3.2 What to report?

3.2 What to report?

According to Article 8(1) of REMIT, market participants, or a person or authority acting on their behalf, shall provide the Agency with a record of wholesale energy market transactions, including orders to trade. Article 8 of REMIT also stipulates that the Commission, by means of Implementing Acts, shall define the list of contracts to be reported, the timing and form for reporting and who should report transactions.

The REMIT Implementing Regulation also provide a context for the reporting of fundamental data. For further information in this regard, please consult the Manual of Procedures on transaction data, fundamental data and inside information reporting.

The list of contracts to be reported is defined in Article 3 of the REMIT Implementing Regulation. An overview of the reportable contracts is provided below.

1. Supply contracts

According to Article 3(1)(a) of the REMIT Implementing Regulation, the following contracts concerning wholesale energy products in relation to the supply of electricity or natural gas with delivery in the Union shall be reported:

i) Intraday or within-day contracts for the supply of electricity or natural gas where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded,

ii) Day-ahead contracts for the supply of electricity or natural gas where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded,

iii) Two-days-ahead contracts for the supply of electricity or natural gas where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded,

iv) Week-end contracts for the supply of electricity or natural gas where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they auctioned or continuously traded,

v) After-day contracts for the supply of electricity or natural gas where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they auctioned or continuously traded,

vi) Other contracts for the supply of electricity or natural gas with a delivery period longer than two days where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded,

vii) Contracts for the supply of electricity or natural gas to a single consumption unit with a technical capability to consume 600 GWh/year or more.

As clarified in Recital (4) of the REMIT Implementing Regulation, supply contracts concluded bilaterally are expected to be reported by both counterparties, or third parties acting on their behalf. To facilitate reporting, parties should be able to report on each other's behalf or use the services of third parties for this purpose.

2. Transportation contracts

According to Article 3(1)(b) of the REMIT Implementing Regulation, the following contracts concerning wholesale energy products in relation to the transportation of electricity or natural gas in the Union shall be reported:

i) Contracts relating to the transportation of electricity or natural gas in the Union between two or more locations or bidding zones concluded as a result of a primary explicit capacity allocation by or on behalf of the TSO, specifying physical or financial capacity rights or obligations.

ii) Contracts relating to the transportation of electricity or natural gas in the Union between two or more locations or bidding zones concluded between market participants on secondary markets, specifying physical or financial capacity rights or obligations, including resale and transfer of such contracts.

According to Article 6(2) of the REMIT Implementing Regulation, contracts described in (i) shall be reported by the TSOs or third parties acting on their behalf, including matched and unmatched orders. As clarified in Recital (4) of the REMIT Implementing Regulation, contracts described in (ii) are expected to be reported by both counterparties, or third parties acting on their behalf. To facilitate reporting, parties should be able to report on each other's behalf or use the services of third parties for this purpose

3. Derivatives of energy supply and transportation contracts

Article 3(1)(a) and (b) of the REMIT Implementing Regulation stipulate the reporting of the following derivatives contracts:

a) Options, futures, swaps and any other derivatives of contracts relating to electricity or natural gas produced, traded or delivered in the Union (Article 3(1)(a)(8)),

b) Options, futures, swaps and any other derivatives of contracts relating to the transportation of electricity or natural gas in the Union (Article 3(1)(b)(3)).

Clarification on spread and swap definition

For the purpose of transaction reporting under REMIT, the following definition of spread and swap contracts related to financial products applies in TRUM:

  • Spread: contract that involves using price differences in forwards / future / option prices, rates, based upon inter-market relationships (time differences (maturities), locational differences, commodity differences). Spread can be established by taking a position in one contract (first leg) and simultaneously taking an opposite position in another contract(second leg). However spread might also refer to trading based on pure price difference with an index or reference price.
  • Swap: typically indicates a contract that settles with multi periods and results in exchange of a series of cash flows. It may for example involve one market participant having a fixed-price contract for an energy commodity, while the other counterparty takes on the floating price of the same commodity. However also floating-to-floating trades might occur, as well as physical/geographical swaps where the hedging is based on different pricing in different locations.

4. Contracts reportable on request of the Agency

Article 4(1) of the REMIT Implementing Regulation also establishes a list of contracts reportable only upon reasoned request of the Agency and on an ad-hoc basis. This includes:

a) Intragroup contracts;

b) Contracts for the physical delivery of electricity produced by a single production unit with a capacity equal to or less than 10 MW or by production units with a combined capacity equal to or less than 10 MW,

c) Contracts for the physical delivery of natural gas produced by a single natural gas production facility with a production capacity equal to or less than 20 MW,

d) Contracts for balancing services in electricity and natural gas

As regards the contracts listed in Article 4(1) of the REMIT Implementing Regulation, for the time being the Agency does not intend to request information on those contracts. As of 2019 the Agency will be informing about its ad hoc data reporting activities regarding contracts listed in Article 4(1) of the REMIT Implementing Regulation in the ACER Annual Work Programme Documents. The Agency will consult with relevant stakeholders in due time before establishing RRM requirements applicable to the reporting of contracts covered by Article 4(1) of the REMIT Implementing Regulation.

However, if the contracts listed above are concluded at an organised market place, then they shall be reported even in the absence of a request from the Agency.

