”Fundamental data” in the REMIT compliance system refer to Article 8(5) of REMIT Regulation, which provides that market participants are required to report to the European Agency for the Cooperation of Energy Regulators (ACER) and national competent authorities information related to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities.
“Fundamental data” have been defined in this context in Article 2(1) of REMIT Implementing Regulation (No 1348/2014) as “information related to the capacity and use of facilities for production, storage, consumption or transmission of electricity and natural gas or related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities”.
Fundamental data reports in combination with trade feeds enable European and Member State regulators to detect and to prevent suspected market abuse relating to wholesale energy products.
Pursuant to the REMIT Implementing Regulation fundamental data on electricity will be reported to the ACER by the ENTSO for Electricity, on behalf of market participants.
The detailed scope for fundamental data reporting is specified in Articles 6 to 17 of Commission Regulation No 543/2013.
The said information must be reported through the central information transparency platforms.
Moreover, electricity Transmission System Operators (TSOs) or third parties on their behalf must report to the ACER and, at their request, to national energy regulatory authorities final nominations between bidding zones specifying the identity of market participants involved and the quantity scheduled.
For the rules regarding other categories of fundamental data, i.e.:
- information available on the ENTSOG central platform,
- information on nominations for gas,
- information on LNG facilities, and
- information on gas storage facilities,
see the textbox below.
Rules on the reporting of fundamental data
Extract from REMIT Requirements for the registration of Registered Reporting Mechanisms (RRMs)
(RRM Requirements) of 7 January 2015
A detailed description of the fundamental data to be reported and on how to report those data can be found in the Manual of Procedures on transaction and fundamental data reporting. The chapters below are only intended to provide an overview of the persons entrusted with the reporting of fundamental data.
2.2.1 Information available on the ENTSO-E transparency platform
Pursuant to Article 8(1) and (2) of the Implementing Acts, information in relation to the capacity and use of facilities for production, consumption and transmission of electricity including planned and unplanned unavailability of these facilities as referred in Articles 6 to 17 of Commission Regulation (EU) No 543/2013 shall be reported to the Agency by ENTSO-E on behalf of market participants. The information shall be reported through the central information transparency platform as referred in Article 3 of Regulation (EU) No 543/2013.
2.2.2 Information on nominations for electricity
Pursuant to Article 8(3), final nominations between bidding zones shall be reported by electricity TSOs or third parties on their behalf.
In sum, no fundamental data on electricity is to be reported directly by market participants other than TSOs, or by ENTSO
2.2.3 Information available on the ENTSOG central platform
Under Article 9(1) of the Implementing Acts, ENTSOG shall, on behalf of market participants, report information to the Agency in relation to the capacity and use of facilities for transmission of natural gas including planned and unplanned unavailability of these facilities as referred in points 3.3(1) and 3.3(5) of Annex I to Regulation (EC) No 715/2009 of the European Parliament and of the Council. The information shall be made available through the Union-wide central platform as referred in point 3.1.1(1)(h) of Annex I to Regulation (EC) No 715/2009.
2.2.4 Information on nominations for gas
Pursuant to Article 9(2) of the Implementing Acts, day-ahead nominations and final renominations of booked capacities shall be reported by gas TSOs or third parties on their behalf.
2.2.5 Information on LNG facilities
Information on the availability of LNG facilities shall be reported by LNG system operators (LSOs), while information concerning unloading and reloading may be reported either by market participants or by LSOs on their behalf (Article 9(3) to (6) of the Implementing Acts).
2.2.6 Information on gas storage facilities
Information on the availability of gas storage facilities shall be reported by Storage system operators (SSOs), while information concerning the amount of gas stored by each market participant at the end of the gas day may be reported either by market participants or by SSOs on their behalf (Article 9(7) to (9) of the Implementing Acts).
In sum, the gas fundamental data that can be reported directly by market participants are those related to unloading and reloading at LNG facilities and to the amount of gas stored by each market participant at the end of the gas day at gas storage facilities. Market participants may, however, delegate the reporting to LSOs and SSOs, respectively, or to other third-party reporting entities.9
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8, 9 This is without prejudice to the reporting of inside information from market participants disclosing inside information on their website or service providers disclosing such information on market participants' behalf which shall provide web feeds to enable the Agency to collect these data efficiently.
Fundamental data reporting under REMIT is supported by robust legal requirements for the disclosure of inside information.
Documentation
REMIT Regulation, Article 8(5)
REMIT Implementing Regulation (No 1348/2014), Article 2(1)
Commission Regulation No 543/2013, Articles 6 to 17
Links
Fundamental data reporting under REMIT