Nord Pool, Europe’s leading power market, is happy to announce a successful first week for its full REMIT OTC Reporting Service, to ACER. The company’s OTC service went live on Thursday 7 April, when REMIT Article 8 on reporting OTC contracts came into force, and has since been successfully sending transaction reports to ACER.
REMIT Article 8 creates an obligation on all market participants to report standard and non-standard bilateral contracts regarding electricity and natural gas supply. Nearly 300 customers have signed up to Nord Pool’s different REMIT reporting services, so far.
Nord Pool’s REMIT OTC Reporting Service is the most recent expansion of the company’s established REMIT reporting services, giving market participants the benefit of meeting all their REMIT reporting obligations through a single service. The OTC service is flexible and can be customised to deliver simple, direct and efficient reporting, giving customers full oversight of the reporting process and easy access to all report and receipts files.
The OTC service incorporates an API, with OTC services automatically forwarding required data to ACER for customers using Nord Pool as a Registered Reporting Mechanism (RRM), and access to the Nord Pool OTC Portal, where customers using Nord Pool as a third party RRM can register their contracts and submit these to ACER.
The REMIT regulation came into force in 2011 and from 7 October 2015, market participants were required to commence reporting of standard contracts to ACER via a Registered Reporting Mechanism (RRM). From April 2016, reporting of OTC transactions has been required. REMIT comes under regulation No 1227/2011 of the wholesale energy market integrity and transparency regulation. Its purpose is to prohibit abusive practices affecting wholesale energy markets. The regulation lays out a monitoring framework under which participants are obliged to provide ACER with a record of their wholesale energy market transactions, including orders to trade, through an RRM. The regulation requires market participants to register with a National Regulatory Authority (NRA), and during this process to name which RRM they intend to use.
About Nord Pool
Nord Pool 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’s markets in the Nordic and Baltic regions, and on our UK market N2EX. In 2015 the group had a total turnover of 489 TWh traded power. Our markets are operated from offices in Oslo, Stockholm, Helsinki, Tallinn and London. Nord Pool strives continually to strengthen its business by working with integrity, together with members and stakeholders, to achieve excellence.
Lysaker, 15 April 2016
For further information, please contact:
Stina Johansen, Communications Director, +47 916 50 603 (for press enquiries)