EU regulation No 1227/2011 on wholesale energy market integrity and transparency has been in force since 28 December 2011. REMIT is aimed at preventing market abuse in wholesale energy markets.
The REMIT Regulation can be viewed here
Article 4 of the Regulation places an obligation on market participants to publish inside information in an effective and timely manner. ‘Inside information’ is defined as information of a precise nature which has not been made public, which relates, directly or indirectly, to one or more wholesale energy products and which, if it were made public, would be likely to significantly affect the prices of those wholesale energy products. ‘
ACER (Agency for the Cooperation of Energy Regulators) has issued some guidance in relation to the REMIT Regulation; the page can be viewed on their website. One area that may fall under ‘Inside Information’ is outages.
If industry parties feel that an outage meets the publication requirements under REMIT then the information must be published on an openly accessible platform.
BSC modification P291 (which has been approved) proposed a central platform (the BMRS website) to which parties could publish REMIT information. Under P291 parties will be able to submit REMIT information to Elexon for publication on the BMRS. The submission route to Elexon will include outage information plus any other information parties feel falls under REMIT. P291 also includes the optional submission of REMIT outage information through National Grid for onward submission to Elexon.
The Transparency Regulation requires the publication of all outage information and so REMIT outages represent a subset of Transparency outages.