Provide clarity to market participants in respect of the disclosure requirements, should be, according to the EdF, one of the important functions of the REMIT. EDF considers that legal certainty requires that the future regulation makes clear that the compliance with the transparency requirements shields utilities from any further information request from market participants under antitrust rules or REMIT.

In other words, the high level of transparency should go with a consistent protection of the data providers that should not be asked to provide transparency data outside the scope of information definitions of the guidelines. The French utility underlines that while the information mentioned in ERGEG’s advice covers all the information necessary for market participants to anticipate, to the best possible extent, the offer and demand on the electricity wholesale markets, it does not divulge the commercial and hedging strategies of market players, which remain strictly confidential.


The issues, thereon the contribution of the EdF is concentrated, seem really the pivotal problem for the vertically integrated undertaking active on energy markets. These firms comprising transmission, distribution, generation and trading activities face the requirement to build “Chinese walls” between their generation and trading business lines (as was the case already with respect to the transmission and distribution system operators). Data relating to the generation of electricity becomes more and more “sensitive” at least before they are publicised. In what extent such an information - before being publicised - can be utilised in the internal process for working out the commercial and hedging strategies of trading arms of the vertically integrated undertaking – is at the moment not quite clear. What is, in turn, clear, it is that the sphere of regulatory risks these undertakings are facing, extends significantly.



Editorial note: European Commission’s Proposal for a Regulation of the European Parliament and of the Council on energy market integrity and transparency {SEC(2010) 1510} {SEC(2010) 1511} was already the subject of following posts:


1) Draft REMIT Regulation does not cover EUAs – but for how long?


2) Objective responsibility of insiders extends to the primary market in emission allowances and to the commodities physical market in electricity and gas;


3) The definition of ‘inside information’ under REMIT – dubious without the EC and market input (I);


4) The definition of ‘inside information’ under REMIT – dubious without the EC and market input (II);


5) Europe-wide passport for wholesale trading in electricity and gas – still fragmentary perception of the production chain


6) Provisions on companies affiliations added to REMIT by the European Parliament on 14 September 2011