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The United Kingdom’s (UK) departure from the European Union (EU) on January 31, 2020.
Under REMIT, Market Participants (MPs) trading wholesale energy products for delivery in GB are required to register with Ofgem before entering into transactions.
As of 4 January 2021, this requirement does not apply to MPs who are registered with the NRA for Northern Ireland (Utility Regulator for Northern Ireland UREGNI), or the NRA of an EU Member State.
Registering as a market participant under REMIT
Under REMIT, Market Participants (MPs) trading wholesale energy products for delivery in GB are required to register with Ofgem before entering into transactions.
You can find non-confidential data on MPs registered with Ofgem in the REMIT national public register database.
Market participants that are established or resident in the UK that wish to enter into transactions or place orders in EU wholesale energy markets must register with a national regulatory authority (NRA) of one of the EU-27 Member States in which they are ‘predominantly active’.
Transaction Reporting in GB
MPs trading wholesale energy products for delivery in GB are no longer required to report information about their trading activity to ACER.
Ofgem will monitor trading in GB wholesale energy markets using data collected from Organised Market Places (OMPs) under Regulation 9 of the Electricity and Gas (Market Integrity and Transparency) (Enforcement etc.) Regulations 2013.
Publication of Inside Information in GB
Ofgem strongly encourages the use of appropriate Inside Information Platforms (IIPs) for the effective publication of inside information relating to the GB wholesale energy market.
- Balancing Mechanism Reporting Service (BMRS) operated by Elexon for electricity, and
- National Grid’s GB REMIT Central Collection and Publication Service for gas.
MPs considering using other IIPs for the publication of inside information relating to the GB wholesale energy market should consider whether those platforms will ensure that the inside information is as widely received by other relevant MPs operating in the GB market as that provided by the BMRS or the service operated by National Grid.
Inside Information Reporting in GB
Inside information disclosure
REMIT also obliges market participants to disclose any inside information which they possess in respect of business or facilities which they or their parent or related undertaking owns, controls or has operational responsibility for in an effective and timely manner.
If you would like to notify us of a potential breach of REMIT, please email Market.Conduct@ofgem.gov.uk.
REMIT Procedural Guidelines
REMIT Procedural Guidelines set out the general approach to enforcing REMIT and cover the following:
- Section 1: Explains how REMIT applies in GB, what the REMIT requirements are, and what legal powers we have to enforce them.
- Section 2: Sets out our objectives and regulatory principles in exercising our REMIT enforcement functions.
- Section 3: Sets out the types of information we use to monitor for possible REMIT breaches
- Section 4: Sets out the criteria we use for opening an investigation into a failure to
comply with REMIT requirements - Section 5: Sets out how a REMIT investigation can be expected to proceed
- Section 6: Explains how our powers to seek an injunction operate
- Section 7: Explains how we can bring an investigation to a close via Settlement
Giedelines