Q&As on REMIT – Question III.3.10.

Is there a special data format or protocol for the web feed (Article 10 of Commission Implementing Regulation (EU) No 1348/2014) how the data shall be provided to the Agency (e.g. email, .csv-file, etc.)?


Answer:

The Agency has published Guidance on the implementation of web feeds which covers the technical issues concerning inside information disclosure under Article 10(1) and (2) of Commission Implementing Regulation (EU) No. 1348/2014.
The Guidance includes details of the standard web feed formats (RSS and ATOM) and the schema (.xsd) to be used. The guidelines are published on the REMIT Portal: https://www.acer-remit.eu.

RSS_Icon Last update: 22/10/2018  

Q&As on REMIT – Question III.3.11.

As for the framework agreements or OTC physical purchase orders, could you please clarify the scope of reporting? Do we need to report framework contracts as well as all OTC physical purchase orders?


Answer:

Yes. The framework agreements are considered non-standard contracts and all contracts to OTC physical purchase orders have to be reported to the Agency in line with Article 3(1)(a) of Commission Implementing Regulation (EU) No 1348/2014.

RSS_Icon Last update: 24/03/2016  

Q&As on REMIT – Question III.3.12.

Should wholesale energy contracts concerning very small amounts of energy be reported to the Agency?


Answer:

Wholesale energy contracts are to be reported to the Agency in line with Article 3(1) of Commission Implementing Regulation (EU) No 1348/2014. However, small contracts for the physical delivery of

(i) electricity produced by production units with capacity of equal or less than 10 MW, or

(ii) gas produced by production units with capacity of equal or less than equal or less than 20 MW,

shall be reportable only upon reasoned request of the Agency and on an ad-hoc basis, unless concluded on OMP. The Commission Implementing Regulation (EU) No 1348/2014 defines the reporting of small contracts in its Article 4(1)(b) and (c).

Please note that the Market Monitoring Department of the Agency adopted a ‘No-action letter’ to provide time-limited no-action relief from the requirement to report contracts and details of transactions in relation to those contracts listed in Article 4(1)
of Commission Implementing Regulation (EU) No 1348/2014 upon reasoned request of the Agency.

The No-action letter is available here: https://www.acer-remit.eu/portal/acer-staff-letters-doc.

RSS_Icon Last update: 29/05/2015  

Q&As on REMIT – Question III.3.13.

[** Question number changed to Q III.2.49. **]

RSS_Icon Last update: 22/10/2018  

Q&As on REMIT – Question III.3.14.

What is the definition of ‘trade reporting system’ under REMIT?


Answer:

A “trade reporting system” according to Article 6(1) of Commission Implementing Regulation (EU) No. 1348/2014 is to be understood as a person who centrally collects and maintains the records of transaction, including orders to trade, of wholesale energy products in order to provide the service of reporting records of transactions to the Agency, including orders to trade, of wholesale energy products on behalf of market participants.

According to the Agency’s understanding this requires the trade reporting system to provide the third-party data reporting service as a regular occupation or business that shall treat all information collected in a non-discriminatory fashion and operate and maintain appropriate arrangements to separate different business functions from ancillary third-party services such as trade confirmation, trade matching, bringing together of multiple third party buying and selling interests or clearing services.

For REMIT purposes, it is important to ensure that a level playing field in the post-trade sector is not compromised by a possible natural monopoly in the provision of trade reporting services. Therefore, trade reporting systems are required to provide their reporting services on fair, reasonable and non-discriminatory terms, subject to necessary precautions on data protection.

RSS_Icon Last update: 29/05/2015  

Q&As on REMIT – Question III.3.15.

What is the definition of ‘trade matching system’ under REMIT?


Answer:

It is the Agency’s understanding that a ‘trade matching system’ according to Article 6(1) of Commission Implementing Regulation (EU) No. 1348/2014 means a third party electronic matching system to match wholesale energy contract transactions, including the matching system for buy and sell orders to match transactions in a wholesale energy product. This includes e.g. third party trade confirmation systems.

RSS_Icon Last update: 29/05/2015  

Q&As on REMIT – Question III.3.16.

Could you please define the ‘single consumption unit’ under Article 3(1)(a)(vii) of the Implementing Regulation in more details?


