NORD POOL SPOT REMIT-ASETUKSEN TÄYTÄNTÖÖNPANO ORGANISOIDUN MARKKINAPAIKAN NÄKÖKULMASTA

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Juho-Matti Hiltunen
7 vuotta sitten
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1 Keskustelutilaisuus REMIT-asetuksen täytäntöönpanosta, 27. huhtikuuta 2015 NORD POOL SPOT REMIT-ASETUKSEN TÄYTÄNTÖÖNPANO ORGANISOIDUN MARKKINAPAIKAN NÄKÖKULMASTA

2 REMIT-täytäntöönpano organisoidun markkinapaikan näkökulmasta Nord Pool Spot Sähkön tukkumarkkinan sääntely REMIT-täytäntöönpano 2 / Nord Pool Spot 2015

3 Nord Pool Spot Euroopan johtava sähköpörssi Päivittäinen huutokauppa Elspot ja päivänsisäinen jälkimarkkina Elbas 380 asiakasta 20:sta eri maasta Vuonna 2014 välittimme 501 TWh sähköä, josta 361 TWh Pohjoismaissa Tuolloin toimitimme 87% kaikesta Pohjoismaissa käytetystä sähköstä 3 Nord Pool Spot 2015

4 Tehtävämme Tarjota likvidi markkina sähkölle Tuottaa tietoa markkinalle Tarjota tasapuoliset mahdollisuudet kaikille jäsenillemme Olla kaiken välittämämme sähkökaupan vastapuolena, joka takaa päivittäisen rahaliikenteen 4 Nord Pool Spot 2015

5 Toimintamme maantieteellisesti Elspot ja Elbas -markkina Elbas -markkina UK:n markkina Järjestelmätoimittaja Pääkonttori (Oslo) Muut toimipisteet 5 / Nord Pool Spot 2015

6 Sidosryhmät Omistajina Pohjoismaiden ja Baltian kantaverkkoyhtiöt Säännelty markkina, jota valvoo Norjan Vesi- ja Energiaviranomainen (NVE) Elering (Viro) 2% Statnett (Norja) 28.2% Svenska Kraftnät (Ruotsi) 28.2% Fingrid (Suomi) 18.8% Energinet.dk (Tanska) 18.8% Litgrid (Liettua) 2% Nord Pool Spot AS AST (Latvia) 2% 6 / Nord Pool Spot 2015

7 REMIT-täytäntöönpano organisoidun markkinapaikan näkökulmasta Nord Pool Spot Sähkön tukkumarkkinan sääntely ja valvonta REMIT-täytäntöönpano 7 / Nord Pool Spot 2015

8 Nordic power market regulatory regime Marketplace license Ministry of Oil and Energy NVE Cross-border trading license NEW REGULATION Nord Pool Spot AS REMIT Trading rules Transparency Regulation Market Conduct Rules Network Codes 8 / Nord Pool Spot 2015

9 Market monitoring/surveillance regime Previously, (Nordic power) market monitoring/surveillance was performed mainly by Nord Pool Spot s market surveillance function REMIT introduced new market monitoring regime giving ACER and the national authorities new roles in relation to market monitoring (REMIT article 7): The Agency shall monitor trading activity [ ] to detect and prevent trading based on inside information and market manipulation. NRAs shall cooperate [ ] in carrying out the monitoring of wholesale energy markets [ ]. NRAs may also monitor trading activity in wholesale energy products at national level. National authorities also have an obligation to ensure appropriate reporting under the Transparency regulation (regulation EU 543/2013 article 4): NRAs shall ensure that the primary owners of the data, TSOs and data providers comply with their obligations under this Regulation. However, REMIT also gives organized market places obligations to monitor the markets (REMIT article 15): Persons professionally arranging transactions in wholesale energy products shall establish and maintain effective arrangements and procedures to identify breaches of Article 3 or 5. Further, CACM 1 requires NEMOs to have a market surveillance function (CACM article 6): An applicant shall only be designated as a NEMO if it complies with all of the following requirements [ ]: it shall have appropriate market surveillance arrangements in place [ ]. 9 / Nord Pool Spot ) CACM = Capacity Allocation and Congestion Management network code

10 REMIT implementation affects the (Nordic) power market surveillance The role of NPS market surveillance changes: Division of tasks between NPS market surveillance and the NRAs Focus on market monitoring Changes in sanctioning rights Possible changes to NPS market conduct rules: Towards single set of rules References to REMIT Effects to NPS members: Need to register as a market participant & new reporting obligations (naming of reporting channels as part of the market participant registration) Market surveillance cannot give specific interpretations on the regulations Differences in the national implementation of REMIT 10 / Nord Pool Spot 2015

11 REMIT-täytäntöönpano organisoidun markkinapaikan näkökulmasta Nord Pool Spot Sähkön tukkumarkkinan sääntely ja valvonta REMIT-täytäntöönpano 11 / Nord Pool Spot 2015

