THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency [OJ L 326, 8.12.2011, p. 1.], and in particular Article 8(2) and Article 8(6) thereof,

Whereas:

(1) Effective oversight of wholesale energy markets requires the regular monitoring of details of contracts including orders to trade as well as data on capacity and use of facilities for production, storage, consumption or transmission of electricity and natural gas.

(2) Regulation (EU) No 1227/2011 requires the Agency for the Cooperation of Energy Regulators ('the Agency') established by Regulation (EC) No 713/2009 of the European Parliament and of the Council [Regulation (EC) No 713/2009 of the European Parliament and of the Council of 13 July 2009 establishing an Agency for the Cooperation of Energy Regulators (OJ L 211, 14.8.2009, p. 1).] to monitor wholesale energy markets in the Union. In order to enable the Agency to fulfil its task it should be provided with complete sets of relevant information in a timely manner.