SlideShare a Scribd company logo
Energy Community SecretariatEnergy Community Secretariat 1
Arben Kllokoqi
Electricity Expert, Energy Community Secretariat
Inside information vs.
Transparency information
Energy Community SecretariatEnergy Community Secretariat 2
Content
• REMIT framework
• Definition of inside information
• Transparency information vs. inside information
• Disclosure of inside information
Energy Community SecretariatEnergy Community Secretariat 3
Un-managed risk!
- Third package does not fully address market abuse and monitoring
- In the EU energy market – market abuse is addressed via REMIT
- In the EU financial sector - market abuse is addressed via MAR
Policy makers and
regulatory authorities
should ensure stable
legal and regulatory
framework
Market participants
should be able to
manage market and
credit risk
Potential for abusive and
unfair practices that
undermines market
confidence => price setting
Effectively addressing market abuse?
Energy Community SecretariatEnergy Community Secretariat 4
Framework around REMIT
REMIT (Regulation 1227/2011)
REMIT Implementing
Regulation (1227/2011)
Regulatory
Guidance
Key REMIT
requirements
Data reporting:
What/When/Who
ACER Guidance
Other guidance by
ACER/NRAs/Industry
Energy Community SecretariatEnergy Community Secretariat 5
Framework around REMIT REGULATION (EU) No 1227/2011
Publicationofinsideinformation
Prohibitionofinsidertrading
Prohibitionofmarketmanipulation
Providingdata[toACER]&
Monitoring
Market integrity (5Ps)
PowerfortheNRA
Energy Community SecretariatEnergy Community Secretariat 6
REMIT important definitions
Inside Information
- Precise nature
- Not made public
- Relates to wholesale energy products
- Likely to significantly affect the prices
- Required to be disclosed (3rd package, etc.)
- Capacity and use of facilities for production,
storage, transmission of electricity and gas
Wholesale energy products
- Contracts for supply of electricity or gas with
delivery in EU
- Contracts relating to transport of electricity or
gas in EU
- Derivatives relating to electricity or gas
produced, traded or delivered
- Derivatives relating to transport of electricity
or gas
Market participants
- Any person, including TSOs, entering into
transactions (incl. placing orders) in ‘wholesale
energy markets’:
- Trading companies, producers, shippers,
wholesale consumers, final customers, TSOs,
storage operators, LNG operators and
investment firms
- REMIT registration
Wholesale energy market
- Markets within EU where energy products
are traded:
- Balancing market, intra-day and day-ahead
market
- Forward markets (contracts)
- Derivatives markets
- Markets for transportation capacities and
related derivative markets
Energy Community SecretariatEnergy Community Secretariat 7
Defining “information”
• Information required to be published under:
• 3rd package, including guidelines and network codes (as well
as Transparency Regulation)
• Information relevant to:
• the capacity and use of facilities for production, storage,
consumption or transmission of electricity or gas
• including planned/unplanned unavailability of such facilities
• Information required to be disclosed in accordance
with legal or regulatory provisions
• Other information that a reasonable market
participant would be likely to use as part of the basis
of its decision to trade
Inside Information
- Precise nature
- Not made public
- Relates to wholesale energy products
- Likely to significantly affectthe prices
- Required to be disclosed (3rd package, etc.)
- Capacity and use of facilities forproduction,
storage, transmission of electricity and gas
Energy Community SecretariatEnergy Community Secretariat 8
Defining “information” – other information
• What about market participants’ plans and strategies?
• ACER’s interpretation in the spirit of recital 12 of REMIT
• Inside Information does not include trading plans and
strategies of market participants
• ACER’s Guidance:
• “trading plans” - systematic method for evaluating wholesale
energy products, determining the amount of risk that is or should
be taken, and formulating short and long-term investment
objectives. Most plans require the use of various types of
technical analysis tools.
• “trading strategies” - set of objective rules designating the
conditions that must be met for trades in their trading activites
such as specifications for trade entries, trade filters and triggers,
as well as rules for trade exits, money management, timeframes,
order types, etc.
Inside Information
- Precise nature
- Not made public
- Relates to wholesale energy products
- Likely to significantly affectthe prices
- Required to be disclosed (3rd package, etc.)
- Capacity and use of facilities forproduction,
storage, transmission of electricity and gas
Energy Community SecretariatEnergy Community Secretariat
• To be classified as inside information, all criteria
have to be met
• Grey areas on defining inside information
• Precise nature
If indicates as set of circumstances which exist or may be
reasonably expected to come into existence or an event which
has occurred
• Likelihood of having significant price effect
If the circumstances on which the info is based would likely
have significant impact on prices if it became publicly known
→ Likelihood is sufficient, no actual price effect is
required
9
Defining inside information – (grey areas)
Inside Information
- Precise nature
- Not made public
- Relates to wholesale energy products
- Likely to significantly affectthe prices
- Required to be disclosed (3rd package, etc.)
- Capacity and use of facilities forproduction,
storage, transmission of electricity and gas
Energy Community SecretariatEnergy Community Secretariat 10
Transparency information vs. inside information
Transparency information (periodic structural data)
• Data that should be published under 3rd package and Transparency Regulation 543/2013
• Such information may constitute inside information
• Lack of publication makes related data REMIT relevant → insider information to be
made public
Inside information (ad-hoc data)
• Goes beyond what is required 3rd package and Transparency Regulation
• Information a reasonable market participant would be likely to use as part of the basis of
its decision to ‘trade’ (if likely to have price significance), but not trading strategies; e.g.:
• Outage of capacity <100MW but with price significance (important for small markets of CPs)
• Closure of certain nuclear/coal/gas plant, commissioninig of a plant, etc.
• Decisions related to climate chane policies, etc.
Energy Community SecretariatEnergy Community Secretariat
• Market participants to publish inside information in
an effective and timely manner
• Latest 1h after the occurrence, but before any trading
activity occurs
• Scope
• own business, parent/related undertaking
• information market participant is in control of or
responsible
• Content relevant to:
• the capacity and use of facilities for production,
storage, consumption or transmission of electricity
or gas
• including planned/unplanned unavailability of such
facilities
11
Obligation to publish inside information
Energy Community SecretariatEnergy Community Secretariat 12
Disclosure of inside information
• Inside information is required to be disclosed
• as an urgent market message (UMM)
• at centralized platforms to ensure easier access for users
• on a non-discriminatory basis and free of charge
• via an RSS feed specific for the disclosure of inside information,
• allowing easy and fast access by the public;
• and be kept available for the public for a period of at least 2 years in the
official language(s) and in English or in English only
Energy Community SecretariatEnergy Community Secretariat 13
Content of urgent market messages
Energy Community SecretariatEnergy Community Secretariat 14
Delays, exemptions…
• In case of potential delays in publication, market participants should inform
NRA and ACER
• Justification of such delay
• Ensure that it does not mislead the market
• Still not trade on such info
• “Sensitive critical infrastructure protection related information”
• May delay publication
• Still not trade on such info
Energy Community SecretariatEnergy Community Secretariat 15
Centralized platforms for UMMs
• ACER publishes the list of centralized platforms that publish UMMs
• https://www.acer-remit.eu/portal/list-inside-platforms
Energy Community SecretariatEnergy Community Secretariat 16
www.energy-community.org
Arben.Kllokoqi@energy-community.org
Thank you!

