What is REMIT?
REMIT is the title of Regulation (EC) No 1227/2011 of the European Parliament and of the Council on wholesale energy market integrity and transparency, which provides a coherent European regulatory framework specific to wholesale energy markets. As such, it is defined and implemented:
More information you find at REMIT page.
Is REMIT reporting mandatory?
REMIT applies to any energy market participant. It means everyone who participates in the one or more wholesale energy markets within the Union is required to report according to REMIT. In ACER’s opinion, it makes no difference whether these individuals live in the EU or are professional investors. Furthermore, REMIT applies to non-EU and non-EEA market participants when entering into transactions on one or more wholesale energy markets within the Union.
What does “Inside Information” mean?
In accordance with Article 2 of the REMIT, “inside information” means information with the following elements:
Art. 2 also makes it clear that inside information includes:
– information about the capacity and use of facilities to produce, store, consume or transmit electricity or natural gas, or information related to the capacity and use of LNG plants, including the planned or unplanned unavailability of such plants;
– information on the transparency obligations defined in EC Regulation 714/09 and Regulation 715/09;
– information with the above characteristics, which the participants should publish in accordance with regulations, rules and contracts;
– any other information that a reasonable market participant will use as a basis for its decisions.
Is there an obligation to publish Inside Information on platform?
Since 01.01.2021 the REMIT market participants should publish inside information about IIPs. The own website may still be used and indicated in the registration, but this does not replace the use of the IIP as the primary publication platform for inside information.
If market participants assume that they do not possess insider information that is subject to disclosure, they do not need to register with an IIP. In this case, “na” (not applicable) must be entered in the national register. It is the responsibility of each market participant to verify the existence of this requirement.
What are the market participants’ obligations in relation to Inside Information?
According to Art. 4 REMIT, market participants are obliged to effectively and timely disclose to the public the inside information they have about the companies or facilities owned or controlled by the respective market participant, the parent company or an enterprise related to it, or for operational issues of which the market participant or enterprise is wholly or partly responsible. This requirement may be met even if the publication is in aggregate form. In its Guidelines, ACER highlights the use of centralised platforms for the publication of inside information.
Is it necessary to conclude a contract to publish inside information?
Yes, market participants wishing to use the IIP publication service must conclude a standard contract regulating the rights and obligations of the parties in relation to the use of the IIP by filling out the relevant web form and completing the process of filling out and signing the contract.
How do I register to become a publisher on the REMIT Inside Information Platform?
To get access to the Inside Information Platform, please register on the portal or send a
request to our customer service: support@inside-information.de
Phone: +49 (0)561 56014565
Do we need any additional software?
The user has possibility to manage the information and publish UMM via a web interface. So no additional software is needed.
Also we have developed a SFTP and API interface. With this interface you have the possibility to automate the transfer of UMM. Ask for our documentation for SFTP and API interface.
What are the technical requirements needed to use the SFTP and API interface?
Webware has prepared an IIP user guide that describes all communication protocols and technical specifications required for proper access and use of the platform. The manual is published on the REMIT IIP website.
Is a testing environment provided?
Yes, the testing environment will be provided: https://test.inside-information.de
What information can be published on the platform?
Market participants may provide information on the capacity and use of facilities for the production and storage, consumption or transmission of electricity or natural gas or the capacity and use of LNG facilities, including planned or unplanned unavailability of such facilities.
Is the publication of inside information limited to the German market only?
No. Market participants can publish information about any “bidding zones” of the European electricity or gas market by entering the EIC code in the corresponding column.
Should a standard format be prepared for uploading inside information that will be published?
The user has possibility to manage the information and publish UMM via a web interface. So no additional software is needed.
For automated SFTP and API transfer Webware will provide a standard format according to which participants should upload their inside information. This format will be based on the content and formats specified by ACER in its guideline.
We have no inside information. What are we supposed to do?
If market participants assume that they do not possess insider information that is subject to disclosure, they do not need to register with an IIP. In this case, “na” (not applicable) must be entered in the national register. It is the responsibility of each market participant to check whether this prerequisite is met.
