REMIT Reporting Services and Solutions - July 2015 updated March 2016
6 Meeting the full requirements – “Phase 2”
While the October 7th 2015 deadline covered on-venue activity, the deadline of April 7th 2016 covers all other
activity. This section will examine those requirements and some of the issues around them. Even at the time of the
latest report update, one month before reporting starts, there are many unknowns around off venue reporting. It is
therefore likely that additional changes will be made after the 7th April. The section will start by looking at the
requirements around off venue trades and then look at different solution options.
6.1 Off venue reporting summarised
The term “trade” encompasses a wide range of activity, ranging from off venue versions of on venue trades to long
term contracts such as PPAs, long-term gas supply agreements, and others. These, together with secondary
transportation trades form part of phase, 2, as does certain types of fundamental data.
Phase 2 has two “deadlines” for sending data once it arises (usually when the trade is stuck):
-
T+1 day – for “standard” trades and fundamental data
T+1 month – for “non-standard” trades and contracts.
REMIT has several formats that can be used for phase 2 (on venue trades can only be sent in “format 1”). These,
together with the reporting deadlines, can be summarised as follows:
Type
Format
Timescale
Comment
“Look alike”
1
T+1 day
i.e. the trade is off venue, but an equivalent contract
exists on an OMP.
Simple
1
T + 1 month
Other trades with a fixed volume and price. May
include single index trades.
Complex
2
T + 1 month
Contracts and trade that do not have fixed price and/or
volume.
Framework/
Execution
2/1
T + 1 month
Framework contract (e.g. PPA) to be reported in Format
2 when signed/modified
Executions to be reported monthly in Format 1 with
volume and price, linked to the “parent” framework
contract.
Secondary
transportation
3/4
Fundamental
T+1 day/month
T+1 day
Power in format 3 and gas in format 4. Timing depends
on “standard” status.
•
Gas balances in storage
•
LNG unloads and reloads
•
LNG monthly load schedule
Each type of data will now be explained in turn:
6.1.1
“Look alike” trades
The REMIT Implementing Act defines a “standard contract as “a contract concerning a wholesale energy product
admitted to trading at an organised market place, irrespective of whether or not the transaction actually takes place
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