ACER publishes the REMIT Annual Report one month before data collection starts on the occasion of its 10th Public Workshop on implementation

On the occasion of the Agency’s 10th Public Workshop on REMIT implementation and one month ahead of the entering into application of the obligation for trade and fundamental data reporting on 7 October 2015 to report wholesale energy contracts executed at organised market places, ACER published today its annual report on its activities under the EU regulation on wholesale energy market integrity and transparency (REMIT) in 2014.

The Agency presented the report during today’s Public Workshop in the context of the update on REMIT implementation and informed about the outcome of the public consultation on disclosure of inside information. Furthermore, the Agency gave an update on the registration of reporting mechanisms and provided a possibility for the currently 20 approved Registered Reporting Mechanisms (RRMs) to present themselves to stakeholders. A panel discussion on potential remaining open issues on transaction reporting as of 7 October 2015 was held with stakeholders and the way forward was elaborated.

Highlights of the REMIT report 

The Agency’s annual report for its REMIT activities in 2014 published today focuses on the Agency’s implementation and monitoring activities. 

In 2014, the Agency continued with the development of the procedures and the IT platforms to support the collection and analysis of trade and fundamental data, as envisaged within the REMIT framework. In June 2014, the development of the Centralised European Register of Energy Market Participants (CEREMP) platform was completed and access provided to National Regulatory Authorities (NRAs), including those which want to use a purposely-developed CEREMP module for handling the national registration process. With respect to the other parts of the Agency’s REMIT Information System (ARIS), a number of pilot projects, involving a large number of interested parties and focusing on data collection and data sharing, were run during the year. The Agency also published its REMIT Reporting User Package for preparing for the entry into force of the Implementing Acts on 7 January 2015, in order to provide market participants and other stakeholders essential information for the preparation of trade and fundamental data reporting as of October 2015.

Thanks to the preparatory work done in 2014, ARIS became operational on 8 January 2015 with the REMIT Portal as a single access point to the ARIS applications and documentation. In addition, the Agency was able to start the registration of RRM applications in time in 2015.

Despite the fact that the Agency’s main REMIT activities in 2014 were concentrated on the implementation of ARIS, it was at the same time already active in monitoring the trading activities at pan-European level, based on the limited information available, and its actions were complemented by NRAs’ monitoring activities at national or regional level. Furthermore, Persons Professionally Arranging Transactions were continuing with the identification and notification of potential breaches of the market abuse prohibitions as obliged under Article 15 of REMIT.

The achievements in 2014 are particularly significant considering that the Agency has so far been assigned only a small part of the human resources required for the implementation of REMIT, and that the funds for the development of the Agency’s REMIT Information System were made available to the Agency only at the end of 2013. Since part of the additional resources, which the Agency would have required to deliver its Annual Work Programme, and envisaged in that estimate, did not become available to the Agency, the Work Programmes for 2014 and 2015 have been revised in March 2014 and in January 2015 and some activities planned, in particular with respect to the implementation of REMIT, were postponed.

The REMIT Annual Report is available here.