Reporting intragroup contracts after deconsolidation

Intragroup contracts are reportable at the request of the Agency according to Article 4(1) of the REMIT Implementing Regulation. If Company A and Company B are originally part of the same group (both are registered as REMIT market participants), but later Company A is going to be deconsolidated from the consolidated financial statement of Company B and it changes status, in the Agency’s view Company A should report all its outstanding contracts (which will no longer be considered intragroup transactions) in T+1 month from its status change, with the date of its status change. For further information on reporting lifecycle events, please refer to Annex VII on lifecycle events.

5. Definition of standard and non-standard contract

According to Article 2 of the REMIT Implementing Regulation:

a) 'standard contract' means a contract concerning a wholesale energy product admitted to trading at an organised market place, irrespective of whether or not the transaction actually takes place on that market place;

b) 'non-standard contract' means a contract concerning any wholesale energy product that is not a standard contract;

c) 'organised market place' or 'organised market' means:

a) a multilateral system, which brings together or facilitates the bringing together of multiple third party buying and selling interests in wholesale energy products in a way that results in a contract,

b) any other system or facility in which multiple third-party buying and selling interests in wholesale energy products are able to interact in a way that results in a contract.

These include electricity and gas exchanges, brokers and other persons professionally arranging transactions, and trading venues as defined in Article 4 Directive 2014/65/EU[1].

Definition of organised market place

Any multilateral system, which brings together or facilitates the bringing together of “multiple third party” buying and selling interests in wholesale energy products is considered an organised market place under REMIT.

The Agency believes that the notion of “multiple third party” plays a key role in determining what constitutes an organised market place; a many-to-many trading possibility must exist in order to consider it an organised market place.

Energy and derivative exchanges, MTFs, OTFs and brokers, are examples of organised market places where many-to-many trading can occur.

In the Agency’s view, multilateral systems that facilitate procuring or selling energy on behalf of one market participant only, e.g. TSOs only for balancing purposes, should not be considered organised market places if those systems act solely on behalf of the TSOs.

It is the Agency’s understanding that such a system facilitates a one-to-many trading opportunity at each imbalance period, e.g. in an electricity market per each half hour/hour balancing period the system procures or sells energy for the TSOs.

However, if the multilateral system brings together or facilitates the bringing together of “multiple third parties” procuring and selling energy, the system facilitates a many-to-many trading opportunity, e.g. if participants can trade with each other and the TSO in a within-day gas market to adjust their positions, that system should be considered an organised market place.

Likewise, if the multilateral system brings together or facilitates the bringing together of “multiple third party” buying and selling of capacity, e.g. on a capacity secondary market, that system should be considered an organised market place if that system allows many-to-many trading.

Reporting transactions on an auction market if it is not organised on an OMP

In case an auction is not organised on an multilateral system which qualifies to be an organised market place as per the definition above (many-to-many trading), the orders placed in that auction should not be reported. However, any trade concluded in such a platform has to be reported as any other bilateral contract.

Clarification between a broker as an OMP and executing broker

The Agency considers a broker a natural or legal person that arranges transactions between a buyer and a seller for a commission when the trade is executed. This is not necessarily an OMP. Broker platforms are mentioned as examples of OMPs, but this does not mean that all brokers automatically have to be considered OMPs. This will only be the case if they fulfil the OMP criteria stipulated in Article 2(4) of the REMIT Implementing Regulation.

If a market participant places an order on an OMP through a broker (usually an executing broker) and this particular broker is the counterparty to the transaction, then the executing broker is a REMIT market participant and has reporting obligations for all its trades and orders to trade placed on the exchange, including those that the broker gives up.

An executing broker is a natural or legal person that executes transactions on an OMP on behalf of its clients. Since an executing broker places an order and executes it without bringing together “multiple third party” buying and selling side, the executing broker would not be considered an OMP.

In some circumstances, a broker (when considered a REMIT OMP) may offer the service of executing broker to their clients. The firm is providing two different services: one as OMP and one as executing broker. For the executing broker business the firm will be considered a REMIT market participant (please see Annex III to the TRUM available in the REMIT Documents section of the ACER website). This firm should register its executing broker business (and only that) as market participant with the relevant National Regulatory Authority.

Brokers (that are organised market places rather than executing brokers) are not market participants and should not appear as a counterparty.

The REMIT Implementing Regulation imply that any contract admitted to trading at an organised market place is a standard contract. Furthermore, if the same contract is traded outside the organised market place, this shall still be considered a standard contract.

An example of a contract admitted to trading at an organised market place is a futures contract on gas or electricity. This futures contract is a wholesale energy product, and as per the definition of the TRUM it is a tradable instrument that allows market participants to trade a product(i.e. energy commodity) that may also be traded bilaterally or through a broker outside the exchange, via its Central Counterparty (CCP) and clearing members. In this case, the contract that is admitted to trading at the organised market place and traded outside the exchange shall be considered a standard contract.

Transactions that take place on broker platforms, including those that are voice brokered, are often based on bilateral general agreements, e.g. a master agreement, which set the rules for trading activity of the two counterparties to the contract. As the conclusion of such contracts 20/174 takes place on the broker’s platform (including voice brokered), these contracts are considered standard contracts (in case the broker platform where the conclusion of such contracts takes place is considered an OMP). Another example is a spot or forward contract for the physical delivery of electricity concluded on a broker platform under a general or master agreement. This is a standard contract irrespective of its profile and complexity. For example a shaped (profile) contract traded through a broker (including voice brokered) shall be considered a standard contract.

