From practical point of view the important task for market participant when it comes to REMIT reporting will be the qualification whether the contract is standardised or not.
The ACER' list of standardised wholesale energy contracts would specify types of contracts for which standard reporting is mandatory.
Decisive for the reporting as standardised or non-standardised contract will be the fact whether a contract is or is not listed in the Agency's REMIT database.
All non-listed energy commodity contracts would be considered non-standardised and are to be reported with the non-standard reporting form, but including a copy of the contract as such in order to enable the Agency to revert to it in the market monitoring of wholesale energy markets in case of suspicious behaviours.
The ACER's list of standardised wholesale energy contracts is planned to be updated regularly.
Taxonomy of wholesale energy market transactions under REMIT
c. transaction category (commodity/transportation capacity)
Furthermore, such ACER list would provide a standard product taxonomy, i.e. a grouping of contract categories, for energy commodity contracts (using the above category dimensions) which is binding for the industry in order to categorize transactions by their product types in the context of reporting records of transactions.
Pre-trade data reporting also is considered by ACER as indispensable in the REMIT reporting architecture. It is noteworthy, the requirement includes inter alia the storing of voice-brokered orders.
On this occasion ACER Public Consultation on Recommendations to the European Commission as regards the records of wholesale energy market transactions according to REMIT, Evaluation of Responses, Ref: A12-AMIT-04-07a of 23 October 2012) acknowledges currently, at the European law level, no obligation to store voice brokered orders applies to non-regulated organised market places.
Another important legal consideration is that currently, contrary to the derivatives markets, no harmonised supervisory framework applies at the European level for the supervision of energy organised spot market places.
The Agency considers moreover that orders related to products traded on an organised market place and orders which are visible to more persons than the potential buyer and potential seller should be recorded and reported as if they were transactions.
For more details on wholesale energy products reporting under REMIT see here.