The European Commission adopted an implementing regulation on data reporting under REMIT at the end of December 2014. REMIT introduces an energy sector-specific legal framework to counter insider trading and market manipulation on wholesale energy markets. REMIT includes obligations for market participants to report information about contracts for the supply or transportation of gas or electricity to ACER, the European Agency for the energy market. ACER will include the data collected in a central database. The implementing regulation provides further details as to which information regarding energy contract must be reported and by which dates. The first reporting date is 7 October 2015 for contracts admitted at organised market places, such as exchanges. For other wholesale energy contracts, 7 April 2016 will be the starting date.
In addition, the implementing regulation sets the starting dates for the reporting by the European Networks for Transmissions System Operators for Gas and Electricity (ENTSO-G and ENTSO-E) of fundamental data regarding the capacity and use of facilities for the production, consumption, storage and transmission of gas and electricity. Again, the first reporting obligations will start on 7 October 2015.
Under read more you will find a link to the Implementing Regulation on data reporting under REMIT and to the ACER website (which includes a timeline).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.