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REMIT

EFETNet gets REMIT reporting approval for all formats

See here for a press release from EFETNet announcing that they have received approval for all of the formats that market participants may need to use to carry out REMIT Reporting. This includes  tables 3 and 4, for secondary power and gas capacity and transportation, as well as the three types of fundamental data hat market participants are required to report. These three types span daily gas balances in store, LNG unloads and reloads, and planned LNG unloads and reloads.

There has been a lack of information around these formats, some of which are based on non ACER standards. For example table 4 is based on EDIGas 5.1. There have also been no examples issued so far by ACER either on tables 3 and 4, nor of fundamental data. EFETNet are one of the earlier major RRMs to receive such approval. The full list of approvals by data type can be found here.

This news follows as announcement by EFETNet the day before of the opening of the service, including “reporting on behalf of” functionality which permits counterparties to report on behalf of others. The announcement, which can be found here,  refers to updates to the contractual framework around such reporting, following due diligence carried out regarding competition law.

With less than 3 weeks to go until reporting starts, we can expect several more announcements over the coming days.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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