Nord Pool Spot, Europe’s leading power market, is registering as a Registered Reporting Mechanism (RRM) with ACER to provide reporting of wholesale market transactions and other relevant data under REMIT (Regulation (EU) No 1227/2011 on wholesale energy market integrity and transparency).
Nord Pool Spot is happy to announce that we will deliver end-to-end services that ensure REMIT obligations are carried out in an efficient and simple way for all market participants, whether they trade with Nord Pool Spot, another organised market place or OTC. Nord Pool Spot will develop flexible reporting services to meet the needs of different market participants.
Since it was founded 20 years ago, Nord Pool Spot has viewed transparency as an essential prerequisite for well-functioning, competitive and efficient power markets - receiving the prestigious ‘Energy Transparency Award’ from the Florence School of Regulation for its contribution to transparency in energy markets.
Throughout the development of the REMIT regulation, Nord Pool Spot has cooperated closely with ACER, sharing our long experience to secure a common and efficient framework for monitoring the market.
Nord Pool Spot will be submitting records of transactions, including orders to trade, to ACER. As an RRM Nord Pool Spot will continue to deliver on our promise of delivering increasingly transparent and efficient energy markets, developing products and services for the benefit of all participants in the power sector.
The European Commission adopted the REMIT Implementing Acts on 18 December 2014. REMIT reporting obligations carried out on Organised Marketplaces (i.e. exchanges and broker platforms) will start on 7 October 2015, and will be extended to OTC transactions conducted outside of Organised Marketplaces from April 2016.
About Nord Pool Spot
Nord Pool Spot operates Europe’s leading power markets, offering both day-ahead and intraday trading to its members. 380 companies from 20 countries trade on Nord Pool Spot’s markets in the Nordic and Baltic regions, and on our UK market N2EX. In 2014 the group had a total turnover of 501 TWh traded power. Our markets are operated from offices in Oslo, Stockholm, Helsinki, Copenhagen, Tallinn and London. Nord Pool Spot strives continually to strengthen its business by working with integrity, together with members and stakeholders, to achieve excellence.
Lysaker, 26 January 2015