Głowacki Law Firm

Energy market
How do you report trades based on index under REMIT?
Tuesday, 01 March 2016 21:30

 

Under the REMIT reporting scheme trades based on index may, theoretically, be reported in two alternative ways.

 

Read more...

 

 
EFET master agreements' reporting under REMIT - everything clear?
Thursday, 18 February 2016 11:00

 

Are EFET master agreements reportable under REMIT? ACER's recent interpretations create confusion in the market.

 

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Permanent/occasional trade character decisive for RRM designation in complex delegation chains
Monday, 14 December 2015 05:06

 

Establishing circumstances where the RRM designation by the wholesale energy market participant is required, and where it is not, is almost entirely governed by ACER's frequently changing interpretations. 

 

This is not a comfortable situation from legal certainty point of view. If these interpretations were a little bit clearer...

 

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Brokers as reporting agents under REMIT
Monday, 23 November 2015 05:30

 

Brokers role in the REMIT reporting framework appears somewhat complex. Let alone entirely different structuring of executing brokers and the clearing ones (where the clearing brokers have been placed - fundamentally - outside the REMIT market participants' scope), the reporting of life-cycle events with respect to trades executed with the broker's participation requires a careful reflection.

 

Another problematic case emerges when the firm has two different types of business - is an executing broker (exchange member) and is also an organised market place (it runs a broker platform). Recent updates to the ACER's reporting manuals offer some help while resolving these issues.

 

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Benefits from trade repositories having an RRM functionality - areas for residual risk
Monday, 02 November 2015 12:30

remit emir 

Are you completely certain on what occasions your energy supply and derivatives contracts must be reported to ACER and not to the trade repository?

 

Surprised? It may mean you are at risk of non-compliance...

 

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Client relationship brings bonuses under REMIT
Wednesday, 28 October 2015 19:53

 

As the latest version of the ACER's reporting guidelines acknowledges, the client participation in the trading venue not involving a membership does not entail a reporting requirement for the client under REMIT.

 

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Day-ahead contract is a "forward style"?
Monday, 26 October 2015 05:02

 

Do you identify differences between "forward contract" and "forward style contract"? No? You should start doing this. Since "forward style contract" can equally be a spot and your REMIT transaction reports may occur flawed.

 

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Our REMIT magnifying glass - check whether your transparency website uses RSS feed!
Wednesday, 21 October 2015 05:00

Remit-rss-feed

 

There are first regulatory interventions sanctioning improper disclosure of REMIT inside information, in particular, regarding the power plant unplanned unavailability. 

 

It shouldn't be a surprise since the necessary content of such disclosure is sometimes missing.

 

The key dates approaching are 7 April 2016 and 7 July 2016.

 

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Central Dispatch Electricity System - only as a derogation
Friday, 14 August 2015 17:51

 

Is there still a room for Central Dispatch Model is the EU Internal Electricity System? 

 

In the recent Recommendation No 03/2015 of 20 July 2015 on the Network Code on Electricity Balancing, the European overseer of electricity markets - the Agency for the Cooperation of Energy Regulators (ACER) - departs from its earlier stance expressed in the Framework Guidelines on Balancing (which acknowledged the parallel existence of central dispatch and self-dispatch arrangements of European electricity markets when drafting the Network Code on Electricity Balancing) and nominates the Self-Dispatching Model to be "the primary dispatching model to be applied by TSOs for determining generation and consumption schedules".

 

Consequently, Central Dispatch has been allowed for Transmission System Operators only as an exemption, provided the relevant authorities' approval has been granted.

 

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10 MW REMIT reporting threshold - manageable by the way of contracting
Monday, 10 August 2015 05:23

 

In determining whether the electricity production facility is able to make use of the de-minimis exemption from the REMIT reporting requirement the three elements are relevant:

(1) spatial proximity (whether installations are spatially separated)

(2) ownership structure, and

(3) marketing for several smaller installations in one common contract/multiple contracts.

 

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RRM designation when first registering under REMIT - complicated case
Friday, 10 July 2015 07:39

 

The latest version of a ACER's Questions and Answers on REMIT brings once more some important novelties of crucial practical importance.

 

However, one may still feel confused what is the clear requirement with respect to Registered Reporting Mechanism (RRM) designation when first registering with CEREMP.

 

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ACER's common schema for REMIT publications - carbon impact and "decision time" included
Wednesday, 10 June 2015 05:35

 

ACER recommends, REMIT publication schema should include, among others, the field "impact on carbon permit prices" as well as "decision time" in order to allow users to evaluate the timeliness of the disclosure.

 

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Financially-settled energy products traded outside the EU also to be reported under REMIT
Thursday, 05 February 2015 09:16

 

If a person enters into a transaction on a derivative contract related to EU gas and electricity (such as a futures contract only for financial settlement that is traded on exchange located outside the EU), that person is not a REMIT market participant. 

 

However, according to the European energy market regulator, if that person also enters into transactions, including the placing of orders to trade, in one or more wholesale energy markets, e.g. enters on a physical trade (or derivative) for the delivery of gas or electricity (or transportation of gas or electricity) within the EU, that person is a market participant and has to report all the transactions on wholesale energy products including those trades outside the EU that are only for financial settlement.

 

This interpretation imposes REMIT reporting requirements on the - quite extensive - category of extra-EU financial derivatives trades and counterparties.

 

Read more... 

 

 
REMIT reporting approaches...
Thursday, 15 January 2015 20:05

REMIT-caution

 

So, given that the final TRUM is already adopted and published, the key point for any engaged in energy trading is now to establish whether:

(1) the trading platform at issue qualifies as an "organised market place", and

(2) the contract at issue is a "standard contract" or a "non-standard" one.

 

While the former determination looks like not so difficult (but, sometimes, surprising), the latter appears quite a complex task.

 

Finally, the identification of "non-standard contracts specifying at least an outright volume and price" (for which specific reporting rules apply) is really a puzzle!

 

 
European Commission Regulation 543/2013 - generation units' and production units' terminology complexities
Tuesday, 16 December 2014 20:42

 

Two power plants of identical overall capacity of 120 MW each have divergent transparency obligations, depending on the capacity of their electricity generators.

 

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REMIT registration: the separation of roles "Head of Trading" and "Head of Operations"
Tuesday, 09 December 2014 20:11

 

For market participants with physical assets, "person responsible for operational decisions" should be "the person who is responsible for decisions relating to the running of these assets". And for market participants who don't possess such assets? 

 

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Intragroup brokers - need to bother for REMIT reporting?
Monday, 24 November 2014 23:26

 

Do the intragroup brokers qualify as organised market places for REMIT reporting purposes and what are potential consequences?

 

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REMIT reporting rules settled
Saturday, 22 November 2014 11:43

 

REMIT Implementing Regulation specifying responsibilities' allocation for power and gas transactions' and orders' reporting has gone through the comitology procedure and awaits for adoption by the European Commission. 

 

Emissions-EUETS.com has looked into details of the new reporting scheme.

 

Read more...

 

 
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