Tag: Remit

RRM approvals continue

While it has now been several weeks since off venue REMIT reporting commenced, RRM approvals continue. The list published by ACER, which can be found here, continues to grow despite many applications being terminated, as outlined in the latest REMIT quarterly. At the same time, TGE have announced the approval of their RRM to accept more data … Continue reading →... continue reading

4th REMIT guidance issued – the focus on monitoring continues

ACER have today issued the 4th version of their guidance on REMIT which can be found here. The non binding guidance provides ACER’s view on how many aspects of REMIT are to be interpreted. This 4th version focuses on the rules around monitoring. The monitoring obligations under REMIT are found in Article 15 and apply to … Continue reading →... continue reading

Pioneer Solutions Steps Up In Europe

Recently, I took a short briefing from Mr. Hugo Stappers of Pioneer Solutions to catch up with the company’s activities specifically in Europe. The recent Vendor Perception Study suggested that Pioneer Solutions have made some progress in terms of name recognition in Europe in recent years. I learned that Pioneer has acquired a couple more customers in Europe including Greenchoice and an unidentified company in the softs space. Also in the USA, they have added a number of customers, including a large utility and a gas retailer resulting in an expanding customer base on both sides of the pond. Mr.... continue reading

REMIT data quality

See here for a post from Tilo Zimmerman of Ponton  on LinkedIn on the data quality of REMIT data. It is now over 2 months since off venue reporting commenced, and there are just over 3 weeks to go until the REMIT “backloading” deadline, on 6th July, by which time any contract struck before 7th April … Continue reading →... continue reading

Updated REMIT Q+A published

ACER have updated their Questions and Answers document on REMIT which can be found here. There are three new answers and one updated one: If a holding owns several market participants but is not one itself, nominates one to act as the RRM for the others, but the holdings do not have any employees, who is responsible for the reporting and how should the RRM application form be filled (III.2.47, page … Continue reading →... continue reading

Changes to REMIT Inside Information reporting as part of the GB Balancing and Settlement Code

Ofgem, the National Regulatory Authority of the Great Britain market, have recently issued this notice informing of the decision on how to achieve compliance with the upcoming changes to the REMIT rules around Inside Information publication, due to go into effect on 1st January 2017, the changes known as P329. The decision is that both the … Continue reading →... continue reading

ACER’s public consultation on the CEREMP

ACER have recently closed a consultation on the Centralised European Register of Energy Market Participants (CEREMP), the register in which all market participants must lodge an entry as part of REMIT, resulting in the allocation of an ACER code. The register requires market participants to provide several pieces of data relating to their entity, the … Continue reading →... continue reading

REMIT reporting one week on

It is now one week since “Remit reporting phase 2” started, on 7th April. From that date, any new off venue reportable trade needed to be reported to ACER via a Registered Reporting Mechanism (RRM), including some that must be reported by the end of the working day after execution. ACER have published this press release announcing the … Continue reading →... continue reading

REMIT Phase 2 reporting day is here

Today is April 7th, the day on which REMIT phase 2 reporting starts. Most off venue trades under REMIT (with some exceptions) executed from today onwards must be reported by market participants to ACER using a Registered Reporting Mechanism (RRM). The list of approved RRMs by data type can be found here and includes third party … Continue reading →... continue reading

REMIT Reporting is nearly done – can we now forget about European regulation?

There are now only a few days to go until the second, and final, reporting deadline under REMIT, on 7th April. From that date, all “REMIT” contracts, generally physical and financial gas or power trades (with some exceptions) need to be reported to ACER, the regulator, via an RRM (Registered Reporting Mechanism). There are an additional 90 days in which to “backload” trades and contracts that are already in place and still in delivery. This deadline comes just over two years after the EMIR reporting deadline, which covered all derivatives. For many in energy and commodities, EMIR was the first... continue reading

Welcome to REMIT Phase 2 reporting week

We are now in the week during which the second phase on REMIT reporting starts, this Thursday 7th April. From that day, any qualifying “off venue” activity under REMIT must be reported by market participants to ACER using an RRM (or by the participant becoming an RRM themselves). There have been many updates issued by … Continue reading →... continue reading

ACER issues FAQ on fundamental data and inside information reporting

ACER have issued a Frequently Asked Questions document on fundamental data and inside information reporting reporting under REMIT, on the morning of April 1st, less than one week before the fundamental data reporting deadline. The document can be found here. Market Participants must report fundamental data of three different types: Gas balances in store LNG … Continue reading →... continue reading

One week to go until REMIT phase 2

There is now one week to go until April 7th, the date on which off venue reporting under REMIT starts. From that day, trades and contracts covered by REMIT must be sent to ACER either within a day or a month of being struck, depending on their status. Market participants also need to send some … Continue reading →... continue reading

New and Updated REMIT Report Issued

There are now less than 3 weeks to go until “phase 2” REMIT reporting starts. On February 16th ACER held a public workshop, whilst simultaneously releasing new versions of a number of documents, filling in some major gaps that had existed for months beforehand. Never the less there are still many unanswered questions about how many aspects of the reporting will work. The information available has been used to create the latest version of the REMIT Reporting Services and Solutions report, first published last July. The updates attempt to reflect the latest information and thinking around the next reporting deadline.... continue reading

LNG clarity desired under REMIT

See here for an article on the ICIS web site which discusses the issues surrounding the reporting of LNG under REMIT. While LNG is explicitly mentioned in the Implementing Act for fundamental data reporting, there is no such explicit mention in the rest of the Act. However, as a form of gas, there has been … Continue reading →... continue reading

OpenLink Capturing European Power & Gas Mid-Tier Market Share

Over the last 12-months or so, OpenLink has announced a string of (for it) rather untypical license deals in the middle tier in European power and gas, including firms like Romande Energie, MET group, Energy Delivery Solutions, and several others. In fact, it has announced some six such deals in the last year according to Harry Nota, Head of Energy for the EMEA region, with several others as yet unannounced. According to Mr. Nota, a combination of drivers has made the European power & gas market an attractive proposition with good demand levels. These drivers include a shift towards shorter-term... continue reading