| © ICIS HEREN - REMIT trade reporting to begin on 7 October 2015 |
| 2014-12-23 |
| Energy firms must start reporting natural gas and power trades from 7 October 2015, after the EU published the implementing acts for a regulation to deal with energy market abuse and manipulation in its official journal on Thursday (18th December). Transmission system operators will also have to report fundamentals data to the Agency for the Cooperation of Energy Regulators (ACER) from 7 October, while companies will have to report non-standard trades from 7 April 2016, to comply with wholesale energy market integrity and transparency (REMIT). Non-standard trades can be supply contracts agreed bilaterally or generally not agreed through organised market places, such as exchanges and brokers. ACER has drawn up a list of provisional organised market places. Trades transacted through any places in the final list will be considered standard. National regulatory authorities must open a registration process for energy firms before 17 March 2015, as companies must be registered before trade reporting begins on 7 October. Some regulators have already opened the registration process. Anyone trading power or gas will also need to decide how they will report trades, either through a third-party or themselves. Any company that wants to self-report would need register with ACER. Brokers and exchanges will also likely offer reporting services at a cost. The entire life-cycle of a deal will also need to be reported. Jake Horslen Source: © ICIS HEREN - THE ICIS HEREN REPORTS - EDEM 18247 / 19 December 2014; www.heren.com) |
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