Two parties may also trade and conclude the same contract under a general or master agreement bilaterally outside the organised market place. If the two parties bilaterally trade a contract which is admitted to trading at an organised market place, that contract shall be considered a standard contract, e.g. a spot or forward contract for the physical delivery of gas or electricity.

However, when a shaped (profile) contract is traded outside the organised market place, that contract should not be considered a standard contract[2].

When a contract for the delivery of gas or electricity at a specific delivery point or zone is not admitted to trading at an organised market place, but only bilaterally between the two parties, that contract should not be considered a standard contract, even if a similar contract for the delivery of gas or electricity at a different delivery point or zone is traded at an organised market place. For example, if a physical forward for the delivery of gas in country (A) in the month of July is traded on a broker platform, but a contract with the same characteristics for the delivery of gas in country (B) in the month of July is not traded on an organised market, the latter should not be considered a standard contract.

Uncertainty about the specifications of a standard contract agreed bilaterally

The Agency understands that there might be some circumstances where market participants may not have full visibility to the specifications of the standard contracts traded on organised market places. Therefore, whenever two market participants enter into a bilateral contract agreed outside an organised market place and, despite the information provided by the public List of Standard Contracts available in the REMIT Documents section of the ACER website, they do not have the certainty that their contract is the same as the one traded on organised market places, it can be assumed that the bilaterally agreed contract normally entails some elements of customisation. These elements of customisation distinct the bilateral contract from contracts on wholesale energy products admitted to trading at an organised market place. They may therefore report such a contract on a T+1 month basis and, where the contract has a defined price and quantity, with Table 1 of the Annex to the REMIT Implementing Regulation.

Article 5(1) of the REMIT Implementing Regulation states that “details of transactions executed within the framework of non-standard contracts specifying at least an outright volume and price shall be reported using Table 1 of the Annex”. This implies that even if the contract is considered a non-standard contract, but has an agreed price and quantity, the contract has to be reported using Table 1 of the REMIT Implementing Regulation. However, it is important to note that under the non-standard contract reporting requirements such a contract would be reportable no later than 30 days from its execution (even if reported in Table 1), and not within the time limit for standard contracts transactions for which the reporting shall take place no later than the following business day.

Clarification of standard vs non-standard contract

Traded on OMP vs Traded outside OMP

 (1) Trades not reported under EU financial legislations

(2) Contracts that are admitted to trade at organised market places, traded bilaterally

(3) Non-Standard Contracts with defined price and quantity (indicated as ‘BILCONTRACT’ in the transaction report under Contract Name in Data Field (22) and details of transactions executed within the framework of non-standard contracts specifying at least an outright volume and price (indicated as ‘EXECUTION’ in the transaction report under Contract Name in Data Field (22) shall be reported using Table 1 of the Annex to the REMIT Implementing Regulation.

Distinguishing bilateral contracts executed outside an organised market place and executions under the framework of a non-standard contract

In the Agency’s view, in order to distinguish bilateral contracts executed outside an organised market place and executions under the framework of non-standard contracts, the framework under which these contracts are executed may play a key role. A typical structure of the bilateral contracts for the supply for electricity and/or gas may include: general or master agreement ("main body“), election sheet, annexes (part of the general agreement by default), and individual transactions (constituting the economic terms) defining precisely the energy related contract.

However, other master agreements may not include some of the parts indicated above, but are general contracts for the supply for electricity and/or gas that have two main parts: a commercial part and an economic part.

If market participants have agreed on the commercial terms under a general agreement, then market participants may:

  1. Negotiate the economic terms and conclude a contract (commercial + economic terms) → a REMIT bilateral contract reportable with Table 1 (Contract name under Data Field (22) shall be populated with BILCONTRACT); or
  2. Negotiate the economic terms and conclude a contract (commercial + economic terms) with flexibility → a REMIT non-standard contract reportable with Table 2 (price and quantity may change at a later stage).

Alternatively, depending on the agreement they may have, market participants may have already agreed the commercial and economic terms in one agreement (contract) which includes non-standard contract clauses, such as take or pay and/or reselling of already purchased quantities and/or different pre-defined pricing formulas. Under such a contract, which is a REMIT non-standard contract reportable with Table 2, quantities are not necessarily pre-defined (but they may be) and the price is pre-defined (e.g. by formula or index) but may not be fixed, and at least one of the parties is obliged to deliver/offtake agreed quantity or has the single right to request this from the other party. Under this type of agreement there may be different nomination, pricing flexibility, option exercise and possibility to enter into forward contracts or additional volumes.

Under such a non-standard contract (reportable with Table 2), market participants may:

1. Negotiate the economic terms and conclude a new contract → a REMIT bilateral contract reportable with Table 1

Contract name under Data Field (22) shall be populated with BILCONTRACT and Data Field (32) Linked Transaction ID shall include the Contract ID of the non-standard contract reported in Table 2; or

2. Use the flexibility and fixing events which can be reported as EXECUTION with Table 1.

Contract name under Data Field (22) shall be populated with EXECUTION and Data Field (32) Linked Transaction ID shall include the Contract ID of the non-standard contract reported in Table 2.

If the transaction is executed ahead of the delivery with the characteristics of any other transaction of BILCONTRACT type, then such transaction should be reported as BILCONTRACT transaction linked to the non-standard contract previously reported with Table 2.

