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EFETnet completes ACER certification for all formats required for REMIT Phase 2 reporting

17/03/2016

EFETnet has achieved full ACER certification for all the data formats it needs for REMIT Phase 2 reporting. After being among the first four RRMs to achieve this recognition for REMIT Phase 1 in July 2015, EFETnet is now again at the forefront and fully prepared to deliver RRM services for Phase 2 of REMIT, starting on April 7, 2016.

The Agency for the Cooperation of Energy Regulators (ACER) announced on March 15, 2016 that EFETnet has been officially and fully registered as a Registered Reporting Mechanism (RRM) for the reporting of records of transactions under REMIT Phase 2. ACER has granted the EFETnet RRM full recognition of its data quality, security controls and technical abilities for the following formats and message types:

  • Table 1 for standard bilateral contracts (look-alike trades), non-standard contract with a known price and volume (custom trades) and executions under non-standard contracts,
  • Table 2 for non-standard bilateral contracts where price or volume are not known at the time of execution,
  • Table 3 for secondary market resale and transfer of long term transmission rights in electricity,
  • Table 4 for secondary capacity allocations for gas,
  • Fundamental data for LNG (Annex VI.V), including LNG Facility Report, LNG Participant Activity Report, LNG Planned Usage Report, and LNG Unavailability Report,
  • Fundamental data for Gas Storage (Annex VI.VI), including Storage Facility Report, Storage Participant Activity Report, and Storage Unavailability Report

The functionality of EFETnet includes all that is necessary for market participants to achieve compliance with the reporting obligations in these areas.

Hugh Brunswick, Managing Director of EFETnet said: “We are obviously very pleased with having achieved such a comprehensive set of certifications allowing us to cover all aspect of reporting by trading organisations and storage operators. This reflects the work we have been doing with the industry since 2014 and the extensive testing we have done in partnership with ACER and a testing group selected from our numerous clients. We are in good shape to keep on delivering for the industry.”

EFETnet continues to be the only RRM which has automatic connections to all major brokers and the majority of exchanges allowing seamless collection of REMIT Phase 1 data from OMPs on behalf of their clients. More than 260 groups of companies across Europe have contracted with EFETnet to fulfil their REMIT reporting obligations.

If you want to discuss the above or get a demo of regulatory REMIT reporting via EFETnet, you might be interested in one of free weekly interactive webinars EFETnet have scheduled all through April. The next dates are on March 18, March 25 and April 1st. If you would like to attend, please send an email to registration@efetnet.org. You will then receive a confirmation and more detailed information.