Remit functioning

Am I forced to report to ACER my transactions in the electricity market?

Article 8 of REMIT establishes the obligation, for wholesale energy market participants doing so either directly or through a person or entity authorized to act on their behalf, to report to ACER the list of transactions carried out in the wholesale energy market, including orders to conduct transactions, as well as key market data. This obligation to report data came into force nine months after adopting the European Commission's implementing acts (on October 7, 2015).

If and when one operates directly in OMIE's daily and/or intraday markets, there is an obligation to report to ACER.

 

Can OMIE report operations to ACER on my behalf?

OMIE, being the entity responsible for managing electricity daily and intraday markets in the Iberian Market, provides the service of communicating matched and unmatched market orders under ACER's aforementioned Regulation for Registered Reporting Mechanisms (RRM).

 

How can I obtain an ACER Code?

In order to report transactions, the first thing to do is sign up to ACER as a market participant, hence obtaining an identification code to do so. This registration must be done through the following link https://www.acer-remit.eu/portal/ceremp.

 

What should I do to have OMIE report transactions on my behalf?

Once you have a definitive ACER code, you may request OMIE to report your daily and intraday market transactions by signing a reporting contract. Further information, including the contract form, is available at the following link http://www.omie.es/en/home/markets-and-products/remit/remit-communications.

OMIE will report all your bidding offers and transactions.

 

What happens if I start trading in the market and don't report my operations?

You'll be in breach of REMIT regulations. You must start reporting your transactions as soon as possible.

 

Is retroactive reporting possible?

Yes, it is. When signing reporting contract, you may request a retroactive report from the beginning of your market transactions. It's a different service that involves an additional cost. This service is commissioned at the same time as the REMIT reporting service, although it's voluntary.

The terms of this service are enclosed in the REMIT service contract.

 

How is a market participant reported when they're being represented?

The represented participant is understood to be the contract's beneficiary.

When all bidding units are related to a single represented participant, this participant shall be identified as the beneficiary.

In such a case, OMIE will include the beneficiary's identity in their report to ACER, provided that the representative has reported the represented party's ACER code to OMIE.

Renewable technology, high-efficiency cogeneration, and waste facility owners are exempt from being reported as beneficiary when they turn to the market represented in their own name.

 

Is it necessary for the represented party to sign a reporting contract with OMIE?

This isn't necessary since the report is arranged through their representative.

 

How do I keep informed of updates to the reporting service?

OMIE will report any relevant information to agents by email. Agents must register their email addresses for REMIT issues via the agents' website.

 

How is the REMIT reporting service invoiced?

OMIE will invoice the corresponding monthly compensation whenever a Market Participant has a valid REMIT Contract with OMIE on the last day of each month.

This invoice will be issued before the 16th day of the following month.

 

In what format are the invoices issued?

Invoices are issued electronically, using the market operator's advanced electronic signature, and published in XML format on the Market Operator's Information System, although they can also be viewed as a PDF.

 

Where is the REMIT reporting service invoice published?

The invoice will be published in the Market Operator's Information System

 

How should I pay the REMIT service invoice?

OMIE may include this monthly payment in the daily production Market Participant's debit or credit note.

In the event that a Market Participant doesn't have a weekly debit or credit note, they must make a direct payment to the account shown on the invoice.

 

How does one unsubscribe from the REMIT contract?

As established in the REMIT data reporting contract, cancellation must be requested with at least 30 days' notice and via the market operator's information system.