 5 May 2026) verified
- [x] No unverified data identified
Supplementary Research
- Federal Council – Energy Law: https://www.admin.ch/gov/de/start/themen/energie.html
- ElCom – Supervision of Energy Wholesale Markets: https://www.elcom.admin.ch/
- EU Directive 2014/65/EU (MiFID II): Comparable European transparency requirements
Sources
Primary source:
Federal Council press release – "Launch of consultation on the Regulation on Supervision and Transparency in Energy Wholesale Markets" (28 January 2026)
https://www.news.admin.ch/de/newnsb/U60Ph8rnFNyxZeO2UWHPX
Supplementary sources:
- Federal Act on Supervision and Transparency in Energy Wholesale Markets (BATE) – adopted March 2025
- Swiss Federal Electricity Commission (ElCom) – Supervisory tasks and registration procedures
- Federal Council press release (29 November 2023) – "Federal Council wants to strengthen transparency and supervision in energy wholesale trading"
Verification status: ✓ Facts checked on 28 January 2026
Footer (Transparency Notice)
This text was created with the support of Claude.
Editorial responsibility: clarus.news | Fact-checking: 28 January 2026