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REMIT

Extension of “No Action Relief” for REMIT on demand reporting

Following yesterday’s release of new versions of the REMIT Q+A and Transaction Reporting FAQ documents, ACER has also released this letter of “No Action Relief”, applying on contracts which are  “reportable on demand” under REMIT Article 8. The letter extends such relief from the previously announced expiry of 31 December 2016 to 31 December 2017.

REMIT requires that orders, transactions, framework contracts, transportation contracts and fundamental data be reported to ACER, usually via a Registered Reporting Mechanism. These requirements have been fully in place since July 2016. However, some transaction types are not generally reportable under REMIT, but are reportable upon “reasonable request” by either ACER or a National Regulatory Authority(NRA). The REMIT Implementing Act Article 4 specifies such  transaction types as:

  • Intragroup contracts
  • Contracts for the physical delivery of electricity produced by a single production unit with a capacity equal to or less than 10 MW or by production units with a combined capacity equal to or less than 10 MW
  • Contracts for the physical delivery of natural gas produced by a single natural gas production facility with a production capacity equal to or less than 20 MW
  • Contracts for balancing services in electricity and natural gas.

ACER has previously released a similar letter stating that until 31 December 2016, data around the above transaction types would not be requested by them. The new version of the letter extends this by a year, to 31 December 2017. However the scope of the letter only applies to requests from ACER, not NRAs.

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on energy and commodity regulation. He has more than 20 years of experience in energy and commodity trading, credit, risk and financial technology. He has delivered a series of trading, credit and risk solutions to a wide variety of oil majors, power and gas companies and investment banks. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy 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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