The 39th edition of ACER’s REMIT Quarterly, covering the fourth quarter of 2024, provides several key updates:

• Data Reporting Enhancements
  ACER has been refining data reporting processes in line with the revised REMIT framework. Notably, two joint roundtable meetings were held on 26 and 28 November 2024 with Registered Reporting Mechanisms (RRMs), Inside Information Platforms (IIPs), Associations of Energy Market Participants (AEMPs), and Organised Market Places (OMPs). These sessions focused on the upcoming revision of the REMIT Implementing Regulation and shared updates on data reporting guidance.
• Expert Group Meetings
  The 3rd and 4th meetings of the Expert Groups on Wholesale Energy Market Data Reporting and on Wholesale Energy Market Integrity and Transparency were convened. These groups play a pivotal role in advising ACER on REMIT-related matters, ensuring effective market surveillance and data reporting.
• Hydrogen Market Transparency
  Market participants in the hydrogen sector are reminded of their obligations to disclose inside information, promoting transparency and integrity as this market evolves.

ACER draws the attention of market participants to the obligation under Regulation (EU) 2017/1938 on measures to safeguard the security of gas supply, as revised by the Regulation (EU) 2024/1789, which will be applicable as of 5 February 2025. This said provision entails that hydrogen market participants are expected to start registering with their relevant NRAs as of this date, in order to fulfil their obligations in relation to the disclosure of inside information. Nonetheless, the Agency reminds that the reporting of hydrogen related wholesale energy products as per Article 8 of Regulation (EU) 1227/2011 on wholesale energy market integrity and transparency (REMIT), as revised by Regulation (EU) 2024/1106, is not expected to commence until the Commission Implementing Regulation (EU) 1348/2014 on data reporting is revised.

• Guidance Updates
  ACER has updated its guidance documents on REMIT transaction reporting, highlighting trends in data reporting and recognizing the top five reporting entities.
• REMIT Breach Cases
  By the end of Q4 2024, ACER had 390 REMIT breach cases under review, reflecting ongoing efforts to monitor and enforce compliance in wholesale energy markets.
• Trading Activities Summary
  The report provides a summary of 2024 trading activities on Organised Market Places, offering insights into market dynamics over the year.

These developments underscore ACER’s commitment to enhancing transparency, integrity, and oversight in Europe’s wholesale energy markets.

Link: acer.europa.eu

The document “Evaluation of Responses to the Public Consultation of ACER on the Revision of the Annex of the REMIT Implementing Regulation” provides a comprehensive review of feedback from stakeholders regarding proposed changes to the REMIT Implementing Regulation Annex.

Below is a concise summary:

Purpose of the Document

The report evaluates input from a public consultation process aimed at revising the Annex of the REMIT Implementing Regulation (IR). This process ensures the data reporting framework aligns with market evolution and regulatory needs while considering feedback from stakeholders like market participants, regulatory bodies, and organized marketplaces.

Key Highlights

1. Consultation Background:
   • Regulation (EU) 2024/1106 introduced amendments to REMIT in May 2024, necessitating updates to the Implementing Regulation by May 2025.
   • ACER conducted a consultation from June to September 2024 to gather stakeholder input.
2. Stakeholder Participation:
   • A total of 92 stakeholders, including market participants, organized marketplaces, and national regulators, contributed feedback.
   • Responses highlighted a general preference for maintaining simplicity and minimizing administrative burdens.
3. Key Feedback Themes:
   • Alignment with Market Evolution: Stakeholders recommended flexibility in reporting requirements, avoiding unnecessary additions to data fields unless clearly justified.
   • Data Reporting Formats: Strong opposition was voiced against transitioning from XML to alternative formats like JSON due to potential costs and system disruptions.
   • Algorithmic Trading and System-Generated Orders: Concerns were raised about the feasibility and clarity of proposals to flag algorithmic trading or differentiate system-generated orders.
   • Delivery Profiles: Suggestions were made to refine the reporting of delivery intervals without excessive restructuring of existing tables.
4. Recommendations and Challenges:
   • Simplification: Stakeholders emphasized maintaining a lean data structure while ensuring data quality.
   • Consistency: Calls were made for a unified approach to naming conventions and data fields across markets and trading platforms.
   • Implementation Timelines: Adequate lead time (e.g., 12 months) was requested for implementing any changes to allow stakeholders to adapt systems.
5. Next Steps:
   • ACER plans to use the consultation feedback in discussions with the European Commission.
   • Further stakeholder engagement is expected, including roundtable meetings to finalize proposed changes.

