REMIT is on its way. From April this year increased reporting obligations apply to the wholesale energy market within the European Union.
REMIT was launched in 2011 to stop insider trading on the European energy market and to improve transparancey. Trading via brokers has already been subject to the notification obligations since October 2015.
But from April 7th it will apply to all those dealing in the wholesale markets. It will mean financial reporting on time and all data will have to be sent to the supervising body, ACER (Agency for the Co-operation of Energy Regulators), failing to do so will result in fines.
Now German supplier WINGAS is offering a REMIT reporting service to its customers.
WINGAS Managing Director for Sales, Ludwig Möhring said: “If our customers wish, WINGAS can take over the reporting of transactions for them – free of charge.”
The reporting service is aimed particularly at utility companies, regional suppliers and larger industrial customers.