“Market player or person or authority . . . to provide the Agency, on behalf of the Agency, with a statement of wholesale energy transactions, including commercial orders. The information notified includes the precise identification of wholesale energy products purchased and sold, the agreed price and amount agreed, the dates and timelines, the transaction shares and the beneficiaries of the transaction, as well as any other relevant information. While the overall responsibility lies with market participants, the reporting obligation is deemed to be fulfilled for the operator concerned as soon as the necessary information is received from a person or public authority […] ». For example, in practice, whenever traders agree to act under the framework agreement, Part A will agree on a price with Part B to purchase a specified amount of gas over a specified period (day) on the beach under a general master contract and at the same time agree the price to sell the same volume of gas to Part B of NBP under a separate master contract during the same period (day). Both transactions are carried out as bilateral operations (excluding PMM), but they are identical to those admitted to a PMO and are therefore classified as standard contracts in accordance with Section 3.2.5 of TRUM. This increases the importance of the role of MRRs, which should become a collection point for market and OMPs data, says Hugh Brunswick, Managing Director of EFETnet, Efet`s operational service arm.
This could simplify the reporting process and allow companies to monitor and control information before it is introduced into the Acer Remit information system, the regulator`s database. “It`s in the interest of market players to simplify their business processes and that really means putting all the data in one place,” says Brunswick. “The big risk right now is that this is all a chaotic mess and no one is looking at all the data that comes in.” Example: The number 1 company as an MP currently declares trades under REMIT under its own ACER code. On July 1, the number 1 company will be newly named and will become a new company that will have the ACER code of the number 2 company. What is the impact on trades reported at point 1 of the company? “REMIT concerns all those who participate in or whose behaviour affects wholesale energy markets within the Union. It does not matter whether this person resides in the EU or whether he or she is a professional investor or not. In addition, non-EU and non-EEA operators are covered by remit when they conduct transactions, including trading markets, in one or more wholesale energy markets in the EU.