Notable Insights from Responses

• Stakeholders were divided on adding new data fields, with many arguing that existing fields could be optimized to avoid complexity.
• There was broad support for optimizing the use of ACER codes for entity identification while reducing redundant fields.
• Algorithmic trading and direct electronic access (DEA) reporting were identified as areas requiring clearer definitions and limited additional reporting obligations.

Evaluation of responses to the public consultation of ACER on the revision of the Annex of the REMIT Implementing Regulation

The two versions of Annex VIII of the “Transaction Reporting User Manual” (TRUM) by the Agency for the Cooperation of Energy Regulators (ACER) provide guidelines for reporting liquefied natural gas (LNG) supply contracts under the REMIT regulation. Below are the main differences between Version 1.0 (March 13, 2024) and Version 1.1 (September 30, 2024):

Key Differences

1. Clarifications and Refinements:
   • Version 1.1 includes additional clarifications regarding reporting requirements for LNG supply contracts, especially for spot and portfolio contracts and associated transactions.
   • New examples and scenarios have been added to help market participants better understand the requirements.
2. Adaptations to Regulatory Changes:
   • The updates reflect amendments in the REMIT regulation to ensure that the guidelines align with the latest regulatory requirements.
   • References to updated documents and supplementary guidance were incorporated to maintain consistency with other ACER publications.
3. Structural and Formatting Improvements:
   • The structure of the document has been revised to enhance readability and usability.
   • Sections have been reorganized, with headings and subsections adjusted for easier navigation.

Summary

Version 1.1 of Annex VIII of the TRUM offers expanded and refined guidance on reporting LNG supply contracts under REMIT. These updates aim to provide market participants with clearer instructions and ensure that the guidelines remain compliant with current regulatory standards.

For more detailed insights, consulting the specific sections of each version is recommended. Let me know if you’d like further assistance!

Version 1.1

Version 1.0

Version 1.1 vs. Version 1.0

ACER has updated the Transaction Reporting User Manual (TRUM) to enhance the reporting of ‘liquefied natural gas (LNG) supply contracts’ and ‘power purchase agreements (PPA)’.

• ACER REMIT TRUM v6.0

Particularly noteworthy is the new Annex VIII, which is intended to expand the reporting of LNG supply contracts under REMIT:

• Neu: Annex VIII V1.0

Links to other changes:

• Annex II V5.0
  New examples of spot-type LNG transactions and non-standard contracts
  Version comparison:V5.0-vs-V4.2
• Annex IV V2.2
  Additional clarification on the reporting of the Unique Transaction Identifier (UTI) and Contract ID.
  Most important statement: “Both counterparts are responsible for the generating an identical UTI and Contract ID in their respective reports of the same trade.”
  Version comparison: V2.2-vs-V2.1
• Annex VI V3.0
  Additional information on how to correctly report the Delivery point or zone: how to report EIC code of LNG terminal.
  New:  EIC validator tool.
  Version comparison: V3.0-vs-V2.1

Additionally, the FAQs have been updated to include guidance on reporting transactions related to a local flexibility product and an explanation on reporting a gas transportation contract related to capacity conversion and capacity upgrade:

• FAQ 16^th edition

It is important to note that ACER has not yet published the technical documentation for REMITTable1 (XML schema for standard contracts) and REMITTable2 (XML schema for non-standard contracts). This means that technical implementation is not yet possible.

After publication, market participants are expected to implement the changes within 6 months.

We will inform you as soon as the updated documentation is available so that you have enough time to fulfil the new requirements.

Further information can be found on the ACER website:
ACER updates REMIT TRUM
REMIT Documents

The Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) provides an EU framework to ensure the transparency and integrity of energy markets and to deter market participants from manipulating the market. It also plays an important role in protecting the interests of businesses and consumers and ensuring confidence in energy markets.

The REMIT Quarterly is ACER’s main communication channel with stakeholders on REMIT-related issues. It provides updates on a quarterly basis.

Topics:

an updated overview of the sanction decisions for the past year, with 364 REMIT cases under review at the moment;
a fine of €80,000 for non-timely disclosure of inside information relating to the French electricity market;
statistics for registered reporting mechanisms’ (RRMs’) contingency reports;
an assessment of trading on organised market places.
Access the 34th issue of REMIT Quarterly.

Access all issues of REMIT Quarterly.