P291 – REMIT Inside Information Reporting Platform for GB Electricity
Formal title: REMIT Inside Information Reporting Platform for GB Electricity
Current Status
Summary
The Regulation on Wholesale Energy Markets Integrity and Transparency (REMIT) is an EU regulation that came into force in December 2011 and is aimed at preventing market abuse in the wholesale energy markets. P291 proposes to use the Balancing Mechanism Reporting System (BMRS) as a platform to publish the necessary information to meet the requirements of REMIT inside information reporting for the GB electricity sector.
Progression
P291 was raised by SSE on 30 January 2013. The Panel agreed to issue it for a four-month Assessment Procedure by a Workgroup, during which P291 underwent an Industry Impact Assessment and the Workgroup’s Assessment Consultation. The Workgroup recommended that P291 should be approved, and its Assessment Report was presented to the Panel at its meeting on 13 June 2013.
The Panel initially recommended that P291 should be approved and issued P291 for its Report Phase Consultation. The Panel made its final recommendation that P291 should be approved at its meeting on 11 July 2013. P291 was approved by the Authority on 16 August 2013 for implementation on 31 December 2014.