More Related Content

What's hot

tew (09.10.18) - Marsenic
tew (09.10.18) - Marsenictew (09.10.18) - Marsenic
tew (09.10.18) - Marsenic
Денис Киркач
 
tew (09.10.18) - What is remit, wholesale market monitoring under remit
tew (09.10.18) - What is remit, wholesale market monitoring under remittew (09.10.18) - What is remit, wholesale market monitoring under remit
tew (09.10.18) - What is remit, wholesale market monitoring under remit
Денис Киркач
 
tew (10.10.18) - Policy guidelines for distribution network tariffs
tew (10.10.18) - Policy guidelines for distribution network tariffstew (10.10.18) - Policy guidelines for distribution network tariffs
tew (10.10.18) - Policy guidelines for distribution network tariffs
Денис Киркач
 
tew (09.10.18) - Compliance with remit, a market participant's prespective
tew (09.10.18) - Compliance with remit, a market participant's prespectivetew (09.10.18) - Compliance with remit, a market participant's prespective
tew (09.10.18) - Compliance with remit, a market participant's prespective
Денис Киркач
 
tew (09.10.18) - Oshchepkova
tew (09.10.18) - Oshchepkovatew (09.10.18) - Oshchepkova
tew (09.10.18) - Oshchepkova
Денис Киркач
 
tew (12.10.18) - Electricity market reform in turkey
tew (12.10.18) - Electricity market reform in turkeytew (12.10.18) - Electricity market reform in turkey
tew (12.10.18) - Electricity market reform in turkey
Денис Киркач
 
tew (12.10.18) - Licensee performance monitoring and uniform system of accounts
tew (12.10.18) - Licensee performance monitoring and uniform system of accountstew (12.10.18) - Licensee performance monitoring and uniform system of accounts
tew (12.10.18) - Licensee performance monitoring and uniform system of accounts
Денис Киркач
 
Clean energy and the role for regulators
Clean energy and the role for regulatorsClean energy and the role for regulators
Clean energy and the role for regulators
Leonardo ENERGY
 
tew (10.10.18) - Transmission tariff calculation for ukraine, using the capac...
tew (10.10.18) - Transmission tariff calculation for ukraine, using the capac...tew (10.10.18) - Transmission tariff calculation for ukraine, using the capac...
tew (10.10.18) - Transmission tariff calculation for ukraine, using the capac...
Денис Киркач
 
Auctions for RES support - the convincing list of pros
Auctions for RES support - the convincing list of prosAuctions for RES support - the convincing list of pros
Auctions for RES support - the convincing list of pros
energydialog
 
Cost-reflectivity of Distribution Tariffs
Cost-reflectivity of Distribution TariffsCost-reflectivity of Distribution Tariffs
Cost-reflectivity of Distribution Tariffs
Florence Shool of Regulation
 
Major eu energy law and policy developments in 2013
Major eu energy law and policy developments in 2013Major eu energy law and policy developments in 2013
Major eu energy law and policy developments in 2013Raluca Dirjan
 
Challenges for the European Gas Market
Challenges for the European Gas MarketChallenges for the European Gas Market
Challenges for the European Gas Market
Florence Shool of Regulation
 
Rethinking Renewables
Rethinking RenewablesRethinking Renewables
Rethinking Renewables
Florence Shool of Regulation
 
tew (12.10.18) - Facilitating network investments through rab
tew (12.10.18) - Facilitating network investments through rab tew (12.10.18) - Facilitating network investments through rab
tew (12.10.18) - Facilitating network investments through rab
Денис Киркач
 
Security of Gas Supply in the Energy Community
Security of Gas Supply in the Energy CommunitySecurity of Gas Supply in the Energy Community
Security of Gas Supply in the Energy Community
Florence Shool of Regulation
 
Challenges in adoption of international model of consumer protection in india...
Challenges in adoption of international model of consumer protection in india...Challenges in adoption of international model of consumer protection in india...
Challenges in adoption of international model of consumer protection in india...Balasubramanya Chandrashekariah
 
