The revised REMIT Regulation (Regulation on Wholesale Energy Market Integrity and Transparency) (REMIT 2024) came into force on May 7, 2024.
As part of this update, the European Commission was tasked to revise the REMIT Implementing Regulation to define new data reporting requirements by May 8, 2025.
On June 28, 2024, the Agency for the Cooperation of Energy Regulators (ACER) launched a public consultation on changes to the Annex of Commission Implementing Regulation (EU) No 1348/2014 on data reporting implementing Article 8(2) and Article 8(6) of Regulation (EU) No 1227/2011 (REMIT Implementing Regulation).
Why is ACER consulting?
Following the publication of the revised REMIT, ACER received numerous requests from stakeholders seeking clarification on the REMIT Implementing Regulation, especially its Annex, which outlines the information to be reported to ACER.
To address this topic, ACER launched a public consultation to gather stakeholders’ input on its proposal on data collection and field descriptions. This proposal is based on:
- new definitions and obligations from the revised REMIT;
- over 10 years of data collection insights; and
- discussions with National Regulatory Authorities (NRAs) and stakeholders.
The feedback received will inform the Agency’s proposal for data reporting under the revised REMIT and help shape ACER’s proposal to the European Commission.
What is the Annex ?
The REMIT Implementing Regulation Annex outlines the types of information that data reporting parties need to provide to ACER to ensure transparency and market integrity in the EU’s wholesale energy markets. It is divided into four tables, each specifying the data reporting obligations for:
- standard contracts for electricity and gas supply (Table 1);
- non-standard contracts for electricity and gas supply (Table 2);
- contracts related to electricity transportation (Table 3);
- contracts related to gas transportation (Table 4).
What are the next steps?
The public consultation will run from June 28, 2024, to September 6, 2024, to collect stakeholders’ feedback on its proposals for data reporting under the new REMIT Implementing Regulation.
Based on the feedback received, ACER aims to publish an Evaluation Report by mid-October 2024.
The inputs received will contribute to shaping ACER’s proposal to the European Commission, which will adopt the revised REMIT Implementing Regulation by May 8, 2025.
GRIP comment
Since the introduction of the first REMIT Regulation in 2011, the EU wholesale energy market has undergone significant changes and also witnessed an energy crisis. To enhance protection against market manipulation and to ensure effective market surveillance, amending REMIT has been crucial, said ACER.
The revised REMIT 2024 introduces stricter data reporting requirements to enhance market surveillance and improve detection of manipulative practices in the EU energy market. By requiring companies to provide more granular details on their transactions, regulators can gain a clearer picture of trading activity and identify any suspicious patterns that could indicate manipulation attempts. This increased transparency allows for swifter intervention and helps to safeguard the integrity of the market.
Stakeholders are encouraged to participate in this consultation on changes to the Annex of the REMIT Implementing Regulation to ensure their voices are heard in shaping the implementation process and to minimize any potential costs and compliance burdens.
