The Questions & Answers (‘Q&As’) on REMIT policy matters

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Q&As on REMIT – Introduction

This Q&A document contains a summary of frequently asked questions about Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency (REMIT) and the Agency for the Cooperation of Energy Regulators’ (The Agency’s) answers to those questions. Many of the questions were asked during the past years by market participants and other stakeholders. The Q&A document is directed to the public but in no way provides a legal interpretation of REMIT.

After the entry into force of Commission Implementing Regulation (EU) No 1348/2014 (EU), 7 January 2015, the Agency updated this Q&A on an almost monthly basis. The monthly updates covered all questions of a general nature sent to the Agency’s functional mailboxes or via the online REMIT query form available at https://support.acer-remit.eu/forms/remit-query-form. Since the end of 2016 the number of questions received by the Agency has been decreasing and it is clear that the need for regular updates has diminished. Going forward, the Agency will update the Q&A document based on necessity to provide clarity to the market. The Agency will continue its policy of only answering individual queries in exceptional cases.

The Agency also publishes Guidance to assist National Regulatory Authorities (NRAs) in carrying out their tasks under REMIT in a coordinated and consistent way[1]. The Guidance is updated from time to time to reflect changing market conditions and the experience gained by the Agency and NRAs in the implementation of REMIT, including through the feedback of market participants and other stakeholders.

Market participants should bear in mind that they have to comply with the obligations and the prohibitions established in REMIT. The Agency recommends that in complying with REMIT, market participants should make their own research and set up a compliance system.

The Q&A document serves as guidance to REMIT stakeholders and does not constitute a binding legal interpretation of REMIT.

All REMIT related documents are published on the REMIT Portal at

https://www.acer-remit.eu/portal/public-documentation.


[1] The ACER Guidance to NRAs is available on the ACER Website and REMIT Portal: http://www.acer.europa.eu/en/remit/About/Guidance/Pages/ACER_guidance.aspx and https://www.acer-remit.eu/portal/custom-category/remit_guidance_and_recommendations

Q&As on REMIT – Question II.2.4.

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Q&As on REMIT – Question II.3.7.

[** Question number changed to Q III.5.3. **]

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Q&As on REMIT – Question II.4.6.

What if I am a person from the general public who becomes aware of potential market abuse? How can I notify the NRA(s) or the Agency?


Answer:

If you are a member of the general public who became aware of potential market abuse, the Agency and NRAs would like to hear about it. A notification of such potential market abuse may be submitted via the Suspicious Transaction Report (STR) form available at the Agency’s Notification Platform: https://www.acer-remit.eu/np/str.

Alternatively, your national regulatory authority (NRA) may be notified about the suspected breach, via available channels provided by each NRA.

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Q&As on REMIT – Question II.4.7.

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Q&As on REMIT – Question II.4.20.

[** Merged with Q III.2.24. **]

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Q&As on REMIT – Question II.4.28.

Concerning Section 5 of the market participant registration form, at what stage should the agreement between a market participant and an RRM be sent to ACER?


Answer:

There is no requirement to send the contracts between a market participant and an RRM to the Agency. However, the Agency may, at any stage of the registration process and during the lifetime of the RRM’s registration with the Agency, request from applicants and existing RRMs any information it deems necessary to assess compliance with the requirements as per Chapter 7 of the Requirements for the registration of Registered Reporting Mechanisms (RRMs) document. This information may include, in particular, the internal documentation, such as an agreement between a market participant and an RRM.

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Q&As on REMIT – Question II.4.35.

Where I can find if a company is registered as market participant under REMIT?


Answer:

Market participants that enter into transactions which need to be reported to the Agency, shall register with the National Regulatory Authority in the Member State in which they are established or resident or, if they are not established or resident in the Union, in a Member State in which they are active. A market participant shall register only with one National Regulatory Authority.

National Regulatory Authorities shall transmit the information in their national registers to the Agency. Based on that information, the Agency establishes a European register of market participants which is made public under: https://www.acer-remit.eu/portal/european-register. The information available in CEREMP reflects all currently registered market participants.

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Q&As on REMIT – Question II.4.37.

If a production site of electricity has an installed capacity of 12 MW, self-consumes most of this production, and sells the remaining electricity bilaterally through a contract, is this contract reportable under REMIT and should the contractual entity register and report the data?


Answer:

If a contract for the physical delivery of electricity relates to the single production unit with a capacity above 10 MW (Article 4(1) of Commission Implementing Regulation (EU) No 1348/2014), it should be reported to the Agency and the market participant entering into such contract should register with the relevant National Regulatory Authority in line with Article 9(1) of REMIT. Therefore, in this example, the bilateral contract should be reported and the contractual entity should register with the relevant National Regulatory Authority.

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