Mediterranean RES
Mediterranean RESMediterranean RES
Application of Article 11 of the Gas Directive: TSOs controlled by companies ...
Application of Article 11 of the Gas Directive: TSOs controlled by companies ...Application of Article 11 of the Gas Directive: TSOs controlled by companies ...
Application of Article 11 of the Gas Directive: TSOs controlled by companies ...
Florence Shool of Regulation
 
Toward a Target Model
Toward a Target ModelToward a Target Model
Toward a Target Model
Florence Shool of Regulation
 

What's hot (20)

tew (09.10.18) - Marsenic
tew (09.10.18) - Marsenictew (09.10.18) - Marsenic
tew (09.10.18) - Marsenic
 
tew (09.10.18) - What is remit, wholesale market monitoring under remit
tew (09.10.18) - What is remit, wholesale market monitoring under remittew (09.10.18) - What is remit, wholesale market monitoring under remit
tew (09.10.18) - What is remit, wholesale market monitoring under remit
 
tew (10.10.18) - Policy guidelines for distribution network tariffs
tew (10.10.18) - Policy guidelines for distribution network tariffstew (10.10.18) - Policy guidelines for distribution network tariffs
tew (10.10.18) - Policy guidelines for distribution network tariffs
 
tew (09.10.18) - Compliance with remit, a market participant's prespective
tew (09.10.18) - Compliance with remit, a market participant's prespectivetew (09.10.18) - Compliance with remit, a market participant's prespective
tew (09.10.18) - Compliance with remit, a market participant's prespective
 
tew (09.10.18) - Oshchepkova
tew (09.10.18) - Oshchepkovatew (09.10.18) - Oshchepkova
tew (09.10.18) - Oshchepkova
 
tew (12.10.18) - Electricity market reform in turkey
tew (12.10.18) - Electricity market reform in turkeytew (12.10.18) - Electricity market reform in turkey
tew (12.10.18) - Electricity market reform in turkey
 
tew (12.10.18) - Licensee performance monitoring and uniform system of accounts
tew (12.10.18) - Licensee performance monitoring and uniform system of accountstew (12.10.18) - Licensee performance monitoring and uniform system of accounts
tew (12.10.18) - Licensee performance monitoring and uniform system of accounts
 
Clean energy and the role for regulators
Clean energy and the role for regulatorsClean energy and the role for regulators
Clean energy and the role for regulators
 
tew (10.10.18) - Transmission tariff calculation for ukraine, using the capac...
tew (10.10.18) - Transmission tariff calculation for ukraine, using the capac...tew (10.10.18) - Transmission tariff calculation for ukraine, using the capac...
tew (10.10.18) - Transmission tariff calculation for ukraine, using the capac...
 
Auctions for RES support - the convincing list of pros
Auctions for RES support - the convincing list of prosAuctions for RES support - the convincing list of pros
Auctions for RES support - the convincing list of pros
 
Cost-reflectivity of Distribution Tariffs
Cost-reflectivity of Distribution TariffsCost-reflectivity of Distribution Tariffs
Cost-reflectivity of Distribution Tariffs
 
Major eu energy law and policy developments in 2013
Major eu energy law and policy developments in 2013Major eu energy law and policy developments in 2013
Major eu energy law and policy developments in 2013
 
Challenges for the European Gas Market
Challenges for the European Gas MarketChallenges for the European Gas Market
Challenges for the European Gas Market
 
Rethinking Renewables
Rethinking RenewablesRethinking Renewables
Rethinking Renewables
 
tew (12.10.18) - Facilitating network investments through rab
tew (12.10.18) - Facilitating network investments through rab tew (12.10.18) - Facilitating network investments through rab
tew (12.10.18) - Facilitating network investments through rab
 
Security of Gas Supply in the Energy Community
Security of Gas Supply in the Energy CommunitySecurity of Gas Supply in the Energy Community
Security of Gas Supply in the Energy Community
 
Challenges in adoption of international model of consumer protection in india...
Challenges in adoption of international model of consumer protection in india...Challenges in adoption of international model of consumer protection in india...
Challenges in adoption of international model of consumer protection in india...
 
Mediterranean RES
Mediterranean RESMediterranean RES
Mediterranean RES
 
Application of Article 11 of the Gas Directive: TSOs controlled by companies ...
Application of Article 11 of the Gas Directive: TSOs controlled by companies ...Application of Article 11 of the Gas Directive: TSOs controlled by companies ...
Application of Article 11 of the Gas Directive: TSOs controlled by companies ...
 
Toward a Target Model
Toward a Target ModelToward a Target Model
Toward a Target Model
 

Similar to tew (09.10.18) - Inside information vs. transparency information

Pages from 2015 Storage-forum-presentations
Pages from 2015 Storage-forum-presentationsPages from 2015 Storage-forum-presentations
Pages from 2015 Storage-forum-presentationsBill Jackson
 
ICT sector Tariff Policy in Mongolia
ICT sector Tariff Policy in Mongolia ICT sector Tariff Policy in Mongolia
ICT sector Tariff Policy in Mongolia
Mr Nyak
 
Enrique Morgades _Energy Transition and Energy Rregulatory Sandboxes_Funseam ...
Enrique Morgades _Energy Transition and Energy Rregulatory Sandboxes_Funseam ...Enrique Morgades _Energy Transition and Energy Rregulatory Sandboxes_Funseam ...
Enrique Morgades _Energy Transition and Energy Rregulatory Sandboxes_Funseam ...
Funseam - Fundación para la Sostenibilidad Energética y Ambiental
 
