ENTSOG Annual Report 2014

Regulation of Energy Market Integrity and Transparency

The Regulation on Energy Market Integrity and Transparency (REMIT) pertains to all European players in the in the whole- sale energy markets (according to Regulation) and has direct consequences for TSOs and ENTSOG. REMIT has always been on the agenda at Transparency Working Group (TRA WG) meetings. The Regulation (EC) No 1227/2011 was pub- lished on 25 October 2011. REMIT is founded on 3 pillars: 1. Fairness: Market players are prohibited from abusing the system through insider trading, misleading transactions, price positioning, transactions involving deception/fictions devices and dissemination of false information. 2. Monitoring: A transaction and data reporting framework has been established that allows ACER to monitor the entire EU wholesale energy markets. Market participants are re- quired to provide records of transactions, including orders to trade, without double reporting . 3. Enforcement: If market monitoring indicates potential market abuse, the incidents are investigated and action is taken. National regulatory authorities are responsible for ensuring that REMIT is enforced. The Implementing Acts, issued by the European Commission and published in December 2014, establish rules prohibiting abusive practices affecting the wholesale energy market. This document clarifies what information market participants are to report to ACER in order to enable the Agency to fulfil its monitoring responsibility. \\ Hold workshops with ACER and European Commission to clarify legislation and propose implementation solu- tions for data provision \\ Participate in public consultations and workshops organised by European Commission and ACER \\ Participate in REMIT IT Expert Meetings \\ Participate in pilot project for uploading data to REMIT database at ACER \\ Refine text, table structure for data provision and taxonomy for draft implementing acts proposed to European Commission and ACER \\ Develop structure of Urgent Market Messages and implement them on the new Transparency Platform. The key activities performed by TRA WG can be summa- rized as follows:

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Transparency Workshop

ENTSOG’s 8th Transparency Workshop was held successful- ly on 11 December 2014. Participants from all sectors of the gas industry had the chance to learn about and discuss top- ics such as: \\ Features and functionalities of new Transparency Platform \\ TSO experiences made while implementing new Transparency Platform \\ ACER, NRAs and EFET views on new Transparency Platform \\ REMIT implementing acts and data to be reported by TSOs \\ Framework Guidelines on tariffs and new transparency requirements EFET, ACER and NRAs have all acknowledged the significant work put into the new Transparency Platform by TSOs and ENTSOG and have encouraged ENTSOG to continue this work. REMIT has garnered public attention through the immediate publication of the REMIT Implementing Acts. Stakeholders have received answers on double data report- ing, data transmission responsibilities and data transmission through third parties. The tariff discussion held at the end of the workshop informed stakeholders on which tariff data will be published and where it can be found (ENTSOG Transpar- ency Platform or TSO websites).

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ENTSOG Annual Report 2014