The REMIT legal architecture generally use the term "wholesale energy product" when referring to contracts for the supply and transportation of gas and electricity within the European Union, however the definition of the "product" is relevant for the reporting scheme.
Within the draft ACER's Trade Reporting User Manual (TRUM) the term: "product" refers to the energy commodity.
Pursuant to the above, a product is a physically deliverable item, and can be identified by a set of characteristics that represent the commodity profile.
TRUM gives the following example:
- Commodity Type = Electricity
- Delivery / Bidding Zone = France
- Delivery Profile / Period = 1 Hour / 2 Hours / 1 Month / Quarter / Season / 2pm to 3pm, etc. or for example from 01/01/2015 to 31/01/2015 from 7:00am to 7:00pm
This could be represented as: [Commodity Type][EIC Code] [Delivery Profile].
TRUM stresses that all products, regardless of how or where they are traded, are physically identical, in that they are the same commodity delivered to the same zone with the same profile.
A product is the subject of a wholesale energy contract.
Source: TRUM