Opening Electricity Industry to Investors: an academic perspective
Opening Electricity Industry to Investors: an academic perspective Opening Electricity Industry to Investors: an academic perspective
Opening Electricity Industry to Investors: an academic perspective
European University Institute
 
Jan Vorrink - TenneT TSO
Jan Vorrink - TenneT TSOJan Vorrink - TenneT TSO
Jan Vorrink - TenneT TSO
Dutch Power
 
What's new with EU Energy 4th Package?
What's new with EU Energy 4th Package?What's new with EU Energy 4th Package?
What's new with EU Energy 4th Package?
European University Institute
 
Regulatory Innovation Zones for Smart Energy Networks
Regulatory Innovation Zones for Smart Energy NetworksRegulatory Innovation Zones for Smart Energy Networks
Regulatory Innovation Zones for Smart Energy Networks
Leonardo ENERGY
 
Promenons-nous dans le bois, tant que le junker n'y est pas
Promenons-nous dans le bois, tant que le junker n'y est pasPromenons-nous dans le bois, tant que le junker n'y est pas
Promenons-nous dans le bois, tant que le junker n'y est pas
European University Institute
 
“EU Electricity Market & System: What’s new with 4th Package?”
“EU Electricity Market & System:  What’s new with 4th Package?”“EU Electricity Market & System:  What’s new with 4th Package?”
“EU Electricity Market & System: What’s new with 4th Package?”
European University Institute
 
Anil Shukla - QinetiQ - spectrum policy forum-framework_qinetiq_030518_intro_...
Anil Shukla - QinetiQ - spectrum policy forum-framework_qinetiq_030518_intro_...Anil Shukla - QinetiQ - spectrum policy forum-framework_qinetiq_030518_intro_...
Anil Shukla - QinetiQ - spectrum policy forum-framework_qinetiq_030518_intro_...
techUK
 
Energy consumers' rights and the EU legislation
Energy consumers' rights and the EU legislationEnergy consumers' rights and the EU legislation
Energy consumers' rights and the EU legislation
energydialog
 
Smartness Indicator
Smartness IndicatorSmartness Indicator
Smartness Indicator
Dutch Power
 
Smart Advanced Metering in the UK – An overview
Smart Advanced Metering in the UK – An overviewSmart Advanced Metering in the UK – An overview
Smart Advanced Metering in the UK – An overview
IEA DSM Implementing Agreement (IA)
 
Winter package is coming
Winter package is comingWinter package is coming
Winter package is coming
Arne Koeppel
 
Eurelectric transparency report
Eurelectric transparency reportEurelectric transparency report
Eurelectric transparency report
Elena Bejinariu
 
Anna Colucci Fingrid Current 5.4.2017
Anna Colucci Fingrid Current 5.4.2017 Anna Colucci Fingrid Current 5.4.2017
Anna Colucci Fingrid Current 5.4.2017
Fingrid Oyj
 
Mobile Communications Part 1.pdf
Mobile Communications Part 1.pdfMobile Communications Part 1.pdf
Mobile Communications Part 1.pdf
PrabashSemasinghe1
 
Clean energy and the role for regulators
Clean energy and the role for regulatorsClean energy and the role for regulators
Clean energy and the role for regulators
Leonardo ENERGY
 

Similar to tew (09.10.18) - Inside information vs. transparency information (20)

Pages from 2015 Storage-forum-presentations
Pages from 2015 Storage-forum-presentationsPages from 2015 Storage-forum-presentations
Pages from 2015 Storage-forum-presentations
 
ICT sector Tariff Policy in Mongolia
ICT sector Tariff Policy in Mongolia ICT sector Tariff Policy in Mongolia
ICT sector Tariff Policy in Mongolia
 
Enrique Morgades _Energy Transition and Energy Rregulatory Sandboxes_Funseam ...
Enrique Morgades _Energy Transition and Energy Rregulatory Sandboxes_Funseam ...Enrique Morgades _Energy Transition and Energy Rregulatory Sandboxes_Funseam ...
Enrique Morgades _Energy Transition and Energy Rregulatory Sandboxes_Funseam ...
 
Opening Electricity Industry to Investors: an academic perspective
Opening Electricity Industry to Investors: an academic perspective Opening Electricity Industry to Investors: an academic perspective
Opening Electricity Industry to Investors: an academic perspective
 
Jan Vorrink - TenneT TSO
Jan Vorrink - TenneT TSOJan Vorrink - TenneT TSO
Jan Vorrink - TenneT TSO
 
What's new with EU Energy 4th Package?
What's new with EU Energy 4th Package?What's new with EU Energy 4th Package?
What's new with EU Energy 4th Package?
 
Regulatory Innovation Zones for Smart Energy Networks
Regulatory Innovation Zones for Smart Energy NetworksRegulatory Innovation Zones for Smart Energy Networks
Regulatory Innovation Zones for Smart Energy Networks
 
Promenons-nous dans le bois, tant que le junker n'y est pas
Promenons-nous dans le bois, tant que le junker n'y est pasPromenons-nous dans le bois, tant que le junker n'y est pas
Promenons-nous dans le bois, tant que le junker n'y est pas
 
“EU Electricity Market & System: What’s new with 4th Package?”
“EU Electricity Market & System:  What’s new with 4th Package?”“EU Electricity Market & System:  What’s new with 4th Package?”
“EU Electricity Market & System: What’s new with 4th Package?”
 
Anil Shukla - QinetiQ - spectrum policy forum-framework_qinetiq_030518_intro_...
Anil Shukla - QinetiQ - spectrum policy forum-framework_qinetiq_030518_intro_...Anil Shukla - QinetiQ - spectrum policy forum-framework_qinetiq_030518_intro_...
Anil Shukla - QinetiQ - spectrum policy forum-framework_qinetiq_030518_intro_...
 
