5.2 Data fields related to contract details

This section includes the following fields:

_{M = mandatory; O = optional; - = does not apply; * = conditionally required}

Data Field (11) Contract ID

This field identifies the unique contract ID as assigned by the two market participants. For a detailed explanation of how to report the Contract ID market participants should refer to Annex IV which explains how to generate a unique transaction ID. This can also be used to generate a Contract ID. The Agency recommends that market participants use the ACER algorithm available in Annex IV of this manual, unless markets participants agree on their own method of generating a Contract ID.

Data Field (12) Contract date

This field identifies the contract date on which the contract was agreed.

For the population of the field in case of modification of the contract, please refer to Annex VII.

This field must reflect the actual date as a string representation of the ISO 8601 date format.

Data Field (13) Contract type

This field identifies the type of contract that is reported. For bilateral contracts forward style contract refers to the forward style which also includes spot transactions. Market participants should not understand forward style as a sort of derivative contract but as the style of the contract itself i.e. for physical delivery at a later date.

Data Field (14) Energy commodity

This field identifies the energy commodity of the product delivered: either natural gas or electricity. Other commodities such as emissions rights, coal, oil, etc. are out of scope of REMIT.

Spreads are not commodities. Clean and Dirty Spark Spreads, for trades that involve both electricity and gas have to be reported separately unless the contract itself includes both commodities in which case both, gas and electricity, should be reported in this field.

Clean and Dirty Dark Spreads, for a trade that involves electricity, coal and emissions should be reported as an electricity contract. Coal and emissions have not to be reported.

Data Field (15) Price or price formula

This field identifies the agreed price per unit of energy as expressed in Data Field (20). In case of options, this field represents the premium. If the contract includes a price formula this shall be reported in this field.

If the price is set by an index reported in Data Field (25) without any formula, then Data Field (15) shall be left blank.

The Agency understands that a price formula may be very complex and may not be represented in the same way in the systems of the two counterparties to the contract. When the price formula is very complex, market participants should report a simplified version of the formula.

Data Field (16) Estimated notional amount

This field identifies the estimated notional amount of the contract. The notional amount should be calculated using the following formula:

Estimated notional amount = Price x Total notional contract quantity where:

• Price is defined as the price of the volume as per Data Field (15)
• Total notional contract quantity is the quantity of energy as per Data Field (18)

For example, a contract traded for a price of 50 EUR/MWh for a volume of 100 MW delivered for 8 hours has the following notional amount:

50 EUR/MWh x 100 MW x 8 h = EUR 40,000

or for a monthly contract:

50 EUR/MWh x 100 MW x 8 h/day x 30 days = EUR 1,200,000

This field should be left blank for contracts that do not have a known (fixed) price at the time of the trade. The same applies to any contracts which have a floating leg, e.g. gas/electricity financial swaps not reported under EMIR but reportable under REMIT. For example: in April, market participant (A) enters into an electricity financial swap contract for the month of July. Market participant (A) is the seller of the swap. Market participant (A) sells the forward fixed leg today and it buys the spot price (based on a reference price) in July. For the fixed leg, the forward price is known today but the spot price is not known until the end of July. In this case, this field should be left blank.

For the calculation of the notional amount for options, the option strike price should be used, and not the option premium.

The Agency understands that without a fixed price and/or quantity, market participants will only be able to provide an estimated notional amount that may differ between the two counterparties.

Where Data Field (18) Total notional contract quantity is not known, this field shall be left blank.

Data Field (17) Notional currency

This field identifies the currency for the value indicated in Data Field (15) (price) and/or (16) (estimated notional amount). The notional currency shall be provided in the major unit, e.g. EURO rather than EURO cent and GBP rather than GB pence.

The reason for reporting the major unit is, for example, that the price for NBP is quoted in pence per therm, but the notional value of the contract may be much bigger e.g. a gas year forward is 365 days and it may be more appropriate to have GBP 1,000,000 rather than GBX. 100,000,000.

If Data Field (15) (Price) and (16)(Estimated notional amount) is blank, this field should be left blank.

Data Field (18) Total notional contract quantity

This field identifies the total quantity or energy volume of the transaction (total notional contract quantity). The total notional contract quantity is the overall quantity/volume of energy included in the contract. The notional contract quantity should be calculated using the following formula:

Total notional contract quantity = Volume x number of periods, where:

• Volume is the quantity of energy as per Data Field (19) volume optionality capacity (if available)
• Number of periods is the number of times that quantity is delivered / received

For example, a contract traded for a volume of 100 MW delivered for 8 hours would have the following total notional contract quantity:

100 MW x 8h = 800 MWh

or for a monthly contract:

100 MW x 8h x 30days = 240,000 MWh

The Agency understands that without a defined quantity market participants will be only able to provide an estimated notional contract quantity that may differ between the market participants.

Where the total notional contract quantity is not known, this field shall be left blank. 

Data Field (19) Volume optionality capacity

This field identifies the number of units included in the contract per delivery time interval if available.

For example, if the non-standard contract has optionality identifying the capacity per time interval, this should be reported in this field. Please see examples available in Annex II. 

Data Field (20) Notional quantity unit

This field must identify the unit used for the reported quantity in Data Field (18) (total notional contract quantity) and Data Field (19) (volume optionality capacity). Where the units for Data Field (18) and Data Field (19) differ, the two different quantity units should be provided.

Data Field (21) Volume optionality

This field identifies the type of volume classification of the capacity indicated in Data Field (19). This is a representation of the flexibility of the contract capacity.

For example, it refers to the volume classification such as variable “V” (e.g. unbound variable capacity), fix “F” (e.g. 100), min/max “M” (e.g. 100 to 200), complex “C” (e.g. 0 [zero] or 100 to 200) or other “O” (e.g. 0 or 200). Please see the examples in Annex II.

When Data Field (21) is populated with “V”, “M”, “C” and “O”, then Data Field (22) is expected to be populated.

Data Field (22) Volume optionality frequency

This field identifies the frequency of the volume optionality as indicated in Data Field (19). This is a representation of how frequently the capacity of the non-standard contract can be “flexed”.

For example, it refers to the hourly, daily, weekly, monthly, seasonal, annual or other volume optionality frequency as specified in the table above. It does not specify the exact dates and times when the contract capacity can be changed, but only the frequency that the capacity can be adjusted.  

Data Field (23) Volume optionality intervals

This field identifies the time interval for each volume optionality, as indicated in Data Field (19), that the market participant of the non-standard contract can adjust the volume capacity.