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REMIT reporting - contracts concluded on the Virtual Trading Points (VTPs)
REMIT Reporting Database

 

 

 

Questions and Answers on REMIT

 

Question III.3.44

 

Are Virtual Trading Points (VTPs) considered as organised market places (OMPs) under Article 2(4) of Commission Implementing Regulation (EU) No 1348/2014? If not, is the contract for the supply of natural gas to a single consumption unit with a technical capability to consume below 600 GWh/year concluded on the VTP reportable to the Agency?


As result of the public consultation on the List of Organised Market Places (PC_2014_R_07), the Agency is of the view that VTPs are currently not to be considered organised market places unless they fall under the definition of organised market place as defined by Article 2(4) of Commission Implementing Regulation (EU) No 1348/2014. In the latter case, VTPs should be included in the List of Organised Market Places. Please see question No 3.2 in the Evaluation of responses available at: http://www.acer.europa.eu/Official_documents/Public_consultations/PC_2014_R_07/ACE R_REMIT_PC%20on%20OMPs_Evaluation%20of%20Responses.pdf.


Therefore, if the VTP does not qualify as organised market place, market participants are required to analyse if their contracts for supply of natural gas fall under Article 3(1)(a)(vii) of Commission Implementing Regulation (EU) No 1348/2014, i.e. contracts for the supply of electricity or natural gas to a single consumption unit with a technical capability to consume 600 GWh/year or more. If the technical capability to consume is below 600 GWh/year the contract for the supply of natural gas to such single consumption unit will not be reportable.

 

 

 

 

 

FAQs on REMIT fundamental data and inside information collection

 

Question 3.1.12

 

Do TSOs need to report gas trade notifications at virtual trading hubs?

 

Article 9 of the REMIT Implementing Regulation: Rules for the reporting of fundamental data on gas

Paragraph 2: Gas TSOs or third parties on their behalf shall report to the Agency and, at their request, to national regulatory authorities in accordance with Article 8(5) of Regulation (EU) No 1227/2011 day-ahead nominations and final re-nominations of booked capacities specifying the identity of the market participants involved and the allocated quantities. The information shall be made available no later than the following working day.

....(f) for physical and virtual hubs.

Commission Regulation (EU) No 312/2014 establishing a Network Code on Gas Balancing of Transmission Networks

Article 4: BALANCING SYSTEM

Section 3. Network users shall have the possibility to enter into a legally binding agreement with a transmission system operator which enables them to submit trade notifications irrespective of whether they have contracted transport capacity or not.

Article 9(2) of the REMIT Implementation Regulation requires to report nominations and re-nominations at virtual hubs.

At the same time Commission Regulation (EU) No 312/2014 defines that for virtual trading hubs there is only trade notification used and no nomination/re-nomination needed (as no capacity allocated).

 

Answer

 

In the Agency’s view trade notifications from TSOs at virtual trading hubs do not have to be reported as nominations if no nominations/re-nominations are required according to Commission Regulation (EU) No 312/2014. All the details should be reported by market participants as a supply contract.

 

 

 

 

Last Updated on Wednesday, 31 July 2019 10:20
 

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