The second phase of data reporting under the EU Regulation on wholesale energy market integrity and transparency (REMIT) started on the 7 April as planned. This phase covers contracts concluded “Over-The-Counter”, standard and non-standard supply contracts and transportation contracts from market participants, as well as reportable fundamental data from Transmission System Operators, LNG System Operators and Storage System Operators. It complements the first phase of data reporting which started on 7 October 2015 with records of transactions in wholesale energy contracts, including orders to trade, admitted to trading at Organised Market Places and fundamental data from the ENTSOs’ central information transparency platforms. Data reporting during the first phase has exceeded all expectations, with more than 1 million data records submitted to the Agency daily since 7 October 2015.
Through the system developed for this purpose (ACER’s REMIT Information System, ARIS), the Agency is collecting the data for assessing and monitoring wholesale energy markets in order to detect and prevent trading based on inside information and market manipulation.
The National Regulatory Authorities from the 28 Member States and the Agency will observe progress on reporting to ensure that all entities with reporting obligations take adequate steps to comply with these obligations.
Specific information about data reporting requirements can be found on the REMIT Portal and in the Agency’s REMIT Q&A and FAQ papers which are updated on a regular basis.