REMIT Update – Data Reporting And Enforcement Activities

As 2016 begins, energy market participants must prepare for the second and final phase of data reporting under the EU Regulation on wholesale energy market integrity and transparency ("REMIT"). Moreover, the EU Agency for the Cooperation of Energy Regulators ("ACER") and National Regulatory Authorities ("NRAs") are demonstrating an increasing willingness to use their respective monitoring and enforcement powers under REMIT, and to share data and intelligence with each other. This all leads to an increased compliance burden on market participants.

REMIT Reporting: Phase 2

The first phase of REMIT transaction reporting commenced on 7 October 2015. This required market participants executing wholesale energy transactions on an organised market place to: (1) register with their NRA; and (2) report such transactions to ACER. The second phase, requiring market participants to report non-standardised transactions (i.e., those not executed on an organised market place),