Decision tree for the reporting of transactions related to standard and non-standard contracts and the use of Table 1 or Table 2

This guidance aims to clarify the Agency’s understanding of the difference between a standard contract and a non-standard contract based on Article 2 of the REMIT Implementing Regulation:

(2) ‘standard contract’  means a contract concerning a wholesale energy product admitted to trading at an organised market place, irrespective of whether or not the transaction actually takes place on that market place;

(3) ‘non-standard contract’ means a contract concerning any wholesale energy product that is not a standard contract.

In the Agency’s view it is essential to further clarify the meaning of “admitted to trading” at an organised market place.

A contract admitted to trading at an organised market place is a contract that is visible to the market and available for trading to market participants.

Exchange traded contracts

For exchange traded contracts it is clear what “a contract admitted to trading” means. In this case a contract that is listed on the exchange is a tradable instrument and it can be registered at the exchange when two parties agree on the price off-screen.

Broker platform traded contracts

For a contract admitted to trading on brokers’ platforms it is worth to further clarify the meaning of “admitted to trading”.

Brokers, in the context of Article 2(4) of the REMIT Implementing Regulation, advertise tradable contracts on their platforms. These contracts have certain specifications such as clip size (contract size), delivery point of the energy commodity, delivery start and end date, hours of the delivery and any other specifications to identify the contract. These contracts, e.g. within-day or day-ahead contracts, as well as any forward contracts, are tradable multiple times until their “expiration date and time” (last trading date and time) is reached.

Once a contract is admitted to trading on the Broker’s platform (visible on their screen), it can usually be traded several times either on the screen or voice brokered by both buyers and sellers until the date and time the contract is tradable. For example:

1. Hourly electricity product: this can be traded for several days before the gate closure;

2. Day-ahead gas or electricity product: this can be traded for several hours during the day before the delivery of the gas/electricity starts; and

3. A monthly/quarterly/seasonal forward product: this can be traded every day for several months before the delivery starts.

In the Agency’s view these contracts are considered standard contracts admitted to trading at an organised market place. As a consequence the organised market place where these contracts on wholesale energy products were executed or the order was placed, shall, at the request of the market participant, offer a data reporting agreement in line with Article 6(1) of the REMIT Implementing Regulation.

Voice-brokered contracts

In general, the above considerations apply the same way for broker platform traded contracts and voice-brokered contracts. In this context, the references in the TRUM to “including voice brokered” should be understood as referring to those situations where the contracts:

1) are admitted to trading at organised market places;

2) an order is visible on the screen; and

3) a voice brokered order matches the order on the screen. That trade is considered a voice brokered trade.

Specificities of voice-brokered shaped/profile contracts

When a shaped/profile contract is voice brokered without being advertised on the screen of the broker (e.g. a broker’s client asks the broker to find a counterparty to a shaped/profile contract), it would be traded only once and would then expire and not be tradable any more (as opposed to those contracts that are traded on the screen and that can be traded multiple times). In the Agency’s view such a contract, although traded through a broker, is not to be considered “admitted” (advertised on the broker’s screen) to trading at an organised market place and it should not be considered a standard contract. Therefore, and in line with Article 7(4) of the REMIT Implementing Regulation these contracts shall be reported no later than one month following their conclusion, modification or termination.

Since these contracts are voice brokered and executed at an organised market place, in the Agency’s view, the broker (in the context of Article 2(4) of the REMIT Implementing Regulation) shall at the request of the market participant offer a data reporting agreement in line with Article 6(1) of the REMIT Implementing Regulation.

Some organised market places may allow their clients to upload on the screen (and therefore be visible to the market) complex shaped/profile contracts for the trading on that organised market place and those contracts which are subject to bids or offers. Although these contracts might not be traded several times (they may be, or may not be, removed once they are matched) they are still admitted to trading on the screen of the broker and therefore, in the Agency’s view, they have to be considered admitted to trading at an organised market place. When this is the case, regardless the complexity of the contract, as long as the contract is visible to the market, it is considered admitted to trading at the organised market place and it should be considered a standard contract.

The Agency understands that the reporting of complex contracts on a T+1 day basis may bring up some difficulties for the organised market place and/or the reporting party; however, they should make their best effort to report complex shaped/profile contracts (considered standard contracts according to REMIT) as soon as possible.

Consequences of the criterion “admitted to trading” for the transaction reporting obligation

Transactions related to contracts admitted to trading at the organised market place are subject to the reporting obligations for standard contracts and reportable on a T+1 day basis, irrespective of whether they are traded on screen or voice brokered.

Transactions related to any other contracts that is not a standard one are subject to the reporting obligations for non-standard contracts and thus reportable on a T+1 month basis.

6. Information to be reported

Market participants, other reporting entities or third parties reporting on their behalf, are obliged to ensure that the submitted transaction reports are complete and accurate.

The information to be reported shall include:

a) in relation to standard contracts for the supply of electricity or natural gas, the details set out in Table 1 of the Annex to the REMIT Implementing Regulation;

b) in relation to non-standard contracts for the supply of electricity or natural gas, the details set out in Table 2 of the Annex to the REMIT Implementing Regulation;

c) in relation to standard and non-standard contracts for the transportation of electricity, the details set out in Table 3 of the Annex to the REMIT Implementing Regulation;

d) in relation to standard and non-standard contracts for the transportation of natural gas, the details set out in Table 4 of the Annex to the REMIT Implementing Regulation;

Details of transactions executed within the framework of non-standard contracts specifying at least an outright volume and price shall be reported using Table 1 of the Annex to the REMIT Implementing Regulation.

