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09.10.2015 14:57
REMIT Reporting Started October 7
The Agency for the Cooperation of Energy Regulators (ACER) will collect trade and fundamental data and will perform monitoring and an initial analysis and assessment of these data in order to prevent wholsale market abuse

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The requirement to report records of wholesale energy market transactions, including orders to trade, is part of the new monitoring framework established by REMIT to detect and deter market abuse in wholesale energy markets. This framework anticipates a shared responsibility between the Agency for the Cooperation of Energy Regulators (ACER) and National Regulatory Authorities (NRAs). The Agency will collect trade and fundamental data and will perform monitoring and an initial analysis and assessment of these data. Any detected suspicious instance will be notified to National Regulatory Authorities for investigation and, if necessary, enforcement.

ACER Director, Alberto Pototschnig, said: “This is a very important milestone in the implementation of REMIT. It has been a formidable challenge for the Agency, as the monitoring framework we are putting in place is unprecedented in its scope and detail. In this respect, I would like to thank all stakeholders who have worked with us over the past years to make this possible, as well as my colleagues in the Agency who were able to overcome the serious lack of resources to deliver this landmark result. With the data that we are collecting from today, the Agency and national regulatory authorities, with whom these data will be shared, will have for the first time a full picture of trading in European wholesale energy markets, which can be used to detect, and thus deter, market manipulation and insider trading. In this way, market participants can be reassured that they all trade on the basis of the same information and consumers that the energy prices they pay reflect market fundamentals and are not distorted by market abusive behaviour”.

Two phases for data reporting

For the time being, only transactions in wholesale energy contracts admitted to trading at Organised Market Places and fundamental data from the ENTSOs’ central information transparency platforms need to be reported. The remaining wholesale energy contracts (Over the Counter (OTC) standard and non-standard supply contracts; transportation contracts) and reportable fundamental data from Transmission System Operators (TSOs), Liquefied Natural Gas (LNG) System Operators (LSOs) and Storage System Operators (SSOs) will have to be reported from 7 April 2016.

As of October 7, 31 third party reporting parties are registered and 8 additional third party RRMs are pre-registered in the system. NRAs from the 28 Member States and the Agency will observe the progress on reporting to ensure that all entities with reporting obligations take adequate steps to fulfil their obligations.

TAGS: Agency for the Cooperation of Energy Regulators | ACER | REMIT | reporting | wholesale market | energy | electricity | gas 

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