Energy consumers' rights and the EU legislation
Energy consumers' rights and the EU legislationEnergy consumers' rights and the EU legislation
Energy consumers' rights and the EU legislation
 
Smartness Indicator
Smartness IndicatorSmartness Indicator
Smartness Indicator
 
Budapest erra 19_june2015_gjm
Budapest erra 19_june2015_gjmBudapest erra 19_june2015_gjm
Budapest erra 19_june2015_gjm
 
Smart Advanced Metering in the UK – An overview
Smart Advanced Metering in the UK – An overviewSmart Advanced Metering in the UK – An overview
Smart Advanced Metering in the UK – An overview
 
ETRM Vimanyu
ETRM Vimanyu ETRM Vimanyu
ETRM Vimanyu
 
Winter package is coming
Winter package is comingWinter package is coming
Winter package is coming
 
Eurelectric transparency report
Eurelectric transparency reportEurelectric transparency report
Eurelectric transparency report
 
Anna Colucci Fingrid Current 5.4.2017
Anna Colucci Fingrid Current 5.4.2017 Anna Colucci Fingrid Current 5.4.2017
Anna Colucci Fingrid Current 5.4.2017
 
Mobile Communications Part 1.pdf
Mobile Communications Part 1.pdfMobile Communications Part 1.pdf
Mobile Communications Part 1.pdf
 
Clean energy and the role for regulators
Clean energy and the role for regulatorsClean energy and the role for regulators
Clean energy and the role for regulators
 

More from Денис Киркач

Energy poverty web
Energy poverty webEnergy poverty web
Energy poverty web
Денис Киркач
 
Agenda eng
Agenda engAgenda eng
Results of the Quantitative Public Opinion Poll of the USAID Transparent Ener...
Results of the Quantitative Public Opinion Poll of the USAID Transparent Ener...Results of the Quantitative Public Opinion Poll of the USAID Transparent Ener...
Results of the Quantitative Public Opinion Poll of the USAID Transparent Ener...
Денис Киркач
 
1405858 di xi_v_ukr_1.4-converted
1405858 di xi_v_ukr_1.4-converted1405858 di xi_v_ukr_1.4-converted
1405858 di xi_v_ukr_1.4-converted
Денис Киркач
 
Alert 8449d a4
Alert 8449d a4Alert 8449d a4
Alert 8449d a4
Денис Киркач
 
Res factbook dec2018_di_xi_final (1)
Res factbook dec2018_di_xi_final (1)Res factbook dec2018_di_xi_final (1)
Res factbook dec2018_di_xi_final (1)
Денис Киркач
 
Res factbook dec2018_di_xi_final
Res factbook dec2018_di_xi_finalRes factbook dec2018_di_xi_final
Res factbook dec2018_di_xi_final
Денис Киркач
 
Azov ns2
Azov ns2Azov ns2
Factsheet oil
Factsheet oilFactsheet oil
Dixi 6229 brochure(eng)_str
Dixi 6229 brochure(eng)_strDixi 6229 brochure(eng)_str
Dixi 6229 brochure(eng)_str
Денис Киркач
 
2545 translation web_final
2545 translation web_final2545 translation web_final
2545 translation web_final
Денис Киркач
 
Dixi 6229 brochure(ukr)_str
Dixi 6229 brochure(ukr)_strDixi 6229 brochure(ukr)_str
Dixi 6229 brochure(ukr)_str
Денис Киркач
 
Analytics draft law_on_res_auctions_2018_eng
Analytics draft law_on_res_auctions_2018_engAnalytics draft law_on_res_auctions_2018_eng
Analytics draft law_on_res_auctions_2018_eng
Денис Киркач
 
Методичні рекомендації для проведення аудиту даних державних органів влади
Методичні рекомендації для проведення аудиту даних державних органів владиМетодичні рекомендації для проведення аудиту даних державних органів влади
Методичні рекомендації для проведення аудиту даних державних органів влади
Денис Киркач
 
tew (12.10.18) - Kolmek
tew (12.10.18) - Kolmektew (12.10.18) - Kolmek
tew (12.10.18) - Kolmek
Денис Киркач
 
tew (12.10.18) - Turkey
tew (12.10.18) - Turkeytew (12.10.18) - Turkey
tew (12.10.18) - Turkey
Денис Киркач
 
tew (12.10.18) - Poland
tew (12.10.18) - Polandtew (12.10.18) - Poland
tew (12.10.18) - Poland
Денис Киркач
 
tew (11.10.18) Planning &amp; revenue management
tew (11.10.18) Planning &amp; revenue management tew (11.10.18) Planning &amp; revenue management
tew (11.10.18) Planning &amp; revenue management
Денис Киркач
 
tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...
tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...
tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...
Денис Киркач
 
tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...
tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...
tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...
Денис Киркач
 

More from Денис Киркач (20)

Energy poverty web
Energy poverty webEnergy poverty web
Energy poverty web
 
Agenda eng
Agenda engAgenda eng
Agenda eng
 
Results of the Quantitative Public Opinion Poll of the USAID Transparent Ener...
Results of the Quantitative Public Opinion Poll of the USAID Transparent Ener...Results of the Quantitative Public Opinion Poll of the USAID Transparent Ener...
Results of the Quantitative Public Opinion Poll of the USAID Transparent Ener...
 