Clarification of outright volume and price and reporting frequency for transactions executed within the framework of non-standard contracts

Details of transactions executed within the framework of non-standard contracts specifying at least an outright volume and price shall be reported using Table 1 of the Annex to the REMIT Implementing Regulation.

With regard to “specifying at least an outright volume and price”, the Agency understands that once the volume and the price of the transaction is known to the two parties (which can occur after the delivery of the commodity), the transaction is complete.

There is little difference between a physical spot/forward contract traded at an organised market place with a price settled against an index and an execution under the framework of a non-standard contract which settles days after the delivery of the energy commodity ends. In fact, both of these two contracts may not have a fixed price or volume before the delivery of the energy commodity starts and, most likely, both of them will be completely settled after the delivery period ends.

However, while the physical spot/forward contract traded on an organised market place is reported with the contracted volume and the fixing index (which most likely is publicly available), the transaction executed under the framework of a non-standard contract has to be reported once the delivered quantity and the price are known, but still using Table 1 of the Annex to the REMIT Implementing Regulation. The time and the date of the executions (EXECUTION) may be different between market participants.

As far as the Agency is aware, details of transactions executed within the framework of non-standard contracts specifying at least an outright volume and price are available to both parties to the contract by the invoicing date at the latest. On that basis, those executions under the framework of non-standard contract are reportable no later than 30 days after the invoicing date using Table 1 of the Annex of the REMIT Implementing Regulation.

Clarifications on the expected way of reporting executions in Table 1

As indicated in Annex II to the TRUM, the Agency understands that billing cycle and invoicing date is the last point in time that the price and quantity can be discovered. Market participants should not understand the terms billing cycle and invoicing date as an indication that under REMIT they have to report the components of their invoices which include taxes, costs and adjustments which are not in the scope of REMIT. Market participants should report the energy price for the energy delivered in the period of time the reported execution/contract refers to.

With regard to the energy price, market participants reporting transactions executed within the framework of non-standard contracts on a monthly basis should report the energy price as considered in the contract. If the price is fixed, that price will be reported. If the price is fixed by a fixing index, a price formula, a strike price or anything else as defined in the contract, then that energy price has to be reported to the Agency.

With regard to the energy delivered, market participants should report the energy delivered as indicated in the execution report.

The Agency understands that invoices may cover several months: the current month plus some adjustments from previous months (these can sometimes go back up to several months in the past). Market participants have to report only the energy delivered in the period of time the execution report refers to without any adjustments from the past. The Agency understands that the reporting of the energy delivered in the previous month may be over/under estimated and it recommends market participants to consider an amendment to the execution reports already reported.

Executions and price formulas

When executions under the framework of a non-standard contract have a price which is set with different price formula depending on the delivery point of the commodity, then these executions should be reported separately (one report for each delivery point). When executions under the framework of a non-standard contract have a price which is set with one price formula for all the delivery points of the commodity, and the volume split is known to the market participant, then these executions should be reported separately (one report for each delivery point). When executions under the framework of a non-standard contract have a price which is set with one price formula for all the delivery points of the commodity, but the volume split is not known to the market participant, then these executions can be reported with one report (e.g. one report indicating the total volume).

Sale and purchase of energy under the same non-standard contract

Market participants should report the delivered energy as indicated in the execution report. For those periods when there is no delivery, there is no need to report executions. However, where the framework of a non-standard contract allows for the sale and purchase of energy under the same contract, market participants should not net those executions, as in some circumstances they may lead to 0 (zero) volume at the end of the month. Market participants should report the sold and bought volumes separately with different execution reports in Table 1.

The data fields included in the REMIT Implementing Regulation are listed in ANNEX I of this manual.

To achieve complete and accurate transaction reporting, market participants, other entities with reporting responsibilities and third parties reporting on their behalf must have appropriate systems and controls in place. For further information on this matter, please consult the Requirements for the Registration of RRMs[3].

7. Back-loading requirement

According to Article 7(6) of the REMIT Implementing Regulation, details of wholesale energy contracts which were concluded before the date on which the reporting obligation becomes applicable and remain outstanding on that date shall be reported to the Agency within 90 days after the reporting obligation becomes applicable for those contracts.

This was done to allow market participants to report their back-loading transactions even in those cases where they did not have the full set of information as required by the REMIT Implementing Regulation for reportable records of transactions, including orders to trade reportable as of 7 October 2015 (Phase 1 of REMIT reporting) and 7 April 2016 (Phase 2 of REMIT reporting).

Back-loading of transactions ended on 5 January 2016 for Phase 1 and on 6 July 2016 for Phase 2.

The reportable details had to include data which could be extracted from market participants' existing records. They had to at least comprise data referred in Article 44(2) of Directive 2009/73/EC of the European Parliament and of the Council and in Article 40(2) of Directive 2009/72/EC of the European Parliament and of the Council[4] (record keeping obligations).

Additional clarification on the back loading requirement

Article 40(1) of Directive 2009/72/EC and Article 44(1) of Directive 2009/73/EC stipulate record keeping obligations of at least five years for the relevant data relating to all transactions in electricity and gas supply contracts and electricity and gas derivatives.

