After implementation of REMIT in December 2011, and implementation of the disclosure requirements following from the Transparency Regulation in January 2015, there has been a need for aligning the Market Conduct Rules with these EU regulations.
REMIT and the Transparency Regulation has implemented disclosure requirements that are very similar to those set out in the Market Conduct Rules. In order to avoid double regulation, Nord Pool Spot will from 7 January 2016 move the main content of the disclosure requirements from the main body of the Market Conduct Rules to an appendix to the Market Conduct Rules valid only for Norway. This means that, with respect to the information published in the UMM system, Norwegian market participants will be subject to similar regulations as those set out in REMIT and the Transparency Regulation despite these regulations not being implemented in Norway yet.
In order to ensure that inside information is available for all members of Nord Pool Spot in one place, an obligation for members of Nord Pool Spot to use the UMM system when publishing inside information according to REMIT is included.
The main consequences of the changes to the Market Conduct Rules are:
• Members outside Norway publishing information will still have to use the UMM system for publishing inside information according to REMIT, but other than that, they will only have to relate to the relevant EU regulations
• Members publishing information relating to Norway will still have to publish information according to the Market Conduct Rules
• As there were some differences between the Market Conduct Rules, and the EU regulations, the changes will imply the following:
o There will no longer be a specific obligation to publish information related to erroneous orders of more than 200 MW
o There will no longer be a specific obligation to indicate the uncertainty relating to the duration of the event
The Market Conduct Rules, valid from 7 January 2016, can be found here
A document that also indicates the changes from the previous Market Conduct Rules can be found here
When updating the Market Conduct Rules, also the Guidelines for publishing Urgent Market Messages will be updated. The updated Guidelines can be found here
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 18 December 2015
For further information, please contact:
Stina Johansen, Head of Communications, +47 916 50 603