Revised REMIT - Regulation on Wholesale Energy Market Integrity and Transparency (EU Regulation 2024/1106)

Dear Partners,

Revised Regulation on Wholesale Energy Market Integrity and Transparency (EU Regulation 2024/1106), was published on 16 April 2024 in the Official Journal of the European Union and enters into force on 7 May 2024

Some of the provisions introduced by the revised REMIT are related to:

  • New or extended definitions of terms, such as: organised market place (OMP); market participant; wholesale energy product; person professionally arranging or executing transactions (PPAET); inside information platform (IIP); registered reporting mechanism (RRM); inside information, order booketc.;
  • Extended scope of reportable data: details relating to storage and LNG contracts and derivatives, contracts for balancing, exposures, etc.;
  • Extended ACER powers: investigatory powers in cross-border cases, extended surveillance scope, enforcement powers;
  • Market participants’ obligation to disclose inside information on Inside Information Platforms approved by ACER;
  • OMPs’ obligation to report all data relating to the order book;
  • PPAETs’ obligation to monitor and notify the relevant NRA(s) and ACER in case of reasonable suspicion of a breach of Article 3, 4 or 5;
  • Authorization requirements for the RRMs and IIPs;
  • ACER’s obligation to establish a platform that serves as a sector-specific electronic access point for inside information, as well as a digital reference centre for information on EU wholesale energy market data;
  • Requirements relating to algorithmic trading and direct electronic access;
  • LNG price assessments, LNG benchmarks and LNG market data reporting;
  • Obligation for third-country market participants to designate a representative.

In this relation, ACER published an Open letter on the implications of the revision of Regulation (EU) No 1227/2011 on REMIT data reporting aspects and notification obligations  to  provide clarifications to the market participants on the new and revised obligations in light of the entry into force of the amended REMIT and ahead of publication of Guidance by ACER.

With regards to the activities of Balkan Gas Hub, as operator of an organized market place and a platform for disclosure of inside information, we would like to highlight that:

  • In accordance with Article 8(1a)(a), as of the entry into force of the new provision, BGH will report to the Agency the data relating to the order book (all orders and trades) for all market participants trading on the BGH trading venue, thereby fulfilling the market participants reporting obligations. Market participants are therefore not expected to keep reporting this data themselves. They would however still have to report data for the trading activity that takes place outside of an OMP.
  • We will directly contact those BGH members that need to adjust their reporting practices related to the trading activity on BGH organized market.
  • BGH is in process of updating its arrangements, systems and procedures for monitoring, detecting and reporting to ACER and the relevant NRAs about any potential breaches of Articles 3, 4 or 5 of REMIT.
  • Market participants can use the publication services of BGH IIP (inside information platform registered by ACER) to fulfill their obligations, stemming from Article 4(1) of the amended REMIT, to disclose inside information.
  • In addition, we would like to point to the attention of the market participants resident or established in a third country, the amended requirements of Article 9(1) and the obligation, by 8 November 2024, to designate a representative in a Member State in which they are active and register in that Member State.

For more details on the requirements of the amended REMIT and Agency’s clarifications on its implications, please consult the text of the regulation and ACER Open letter.

Should you have any questions, please contact us via e-mail