WHAT IS REMIT
Regulation (EU) № 1227/2011 on wholesale energy market integrity and transparency (REMIT) is an EU Regulation adopted in 2011 which aims at establishing common rules on all European electricity markets thus supporting open and fair competition on the European wholesale energy markets.
REMIT prohibits any insider trading and market manipulation thus guaranteeing trust in the operation of this market, protecting market participants and consumers’ interests and promoting market integration.
Article 8 of the Regulation sets the obligations related to data collection and stipulates that each market participant has to report to the Agency for the Cooperation of Energy Regulators (ACER) the detailed data about the transactions and orders performed by them with wholesale energy products, including the price, volume, date and time of the transactions.
Implementing Regulation (EU) № 1348/2014 specifies the wholesale energy products data which are subject to reporting and the way they are collected, including the reporting periodicity.
In accordance with the requirements of Regulation (EU) № 1348/2014 IBEX EAD offers to market participants a service for reporting data from orders submitted and transactions concluded on the organized and outside the organized market via certified registered reporting mechanism (RRM) platforms of Nord Pool and Trayport.
REMIT DATA REPORTING SERVICES
After choosing the service the market participant shall sign a Data reporting agreement with IBEX EAD.
REMIT DATA SERVICES
For market participants that wish to individually report their data from Day-ahead and/or Intraday market segment via another RRM, IBEX EAD provides a REMIT Data Service:
The REMIT Data Services Agreement is available here.
The REMIT data reporting services and the REMIT Data Services shall be charged in accordance with the IBEX EAD Tariff.
ACER REMIT FEES
In 2021 the European Commission introduced REMIT fees which finance part of the ACER budget pursuant to Commission Decision (ЕU) 2020/2152 dated 17th December 2020 on fees due to the European Union Agency for the Cooperation of Energy Regulators for collecting, handling, processing and analysing of information reported under Regulation (EU) No 1227/2011 of the European Parliament and of the Council. The REMIT fees contain two elements- one based on the volume of data submitted to ACER (orders and transactions) on an annual basis and the other element is a fixed annual fee.
REMIT RELATED DOCUMENTS
REMIT Questions and Answers– 29th edition updated on 30th June 2023
REGULATION (EU) № 1227/2011 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL of 25th October 2011 on wholesale energy market integrity and transparency
COMMISSION IMPLEMENTING REGULATION (ЕU) № 1348/2014 of 17th December 2014 on data reporting implementing Article 8(2) and Article 8(6) of Regulation (EU) No 1227/2011 on wholesale energy market integrity and transparency
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