According to Article 40(2) of the Directive 2009/72/EC, “The data shall include details on the characteristics of the relevant transactions such as duration, delivery and settlement rules, the quantity, the dates and times of execution and the transaction prices and means of identifying the wholesale customer concerned, as well as specified details of all unsettled electricity supply contracts and electricity derivatives”.

According to Article 44(2) Directive 2009/73/EC “The data shall include details on the characteristics of the relevant transactions such as duration, delivery and settlement rules, the quantity, the dates and times of execution and the transaction prices and means of identifying the wholesale customer concerned, as well as specified details of all unsettled gas supply contracts and gas derivatives”.

Market participants should consider that the above Directives set the minimum requirement for the reporting of contracts which were concluded before the date on which the reporting obligation becomes applicable and remain outstanding on that date. Where other information which is required to be reported under REMIT can be extracted from market participants' existing records, market participants shall also report that information.

In order for the Agency and the NRAs to know each market participant’s open positions at the time when the reporting obligation becomes applicable, market participants shall report contracts which were concluded before the date on which the reporting obligation becomes applicable and remain outstanding on that date. This information will enable the Agency and the NRAs to rationalise and understand subsequent trading activity. This contract shall be reported at transaction level and not at position level.

The Agency understands that only market participants know precisely their outstanding positions, e.g. delivery end date is after or equal to the date that the reporting obligation becomes effective. For example, where a trade on a contract that is bilaterally settled takes place, executed with or without the help of a broker, only the two counterparties to the contract have knowledge of subsequent lifecycle events; no visibility on outstanding positions is available to third parties, including the broker who facilitated that transaction.

Since there are multiple organised market places trading identical products, market participants can open a position and at a later date close it at different organised market or it could even be closed out by direct agreement of the two market participants outside of an organised market place.

Reporting of details of transactions related to contracts on wholesale energy products which were concluded before the date on which the reporting obligation became applicable and remained outstanding on that date had to be reported to the Agency by market participants unless the organised market places decided to assist the market participants with the back-loading reporting.

Market participants should bear in mind that the organised market places’ willingness to assist market participants with the back-loading reporting was entirely at the discretion of the organised market places as there is no obligation under REMIT for them offering that service.

8. Identifying reference data to be collected from organised market places for the list of standard contracts and the list of organised market places

According to Article 3(2) of the REMIT Implementing Regulation, the Agency shall, in order to facilitate reporting, draw up and maintain a public list of standard contracts upon entry into force of the REMIT Implementing Regulation and update that list in a timely manner.

In order to assist the Agency in complying with its obligations, organised market places shall submit identifying reference data to the Agency for each wholesale energy contract they admit to trading. This information shall be submitted in a format defined by the Agency before trading commences in that particular contract. Organised market places shall submit updates of the information as changes occur. The list of standard contracts covers both physical and financial contracts traded at organised market places.

The purpose of the list of organised market places is to publish the exchanges, brokers and other persons professionally arranging transactions which fall under Article 6(1), especially the contracts traded at organised market places that are covered under the first phase of transaction reporting, nine months following the entry into force of the REMIT Implementing Regulation[5]. The list of organised market places was published for the first time upon the entry into force of the Implementing Acts. The Agency has consulted on the list prior to its publication on the REMIT Portal. Since then the list has been continuously updated.

The purpose of the list of standard contracts is to identify the supply contract types for which Table 1 of the Annex to the REMIT Implementing Regulation is applicable with a reporting on a T+1 basis. Any bilateral contract has to refer to the List of Standard Contracts in order to evaluate whether the contract is considered a standard one. The creation of the list of standard contracts is not intended to assign unique identifiers to the contracts listed, nor will the information collected be used for matching against the transaction reports. The purpose of the public list of standard contracts is to display the characteristics of each standard contract.

The Agency currently considers that the identifying reference data, to be submitted by organised market places, shall contain the following information[6]:

a) Contract name

b) Delivery zone

c) Energy commodity type

d) Contract type

e) Load type

f) Organised market place ID

g) Full name of the market place

h) Type of organised market place

The list of standard contracts has been published before the start of the second phase of transaction reporting, covering contracts traded outside organised market places in order to fulfil the purpose to facilitate reporting and identification of contracts traded outside organised market places as standard or non-standard contracts. The List of Standard Contracts is regularly updated with the information provided by OMPs and it is available in the REMIT Documents section of the ACER website.

9. Distinctions between product, contract and transaction for standard contracts

The Agency recognises that, given the terminology used in REMIT and in the REMIT Implementing Regulation, there is a need to clarify the following terms used in the TRUM:

a) Product

b) Contract

c) Transaction

d) Order report

e) Trade report

The product is the subject of the contract. A market participant enters into a transaction to close a deal (a contract), which is the right/obligation to receive/deliver the commodity (the product) in exchange of a payment.

a) Product

REMIT and the REMIT Implementing Regulation use the term “wholesale energy product” when referring to the subjects of contracts for the supply and transportation of gas and electricity within the European Union. In the TRUM, “product” refers to a physically deliverable energy commodity that can be identified by a set of characteristics defining its profile:

(i) Energy commodity = Electricity

(ii) Delivery point or zone = France

(iii) Delivery Profile / Period = 1 Hour / 2 Hours / 1 Month / Quarter / Season / 2pm to 3pm, etc. or for example from 01/01/2015 to 31/01/2015 from 7:00am to 7:00pm

