European Regulations – REMIT Reporting Services and Solutions
The Regulation of the wholesale Energy Market Integrity and Transparency (REMIT) came into force in December 2011, twenty days after the “Level 1” text was passed by the European Parliament. The main purpose behind REMIT is to outlaw market abuse in the wholesale gas and power market in Europe. REMIT is part of the “third package” of rules that are intended to move the EU towards a single wholesale market.
REMIT applies to all physical and financial trades, and also includes LNG where the supply is intended for the EU network.
Anyone who executes a trade for delivery inside the EU is subject to the rules, no matter where in the world they are based. In this sense REMIT is distinct from many financial regulations. REMIT is enforced by National Regulatory Authorities (NRAs), who are local energy regulators. For example, Ofgem enforce REMIT in the GB market using specifically drafted UK regulation which has extended their powers of enforcement (Northern Ireland is covered by the “Utility Regulator”). The entire effort is coordinated on an EU wide basis by ACER, the Agency for the Cooperation of Energy Regulators.
Analyst Note - Eka Commodity Analytics Cloud
Eka recently announced a new product line, separate and apart from their other product offerings based on the InSight CM platform. This new product, Commodity Analytics Cloud, does represent a departure from other commodity management products on the market and we believe it potentially represents a new software category within the CTRM marketplace. As such, we are providing this Analyst Briefing Note update to provide some of our early views.
For a more complete coverage of Eka, including a corporate overview, strategy discussion and products overview, by ComTech analysts, please refer to our most recently updated ComTech Analyst Briefing Note released in November 2014.
Eka recently announced the release of a new product that it terms the Commodity Analytics Cloud. According to the company, the goal of the new application is to accelerate information flow and analysis for commodity trading and commodity management companies. The solution crosses several categories of technology and software, including integration solutions, BI tools, analytics, Big Data solutions, data cubes and cloud offerings; and as such, it’s a product that is difficult to slot in any single existing solution category.
European Power Markets in Transition
With European energy markets in transition, all market participants now face a number of potentially tricky challenges. A combination of EU initiatives, increasingly invasive regulations and a backdrop of falling and less volatile commodity prices, have precipitated an era of change and uncertainty in which there are fewer trading opportunities and profits are harder to come by.
Analysis of the trends and issues impacting European energy markets strongly suggests that these markets are becoming increasingly asset-centric and that the winners will ultimately be those companies that can utilise their assets most effectively. Powel thrives in helping companies extract more value from their complex energy assets and portfolios using its expertise in optimisation, modelling, logistics and trading and is ready to rise and respond to these challenges.