Reporting of Inside Information
Regulation on Wholesale Energy Market Integrity and Transparency
In article 4.1, REMIT requires all market participants to disclose inside information in respect of business or facilities.
‘Such disclosure shall include information relevant to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities.’
With the purpose of providing more clarity, the Agency for the Cooperation of Energy Regulators (ACER) states in its 4th Guidance (updated on 17 June 2016) on page 29:
‘Regardless of whether indicative thresholds are applied by market participants, NRAs should ensure that market participants are aware that a planned or unplanned change in the capacity or output of any size at a facility for production, storage, consumption or transmission of natural gas or electricity may constitute inside information if it meets the criteria outlined in Article 2(1) of REMIT. It is up to market participants to judge whether information that they hold constitutes inside information and therefore needs to be made public.’
Regardless of whether current or future inside information is actually available, ALL market participants are obliged to specify a place for the disclosure of inside information (REMIT article 9). Regulatory authorities require a far-reaching accessibility of data, which publication on individual websites cannot fulfill. To this end, ACER fully recommends the use of platforms such as EEX Transparency Platform. ACER does not collect web feeds directly from Market Participants’ websites.
EU Transparency Regulation
REMIT Art. 2.1 also refers to the Transparency Regulation. Market participants are obliged to forward data to ENTSO-E in respect of the installed capacity, actual generation and information relating to the unavailability of generation, production and consumption units.
Market Abuse Regulation
Article 17.2 of the Market Abuse Regulation requires emission allowance market participants to disclose
‘…inside information concerning emission allowances which it holds in respect of its business, including aviation activities […] or installations …
With regard to installations, such disclosure shall include information relevant to the capacity and utilisation of installations, including planned or unplanned unavailability of such installations.’
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