The Agency is continuously working on improving data reporting guidance to facilitate market participants' (MPs) compliance with their reporting obligations under the Regulation on wholesale market integrity and transparency (REMIT). In order to do so, new validation rules on gas and electricity transportation data will be implemented. Similarly, to other data types, the rules will require that the reported Energy Identification Code (EIC) type X which is used to identify a market participant in the reported data is registered in the Centralised European Register of Market Participants (CEREMP).
The Agency has already publicly communicated the issue of 'reporting of inactive, wrong, non-existent and not registered EIC X codes in fundamental and transportation data' in its 2nd Open Letter on REMIT data quality on 19 July 2018. The Agency would like to urge market participants once again to ensure the usage of only one EIC X code when entering into transactions that are reportable according to the REMIT Regulation. The same EIC X code must be registered in CEREMP. MPs should ensure their compliance with the above-mentioned rules by 30 June 2020.
The Agency intends to activate validation rules in the second half of 2020, the exact date will be communicated in due time. Upon the activation of the rule, all reported records containing EIC codes as identifiers of MPs that are not present in the CEREMP will be rejected. By the time the validation rule enters into force, the Agency will have provided more than two years for MPs to ensure their compliance with the EIC code reporting.
The Agency will communicate the non-compliant codes reported during Q1-Q3 2019 to Registered Reporting Mechanisms (RRMs) and National Regulatory Authorities (NRAs) to further facilitate MPs' compliance by June 2020. The Agency would also like to remind MPs that all EIC codes used for REMIT reporting are considered international and as such should be published on the list managed by the central issuing office (ENTSO-E).
REMIT introduced a sector-specific legal framework for the monitoring of wholesale energy markets. The objective is to detect and to deter market manipulation. Energy trading is screened at EU level to uncover abuses. Market integrity and transparency are essential for well-functioning energy markets and for promoting the confidence of market participants and final consumers.