ACER have today issued this open letter, informing the market of an initiative to improve data quality reported under REMIT. Reporting of data under REMIT started on 7th October 2015 with data originating from transactions executed on an Organised Market Place (OMP). This was followed by the reporting of other data from 7th April 2016 including OTC trades, framework contracts, executions, secondary capacity and fundamental data such as gas in store. The final backloading deadline was on the 6th July 2016.
The letter highlights the fact that there are many data quality issues so far, including paired trades which do not match, illogical reports and many others, as outlined at the end of the letter. The tone of the letter is such that the exercise should be considered as a cooperative one with the market, but that a lack of cooperation or action when being notified of data issues may lead to sanctions. Market participants are reminded that if told of incorrect data, it must be resent. In addition, it refers to the need to address errors found.
Market participants should expect to be contacted either directly by ACER, or via their RRMs and will need to be ready to take corrective actions. Further workshops and meetings are promised for the coming weeks.