|Public disclosure interlinkages between Electricity Market Transparency Regulation, Regulation No 714/2009 and REMIT|
|Monday, 03 June 2013 06:00|
Relation of the Electricity Market Transparency Regulation to the Regulation No 714/2009 and REMIT may rise some doubts as all the regulations mentioned lay down specific requirements on publishing data on the availability of networks, capacities of cross-border interconnectors and generation, load and network outages.
The work on the Commission Regulation on submission and publication of data in electricity markets and amending Annex I to Regulation (EC) No 714/2009 of the European Parliament and of the Council is in its final stage.
When it comes to the Regulation No 714/2009, in particular Article 15 thereof and point 5 of the Guidelines on the management and allocation of available transfer capacity of interconnections between national systems, set out in Annex I to that Regulation, are of relevance.
The current draft for Electricity Market Transparency Regulation contains a provision that the said Regulation has been adopted on the basis of Regulation No 714/2009 which it supplements and of which it forms an integral part. Consequently, references to Regulation No 714/2009 in other legal acts are to be understood as also referring to Electricity Market Transparency Regulation.
Article 4(4) of REMIT, in turn, recognises that publication of inside information in accordance with Regulation (EC) No 714/2009 or 'guidelines adopted pursuant to it' constitute simultaneous, complete and effective public disclosure.
It seems thus that the Electricity Market Transparency Regulation will qualify as the 'guidelines' Article 4(4) of REMIT refers to, and after the adoption of the former of the above legislative acts the publication of inside information not only in accordance with the Regulation 714/2009, but also under Electricity Market Transparency Regulation, will constitute simultaneous, complete and effective public disclosure in the REMIT meaning.