In December 2011, the EU adopted Regulation No 1227/2011 on Wholesale Energy Market Integrity and Transparency (REMIT). REMIT introduces a sector-specific framework for the monitoring of European wholesale energy markets, with the objective of detecting and deterring market manipulation.
For the purpose of market monitoring, REMIT imposes an obligation on market participants, e.g. Neas Energy and wind parks to provide ACER (Agency for the Cooperation of Energy Regulators) with a record of wholesale energy market transactions.
The reporting obligation on bilateral contracts between our customers and Neas Energy starts 7 April 2016.
Who is included under REMIT?
All market participants engaging in bilateral contracts under REMIT are included under the reporting obligation except market participants only engaging in contracts for physical delivery of electricity produced by a single production unit with an installed capacity equal to or larger than 10 MW or by production units with combined capacity equal to or larger than 10 MW.
Contracts for supply and distribution of electricity or natural gas for the use of final customers are not included under the reporting obligation. However, such contracts to final customers with a consumption capacity greater than 600 GWh per year shall be treated as wholesale energy products under REMIT.
Our solution for you
The overall responsibility for the fulfilment of the reporting obligation lies with the single market participant (market participants are customers engaging in contracts for the physical delivery of electricity produced by a single production unit with a capacity equal to or larger than 10 MW or by production units with a combined capacity equal to or larger than 10 MW).
However, it ispossible to delegate the transaction reporting to another party, e.g. Neas Energy.
By 7 April 2016 Neas Energy will offer a solution to our customers in order to facilitate the transaction reporting on behalf of our customers.