ACER: data gaps in transaction reports
ACER has written an open letter drawing attention to data quality issues in connection with transaction reporting under REMIT. The letter is aimed at market participants, organised market places and registered reporting mechanisms (RRMs).
ACER constantly reviews the transaction reports submitted under REMIT in order to verify the completeness, accuracy and timely submission of the data. In doing so, it has identified some errors. Although this was to be expected – given the very recent introduction of the REMIT obligations and the extensive reporting requirements – a marked and lasting improvement is needed.
ACER therefore plans to work together with the RRMs to improve data quality. Since the market participants are basically responsible for the data reported, ACER has asked for attention to be paid to its comments on transaction reporting. In particular, ACER calls for the data reported by market participants and organised market places to be checked and for any errors to be corrected even after submission or after completion of the transactions.
Reporting errors should be corrected retrospecively
Important for market participants: If market participants discover errors in the data reported, they should inform their RRM immediately. The RRM must then take the necessary action to make sure that the errors are corrected.
Ensuring the quality of data is an important basis for ACER, the Bundesnetzagentur and the Market Transparency Unit for Wholesale Electricity and Gas Markets established at the Bundesnetzagentur in effectively monitoring the wholesale energy markets. The open letter serves as guidance for the undertakings concerned and provides an overview of the most common data quality issues.
The Bundesnetzagentur supports ACER's approach to improving data quality, which is based in the first instance on cooperation. As signalled by ACER in its letter, the Bundesnetzagentur will however also take enforcement action if necessary to ensure compliance with the reporting obligations. In Germany, failure to submit a transaction report, submission of an inaccurate or incomplete report and failure to submit a report on time each constitutes a regulatory offence punishable by a fine of up to ten thousand euros.
Please click here for further information about the reporting obligations and the wording of the open letter.
Date of modification: 2017.03.01