REMIT - reporting to ACER
On 7 October 2015 an obligation stipulated in the REMIT regulation to report to ACER orders and transactions of purchase/sale of electricity and gas, concluded on POLPX, entered into force
Starting from 7 October 2015 transactions and orders to trade in wholesale energy products, concluded on organised market places (including POLPX) and fundamental data of ENTSO-E and ENTSO-G, are subject to reporting requirements. Other wholesale transactions (standard and non-standard electricity or gas supply contracts concluded on OTC market, transportation contracts) and fundamental data of transmission system operators, LNG operators and storage system operators will be subject to reporting obligation as of 7 April 2016.
Transactions reporting requires company concluding transactions to register itself in a dedicated market participant register and to obtain ACER code. Registration in this system should be carried out in due time in advance as the registration process requires verification of documents and conformation of data by Energy Regulatory Office.
The requirement to report transactions and orders to ACER concerns the company which is a party to the transaction, however reporting can be entrusted to the third party possessing a RRM status (i.e. status of entity reporting on behalf of market participants, granted by ACER upon request).
The requirement to report transactions and orders concerning wholesale energy products is a part of surveillance system resulting from the regulation 1227/2001 (REMIT) aimed at detecting of and preventing from manipulations in wholesale energy markets. The surveillance system provides for shared responsibility between ACER and national regulatory authorities (NRAs). ACER is responsible for collecting the trade and fundamental data, conducting the market monitoring, and for initial analysis and assessment of situations that occur on the market. Any potential breaches detected by ACER will be notified to NRAs for further investigation and - if the breach is confirmed - for enforcement.
Moreover, lack of fulfilment of obligation to report, register and update data submitted in the registration form will be sanctioned by the President of ERO. The enforcement regulations have been included in the Act of 11 September 2015 on the Amendment of Energy Law Act and Certain Other Acts, which implements REMIT into the Polish national law. The Act becomes effective 14 days after its publication.
More information on reporting requirements can be found in a press release published on ACER website: www.acer.europa.eu.