(fra kommisjonsforordningen)

(1) Commission Implementing Regulation (EU) No 1348/2014 (2) lays down rules for the reporting of data to the European Union Agency for the Cooperation of Energy Regulators (‘the Agency’), sets out the details of reportable wholesale energy products and fundamental data, establishes appropriate channels for data reporting and sets out the timing and regularity of data reports.

(2) Based on the evolution of the energy markets and the energy crisis, Regulation (EU) No 1227/2011 was revised in May 2024, expanding the scope of wholesale energy products and effectively introducing a number of additional types of transactions that are to be reported to the Agency to ensure and further enhance and strengthen the Agency’s effective oversight of wholesale energy markets. Those changes need to be reflected in Implementing Regulation (EU) No 1348/2014.

(3) Based on the Agency’s extensive experience with the implementation of Implementing Regulation (EU) No 1348/2014, additional changes are necessary to strengthen the integrity and transparency in wholesale energy markets through the improvement of the reporting framework and to reduce administrative burden by simplifying the reporting within that framework.

(4) Due to the extent of the necessary changes, Implementing Regulation (EU) No 1348/2014 should be repealed and replaced by this Regulation in the interest of clarity and legal certainty.

(5) Effective oversight of wholesale energy markets requires the regular monitoring of details of transactions, including orders to trade, as well as data on imbalance settlement, capacity and use of facilities for production, storage, consumption or transmission of electricity, natural gas, including Liquified Natural Gas (‘LNG’), and hydrogen.

(6) Regulation (EU) No 1227/2011 requires the Agency to monitor wholesale energy markets in the Union. In order to enable the Agency to fulfil its task, it should be provided with complete sets of relevant information in a timely manner.

(7) Market participants should report to the Agency, on a continuous basis, details of transactions of wholesale energy products in relation to the supply, transportation or storage of electricity and details of transactions of wholesale energy products in relation to the supply and transportation of natural gas, including LNG.

(8) Given that storage functions differently in natural gas markets compared to electricity markets, separate provisions should be set out for wholesale energy products in relation to the storage of natural gas, including LNG, while any wholesale energy products relating to the storage of electricity should be treated in the same way as wholesale energy products relating to the supply of electricity. All provisions for electricity supply transactions should therefore also apply to electricity storage.

(9) In order to keep the reporting obligations on market participants as low as possible, certain details of transactions of wholesale energy products should be reported to the Agency on a periodic basis. More specifically, such periodic reporting obligations should apply to transactions relating to the storage of natural gas, including LNG, transactions relating to the supply or storage of electricity or the supply of natural gas, including LNG, to a single consumption unit with a technical capability to consume 600 GWh/year or more that are concluded over-the-counter, transactions relating to capacity mechanisms as well as transactions for balancing services. Equally, details of transactions of wholesale energy products in relation to hydrogen should also be subject to periodic reporting obligations. In order to account for the early-stage nature of the hydrogen market, the reporting obligations for hydrogen should also have a later application date and should be subject to exemptions for geographically confined and small production units as well as for supply to certain single consumption units with a low consumption.

(10) In order to keep the reporting obligations on market participants as low as possible, over-the-counter transactions that are carried out between different members of the same group of companies, that relate to the sale of the output of small energy production facilities, or that relate to upstream pipeline networks, orders placed in brokers’ voice operated services and not appearing on electronic screens, market-based mechanisms for redispatching and any details of wholesale energy products linked to the storage of natural gas, including LNG, that are not covered by the continuous or periodic reporting framework, transactions for gas balancing services not already covered by the continuous reporting framework and the details of primary capacity allocations where no bids have been submitted and no capacity has been allocated as a result of the allocation process should be reported to the Agency only at its reasoned request. Such transactions for wholesale energy products are, in principle, less likely to impact wholesale energy prices or, per se, lead to market abuse in wholesale energy markets.

(11) Organised marketplaces (‘OMPs’) are, upon the Agency’s request, to give the Agency access, without delay, to the orderbook so that the Agency is able to monitor trading on the wholesale energy markets. In order to ensure legal certainty, such requests should always be reasoned, for example by a suspicion that certain conduct could amount to a breach of Regulation (EU) No 1227/2011 and exercised in accordance with the principle of proportionality.

