Regulation on Wholesale Energy Market Integrity and Transparency
In article 4 (1) sentence 1, the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) requires all market participants to disclose insider information:
„Market participants shall publicly disclose in an effective and timely manner inside information which they possess in respect of business or facilities which the market participant concerned, or its parent undertaking or related undertaking, owns or controls or for whose operational matters that market participant or undertaking is responsible, either in whole or in part.”
Article 1 fig. 1 defines insider information as follows:
“ ‘inside information’ means information of a precise nature which has not been made public, which relates, directly or indirectly, to one or more wholesale energy products and which, if it were made public, would be likely to significantly affect the prices of those wholesale energy products.”
Article 4 fig. 1 sentence 1 provides a qualitative specification of the scope of the insider information to be published:
“Such disclosure shall include information relevant to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities.”
With the purpose of providing more clarity, ACER states in its 3rd Guidance, updated on 3 June 2015, on page 30:
"Regardless of whether indicative thresholds are applied by market participants, NRAs should ensure that market participants are aware that a planned or unplanned change in the capacity or output of any size at a facility for production, storage, consumption or transmission of natural gas or electricity may constitute inside information if it meets the criteria outlined in Article 2 (1) of REMIT."
Given the overlap between REMIT and the Transparency Regulation (543/2011) in Article 2 (1a), insider information disclosure has to respect certain provision of the Transparency Regulation.
Finally, article 9 provides for the registration of every company which operates in wholesale trading of power, natural gas and LNG as a market participant. In the context of the registration, the market participant must specify a site at which it publishes its insider information effectively and in due time. This applies both to companies with physical assets and those without such facilities.
For that reason EEX understands the disclosure obligation under REMIT in a way that capacity, use and unavailability data need to be published for full compliance. EEX feels committed to support market participants in achieving these regulatory compliance under REMIT and to use the same data for an equivalent level of compliance with the Transparency Regulation at the same time.
Scope of Service
EEX collects, publishes and submits fundamental data and insider information across countries, commodities and the value chain on behalf of market participants. Various measures protect the data from being manipulated. Validation checks support reporting companies to achieve the highest data quality to the benefit of regulatory compliance. Insider information is released close to the marketplace to serve efficient trading decisions to the advantage of all.
Data reporting to several entities according to European and national rules minimises customers’ efforts to follow further technical changes. Data submissions are possible for the following regulations:
- REMIT (1227/2011)
- Transparency Regulation (543/2013)
- National regulations on demand.