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Category: REMIT


Y
ou should subscribe to the ACER's newsletter p.d.q. In the new regulatory environment this ACER's leaflet seems more important than the EU Official Journal. Need an example?

 

Let's start with a few facts.


The story begins in July 2019 when the ACER published two important documents:

 

 - an updated version of the 4th Edition of its Guidance on the application of REMIT, and 

 

- Frequently Asked Questions (FAQs) on REMIT fundamental data and inside information collection, 6th Edition.

 

In the former document in Sections 7.1 and 7.2 ACER introduced the new requirement for the inside information under REMIT to be disclosed using an inside information platform (IIP) or transparency platform.

 

In the latter, in the answer to the question 4.1.17. ACER said the EU energy market participants should fully comply with the new publication requirements as of 1 July 2020.

 

This sounds innocent but it isn't - before the said date the publication of inside information under REMIT took place mainly on market participants' websites - new obligation involves an entirely new organisational set-up.

 
Later on the ACER's newsletter appears (on 18 May 2020) where the respective compliance date has been extended from 30 June 2020 to 1 January 2021.

 

Ok, 3 months left before the deadline, prudent market participants willing to observe (the law?) search for compliant platforms and what they find?

 

As follows from the relevant ACER’s website as visited on 28 September 2020 (List of Inside Information and Transparency Platforms), no platform passed all Agency’s tests. 

The most advanced ones were under the second stage evaluation.

  
Here is the IIP list as it was presented on the ACER's website on 28 September 2020.

 

No.

Name of the platform

EL

NG

Status of application

1.

Central European Gas Hub AG

yes

yes

1st phase completed

2nd phase under evaluation

2.

European Energy Exchange AG

yes

yes

1st phase completed

2nd phase under evaluation

3.

ELEXON Ltd

yes

no

under evaluation, 1st phase

4.

Energinet Elsystemansvar A/S

yes

no

under evaluation, 1st phase

5.

ENTSOG - European Network of Transmission System Operators for Gas

no

yes

1st phase completed

2nd phase under evaluation

6.

Gas Transmission Operator GAZ-SYSTEM S.A.

no

yes

1st phase completed

2nd phase under evaluation

7.

Gestore dei Mercati Energetici S.p.A.

yes

yes

1st phase completed

2nd phase under evaluation

8.

Hungarian Power Exchange

yes

yes

1st phase completed

2nd phase under evaluation

9.

JAO

yes

no

under evaluation, 1st phase

10.

Nord Pool AS

yes

no

under evaluation, 1st phase

11.

PRISMA European Capacity Platform GmbH

no

yes

under evaluation, 1st phase

12.

REN, Redes Energéticas Nacionais, SA

yes

no

under evaluation, 1st phase

13.

RTE Réseau de Transport d'Electricité

yes

no

under evaluation, 1st phase

14.

SEEBURGER AG

yes

yes

1st phase completed

2nd phase under evaluation

15.

Solien, s.r.o.

yes

yes

1st phase completed

2nd phase under evaluation

16.

Towarowa Giełda Energii S.A.

yes

no

under evaluation, 1st phase

17.

UAB GET Baltic

no

yes

1st phase completed

2nd phase under evaluation

18.

Webware Internet Solutions GmbH

yes

yes

1st phase completed

2nd phase under evaluation

 

 

As visited on 4 October 2020 only the Gestore dei Mercati Energetici S.p.A. has been assigned ACER's annotation "IIP assessment successfully completed".

 

In turn, EEX on its transparency website mentions the platform complies with the ACER's requirements, while in fact, as follows from the above ACER's table, it is undergoing a second phase evaluation.

 

As regards the evaluation phases, on its website ACER explains:

“The registration of IIPs takes place in two phases. During the first phase, the Agency assesses both the applications submitted by IIPs and the IIPs’ websites for the disclosure of inside information, in order to verify compliance with the following seven requirements

(1) public disclosure on a non-discriminatory basis and public accessibility free of charge

(2) public disclosure by means of web feeds,

(3) record keeping and availability for public,

(4) language of publication,

(5) minimal availability,

(6) administrative arrangements to prevent conflicts of interest with market participants, and

(7) reporting of inside information in line with the Manual of Procedures on data reporting.

During the second phase, the Agency assesses the collection of inside information via web feeds, namely the reliability of the web feed(s) and the disclosure of inside information on the IIP website vs. via the web feed, according to the Manual of Procedures on data reporting.”

 

What is all about? It's about how the law shouldn't be enacted: lacking promulgation, lacking sufficient vacatio legis and lacking ACER newsletter's subscribers.