Ofgem, the National Regulatory Authority for Great Britain, has made this announcement publicising a fine levied on SSE Generation Limited for a breach of REMIT Article 4, the part of REMIT that contains the obligation to disclose Inside Information.

The full notice, which can be found here, reveals that the fine relates to agreements signed and decisions taken relating to the provision of ancillary services and to retain Transmission Entry Capacity in March 2016. The notice considers that on that date, all four of the criteria for a piece of information to become “Inside Information” were met, and that as a result a REMIT disclosure was required.

The fine is still subject to appeal, and has been discounted, not only for “early settlement”, but also because the rules were still relatively new at the time.

Earlier this year, ACER published the 5th Edition of the REMIT Guidance (see here), which contains further guidance as to the definition of “Inside Information”. The question of whether a piece of information is considered to be “inside” is one that consumes a great deal of industry time.