(12) As part of the information that is to be reported under Regulation (EU) No 1227/2011, market participants are to provide to the Agency information about their exposures, detailed by product, including the transactions that occur over-the-counter. While information about market participants’ exposures should not be used by the Agency to assess their hedging strategies, it should be analysed in combination with the remaining data the Agency receives under Regulation (EU) No 1227/2011 in order to detect potential instances of market abuse or dismiss suspicions of such abuse. The information to be reported should include market participants’ positions resulting from trading wholesale energy products and, upon request of the Agency and for the purpose of establishing exposures, information about their forecasted volumes of electricity or natural gas – including LNG – production and information about their forecasted volumes of consumption of power or natural gas – including LNG – based on contracts concluded with their customers. Information should be submitted for positions in physical delivery or cash settlement transactions within 18 months, for each month for the 18 months following the last day of each reporting period. Considering the forward-looking nature of that obligation, reporting of spot market data from the day-ahead and intraday timeframes should not be required. The positions included in the reporting should be calculated only once on the last day of the reporting period. Considering the principle of proportionality and in order to limit the administrative burden on market participants, the reporting requirement should not apply to those market participants who do not fulfil a certain threshold with regard to relevant energy volumes for trading wholesale energy products. Transmission System Operators, Distribution System Operators, Storage System Operators, and LNG System Operators that purchase natural gas or electricity solely for the technological or operational needs of the system they operate should only report information about their exposures upon request by the Agency.

(13) Any record of wholesale energy market transactions, including orders to trade, are to be reported to the Agency through Registered Reporting Mechanisms (‘RRMs’). This means that any data reported by an OMP, i.e., for transactions concluded on the relevant marketplace, as well as any data reported by market participants, i.e., for transactions concluded over-the-counter, is to be reported to the Agency through RRMs. In order to ensure the effectiveness of the reporting process, the Agency should draw up and maintain an up to date list of OMPs.

(14) Article 8(4), point (d), of Regulation (EU) No 1227/2011, which sets out the entities that are to provide information on wholesale energy market transactions makes a distinction between OMPs and trade-matching systems. A trade-matching system facilitates the entering into transactions by allowing the matching of orders to trade wholesale energy products. Some trade-matching systems facilitate the matching of orders that are placed across different OMPs, including also through the so-called system-generated orders. By way of example, the Single Intraday Coupling (‘SIDC’) introduced by Commission Regulation (EU) 2015/1222 (3) is a trade-matching system that connects two or more OMPs. Although trade-matching systems that are connecting two or more OMPs are not to be considered OMPs, they generate information which should be reported by OMPs under Regulation (EU) No 1227/2011 and which is required for effective market surveillance purposes. For example, in the case of the SIDC, a trade-matching system algorithm optimises the cross-border allocation of capacity by aggregating all orders submitted by market participants via the individual Nominated Electricity Market Operators (‘NEMOs’), which are considered OMPs under Regulation (EU) No 1227/2011, while considering the limitations imposed by the available cross-border capacity. Through that algorithm, the SIDC system facilitates the matching of orders across multiple NEMOs. The individual OMPs do not always possess the additional information generated in the context of that matching process. Thus, in the specific case of a trade-matching system connecting two or more OMPs, in order to allow the OMPs to fulfil their reporting obligations under Regulation (EU) No 1227/2011, that additional information that is generated at the level of the trade-matching system should be reported to the Agency, either by the operator of the trade-matching system, upon request by and on behalf of the OMPs, or by the relevant OMPs provided the requested information is made available to them by the operator of the trade-matching system. However, the requested information at the level of trade-matching systems should not go beyond the information on transactions as defined in Regulation (EU) No 1227/2011. Once requested, the information should be reported to the Agency on a continuous basis.

(15) Double reporting refers to the same set of data regarding a certain transaction being reported under different legislative frameworks. In order to avoid double reporting, the Agency should collect details of derivatives of transactions relating to the supply, transportation or storage of electricity, hydrogen or natural gas which have been reported in accordance with applicable EU financial regulations to trade repositories or to financial regulators from those sources. Notwithstanding this, OMPs, or trade- matching systems, who have reported details of such derivatives under financial rules, subject to their agreement, should be able to report the same information also to the Agency.

