|The definition of ‘inside information’ under REMIT – dubious without the EC and market input (II) - Page 2|
|Wednesday, 11 May 2011 06:00|
Page 2 of 3
Annex I to the Regulation (Guidelines on the Management and Allocation of Available Transfer Capacity of Interconnections Between National Systems) among the information that the TSOs are obliged to publish lists ex-ante information on planned outages and ex-post information for the previous day on planned and unplanned outages of generation units larger than 100 MW.
The same Annex I states that all relevant information must be available for the market in due time for the negotiation of all transactions (such as the time of negotiation of annual supply contracts for industrial customers or the time when bids have to be sent into organised markets).
In parallel, Article 15(6) of the Regulation provides for effective compliance monitoring measures because generation undertakings which own or operate generation assets, where at least one generation asset has an installed capacity of at least 250 MW, are obliged to keep at the disposal of the national regulatory authority, the national competition authority and the European Commission, for five years all hourly data per plant that is necessary to verify all operational dispatching decisions and the bidding behaviour at power exchanges, interconnection auctions, reserve markets and over-the-counter-markets. The per-plant and per hour information to be stored should include, but shall not be limited to, data on available generation capacity and committed reserves, including allocation of those committed reserves on a per-plant level, at the times the bidding is carried out and when production takes place.
The above remarks justify the conclusion that all the information listed (however not exhaustively) must be taken into account as a possible ‘inside information’, before they have been transferred to the TSO und published. Specific factual circumstances should be decided in the light of general premises of the definition contained in Article 2 of the REMIT (first of all the ability to significantly affect the prices of wholesale energy products).