1405858 di xi_v_ukr_1.4-converted
1405858 di xi_v_ukr_1.4-converted1405858 di xi_v_ukr_1.4-converted
1405858 di xi_v_ukr_1.4-converted
 
Alert 8449d a4
Alert 8449d a4Alert 8449d a4
Alert 8449d a4
 
Res factbook dec2018_di_xi_final (1)
Res factbook dec2018_di_xi_final (1)Res factbook dec2018_di_xi_final (1)
Res factbook dec2018_di_xi_final (1)
 
Res factbook dec2018_di_xi_final
Res factbook dec2018_di_xi_finalRes factbook dec2018_di_xi_final
Res factbook dec2018_di_xi_final
 
Azov ns2
Azov ns2Azov ns2
Azov ns2
 
Factsheet oil
Factsheet oilFactsheet oil
Factsheet oil
 
Dixi 6229 brochure(eng)_str
Dixi 6229 brochure(eng)_strDixi 6229 brochure(eng)_str
Dixi 6229 brochure(eng)_str
 
2545 translation web_final
2545 translation web_final2545 translation web_final
2545 translation web_final
 
Dixi 6229 brochure(ukr)_str
Dixi 6229 brochure(ukr)_strDixi 6229 brochure(ukr)_str
Dixi 6229 brochure(ukr)_str
 
Analytics draft law_on_res_auctions_2018_eng
Analytics draft law_on_res_auctions_2018_engAnalytics draft law_on_res_auctions_2018_eng
Analytics draft law_on_res_auctions_2018_eng
 
Методичні рекомендації для проведення аудиту даних державних органів влади
Методичні рекомендації для проведення аудиту даних державних органів владиМетодичні рекомендації для проведення аудиту даних державних органів влади
Методичні рекомендації для проведення аудиту даних державних органів влади
 
tew (12.10.18) - Kolmek
tew (12.10.18) - Kolmektew (12.10.18) - Kolmek
tew (12.10.18) - Kolmek
 
tew (12.10.18) - Turkey
tew (12.10.18) - Turkeytew (12.10.18) - Turkey
tew (12.10.18) - Turkey
 
tew (12.10.18) - Poland
tew (12.10.18) - Polandtew (12.10.18) - Poland
tew (12.10.18) - Poland
 
tew (11.10.18) Planning &amp; revenue management
tew (11.10.18) Planning &amp; revenue management tew (11.10.18) Planning &amp; revenue management
tew (11.10.18) Planning &amp; revenue management
 
tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...
tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...
tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...
 
tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...
tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...
tew (10.10.18) - Principles of regulatory setting prices for guaranteed suppl...
 

Recently uploaded

Embracing GenAI - A Strategic Imperative
Embracing GenAI - A Strategic ImperativeEmbracing GenAI - A Strategic Imperative
Embracing GenAI - A Strategic Imperative
Peter Windle
 
Additional Benefits for Employee Website.pdf
Additional Benefits for Employee Website.pdfAdditional Benefits for Employee Website.pdf
Additional Benefits for Employee Website.pdf
joachimlavalley1
 
Biological Screening of Herbal Drugs in detailed.
Biological Screening of Herbal Drugs in detailed.Biological Screening of Herbal Drugs in detailed.
Biological Screening of Herbal Drugs in detailed.
Ashokrao Mane college of Pharmacy Peth-Vadgaon
 
Digital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and ResearchDigital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and Research
Vikramjit Singh
 
Lapbook sobre os Regimes Totalitários.pdf
Lapbook sobre os Regimes Totalitários.pdfLapbook sobre os Regimes Totalitários.pdf
Lapbook sobre os Regimes Totalitários.pdf
Jean Carlos Nunes Paixão
 
678020731-Sumas-y-Restas-Para-Colorear.pdf
678020731-Sumas-y-Restas-Para-Colorear.pdf678020731-Sumas-y-Restas-Para-Colorear.pdf
678020731-Sumas-y-Restas-Para-Colorear.pdf
CarlosHernanMontoyab2
 
Unit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdfUnit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdf
Thiyagu K
 
The Roman Empire A Historical Colossus.pdf
The Roman Empire A Historical Colossus.pdfThe Roman Empire A Historical Colossus.pdf
The Roman Empire A Historical Colossus.pdf
kaushalkr1407
 
Palestine last event orientationfvgnh .pptx
Palestine last event orientationfvgnh .pptxPalestine last event orientationfvgnh .pptx
Palestine last event orientationfvgnh .pptx
RaedMohamed3
 
The Accursed House by Émile Gaboriau.pptx
The Accursed House by Émile Gaboriau.pptxThe Accursed House by Émile Gaboriau.pptx
The Accursed House by Émile Gaboriau.pptx
DhatriParmar
 
Overview on Edible Vaccine: Pros & Cons with Mechanism
Overview on Edible Vaccine: Pros & Cons with MechanismOverview on Edible Vaccine: Pros & Cons with Mechanism
Overview on Edible Vaccine: Pros & Cons with Mechanism
DeeptiGupta154
 
The geography of Taylor Swift - some ideas
The geography of Taylor Swift - some ideasThe geography of Taylor Swift - some ideas
The geography of Taylor Swift - some ideas
GeoBlogs
 
Acetabularia Information For Class 9 .docx
Acetabularia Information For Class 9  .docxAcetabularia Information For Class 9  .docx
Acetabularia Information For Class 9 .docx
vaibhavrinwa19
 
Phrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXX
Phrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXXPhrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXX
Phrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXX
MIRIAMSALINAS13
 
Francesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptxFrancesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptx
EduSkills OECD
 
Model Attribute Check Company Auto Property
Model Attribute  Check Company Auto PropertyModel Attribute  Check Company Auto Property
Model Attribute Check Company Auto Property
Celine George
 
Honest Reviews of Tim Han LMA Course Program.pptx
Honest Reviews of Tim Han LMA Course Program.pptxHonest Reviews of Tim Han LMA Course Program.pptx
Honest Reviews of Tim Han LMA Course Program.pptx
timhan337
 
