OKTE, a.s. launched the first phase of trade reporting according to REMIT Regulation
OKTE, a.s. sucessfully launched data reporting on transactions concluded inthe Organized Short-term Cross-border Electricity Market to the system of the Agency for the Cooperation of Energy Regulators (ACER) via a new RRM information system as prescribed by the Regulation on Energy Market Integrity and Transparency - so called REMIT.
OKTE, a.s., as a holder of licence for organizing short-term electricity market in Slovakia shall in compliance with REMIT report to ACER details of wholesale energy products executed at an organised market place on behalf of its participants.
The project for a new RRM information system building started in February 2015 and is divided into two phases with its deliverables corresponding to set European deadlines. The yesterday's start of the first phase means the commencement for the whole Europe of the reporting of trade transactions including orders to trade concluded on European wholesale energy markets. The second phase with the reporting of transaction and contracts concluded on bilateral basis (so called Over-The-Counter or OTC), their derivatives, and contracts for granting of transmission capacities will be finalized via the extension of RRM system on 7 April 2016.
On 1st October 2015, prior to the start of reporting, OKTE, a.s. organized a RRM Trial Day, when Short-term Cross-border Electricity Market Participants had the opportunity to test the functionality of transaction reporting to the ACER system via the RRM information system. This Trial Day proved the preparedness of the IS and OKTE operators for the Go-Live.
Reporting via RRM system is automated which means that apart from conclusion of Contracts with OKTE, a.s., no further collaboration from the organized short-term market participant will be needed. Within the RRM system interface market participants have the possibility to access the reported data and received confirmations via a web portal, where an overview of their transactions together with ACER confirmations is displayed and ready for download.
Transaction reporting mechanism
In addition to fulfilling its legislative obligations OKTE, a.s. offers the arrangement of reporting services to all electricity and gas market participants for further transactions, mainly bilateral contracts (so called Over-The-Counter, OTC), and final nominations of transmission system operators that are reportable as of 7 April 2016.
In accordance with REMIT, the transaction reporting obligation of a market participant is indeed considered as fulfilled also when the information is provided not by himself, but via a third party reporting on his behalf or via an organized market. Nevertheless, the responsibility for fulfilling the obligation lies with the market participant as the data originator.
For the reason of securing operational reliability, ACER requests that the records of transaction including orders to trade to be reported via the Registered Reporting Mechanism (RRM), i.e. person fulfilling technical and organizational requirements for data reporting registered with ACER for providing reporting services. Compliance with these regulations imposes requirements on information system development, organizational and personal provision. RRM IT requirements include transaction identification, reporting and archiving (quality and reliability of services), regulatory compliance (reporting also unmatched orders) and data security (setting of access rights and internal controls).
Prior to the start of the reporting of transactions on behalf of market participant whose transaction are realized outside organized short-term electricity market of OKTE, a.s. (ISOT platform) the necessary precondition is to conclude a REMIT Contract with OKTE, a.s. The reporting will take place after the upload of data into the OKTE, a.s. by a market participant. Included in the solution are Web services that will allow automated download of information on transactions reporting status, as well as ACER confirmations of reporting obligation fulfillment. Electricity and gas market participants will be categorized according to the number of arranged transactions on a monthly clearing basis. The price list supplements the REMIT Contract and is also available on OKTE, a.s. website.