This could be represented as: [Commodity Type][EIC Code][Delivery Profile]. All products, regardless of how or where they are traded are physically identical, in that they are the same commodity delivered to the same zone with the same profile. A product is the subject of a wholesale energy contract.

b) Contract

A contract is a specific tradable instrument that allows a market participant to trade the product, on a specific market place. Orders and trades can only occur against a contract. There can be multiple contracts against a single product. The contract has the following characteristics (with examples):

a) Product = as defined in the product definition above

b) Contract Type = Forward style contract

c) Market Identification = ACER code (ACE)

d) Market Contract Name = Electricity French Base load

This could be represented as: [Product][Contract Type][MIC][Contract Name]. The product is the subject of the contract. Whilst the contract is specific to one organised market place, the product can be traded at other organised market places, or bilaterally, as well. Additional information relating to a contract, which varies between venues, includes:

(i) Delivery capacity = 25 MW

(ii) Contract trading hours = 12pm (auction) or 09:00 to 17:00 (continuous market)

(iii) Traded Currency = EUR

Contracts traded at different organised market places are different from each other as different terms and conditions apply, even though they are related to the same energy commodity. For each individual contract, there is a specific order book.

c) Transaction

Transactions can only occur for a specific contract traded on an organised market place or bilaterally.

Market participants submit orders (bids and offers) to the organised market place as an indication of their willingness to trade the contract for the delivery of the product. An order, either in an auction or on a continuous market, is always considered as a bid or offer for the purchase or sale of the contract for the delivery of the product.

The rules of the organised market place determine whether the market participant’s submission of orders results in a trade. In the case of a continuous market, an order placed by a market participant will result in a sequenced set of events that may produce a trade. In the case of an auction market, the organised market place will produce all trade results at the close of the auction period.

d) Order report

An order report is a representation of orders submitted by a market participant or by an execution venue on behalf of a market participant and represents the willingness to trade a contract with a determinable price and volume.

e) Trade report

A trade report is a representation of any contract where there is a match between two or more orders to trade within an organised market place or an agreement on a bilateral trade which takes place off-market.

The trade report always shows a single side of the transaction, representing the matched values for the particular market participant. When a trade occurs, the market participant must produce a report for each trade.

In the following subchapters, the Agency provides information on how the data fields listed in Table 1 of the Annex to the REMIT Implementing Regulation should be populated when sending transaction reports to the Agency.

Orders to trade

The reporting of orders to trade is an important requirement that enables the Agency and the NRAs to detect possible cases of market manipulation. The Agency understands that, under the REMIT transaction reporting regime, all orders that are visible to market participants on organised markets shall be reported to the Agency.

The financial market legislations suggest that the notion of order for the purpose of Article 25 MiFIR includes quotations on trading venues. This is consistent with the approach taken in Article 17(2) MiFID. In particular ‘order’ includes quotations on RFQs (Request for Quotes) and voice broking systems operated by a trading venue where such quotations are advertised through the trading venue’s system.

Therefore, the Agency is of the understanding that the reference to orders includes quotations on trading venues such as Indication of Interest (IOI) advertised on the screens of the organised market places, while according to Article 7(3) of the REMIT Implementing Regulation, orders placed in brokers’ voice operated services are not reportable, unless they appear on electronic screen or other devices used by the trading venue. These orders shall thus only be reported at request of the Agency.

With regard to orders to trade in auction markets, Article 7(2) of the REMIT Implementing Regulation states that “In the case of auction markets where orders are not made publicly visible, only concluded contracts and final orders shall be reported. They shall be reported no later than on the working day following the auction.” This indicates that only orders that are admitted to the final auction have to be reported. For example, in the situation where an order is placed in an auction platform and then modified, the initial order is not a reportable order but the latter order is, if it is valid when the actual auction takes place.

Orders on spreads

Orders on spreads are orders that are placed by market participants on the screen of the organised market place with the intention to enter into a transaction made up of more than one contract (leg) at the same time. An example of such orders is those placed on the broker platforms to trade a dirty spark spread. Only orders on spreads that consist of wholesale energy products are reportable under REMIT.

As the REMIT reporting obligation encompasses both gas and electricity contracts, any spread trade which includes an underlying which is outside the scope of the REMIT reporting obligations (e.g. coal, oil, carbon emissions) falls outside the scope of orders on spreads reportable under the REMIT reporting regime. If a market participant places an order on a spread different than the dirty spark spread (electricity and gas), that order should not be reported to the Agency. In this case, only the individual transactions falling under the scope of REMIT will be reported to the Agency.

Furthermore, organised market places or trade matching systems may advertise spread trade opportunities for their clients on their screens. These types of advertised spreads such as spark, dark, inter period, inter product, ratios, cleared vs. non-cleared spreads should not be considered orders to trade as these are not placed by their client, the market participant. Trades which result from such spread are not different from trades that are executed manually by the market participant and should be reported as two or more separate transactions.

10. Lifecycle events

According to Article 7(1) of the REMIT Implementing Regulation “Any modification or the termination of the concluded contract or order to trade shall be reported as soon as possible but no later than the working day following the modification or termination“. The obligation to report any modification or the termination of a contract (so-called lifecycle events) applies also to non-standard contracts (Article 7(4) of REMIT Implementing Regulation), as well as to primary allocations of transportation capacity of electricity or natural gas (Article 7(5) of REMIT Implementing Regulation). The reporting of lifecycle events related to non-standard contract shall occur no later than one-month following the modification or termination of the contract.

