Obligation to disclose inside information
“Market participants shall publicly disclose in an effective and timely manner inside information which they possess” (Article 4 of REMIT).
The disclosure obligation applies to all market participants who possess:
- Any specific or unpublished information relevant to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas which
- Is directly or indirectly connected to one or several wholesale energy products; and
- Would, if published, probably have a significant impact on the prices of these products.
The disclosure obligation applies but is not limited to the following:
- Any information relevant to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas
- Any information related to the capacity and use of LNG facilities, including planned or unplanned unavailability of these facilities
Not disclosing inside information is possible only in exceptional cases. A market participant may, exceptionally and at its own risk, postpone the publication of inside information to protect its legitimate interests if
- This is not likely to mislead the general public; and
- The market participant is able to guarantee that the information remains confidential; and
- The market participant does not use the information to make any decisions regarding the trade of wholesale energy products.
All of the above-mentioned prerequisites must be met. In such a case, the market participant must submit the information and justification on why the disclosure will be postponed without delay to the agency (ACER) and the appropriate national regulator (the Energy Authority). This will not exempt the market participant from any investigation regarding a failure to report inside information or any consequences in case of suspected abuse.
How must inside information be disclosed?
Article 10 of the Implementing Regulation specifies the procedures to be used when disclosing inside information. Market participants may agree on the disclosure of inside information on a platform specified as suitable for the disclosure of inside information. ACER maintains a list of publication platforms suitable for the disclosure of inside information (IIP) in its REMIT Portal. There are separate reporting channels for the disclosure of inside information. The market participant can select which channel it wants to use. Inside information may be disclosed on a website of the market participants, but it must be done in compliance with the Implementing Regulation, by using web feeds.
The market participant bears the responsibility for appropriate disclosure of inside information, including publication through an acceptable channel.
Commission Regulation on submission and publication of data in electricity markets (Transparency Regulation)
There are more specific regulations on reporting unavailability information, content of the reports and schedules in the Transparency Regulation or Commission Regulation No 543/2013. The Transparency Regulation only applies to wholesale electricity markets.
The Transparency Regulation established a website maintained by the European Network of Transmission System Operators for Electricity (ENTSO-E) on which key information on the electricity markets is published. This information is absolutely necessary for market participants when they are making efficient production, consumption and trading decisions.
Transmission system operators, electricity producers and large-scale electricity users are obligated to report the information specified in the Transparency Regulation to the transmission system operator. They must ensure that the reported information is complete and of the required quality. The transmission system operator must further submit the information to the ENTSO-E website.
The Transparency Regulation requires generation units of at least 100 MW to report information on their hourly production. The reporting must be carried out with a delay of five days. The Transparency Regulation also requires reporting of country-specific production data divided by production type with a delay of one hour.
European grid operators are also obligated to report longer-term consumption forecasts, as well as detailed information on the management of bottlenecks, reserves and the regulating power market.
ENTSO-E has prepared a manual including all the reporting details and reporting formats. Fingrid has also prepared an application guide for electricity market operators in Finland on the reporting of electricity market information.
European Transparency Platform