FIA along with AFME, CMC Europe, EFET, Eurelectric, Eurogas, Europex, FESE, FIA EPTA, IOGP and ISDA has submitted a letter to European co-legislators urging them to delay the timing of the implementation of some of the obligations of the revised Regulation on Wholesale Energy Market Integrity and Transparency (REMIT II).
REMIT II introduces substantial changes to numerous REMIT provisions, which will require significant changes to IT systems, reporting streams, organisational setups and legal arrangements. Adequate transitional periods must be foreseen to ensure proper implementation. Given that the entire REMIT ecosystem will have to adapt, the industry expects certain bottlenecks with highly specialised service providers, in particular IT system providers.
Based on more than ten years of experience in implementing and working with REMIT on a daily basis, the associations and their members firmly believe that the currently proposed generalised six-month implementation period is inadequate and insufficient for the large majority of changes.
The associations ask for at least a 12-month general implementation period with a few notable exceptions for more complex modifications. In addition, in case a delegated or an implementing act is required to specify the requirements that stakeholders must follow, sufficient time after the adoption and entry into force of such an act should be provided to allow for proper implementation.
Read the letter in full.