The European Union created several regulations in the past few years in order to increase transparency of the wholesale energy markets. Amongst them, one of the most important one is REMIT (Regulation on Wholesale Energy Market Integrity and Transparency). According to the regulation, market participants are obliged to report all transactions regularly to EU institutions. In Hungary, MAVIR ZRt., E.ON Business Services Hungary Ltd. and Hungarian Gas Storage Ltd. have all chosen Astron to build the IT system that allows them to fulfill these obligations.
The EU has long aimed at increasing transparency of the wholesale energy markets, guaranteeing market integrity while combating insider trading and market manipulation. ACER (Agency for the Cooperation of Energy Regulators) was established in 2010 with these above mentioned goals. In order for the Agency to fulfill its tasks, market participants have to regularly submit specific reports.
Adopted in 2011, REMIT also aims at facilitating the transaction reporting system. According to the regulation, every participant of the EU wholesale energy market has to report all information about transactions, quotations and contracts.
In order to fulfill their obligations, several market participants started developing their IT systems, since most of the time they have to report huge amount of data in specific ways. Three long term strategic partners of Astron Informatics Ltd. were also affected by REMIT: MAVIR ZRt., E.ON Business Services Hungary Ltd. and Hungarian Gas Storage Ltd.
‘We are very happy that three of our long-term strategic partners chose us to develop the necessary IT infrastructure. In each case, we had to build a customized system, since every market participant has to fulfill their reporting obligations in different ways specified by ACER.’ – said Zoltán Jacsó, manager of the Energy Industry Applications Division at Astron.
‘According to the regulation, every participant has to publish their reports starting from April 7th, 2016, so we had to respect these very strict deadlines. It was truly a team achievement, and I would like to take the opportunity to thank all my colleagues who worked on the REMIT projects and contributed to the success. We hope to be able to work on similarly successful and challenging projects with our partners in the future as well.’ – added Zoltán Jacsó.