THE NEXT STEPS IN THE IMPLEMENTATION OF REMIT – REPORTING OF TRANSACTIONS IN WHOLESALE MARKETS ENERGY AND KEY DATA

Regulation (EU) No 1227/2011 of the European Parliament and of the Council on wholesale energy market integrity and transparency (REMIT), which exists to improve the transparency of the wholesale electricity and gas markets, imposes numerous responsibilities on market participants. The parts of the Regulation relating to standard contracts will come into force as early as 7 October 2015 while those relating to concluding back-loaded OTC contracts will come into force on 7 April 2016. The Act regulating in detail the procedure for REMIT reporting is Commission Implementing Regulation (EU) No 1348/2014.

The article appearing in the magazine “Nowa energia” focuses on the practical aspects of the implementation duties and primarily analyzes what the standard reporting contracts and basic data to be sent to ACER will consist of. It covers, among others, what services the Polish Power Exchange, which has already acquired the status of an RRM (Registered Reporting Mechanism), will supply and how to start reporting a transaction through this platform. The article focuses on the backloading of individual contracts, and what role ARIS will play in the reporting process.

A number of practical tips are contained in the article. It underlines the fact that some of the fundamental data is already collected by specialized entities and institutions under the provisions of European and EU legislation. These include ENTSO for Electricity, ENTSO for Gas and LNG system and storage operators, which pass on some of the fundamental data to ACER in the name of market participants.

The article “The Next Steps in the Implementation of Remit – The Reporting of Transactions in Wholesale Energy Markets and Fundamental Data” by W&W’s Tomasz Brzezinski and Anna Mathews was published in the latest issue of the bimonthly publication ” Nowa energia ” No. 4/2015.