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EFETnet successfully launches eRR reporting service for Phase 2

07/04/2016

Today EFETnet successfully went live with the REMIT Phase 2 extension of its electronic Regulatory Reporting (eRR) service. EFETnet now fully covers reporting of bilateral standard and non-standard contracts, secondary capacity trades and fundamental data as far as applicable to MPs. EFETnet’s eRR service allows reporting of new trades as well as lifecycle changes and back-loading for Phase 2. Data entry methods offered cover automatic file transmission, semi-manual by upload of ACER XML files prepared locally (e.g. using Excel), and the direct manual entry through web forms.

 

REMIT Phase 2 reporting has started today on 7 April with back loading for this phase required until July 7, 2016. In addition to the ongoing REMIT Phase 1 requirements, REMIT Phase 2 requires market participants to report:

-        Standard bilateral transactions in electricity and gas delivered in the EU (Table 1),
-        Non-Standard bilateral transactions in electricity and gas delivered in the EU (Table 2),
-        Executions under non-standard bilateral transactions (Table 1 with a reference to a Table 2 report)
-        Secondary capacity trades for electricity (Table 3, “Rights")
-        Secondary capacity trades for gas (Table 4, “Capacity Allocation”)
-        Fundamental data for gas storage ("Participant Activity”)
-        Fundamental data for LNG ("Participant Activity” and “Planned Usage”)

EFETnet’s eRR service is now live with all of the above, which is the complete set necessary for market participants to achieve compliance with their REMIT Phase 1 and Phase 2 reporting obligations. 

Prior to the launch of REMIT Phase 2, about 800 energy trading companies and industrials from across Europe had already become clients of EFETnet for regulatory reporting accounting for well in excess of 6000 reporting parties. This client list includes all the large, international players in wholesale energy trading in Europe, most regional and national champions and some of the smallest, local players in the European energy market place. The service is used by exchanges, broker and gas storage operators as well as by the majority of firms active on the European wholesale markets for electricity, natural gas and LNG.

As well as addressing the EU regulations EMIR and REMIT, EFETnet also enables Swiss MPs to report to ElCom, achieving full compliance under the Swiss StromVV law. The ElCom reporting service provided by EFETnet fully covers both REMIT Phase 1 and Phase 2.

Earlier this month, EFETnet opened up its RRM functionality for REMIT. It is now possible for users electing to use EFETnet’s Delegated Reporting functionality to offer their own REMIT reporting services to market participants without the need to register with ACER as an RRM.  This eRR Delegated Reporting functionality is technically sound and legally compliant ensuring segregation of sensitive data in accordance with EU competition law.

Hugh Brunswick, Managing Director of EFETnet said:”I am immensely proud of delivering the REMIT Phase 2 launch in time for our clients to be fully compliant. Key has been the setting of clear deadlines allowing us to guarantee the on boarding of clients ahead of go-live. Our success would not have been possible without the good collaboration we have enjoyed with ACER and with our large client base from many countries across the EU, be it on compliance, operational or technical matters. The user community is continuing to grow as many new clients continue to join EFETnet and we see this continuing at least until the end of the year given the number of registered market participants who are still to select their RRM.“

A demo of regulatory REMIT reporting via EFETnet is presented in one of the free weekly interactive webinars EFETnet have scheduled all through April (8, 14, 22 and 29 April). For more information or registration, send an email to registration@efetnet.org.

From May 31 to June 1 2016, EFETnet will hold its Annual User Meeting in Hamburg, more information at http://www.efetnet.org/Media/UserMeeting

 

About EFETnet

EFETnet B.V. was set up in 2004 by the European Federation of Energy Traders (EFET). EFETnet was created to deliver the benefits of electronic data exchange standardisation which was first pioneered by EFET and its members. EFETnet develops and offers advanced software for automated energy trading at the lowest cost, based on open market standards, known as CpML.

Since 2011 EFETnet has offered the Central Matching Service (CMS), a central platform offering Straight Through Processing. The CMS, a one-stop-shop solution, will simplify operation, reduce internal support effort and costs and improve business usage by offering a fully outsourced set of services for electronic Confirmation Matching (eCM) and electronic Regulatory Reporting (eRR) for mandatory reporting and portfolio reconciliation.

In July 2015, EFETnet was among the first five Registered Reporting Mechanisms (RRMs) across Europe to be officially certified by ACER for REMIT Phase 1.

REMIT Phase 1 reporting started in October of 2015 for electricity and natural gas transactions executed on broker platforms and exchanges (“OMPs”). Since then, EFETnet has been directly collecting the reportable OMP data from all major broker platforms and from the majority of exchanges, transmitting the OMP data through its RRM service to ACER on behalf of market participants (MPs). By offering such a wide coverage and seamless OMP data collection and reconciliation service, EFETnet has established itself as the leading Third Party RRM for REMIT in Europe.

In March 2016, EFETnet was officially certified by ACER for their complete REMIT Phase 2 scope too, achieving certification for all data types required by market participants to achieve compliance with their REMIT Phase 2 reporting obligations.

EFETnet is the cost sharing vehicle for the energy trading industry and is a partner with extensive knowledge and experience in the market.