About REMIT
The Energy Agency of the Republic of Serbia adopted Rules on Prevention of Abuse in Electricity and Natural Gas Market (“Official Gazette of RS”, Number 103/21) – hereafter: REMIT Rules which are applicable as of April 1, 2022 and which incorporates the Decision of the Energy Community Ministerial Council D/2018/10/МС-EnC which adapts the Regulation (EU) 1227/2011 of October 25, 2011 on Wholesale Energy Market Integrity and Transparency (EU REMIT Regulation) into the local legislation.
The implementation of REMIT Rules is aimed at providing transparency and trust into wholesale and natural gas market functioning in the Republic of Serbia (hereafter: wholesale market) via the establishment of the mechanism for publication of privilege (inside) information and reporting of market abuse.
REMIT Rules are mandatory for everyone trading or intending to trade in following wholesale market products:
- electricity and natural gas, which are a subject of a supply contract, regardless of the fact whether the electricity or natural gas delivery point is in the Republic of Serbia or in another Contracting Party which is the signatory of the Treaty establishing the Energy Community (hereafter: “Contracting Party“);
- electricity and natural gas, which are a subject of a contract on system access, including contracts concluded in order to transmit electricity, i.e. natural gas between the Republic of Serbia and one or more Contracting Parties;
- electricity and natural gas which are a subject of a contract on supply or a contract on electricity or natural gas distribution which are concluded with a final customer with an annual electricity or natural gas consumption capacity of 300 GWh or more (maximum projected consumption which a customer could reach on the annual level if all facilities, i.e. production capacity would be engaged);
- electricity and natural gas derivatives.
Those who trade or intend to trade in the given wholesale market products are obliged to:
- submit a proper registration application in order to register their participation in the wholesale market prior to the issuance of the trading order in the wholesale market, i.e. prior to the realisation of the transaction on purchase and/or sale of electricity or natural gas;
- report any change of registration data and persons with an access to inside information to the Agency without delay;
- publish full inside information available to them in due time on their website and/or centralised operator’s website;
- inform the Agency on the delay in publication of inside information;
- inform the Agency on exemption from prohibition of trade based on inside information;
- comply with prescribed prohibition of trade in inside information, prohibition of manipulation and attempt of manipulation in the wholesale information and report these examples of market abuse to the Agency in line with REMIT Rules.
The given obligations are complied with by the submission of relevant applications to the Agency within the following Templates:
The Energy Law prescribed penalties with an option to impose prescribed measures in case wholesale market participant acts contradictory to REMIT Rules.
Wholesale market functioning monitoring is performed by the Agency in line with the Energy Law and other competent bodies in line with regulations regulating the fields of trade, competition protection and financial markets monitoring.