Table 1 and Table 2 of the Annex to the REMIT Implementing Regulation requires market participants to report details for contracts, trades, orders to trade and their lifecycle events to the Agency.

The REMIT transaction reporting lifecycle events via Table 1 and Table 2 include:

a) the submission of a bilateral contract, an order or a trade for the first time will be identified as 'new';

b) the submission of the modification of details of a previously reported contract or an order to trade or a trade due to the business event or cause will be identified as 'modify';

c) the invalidation of a previously wrongly submitted bilateral contract, an order or a trade will be identified as 'error'; and

d) the submission of the early termination of an existing bilateral contract (e.g. an early termination of a contract) or trade (e.g. cancelation of the trade due to the novation), or cancellation of an order (e.g. permanent withdrawal of an order) due to the business event will be identified as 'cancel'.

Trading scenarios incorporating the lifecycle events described above for Table 1 and Table 2 and the expected way of how to report them are available in detail in Annex VII, which should help market participants understand lifecycle events under the REMIT transaction reporting regime. A non-exhaustive list of examples for reporting lifecycle events can be found in Annex II of this document.

Market participants should note that reporting of lifecycle events under REMIT may differ from lifecycle events reported under other EU legislations. In fact, the following are not expected to be reported under REMIT as they are not activities related to the execution or modification of a transaction entered into a wholesale energy market: confirmation, compression, settlement (pre-settlement, excluding early termination, and/or post-settlement activities), notional increase/decrease (relative to commodity index transactions including derivatives), clearing or option exercise.

There are following categories of lifecycle events reported under REMIT:

a) lifecycle event related to trades

b) lifecycle event related to orders to trade

c) lifecycle events related to bilateral contracts

a) Lifecycle event for trades (trade report)

The first submission to the Agency of a trade report (executed at an organised market place or bilaterally) is an event which will be identified as “new”. A modification of this trade report due to business decision/events has to be notified to the Agency and reported as “modify” (Annex VII to the TRUM shall be consulted for further details on using Action type ‘M’ in case of modifying a trade report). When an invalidation of a wrongly submitted trade report is needed, a record shall be submitted to the Agency and reported as “error”.

For further information on lifecycle events related to trades, reporting parties shall refer to Annex VII to the TRUM.

b) Lifecycle event for orders to trade (order report)

The submission to the Agency of an order at an organised market place for the first time will be identified as “new”. Any modification of this order report within the order book has to be notified to the Agency and reported as “modify”. Permanent withdrawal of an order or its expiration will be identified as “cancel”. When an invalidation of a wrongly submitted order report is needed, a record shall be submitted to the Agency and reported as “error”.

For further information on lifecycle events related to orders to trade, reporting parties shall refer to Annex VII to the TRUM.

c) Lifecycle event for bilateral contracts

The submission to the Agency of a bilateral contract for the first time will be identified as “new”. The early termination of an existing bilateral contract should be identified as “cancel”. At any time during the term of a contract, the parties may agree to terminate the contract (i.e. they end the contract earlier than its natural maturity date). In situations where the two counterparties to the contract may decide, or be forced, for an early termination of a contract prior to their natural maturity, a report shall be reported to indicate the agreed early termination date. This report shall be identified as “cancel”. When an invalidation of a wrongly submitted bilateral contract report is needed, a record shall be submitted to the Agency and reported as “error”.

In the bilateral and organised market place environment, trades may sometimes be amended after initial execution, e.g. counterparties may agree to increase the volume or to amend the price. If counterparties agree, e.g. through the broker, to increase the volume or to change the price of the trade, this must be reported by the broker. The same applies to any other organised market place. Lifecycle events that happen bilaterally between the market participants without involving an organised market place, should be reported by the market participants.

For further information on lifecycle events related to bilateral contracts, reporting parties shall refer to Annex VII to the TRUM.

Indications on how to report modifications or early terminations of the concluded contracts via Table 3 and Table 4 are provided in the description of the relevant data fields in TRUM, mainly in (but not limited to):

  • Table 3: Data Field (2) Document version;
  • Table 4: Data Field (14) Action Type.

Additional guidance on the reporting of lifecycle events related to contracts for the transportation of electricity and natural gas is reported in the Annex II of TRUM.


[1] Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).

[2] Please see also the List of Standard Contracts, draw n up and published by the Agency in accordance with Article 3(2) of the REMIT Implementing Regulation.

[3] For information concerning the Agency’s RRM Requirements, please see https://w ww.acer-remit.eu/portal/public-documentation.

[4] Directive 2009/72/EC of the European Parliament and of the Council of 13 July 2009 concerning common rules for the internal market in electricity and repealing Directive 2003/54/EC (OJ L 211, 14.8.2009, p. 55) and Directive 2009/73/EC of the European Parliament and of the Council of 13 July 2009 concerning common rules for the internal market in natural gas and repealing Directive 2003/55/EC.

[5] The reporting obligation as provided in Article 9(1) and 6(1) except in relation to contracts as referred to in Article 3(1)(b).

[6] Annex II of this document provides a table outlining the identifying reference data to be submitted by organised market places.

Updated: 
31/03/2022