Answer:

The single consumption unit is a single demand facility which consumes electricity or gas and is connected at one or more connection points to the network.

The Agency also understands electricity and gas distribution networks to be consumption units with regard to electricity or gas that is consumed in order to cover grid losses. Therefore, the Agency understands a DSO as a final customer and a market participant if the aforementioned grid losses are above the threshold of 600GWh per year.

RSS_Icon Last update: 12/06/2015  

Q&As on REMIT – Question III.3.17.

If a market participant owns a 5MW production unit and sells this output to a second market participant is that contract reportable (by either counterparty)? Furthermore, if the second market participant sells this output on to a third market participant under another contract, is that contract reportable?


Answer:

Article 4 of Commission Implementing Regulation (EU) No 1348/2014 stipulates a list of contracts reportable at request of the Agency. Article 4(1)(b) and (c) of Commission Implementing Regulation (EU) No 1348/2014 defines certain thresholds for contracts reportable at request.

For electricity, only contracts where a counterparty can show that the electricity was produced by a single production unit with a capacity equal to or less than 10MW or by production units with a combined capacity equal to or less than 10MW would meet the definition set out in Article 4(1)(b) of Commission Implementing Regulation (EU) No 1348/2014, unless concluded on organised market place.

For example, if market participant A owns a 5MW production unit and sells this output to market participant B, this contract would fall under Article 4(1)(b) of Commission Implementing Regulation (EU) No 1348/2014 and only be reportable upon the reasoned request of the Agency and on an ad-hoc basis.

If market participant B sold this output to market participant C under another contract then this contract would not fall under Article 4(1)(b) of Commission Implementing Regulation (EU) No 1348/2014 and therefore would be reportable.

The same principle applies to gas contracts under Article 4(1)(c) of Commission Implementing Regulation (EU) No 1348/2014.

Please note that the Agency’s Market Monitoring Department adopted a ‘No-action letter’ to provide time-limited no-action relief from the requirement to report contracts and details of transactions in relation to those contracts listed in Article 4(1) of Commission Implementing Regulation (EU) No 1348/2014 upon a reasoned request of the Agency. The No-action letter is available on the REMIT Portal: https://www.acer-remit.eu/portal/acer-staff-letters-doc.

RSS_Icon Last update: 30/06/2015  

Q&As on REMIT – Question III.3.18.

Should contracts for delivery to multiple sites, one or more of which is over 600GWh capacity, be reported under Article 3(1)(a)(vii) of Commission Implementing Regulation No 1348/2014?


Answer:

It is the understanding of the Agency that if a final customer has a contract for the supply of electricity or gas to multiple consumption units and one of those consumption units has a technical capability to consume 600GWh/year, that multi-site contract would be reportable under Article 3(1)(a)(vii) of the Implementing Regulation No 1348/2014.

It is also the Agency’s understanding that if a final customer has separate contracts for each consumption unit and only one of their units has a technical capability to consume 600GWh/year, only the contracts relating to that unit would need to be reported under Article 3(1)(a)(vii) of Commission Implementing Regulation No 1348/2014.

RSS_Icon Last update: 30/06/2015  

Q&As on REMIT – Question III.3.19.

The scope of trading activity that is being monitored according to REMIT and according to Commission Implementing Regulation (EU) No 1348/2014 includes transactions as well as orders to trade. Concerning the reporting obligation of trade data, is it correct that orders to trade have to be reported only (i) when the order was placed on an organised market place or (ii) in connection with proceedings on primary explicit capacity allocation?


Answer:

Yes, Article 6 of Commission Implementing Regulation (EU) No 1348/2014 defines the reporting of orders to trade explicitly in paragraph 1 (for wholesale energy products placed at organised market places) and paragraph 2 (for primary explicit capacity allocations placed at allocation platforms). Beyond that, there is no obligation to report orders to trade (see e.g. Article 6(3) of Commission Implementing Regulation (EU) No 1348/2014 for activities outside an organised market place). This is also in compliance with Recital 5 of Commission Implementing Regulation (EU) No 1348/2014 which clarifies the importance of monitoring orders to trade for an effective market monitoring, but refers exclusively to those orders placed at organised markets.

RSS_Icon Last update: 31/07/2015  

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