12 REMIT reporting and OMPs 1/2 Reporting channels for transactions (REMIT IA article 6) Market participants shall report details of wholesale energy products executed at organized market places through the organized market place concerned, or through trade matching systems or trade reporting systems. The organized market place where the wholesale energy product was executed or the order was placed shall at the request of the market participant offer a data reporting agreement. Market participants or third parties acting on their behalf shall report details of contracts referred to in Article 3(1)(a), 3(1)(b)(ii) and 3(1)(b)(iii) which have been concluded outside an organized market. 12 / Nord Pool Spot 2015 OMP = Organized Market Place

13 REMIT reporting and OMPs 2/2 Requirements and responsibility for reporting data (REMIT IA article 11) In order to ensure efficient, effective and safe exchange and handling of information, the Agency shall [ ] develop technical and organizational requirements for submitting data [ ]. The requirements shall: a) ensure the security, confidentiality and completeness of information, b) enable the identification and correction of errors in data reports, c) enable the authentication of the source of information, d) ensure business continuity. The Agency shall assess whether reporting parties comply with the requirements. Reporting parties who comply with the requirements shall be registered by the Agency [ ]. 13 / Nord Pool Spot 2015 OMP = Organized Market Place

14 Registered Reporting Mechanism, RRM RRM stands for Registered Reporting Mechanism, meaning a person that reports trade and / or fundamental data directly to the Agency under REMIT. RRMs must comply with the technical and organizational requirements for the reporting of data and are, thus, registered by the Agency to provide the service of reporting trade and / or fundamental data. The registration process aims to: a) verify whether the applicant meets the RRM requirements; and b) enable the RRM and the Agency to establish an interface for information exchange. In case of a reporting delegation chain (e.g. counterparty A delegates the reporting to counterparty B, which, in turn, delegates the reporting to C), only the entities submitting data directly to the Agency shall register as a RRM (C in the example). 14 / Nord Pool Spot 2015 Source: Requirements for the registration of Registered Reporting Mechanisms (RRMs), 7 January 2015

15 Technical and organizational requirements for RRMs ACER has defined 11 categories of requirements for RRMs: 1. requirements on the secure transmission of data 2. requirements on the timely transmission of data 3. requirements on the validation of input 4. requirements on output format 5. requirements on output content 6. requirements on the validation of output 7. requirements on governance 8. requirements on operational reliability 9. requirements concerning the disruption of services 10. requirements concerning security breaches 11. requirements on communication with the Agency 15 / Nord Pool Spot 2015 Source: Requirements for the registration of Registered Reporting Mechanisms (RRMs), 7 January 2015

16 NPS is registering to become an RRM NPS entered the RRM registration process in mid-january 2015 So far, the registration process has proceeded well although there have been some unforeseen delays mainly caused by: Limited resources at ACER Unclarity with some of the instructions Unexpected changes to the ARIS interface NPS is among the first organizations in the registration process: Currently, we are going through the attestation phase ~ 3 months Registered RRM 16 / Nord Pool Spot 2015

17 Status of REMIT implementation from NPS point of view A lot of information available through the ACER REMIT portal 1, including: List of organized market places (59 pcs) List of registered market participants (776 pcs of which 36 from Finland) List of standard contracts (6524 pcs) REMIT documentation, e.g. REMIT Q&A 4 th edition Some things still contain an element of unclarity: Technical readiness of the ARIS API interface Certain topics regarding the implementation of REMIT reporting Other experiences: Limited resources at ACER Round table meetings and telcos with different stakeholders help to clarify things Status of REMIT implementation varies a lot between different countries 17 / Nord Pool Spot )

18 List of standard contracts: NPS/N2EX Energy Commodity Type Organised market place ID-type Organised market place ID Contract Load Full name of the Contract Name Delivery Zone Type Type organised market place N2EX/Nord Pool Spot AS - Day-Ahead - Hour/Block - United Kingdom 10YGB A EL AU BH MIC N2EX N2EX/Nord Pool Spot AS EXC N2EX/Nord Pool Spot AS - Intraday - United Kingdom 10YGB A EL CO BH MIC N2EX N2EX/Nord Pool Spot AS EXC Nord Pool Spot AS - Day-Ahead - Hour/Block - Finland 10YFI U EL AU BH MIC NOPS Nord Pool Spot AS EXC Nord Pool Spot AS - Day-Ahead - Hour/Block - Sweden 2 10Y1001A1001A45N EL AU BH MIC NOPS Nord Pool Spot AS EXC Nord Pool Spot AS - Intraday - Denmark 2 10YDK M EL CO BH MIC NOPS Nord Pool Spot AS EXC Nord Pool Spot AS - Intraday - TBW 10YDE-ENBW-----N EL CO BH MIC NOPS Nord Pool Spot AS EXC Type of organised market place Energy Commodity Type Contract Type Load Type OMP ID-type Type of MP EL AU BL LEI BRK NG CO PL MIC EXC FW OP ACER code OTH FU BH OP SH OP_FW GD OP_FU OT OP_SW SP SW OT Complete list can be found from: 18 / Nord Pool Spot 2015

KIITOS! Ville Miettinen ville.miettinen@npspot.

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