Data reporting under the EU Regulation on wholesale energy market integrity and transparency (REMIT) started on Wednesday 7 October and ACER has successfully started collecting data for the market monitoring of EU wholesale energy markets. Since then, the Agency received more than one million records of transactions of wholesale energy market contracts, including orders to trade, executed at organised market places. 29 Registered Reporting Mechanisms (RRMs) have been actively submitting records. In the course of this week three new third party RRMs finalised their registration process and could start to report.
For a large pan-European IT project of this scale and taking into account the circumstances and resource constraints under which the Agency had to launch it, against all odds, there were surprisingly only little hiccups that some reporting parties had to deal with. The transaction reporting from RRMs seems to work well, there are only some delays in the issuing of receipts which should be sorted out within the following days.
Such technical glitches are possible in the normal course of business and were anticipated by the Agency in its contingency plan. They are more likely to happen at the early stage of a new reporting regime like the REMIT transaction reporting and therefore should not be worrisome. Any such possible technical issue when reporting data to the Agency should not be confused with possible breaches of the reporting obligations under REMIT.
The Agency very much appreciates the very constructive and close cooperation with reporting parties and looks forward to a successful continuation of the REMIT transaction reporting. The Agency nevertheless urges entities with reporting obligations to undertake all necessary steps to be registered as Reporting Mechanisms (RRMs) or alternatively to select a registered RRM to fulfil their obligations.
The Agency, together with the National Regulatory Authorities from the 28 Member States, will closely observe the progress on reporting to ensure that all entities with reporting obligations take adequate steps to fulfil their obligations.
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ACER: More Than One Million Data Records Received. Remit Data Reporting Progressing Well Since 7 October
Date 09/10/2015