We are now less than two months away from the start of “REMIT Phase 2”, on April 7th. From this date market participants in the European wholesale gas and power markets will need to report the details of all contracts and trades that are not traded on an Organised Market Place(OMP) to ACER, via a Registered Reporting Mechanism (RRM).
Unlike the first phase of REMIT, where orders and trades arising from activity on an OMP had to be reported, there is little possibility for a market participant to get another party to report data without first extracting and sending it. This is in contrast to phase 1, when OMPs were obligated to provide a data reporting agreement if requested.
There are still many unknowns around phase 2, for example around the reporting of executions of framework contracts. To date, the questions and answers documents from ACER (to be found on the portal here) have not addressed these issues. However a public meeting will take place in Ljubljana on Tuesday February 16th, which will hopefully address these issues.
This blog intends to publish notes from the meeting, as in the past. The meeting clashes with the E-world Energy and Water exhibition and congress in Essen, which many will be attending. There are still a small number of slots left for anyone who will be at the congress on Wednesday 17th, who wishes to meet with Aviv Handler of ETR Advisory to discuss what took place at the meeting. Those wishing to meet should email email@example.com.
Those who wish to gain a detailed insight into phase 2 reporting, including the latest updates, may wish to register for the “REMIT Phase 2 Master Class” which is being run by ETR Advisory and Entrima, in London on the 22nd February, and in Prague on the 26th. Full details can be found here.
There are now 59 calendar days left until the deadline. Market Participants are advised to ensure that they made all of the necessary provisions in time.