Effective and Timely Disclosure of Insider Information under REMIT Dr. Marcus Mittendorf Ostrava, 3/4 December 2014 Copyright 2014 – All rights reserved Requirement to disclose insider information Publication of insider information (Art. 4.1) − Market participants shall publicly disclose in an effective and timely manner inside information which they possess in respect of business or facilities which the market participant concerned, or its parent undertaking or related undertaking, owns or controls or for whose operational matters that market participant or undertaking is responsible, either in whole or in part. − Such disclosure shall include information relevant to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of LNG facilities, including planned or unplanned Only power unavailability of these facilities.” production? What is effective? What is timely? Tresholds? What is insider information? Is it me or the counterparty? How binding is the non-binding guidance? Make sure the extent of the disclosure requirement is understood. Copyright 2014 – All rights reserved Page 2 Requirement to disclose insider information Publication of insider information (Art. 4.1) − Market participants shall publicly disclose in an effective and timely manner inside information which they possess in respect of business or facilities which the market participant concerned, or its parent undertaking or related undertaking, owns or controls or for whose operational matters that market participant or undertaking is responsible, either in whole or in part. − Such disclosure shall include information relevant to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities.” Safeguard disclosure of insider information for all group companies. Copyright 2014 – All rights reserved Page 3 Requirement to disclose insider information Publication of insider information (Art. 4.1) − Market participants shall publicly disclose in an effective and timely manner inside information which they possess in respect of business or facilities which the market participant concerned, or its parent undertaking or related undertaking, owns or controls or for whose operational matters that market participant or undertaking is responsible, either in whole or in part. − Such disclosure shall include information relevant to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities.” Unavailability and not remaining availability of facilities is required. Copyright 2014 – All rights reserved Page 4 Requirement to disclose insider information Publication of insider information (Art. 4.1) − Market participants shall publicly disclose in an effective and timely manner inside information which they possess in respect of business or facilities which the market participant concerned, or its parent undertaking or related undertaking, owns or controls or for whose operational matters that market participant or undertaking is responsible, either in whole or in part. − Such disclosure shall include information relevant to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities.” The entire value chain for power, natural gas and LNG is effected. Copyright 2014 – All rights reserved Page 5 Insider information may vary with market size, tight market situations … Art. 2 (1) REMIT: „Insider information means information of a precise nature which has not been made public…which relates, directly or indirectly, to one or more wholesale energy products and which, if it were made public, would be likely to significantly affect the prices of those wholesale energy products. What does information mean? a. information published in accordance with 714/2009* & 715/2009 with ENTSO-E/G (= transparency information) b. • any capacity, use, availability • production, storage, consumption or transmission • electricity, natural gas, LNG c. information disclosed in accordance with provisions at Union or national level, market rules, and contracts or customs d. other information that a reasonable market participant would be likely to use as part of the basis of its decision * Amended by so-called Transparency Regulation 543/2013. Insider information include transparency information but go much beyond. Copyright 2014 – All rights reserved Page 6 What can be reported to and disclosed on the EEX Transparency platform? Capacity, use & availability of facilities for … Power Production Storage Natural Gas LNG in preparation – available for facilities available for facilities available for facilities Consumption Ad-hoc Ticker – Available for business and facilities Effective disclosure of insider information at a neutral place. Copyright 2014 – All rights reserved Page 7 How to navigate? Full scope of Art. 4.1 of REMIT Countries Value chain Copyright 2014 – All rights reserved e.g. outage messages Page 8 Two options to view outage messages Copyright 2014 – All rights reserved Page 9 Full track of all incoming outage reports (I/II) Copyright 2014 – All rights reserved Page 10 Full track of all incoming outage reports (II/II) Period reported Planned maintenance were canceled Period concerned Unscheduled outage ended earlier than expected Period concerned Copyright 2014 – All rights reserved Planned event will start earlier and longer Page take 11 Effective disclosure ˗ why platforms? 3rd ACER Guidance, page 41 Some 30,000 data user observe the transparency website monthly. Copyright 2014 – All rights reserved Page 12 Timely disclosure ˗ electronic signals! Monitoring of publication time stamps allows to steer internal processes. Copyright 2014 – All rights reserved Page 13 Requirement to forward insider information 9 months after entry into force of REMIT IA since December 2011 Publication of insider information (Art. 4.1) − − Market participants shall publicly disclose in an effective and timely manner inside information which they possess in respect of business or facilities which the market participant concerned, or its parent undertaking or related undertaking, owns or controls or for whose operational matters that market participant or undertaking is responsible, either in whole or in part. Such disclosure shall include information relevant to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities.” Submission of insider information (Art. 8.5) − Market participants shall provide the Agency and national regulatory authorities with information related to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas or related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities, for the purpose of monitoring trading in wholesale energy markets. The reporting obligations on market participants shall be minimised by collecting the required information or parts thereof from existing sources where possible. Copyright 2014 – All rights reserved Page 14 EEX Transparency Platform: one-stop-shop for REMIT & More Power production Power consumption Power production and storage Natural gas consumption … Company A Company B Company C Company D Company E option for power producers/ consumers to chose data provider under Art. 4 of Reg. 543/2013 NRAs ACER Insider information under REMIT Insider information under REMIT ENTSO-E TSOs Power production and consumption under Transparency Regulation 543/2013 … … Cross-regulation data definitions allow to use synergies. Copyright 2014 – All rights reserved Page 15 Value added in brief Power, Natural Gas & LNG Standardized but flexible reporting One platform with a comprehensive offering across commodities and market areas One-stop-shop for data collection, disclosure and forwarding Insider information can vary with the size of the market, tight market situations etc. Requirements of Transparency Regulation 543/2013 for outage information of 100 MW might not be sufficient Power: outage information can be released from 10 MW/15min upwards for any generation, storage or consumption unit Receipt & acknowledgements Receipt provided for any incoming data set Data validation checks support companies to achieve the best available data quality Provided Publish_Acknowledgement for outage information can be used to steer internal processes (e.g. traffic lights, hands-off approach) Community of reporting companies Market participants have to ‘read’ REMIT themselves as no complete clarity is given by the text itself and ACER (e.g. tresholds) 20 reporting members frequently discuss with EEX matters of implementation and finetune rules while leaving the ultimate decision with the responsible company Copyright 2014 – All rights reserved Page 16 42 reporting companies from 6 countries ˗ expansion to Switzerland in preparation power gas Copyright 2014 – All rights reserved Page 17 Conclusion Market participants need to ensure compliance with the insider disclosure requirement also for their parent and affiliated undertakings REMIT disclosure requirements apply to the business and facilities, the latter across the value chain for power, natural gas and LNG REMIT does not know any minimum tresholds from which the disclosure requirement for facilities apply (except 600 GWh indirectly) EEX Transparency Platform provides a technology for cross-commodity, crossvalue chain, cross-market publications and cross-regulation compliance Market participants are invited to benefit from comprehensive compliance services offering of the EEX Group − REMIT disclosure and data reporting (1227/2011) − ENTSO-E data reporting (543/2013) Page 18 Copyright 2014 – All rights reserved Contact: Dr. Marcus Mittendorf Head of Market Information Services T +49 341 2156 277 F +49 341 2156 289 [email protected] [email protected] Many thanks for your attention Copyright 2014 – All rights reserved
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