Since the Regulation on wholesale energy market integrity and transparency (REMIT) entered into force in December 2011 the Agency of the Cooperation of Energy Regulators (ACER) has steadily been working with national regulatory authorities and energy stakeholders on its implementation.
On 17 December 2014, ACER welcomed the adoption of the European Commission’s Implementing Acts on data collection under REMIT which will enable ACER to collect information in relation to wholesale energy market transactions and fundamentals, analyse the data and report any suspicious events to national regulatory authorities. If an event gets reported the regulatory authorities will be responsible for further investigation of the matter, and the imposition of sanctions if required.
The Commission’s Implementing Acts:
- draw up the list of reportable contracts and derivatives;
- lay down the details, timing and form of reporting; and
- adopt uniform rules on the reporting of information to the ACER.
It is expected that in early 2015 the Implementing Acts will be published in the Official Journal of the EU and enter into force 20 days thereafter. Once they enter into force, market participants and third parties reporting on their behalf will have:
- nine months to prepare for the reporting of reportable wholesale energy contracts admitted to trading at organised market places and of fundamental data from the ENTSOs central information transparency platforms; and
- fifteen months to prepare for the reporting of the remaining reportable wholesale energy contracts (OTC standard and non-standard supply contracts; transportation contracts) and of reportable fundamental data from TSOs, LSOs and SSOs.
Market participants have to register with national regulatory authorities prior to entering into transactions which are required to be reported under the Implementing Acts, either nine months or fifteen months respectively, of day the Implementing Acts enter into force.
View ACER welcomes adoption of REMIT Implementing Acts, 17 December 2014