REMIT Overview

REMIT, the Regulation on Energy Market Integrity and Transparency, entered EU law on 28th December 2011 and provides for an EU-wide market rules and monitoring framework related to wholesale energy markets in electricity and gas.

A key pillar of REMIT is the reporting by market participants, or third parties on their behalf, of energy transaction data to ACER, which ACER can assess for compliance with REMIT’s market rules. “Implementing Acts” specifying the criteria, format and timing for transaction reporting to ACER entered into force on 7th January 2015.

Under REMIT, market participants that are required to report to ACER as set out in the Implementing Acts are obliged to register with the CRU. Furthermore, pursuant to Irish legislation (SI 480 of 2014) failure by required market participants to register with CRU is an offence which is liable to a fine or indictment.

General information related to REMIT is provided by ACER as follows: Click Here

REMIT Registration with the CRU

As per above, relevant market participants must register with the CRU under REMIT.

The registration process provides all registered market participants with a unique identifier - called an ACER Code - which will be used in reporting data to ACER under REMIT.

The information required for market participants to register on the CEREMP system was decided on and set by ACER in Decision No 01/2012. A primary goal when drafting this decision was to ensure that the registration process is as smooth and straightforward for market participants as possible. The registration process, as reflected by CEREMP, has five parts:

  • Data about the market participant;
  • Data about natural persons linked to the market participant;
  • Data about the ultimate controller of the market participant;
  • Data about the corporate structure of the market participant; and
  • Data about the delegated parties for reporting on behalf of the market participant.

The first step in the registration process is for the market participant to register a username with the CEREMP platform.  Once set-up as a user on the CEREMP system, the market-participant then enters the information listed above.

The following CRU link to ACER’s online registration system - called CEREMP - allows market participants to enter registration details with the CRU.

https://www.acer-remit.eu/ceremp/home?nraShortName=13&lang=en_IE

REMIT Registration Exceptions

The only exception with regards to REMIT registration, as stated in Article 4 of the Implementing Acts - if the trades are not concluded through an organised market place - is for market participants that only engage in the following:

  • Contracts for the physical delivery of electricity produced by a single production unit with a capacity equal to or less than 10 MW or by production units with a combined capacity equal to or less than 10 MW; and,
  • Contracts for the physical delivery of natural gas produced by a single natural gas production facility with a production capacity equal to or less than 20 MW.

REMIT Registration Queries

For any other issues regarding the registration process, please contact the CRU at cerempdesk@cru.ie.

The latest ACER Q&A documents on REMIT, including in relation to the registration process, is available at the ACER REMIT Portal

Duty to keep registration information Up-to-Date

After the initial CEREMP registration has been successfully completed, Market Participants must keep their information on CEREMP up-to-date on an ongoing basis. This includes: contact details; delegated parties; controller information; the medium for the publication of inside information; etc.

Notification Platform for reporting suspected market abuse or REMIT breaches

Organisations or persons who arrange transactions on wholesale energy products (i.e. PPATs) in Ireland are obliged [under Article 15(1) of REMIT] to report suspicious transactions or abusive market behaviour to the CRU in a timely manner.

Market participants are also obliged [under Article 4(2)] to notify the CRU on delays in the reporting of their inside information.

All stakeholders are likewise encouraged to notify the CRU – as follows - of suspicious transactions or potential breaches of REMIT.

What’s a ‘suspicious transaction’?

A “suspicious transaction” is where there are ‘reasonable grounds’ to suspect that transactions might constitute ‘market abuse’, such as market manipulation or insider dealing as well as other types of behaviour which may lead to a suspicion of market abuse, such as those described in ACER’s guidance on the application of REMIT.

How to report

To report a suspicious transaction or potential breach of REMIT, or to notify a delay in the reporting of inside information, please use ACER’s online notification platform.

The person making the notification should then forward the PDF of that notification, as generated automatically by ACER, by email to the CRU at: REMIT@cru.ie

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

REMIT Publications and Updates

ACER’s “REMIT Quarterly” Updates

The “REMIT Quarterly” publication is ACER’s main channel of communication with stakeholders on REMIT-related matters. Its primary purpose is to provide updates on the Agency’s activities in the field of REMIT. It has also been used by the Agency to provide guidance on the application of the REMIT framework and data reporting.

Click here to view quarterly updates published since 2015

REMIT Publications and Updates

ACER’s “REMIT Quarterly” Updates

The “REMIT Quarterly” publication is ACER’s main channel of communication with stakeholders on REMIT-related matters. Its primary purpose is to provide updates on the Agency’s activities in the field of REMIT. It has also been used by the Agency to provide guidance on the application of the REMIT framework and data reporting.

Click here to view quarterly updates published since 2015

Links to ACER’s Open Letters in relation to REMIT issues

ACER publishes Open Letters periodically which provide guidance on the implementation of REMIT. To access these click here

The following are some of the recent letters:

Date Topic Links
8 Jan 2019 Open letter on the withdrawal of the United Kingdom from the European Union and implications for REMIT Click here