How to Make a Field invisible in Odoo 17
How to Make a Field invisible in Odoo 17How to Make a Field invisible in Odoo 17
How to Make a Field invisible in Odoo 17
Celine George
 
Guidance_and_Counselling.pdf B.Ed. 4th Semester
Guidance_and_Counselling.pdf B.Ed. 4th SemesterGuidance_and_Counselling.pdf B.Ed. 4th Semester
Guidance_and_Counselling.pdf B.Ed. 4th Semester
Atul Kumar Singh
 
Unit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdfUnit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdf
Thiyagu K
 

Recently uploaded (20)

Embracing GenAI - A Strategic Imperative
Embracing GenAI - A Strategic ImperativeEmbracing GenAI - A Strategic Imperative
Embracing GenAI - A Strategic Imperative
 
Additional Benefits for Employee Website.pdf
Additional Benefits for Employee Website.pdfAdditional Benefits for Employee Website.pdf
Additional Benefits for Employee Website.pdf
 
Biological Screening of Herbal Drugs in detailed.
Biological Screening of Herbal Drugs in detailed.Biological Screening of Herbal Drugs in detailed.
Biological Screening of Herbal Drugs in detailed.
 
Digital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and ResearchDigital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and Research
 
Lapbook sobre os Regimes Totalitários.pdf
Lapbook sobre os Regimes Totalitários.pdfLapbook sobre os Regimes Totalitários.pdf
Lapbook sobre os Regimes Totalitários.pdf
 
678020731-Sumas-y-Restas-Para-Colorear.pdf
678020731-Sumas-y-Restas-Para-Colorear.pdf678020731-Sumas-y-Restas-Para-Colorear.pdf
678020731-Sumas-y-Restas-Para-Colorear.pdf
 
Unit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdfUnit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdf
 
The Roman Empire A Historical Colossus.pdf
The Roman Empire A Historical Colossus.pdfThe Roman Empire A Historical Colossus.pdf
The Roman Empire A Historical Colossus.pdf
 
Palestine last event orientationfvgnh .pptx
Palestine last event orientationfvgnh .pptxPalestine last event orientationfvgnh .pptx
Palestine last event orientationfvgnh .pptx
 
The Accursed House by Émile Gaboriau.pptx
The Accursed House by Émile Gaboriau.pptxThe Accursed House by Émile Gaboriau.pptx
The Accursed House by Émile Gaboriau.pptx
 
Overview on Edible Vaccine: Pros & Cons with Mechanism
Overview on Edible Vaccine: Pros & Cons with MechanismOverview on Edible Vaccine: Pros & Cons with Mechanism
Overview on Edible Vaccine: Pros & Cons with Mechanism
 
The geography of Taylor Swift - some ideas
The geography of Taylor Swift - some ideasThe geography of Taylor Swift - some ideas
The geography of Taylor Swift - some ideas
 
Acetabularia Information For Class 9 .docx
Acetabularia Information For Class 9  .docxAcetabularia Information For Class 9  .docx
Acetabularia Information For Class 9 .docx
 
Phrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXX
Phrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXXPhrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXX
Phrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXX
 
Francesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptxFrancesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptx
 
Model Attribute Check Company Auto Property
Model Attribute  Check Company Auto PropertyModel Attribute  Check Company Auto Property
Model Attribute Check Company Auto Property
 
Honest Reviews of Tim Han LMA Course Program.pptx
Honest Reviews of Tim Han LMA Course Program.pptxHonest Reviews of Tim Han LMA Course Program.pptx
Honest Reviews of Tim Han LMA Course Program.pptx
 
How to Make a Field invisible in Odoo 17
How to Make a Field invisible in Odoo 17How to Make a Field invisible in Odoo 17
How to Make a Field invisible in Odoo 17
 
Guidance_and_Counselling.pdf B.Ed. 4th Semester
Guidance_and_Counselling.pdf B.Ed. 4th SemesterGuidance_and_Counselling.pdf B.Ed. 4th Semester
Guidance_and_Counselling.pdf B.Ed. 4th Semester
 
Unit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdfUnit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdf
 

