ACER confirmed GET Baltic status as Registered Reporting Mechanism (RRM)
On 2nd October of 2015, the EU Agency for the Cooperation of Energy Regulators (ACER) confirmed UAB GET Baltic status as Registered Reporting Mechanism (RRM) for reporting records of transactions, including orders to trade on the GET Baltic’s gas exchange to the ACER on behalf of market participants. ACER approved that GET Baltic complies with all RRM posed technical and organizational requirements pursuant to REMIT Regulation, REMIT Implementing Regulation and Requirements for the Registration of RRM. According to Article 8(1), the market participants are required to provide ACER with a record of wholesale energy market transactions, including orders to trade in order to enhance energy wholesale market transparency and integrity. From October 7th of 2015 (for the first phase of reporting) the market participants and third parties acting on their behalf are required to report the data executed at organized market places (i.e. exchanges) including matched and unmatched orders to the ACER and the main data from the ENTSO-E Transparency Platform to the ACER. In order to ensure efficient, effective and safe exchange and handling of information only Registered Reporting Mechanisms (RRM) are able to submit the trading data to the ACER. The GET Baltic’s received RRM status (October 2nd) indicates that the company complies with all the requirements and is ready to provide the trade data information (records of transactions and orders to trade carried out on the exchange) to the ACER on behalf of the clients.
Based on REMIT Implementing Regulation Article 6(1) GET Baltic offers to all exchange participants sign Data Reporting Services Agreement due to the data provision to the ACER. The main requirement to market participants seeking to enter into the Data Reporting Services Agreement is to be registered as a market participant in accordance to Article 9 of the REMIT Regulation as well as to provide a market participant ACER identification code to GET Baltic in accordance to REMIT Implementation Regulation Article 10(2). The provision of exchange’s trade data to ACER starts from October 7th of 2015. The reporting frequency is each work day; data of current trading session will be provided on the next work day.
At the moment, GET Baltic offers its participants service of data provision to the ACER. From April 7th of 2016 (for the second phase of reporting) market participants will have to provide the record of wholesale energy market transactions executed outside of the gas exchange (i.e. bilateral contracts). Taking this requirement into account, GET Baltic is planning to offer its market participants the service related to the bilateral contracts data provision to the ACER.