Fluxys Belgium’s experience in REMIT Pilot Project 11/12/2014 – ENTSOG Transparency Workshop
CONTEXT Remit (Regulation on Energy Market Integrity and Transparency) Purpose: monitor wholesale energy markets to foster open and fair competition through reporting of any information that may impact prices Applies to “ Market participants ” : Any person, including TSOs, who enters into transactions in wholesale energy markets Prohibition of insider trading Obligation to publish of inside information Transparency requirement according to reg. EC 715/2009 & Urgent Market Messages Market monitoring to detect & prevent market manipulation Implementing acts through comitology to fix data provision requirements to ACER Fundamental data Transactional data Capacity & use of capacity Wholesale energy transaction Planned & unplanned maintenance including orders to trade Basis for market monitoring of transactional data 20141211 – ENTSOG Transparency Workshop 2
HIGH LEVEL TIMELINE 2011 2012 2013 2014 2015 2016 2017 Remit’s entry into force Prohibitions of insider dealing and market manipulation apply for market participants Inside information Obligation to publish inside information applies for market participants Fundamental Voted on 3rd of data October Implementing Acts published (entry into force after 20 days) Implementing Acts (comitology) Expected beginning 2015 Transactional data Redaction of Comitology meetings Commission Implementing Acts Publication of Recommendation to Remit Pilot Project User Manual ACER Commission on Remit Records of Transactions ENTSO-G TSOs, SSOs, LSOs Market participants 20141022 – Easeegas workshop 3
FUNDAMENTAL DATA Publication on Transparency Platform (Reg. EC 715/2009) TSO As soon as available on ENTSOG TP Aggregated Transparency information • Capacity and use of facilities for transmission of natural gas Following working day • Planned and unplanned unavailability Shipper-related information • Day-ahead & final nominations • Provisional allocations Following working day Aggregated Transparency information • Technical, contracted and available capacity • Gas in stock, injections and withdrawals • Planned and unplanned unavailability Following working day Aggregated Transparency information As soon as available • Technical, contracted and available capacity • Daily send-out and inventory of the LNG facility • Planned and unplanned unavailability As soon as available Following working day Storage user information Following working day • Amount of gas in stock Terminal user information • unloading and reloading of cargos • planned usage of the LNG facility for next month SSO One month in advance LSO 20141022 – Easeegas workshop 4
HIGH LEVEL TIMELINE 2011 2012 2013 2014 2015 2016 2017 Remit’s entry into force Prohibitions of insider dealing and market manipulation apply for market participants Inside information Obligation to publish inside information applies for market participants Fundamental Voted on 3rd of data October Implementing Acts published (entry into force after 20 days) Implementing Acts (comitology) Expected beginning 2015 Transactional data Redaction of Comitology meetings Commission Implementing Acts Publication of Recommendation to Remit Pilot Project User Manual ACER Commission on Remit Records of Transactions After 9 months Reporting of transparency data ENTSO-G After 15 months Reporting of market participant related and TSOs, LSO, SSO fundamental data SSOs, LSOs Market participants 20141022 – Easeegas workshop 5
TRANSACTIONAL DATA Supply (commodity) Transportation (contracts) Transactions on exchange platform Orders to trade To be reported by the Transactions, organised market including orders place to trade Over-the-counter transactions To be reported by the market participants themselves 20141211 – ENTSOG Transparency Workshop 6
HIGH LEVEL TIMELINE 2011 2012 2013 2014 2015 2016 2017 Remit’s entry into force Prohibitions of insider dealing and market manipulation apply for market participants Inside information Obligation to publish inside information applies for market participants Fundamental Voted on 3rd of data October Implementing Acts published (entry into force after 20 days) Implementing Acts (comitology) Expected beginning 2015 Transactional data Redaction of Comitology meetings Commission Implementing Acts Publication of Recommendation to Remit Pilot Project User Manual ACER Commission on Remit Records of Transactions After 9 months Reporting of transparency data ENTSO-G After 15 months Reporting of market participant related and TSOs, LSO, SSO fundamental data SSOs, LSOs After 9 months Reporting of transactions concluded on organised The organised market place where the market places Market transaction was executed or order was placed After 15 months Reporting of transactions concluded outside participants shall at the request of themarket participant organised market places offer a data reporting agreement 20141022 – Easeegas workshop 7
TRANSACTIONAL DATA Supply (commodity) Transportation (contracts) Primary market Transactions on exchange platform Capacity offer Orders to TSO for auctions trade To be reported by the Transactions, Capacity contracts organised market Auction bids Bids for auctions including orders (auctions & FCFS) place to trade By TSO or third parties on their behalf Over-the-counter transactions Secondary market Secondary market transaction To be reported by the market participants themselves To be reported by the market participants themselves 20141211 – ENTSOG Transparency Workshop 8 8
HIGH LEVEL TIMELINE 2011 2012 2013 2014 2015 2016 2017 Remit’s entry into force Prohibitions of insider dealing and market manipulation apply for market participants Inside information Obligation to publish inside information applies for market participants Fundamental Voted on 3rd of data October Implementing Acts published (entry into force after 20 days) Implementing Acts (comitology) Expected beginning 2015 Transactional data Redaction of Comitology meetings Commission Implementing Acts Publication of Recommendation to Remit Pilot Project User Manual ACER Commission on Remit Records of Transactions After 9 months Reporting of transparency data ENTSO-G After 15 months Reporting of market participant related and TSOs, LSO, SSO fundamental data SSOs, After 15 months Reporting of transportation contracts on LSOs primary market After 9 months Reporting of transactions concluded on organised The organised market place where the market places Market transaction was executed or order was placed After 15 months Reporting of transactions concluded outside participants shall at the request of themarket participant organised market places offer a data reporting agreement After 15 months Reporting of transportation contracts on secondary market concluded on organised market places 20141022 – Easeegas workshop 9
CONTEXT REMIT PILOT PROJECT 2011 2012 2013 2014 2015 2016 2017 Remit’s entry into force Prohibitions of insider dealing and market manipulation apply for market participants Inside information Obligation to publish inside information applies for market participants Fundamental Voted on 3rd of data October Implementing Acts published (entry into force after 20 days) Implementing Acts (comitology) Expected beginning 2015 Transactional data Redaction of Comitology meetings Commission Implementing Acts Publication of Recommendation to Remit Pilot Project User Manual Commission on Remit ACER Records of Transactions Phase I Purpose Phase I • To gather valuable input from parties that will be involved in data collection under REMIT • To develop a working IT system prototype able to collect the data • To collect sufficient amount of data for initial testing and customisation of Market Monitoring Solution • To gradually improve and upgrade the prototype to become a fully functional ARIS system • To identify open issues and problems in the early phase of ARIS implementation 20141211 – ENTSOG Transparency Workshop 10
REMIT PILOT PARTICIPANTS PHASE I 20141211 – ENTSOG Transparency Workshop 11
ACER REMIT PILOT PROJECT PHASE I - APPROACH Focus on fundamental data based on 2 documents • Recommendation ACER • ENTSOG’s proposal for disaggregated fundamental data Conf calls ENTSOG/Fluxys/GTS/ACER to discuss “ what ” will be provided for the purpose of the pilot project • Agreement for scope of pilot project • Provisional allocations, Day-ahead and final nominations • Final contracted position • Technical and available capacity • Physical flows • Focus on IPs, LNG terminals, Storage and production points • Supply points aggregated per shipper for Industry • Data of december 2012 • In kWh Requests to Edigas-experts of GTS and Fluxys • Design of a set of Market monitoring messages which can be used for market monitoring by any regulator 20141211 – ENTSOG Transparency Workshop
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