Introduced in 2011, REMIT provides a regulatory framework for wholesale energy markets that prohibits market manipulation and insider trading. The regulation makes these offences easily detectable and strengthens the registration and reporting processes of those participating in wholesale energy products.
Should your organisation fall under the scope of the REMIT regulations, then you need to register as a market participant with the relevant national regulator (in the UK, this is Ofgem) and where applicable you’ll also need to report the relevant contractual information.
As your energy supplier, we’ll also be required to report the relevant contractual information as it relates to your energy supply contract.
To determine the status of your business and if it is in the scope, you will have to register as a market participant with the relevant national regulator and begin reporting if you have a single site consumes, or has the technical capability to consume, 600GWh/year or more.
If your organisation is in scope and you know you’re a market participant, you’ll then need to register with Ofgem.
To help market participants during the registration process, Ofgem have published a REMIT Registration User Guide, including clear definitions of what’s needed to register in Great Britain and instructions on how to register, which you can find here.
You can also find more information about the registration process here.
If eligible, the first step is reporting.
If you have an energy supply contract in place with us for a single site which has a contracted annual consumption of 600GWh or above, we’ll automatically find and report your contract accordingly. We might need some more information from you, including the registration code, but we’ll be in touch with you if that happens. In such cases, you have an obligation to report the details of the contract.
If your contract with us is in place for a single site which is less than 600 GWh, then you’ll need to determine if you fall within scope of REMIT, and let us know.
If you have a site with a consumption unit defined as “a resource which receives electricity or natural gas for its own use” e.g. a plant that consumes less than 600 GWh but which could consume in excess of 600 GWh, then you’ll need to let us know so we can identify this contract to be reportable under REMIT.
Should the arrangements on site change materially, then you’ll need to re-evaluate your position in relation to the scheme and inform us of any changes.
Following the UK’s departure from the European Union, market participants involved in the trading of wholesale products for delivery in Great Britain are no longer required to report information about their trading activity to ACER (the European Agency for the Cooperation of Energy Regulators).
Instead, Ofgem will monitor trading in GB wholesale energy markets using data collected from Organised Market Places under Regulation 9 of the Electricity and Gas (Market Integrity and Transparency)(Enforcement etc.) Regulations 2013
However, counterparties who fall under the scope of REMIT reporting should still be registered. So, market participants who want to continue trading wholesale energy products that are delivered in the EU should re-register with an EU member state. If they only trade whole energy products where delivery is in the UK, on the other hand, they should register with Ofgem.
You can find further information about REMIT and how it applies to market participants in Great Britain here.
Or if you’d prefer to speak to us about it, a member of our Corporate Accounts team will be happy to help you with any questions you might have.
You can get in touch with them on 0161 837 3356 or by emailing them through firstname.lastname@example.org