tew (09.10.18) - Inside information vs. transparency information

  • 1. Energy Community SecretariatEnergy Community Secretariat 1 Arben Kllokoqi Electricity Expert, Energy Community Secretariat Inside information vs. Transparency information
  • 2. Energy Community SecretariatEnergy Community Secretariat 2 Content • REMIT framework • Definition of inside information • Transparency information vs. inside information • Disclosure of inside information
  • 3. Energy Community SecretariatEnergy Community Secretariat 3 Un-managed risk! - Third package does not fully address market abuse and monitoring - In the EU energy market – market abuse is addressed via REMIT - In the EU financial sector - market abuse is addressed via MAR Policy makers and regulatory authorities should ensure stable legal and regulatory framework Market participants should be able to manage market and credit risk Potential for abusive and unfair practices that undermines market confidence => price setting Effectively addressing market abuse?
  • 4. Energy Community SecretariatEnergy Community Secretariat 4 Framework around REMIT REMIT (Regulation 1227/2011) REMIT Implementing Regulation (1227/2011) Regulatory Guidance Key REMIT requirements Data reporting: What/When/Who ACER Guidance Other guidance by ACER/NRAs/Industry
  • 5. Energy Community SecretariatEnergy Community Secretariat 5 Framework around REMIT REGULATION (EU) No 1227/2011 Publicationofinsideinformation Prohibitionofinsidertrading Prohibitionofmarketmanipulation Providingdata[toACER]& Monitoring Market integrity (5Ps) PowerfortheNRA
  • 6. Energy Community SecretariatEnergy Community Secretariat 6 REMIT important definitions Inside Information - Precise nature - Not made public - Relates to wholesale energy products - Likely to significantly affect the prices - Required to be disclosed (3rd package, etc.) - Capacity and use of facilities for production, storage, transmission of electricity and gas Wholesale energy products - Contracts for supply of electricity or gas with delivery in EU - Contracts relating to transport of electricity or gas in EU - Derivatives relating to electricity or gas produced, traded or delivered - Derivatives relating to transport of electricity or gas Market participants - Any person, including TSOs, entering into transactions (incl. placing orders) in ‘wholesale energy markets’: - Trading companies, producers, shippers, wholesale consumers, final customers, TSOs, storage operators, LNG operators and investment firms - REMIT registration Wholesale energy market - Markets within EU where energy products are traded: - Balancing market, intra-day and day-ahead market - Forward markets (contracts) - Derivatives markets - Markets for transportation capacities and related derivative markets
  • 7. Energy Community SecretariatEnergy Community Secretariat 7 Defining “information” • Information required to be published under: • 3rd package, including guidelines and network codes (as well as Transparency Regulation) • Information relevant to: • the capacity and use of facilities for production, storage, consumption or transmission of electricity or gas • including planned/unplanned unavailability of such facilities • Information required to be disclosed in accordance with legal or regulatory provisions • Other information that a reasonable market participant would be likely to use as part of the basis of its decision to trade Inside Information - Precise nature - Not made public - Relates to wholesale energy products - Likely to significantly affectthe prices - Required to be disclosed (3rd package, etc.) - Capacity and use of facilities forproduction, storage, transmission of electricity and gas
  • 8. Energy Community SecretariatEnergy Community Secretariat 8 Defining “information” – other information • What about market participants’ plans and strategies? • ACER’s interpretation in the spirit of recital 12 of REMIT • Inside Information does not include trading plans and strategies of market participants • ACER’s Guidance: • “trading plans” - systematic method for evaluating wholesale energy products, determining the amount of risk that is or should be taken, and formulating short and long-term investment objectives. Most plans require the use of various types of technical analysis tools. • “trading strategies” - set of objective rules designating the conditions that must be met for trades in their trading activites such as specifications for trade entries, trade filters and triggers, as well as rules for trade exits, money management, timeframes, order types, etc. Inside Information - Precise nature - Not made public - Relates to wholesale energy products - Likely to significantly affectthe prices - Required to be disclosed (3rd package, etc.) - Capacity and use of facilities forproduction, storage, transmission of electricity and gas
  • 9. Energy Community SecretariatEnergy Community Secretariat • To be classified as inside information, all criteria have to be met • Grey areas on defining inside information • Precise nature If indicates as set of circumstances which exist or may be reasonably expected to come into existence or an event which has occurred • Likelihood of having significant price effect If the circumstances on which the info is based would likely have significant impact on prices if it became publicly known → Likelihood is sufficient, no actual price effect is required 9 Defining inside information – (grey areas) Inside Information - Precise nature - Not made public - Relates to wholesale energy products - Likely to significantly affectthe prices - Required to be disclosed (3rd package, etc.) - Capacity and use of facilities forproduction, storage, transmission of electricity and gas
  • 10. Energy Community SecretariatEnergy Community Secretariat 10 Transparency information vs. inside information Transparency information (periodic structural data) • Data that should be published under 3rd package and Transparency Regulation 543/2013 • Such information may constitute inside information • Lack of publication makes related data REMIT relevant → insider information to be made public Inside information (ad-hoc data) • Goes beyond what is required 3rd package and Transparency Regulation • Information a reasonable market participant would be likely to use as part of the basis of its decision to ‘trade’ (if likely to have price significance), but not trading strategies; e.g.: • Outage of capacity <100MW but with price significance (important for small markets of CPs) • Closure of certain nuclear/coal/gas plant, commissioninig of a plant, etc. • Decisions related to climate chane policies, etc.
  • 11. Energy Community SecretariatEnergy Community Secretariat • Market participants to publish inside information in an effective and timely manner • Latest 1h after the occurrence, but before any trading activity occurs • Scope • own business, parent/related undertaking • information market participant is in control of or responsible • Content relevant to: • the capacity and use of facilities for production, storage, consumption or transmission of electricity or gas • including planned/unplanned unavailability of such facilities 11 Obligation to publish inside information
  • 12. Energy Community SecretariatEnergy Community Secretariat 12 Disclosure of inside information • Inside information is required to be disclosed • as an urgent market message (UMM) • at centralized platforms to ensure easier access for users • on a non-discriminatory basis and free of charge • via an RSS feed specific for the disclosure of inside information, • allowing easy and fast access by the public; • and be kept available for the public for a period of at least 2 years in the official language(s) and in English or in English only
  • 13. Energy Community SecretariatEnergy Community Secretariat 13 Content of urgent market messages
  • 14. Energy Community SecretariatEnergy Community Secretariat 14 Delays, exemptions… • In case of potential delays in publication, market participants should inform NRA and ACER • Justification of such delay • Ensure that it does not mislead the market • Still not trade on such info • “Sensitive critical infrastructure protection related information” • May delay publication • Still not trade on such info
  • 15. Energy Community SecretariatEnergy Community Secretariat 15 Centralized platforms for UMMs • ACER publishes the list of centralized platforms that publish UMMs • https://www.acer-remit.eu/portal/list-inside-platforms
  • 16. Energy Community SecretariatEnergy Community Secretariat 16 www.energy-community.org Arben.Kllokoqi@energy-community.org Thank you!