Q&As on REMIT – Question III.3.45.

[** Question number changed from Q III.6.2. **]

Is balancing contract reference data also to be reported to ACER?


Answer:

ACER will currently not be collecting reference data for balancing contracts as Article 3(2) of Commission Implementing Regulation (EU) No 1348/2014 only applies to the standard contracts according to Article 3(1) of the same Implementing Regulation.

RSS_Icon Last update: 22/10/2018  

Q&As on REMIT – Question III.5.3.

[** Question number changed from Q II.3.7. **]

Do you consider person professionally arranging transaction in wholesale energy product as an organised market place?


Answer:

Under Article 8(4)(d) of REMIT: “for the purposes of paragraph 1, information shall be provided by: [..] (d) an organised market, a trade-matching system or other person professionally arranging transactions;.”

In line with the above provision of REMIT, organised market places fall under the definition of persons professionally arranging transactions.

Having said that, and under Article 15 of REMIT, organised market places are required to:

  1. notify transactions that might breach Articles 3 and 5 of REMIT; and
  2. establish and maintain effective arrangements and procedures to identify breaches of Articles 3 and 5 of REMIT.

RSS_Icon Last update: 22/10/2018  

Q&As on REMIT – Question III.6.2.

[** Question number changed to Q III.3.45. **]

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Q&As on REMIT – Question III.7.1.

[** Removed **]

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Q&As on REMIT – Question III.8.1.

[** Removed **]

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Q&As on REMIT – Question III.8.2.

[** Removed **]

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Q&As on REMIT – Question III.8.3.

[** Removed **]

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Q&As on REMIT – Question III.8.4.

[** Question number changed to Q III.2.50. **]

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Q&As on REMIT – Question III.7.10.

There has been an outage of a gas-fired power plant. What is the market participant’s obligation?


Answer:

According to Article 4 of REMIT it is the market participant‘s obligation to publish inside information. The market participant should make an assessment on price sensitivity for either market (electricity and gas). If the outage of the gas-fired power plant is considered inside information relevant for the electricity market and the gas market, the information should be published in both markets, i.e. as an outage of an electricity production unit and as an outage of a gas consumption unit. ACER’s Guidance (Chapter 7.2.2) and MoP on data reporting (ANNEX VII) include data fields for inside information reporting which may help the market participants decide which information should be published as part of an Urgent Market Message.

RSS_Icon Last update: 16/06/2017  

Q&As on REMIT – Question III.7.11.

Do final customers need to include the name and location of an asset when publishing inside information notifications?


Answer:

As the disclosure obligation according to Article 4(1) of REMIT falls on market participants, final customers should first asses if they qualify as market participants according to REMIT considering the threshold set in Article 2(5) of REMIT.

The market participants shall publish inside information pursuant to Article 4(1) of REMIT. Chapter 7.2.2 of the ACER Guidance on the application of REMIT (4th edition) describes the minimum quality requirements for effective disclosure of inside information that includes the disclosure of the name and location of the asset concerned.

However, Article 4(4) of REMIT stipulates that the publication of inside information, including in aggregated form, in accordance with Regulation (EC) No 714/2009 or (EC) No 715/2009, or guidelines and network codes adopted pursuant to those Regulations constitutes simultaneous, complete and effective public disclosure.

The Agency points out that although it acknowledges application of Article 4(4) of REMIT, i.e. publication of inside information in aggregated form, the final customer, as any other market participant in question, needs to ensure that it publishes inside information in line with the requirements specified in Regulation (EC) No 714/2009 or (EC) No 715/2009, in an effective and timely manner. Further detail on the concept of timely disclosure may be found in Section 7.3 of the ACER Guidance.

RSS_Icon Last update: 16/06/2017  

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