(16) Efficient reporting and targeted monitoring require a distinction to be made between standard and non-standard contracts that are subject to the trading activity of market participants. Since prices of transactions relating to standard contracts serve also as reference prices for the trading of non-standard contracts, the Agency should receive information regarding transactions referring to standard contracts on a continuous basis and no later than two working days following the conclusion of the trade, placement of the order or the relevant lifecycle event, as the case may be. Details of transactions referring to non-standard contracts should be reported no later than ten working days following the conclusion, modification or termination of the trade, as the case may be. LNG market data should be submitted to the Agency as close to real time as technologically possible.

(17) Market participants are also to report to the Agency and to national regulatory authorities, at their request, on a regular basis, data in relation to the availability and use of energy production and transportation infrastructure including LNG, storage facilities as well as imbalance settlement data. In order to reduce the burden of reporting on market participants and to make best use of existing data sources, such reporting should involve Transmission System Operators, the European Network of Transmission System Operators for Electricity (the ‘ENTSO for Electricity’), the European Network of Transmission System Operators for Gas (the ‘ENTSO for Gas’), LNG system operators and natural gas storage system operators. Reporting should also involve, where relevant, Distribution System Operators and Balance Responsible Parties. Depending on the importance and availability of the data, the regularity of reporting varies. As this information is collected primarily from existing sources, in order to ensure timely reporting whilst limiting the burden on the reporting parties, the timing of reporting should reflect the timelines set in Commission Regulation (EU) No 543/2013 (4) and Annex I to Regulation (EU) 2024/1789 of the European Parliament and of the Council (5), with information being reported as soon as it is available on the relevant EU-wide Transparency platforms or within two days following the availability of the information to the relevant operators mentioned above. The reporting requirements should respect the Agency’s obligation not to make commercially sensitive information publicly available and only to publish or make available information that is not likely to create any distortion of competition on wholesale energy markets.

(18) It is important that reporting parties have a clear understanding about the details of the information that they are required to report. To this end, the Agency should explain the content of the reportable information in a user manual. The Agency should also make sure that information is reported in electronic formats, which are easily accessible to reporting parties.

(19) In order to ensure continuous and safe transfer of complete sets of data, each reporting party should be responsible for the information under their control, including the authentication of data sources, checking data for correctness and completeness and ensuring business continuity. Market participants and OMPs should have procedures in place to ensure completeness, accuracy and timeliness of data that are submitted through RRMs.

(20) The Agency should be able to request additional information and clarifications from market participants and reporting parties in relation to the data that need to be reported, so that the Agency can fulfil its tasks under Regulation (EU) No 1227/2011. In that respect, the Agency should be able to request access to the original bilateral transactions concluded by the market participants in order to verify whether data have been reported correctly and to assess additional relevant information not included in the initial data reporting.

(21) In order to give the reporting parties time to prepare for the new reporting obligations set out in this Regulation, the application of certain provisions should be deferred. The type and source of reportable data can influence the resources and time the reporting parties need to invest in preparing for data submission. Therefore, and to ensure that efficient reporting can take place as soon as possible, the date of application should be established for each new obligation separately, on the basis of the underlying procedures that need to be catered for by the reporting parties. Exposure reporting should be prioritised, followed by LNG market data reporting, ultimately followed by the remaining new reporting obligations, e.g., imbalance settlement data, transactions reported periodically, reporting by trade-matching systems and reporting by Inside Information Platforms. Staggered application of the data reporting also helps the Agency to better allocate its resources to prepare for receiving the information. In the meantime, in order to ensure business continuity, reporting of data based on Regulation (EU) No 1227/2011 and on Implementing Regulation (EU) No 1348/2014 should continue until the relevant new provisions enter into application.

(22) The European Data Protection Supervisor was consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 of the European Parliament and of the Council (6).

(23) Any processing of personal data performed by the Agency under this Regulation should be carried out in accordance with Regulation (EU) 2018/1725. Any personal data collected under this Regulation should be retained by the Agency according to the retention periods indicated in the Agency’s retention policy and in line with Regulation (EU) 2018/1725.

(24) The measures provided for in this Regulation are in accordance with the opinion of the Committee established by Article 21 of Regulation (EU) No 1227/2011,