ANRE to Introduce Individual Licensing for Energy Traders — NRG-IA

The National Energy Regulatory Authority (ANRE) is preparing a structural shift for wholesale trading: individuals executing transactions on behalf of a market participant would be individually licensed by ANRE and held professionally liable for their own decisions. The Authority's President, George-Sergiu Niculescu, announced the reform on September 9 at Romania’s Green Momentum 2026, targeting the launch of the new regime by the end of the year. The mechanism described by the head of ANRE consists of three components: individual licensing, individual liability, and professional reputation. Consequently, the suspension or revocation of a license and a ban from the market could directly follow the professional, rather than the impact of an infraction remaining concentrated solely at the level of the company they work for. Niculescu explicitly outlined the stakes of the reform: “A trader's professional track record will follow them throughout their career. When you press the BUY or SELL button in a multi-billion euro market, you must know that you are responsible for what you do.” ANRE wants the license to follow the individual, not just the company Under the current licensing framework for the electricity market, ANRE's vetting process is primarily built around the economic operator. The regulation approved by ANRE Order No. 6/2025 provides for the licensing of electricity trading activities and requires the company to demonstrate that it possesses the necessary organizational structure and human resources. To obtain a trading license, the economic operator must, among other requirements, employ at least three individuals with a minimum of three years of experience in the electricity sector and demonstrate financial resources of at least 200,000 euros. Thus, while the professional competence of individuals is already verified, the license belongs to the company. The reform announced by Niculescu introduces a second tier: the person actually executing the trades would hold their own right to practice. The implications could be significant for the entire sector. If the final version retains the announced principles, the change will link a trader's reputation and professional continuity to their own market behavior, regardless of whether they subsequently change employers. “Individual licensing does what similar mechanisms have done in financial markets: it transforms an occupation into a profession with standards, accountability, and reputation,” Niculescu stated, adding: “Energy trading is not the problem. Irresponsible trading is.” Individual liability already exists under REMIT However, the new reform does not start from a complete absence of individual liability. The European REMIT Regulation, revised by Regulation (EU) 2024/1106, establishes that market manipulation can include the conduct of a natural person who participates in the decision to carry out activities on behalf of a legal entity. The European framework obliges member states to provide for administrative sanctions against natural persons for violations such as insider trading or market manipulation. Romania's Electricity and Natural Gas Law No. 123/2012 currently includes sanctions applicable to natural persons for breaches of certain REMIT obligations. Consequently, the individual behind a transaction is not entirely shielded legally from the consequences of unlawful conduct today. The difference announced by ANRE is of a different nature: existing legal liability would be complemented by an individual professional status . A sanction could affect not only revenues or the company, but the very ability of the individual to continue trading. Energy markets are converging with financial market standards This direction aligns with the evolution of European oversight. The revised REMIT has brought wholesale energy market rules closer to the mechanisms used to combat abuse in financial markets, expanding obligations for persons professionally arranging or executing transactions. Examples already exist within the energy sector. The European Energy Exchange (EEX) operates a system where a company's admission as a market participant is distinct from the admission of the individuals who trade. The EEX trader exam allows the admitted individual to operate on the exchange's spot and derivatives markets. However, the model announced by ANRE could go further if the license becomes a professional right applicable across the entire Romanian market, rather than just a technical condition for accessing a specific platform. The details will make all the difference. The draft regulation will need to establish who exactly falls under the licensing obligation, which markets and products are covered, what the professional requirements are, what actions can lead to suspension or revocation, and how the trader's professional track record will function. It will also need to clarify whether the reform will cover both electricity and natural gas. Speculative trading…