Privileged Information

This page is intended for publishing privileged (inside) information in accordance with EU Regulation No. 1227/2011 on wholesale energy market integrity and transparency (REMIT) and national regulations. Market participants in the electricity and natural gas sectors must publish inside information in a timely and transparent manner in line with the rules of the Energy Agency.

Publishing inside information

Definition

Privileged (inside) information means any specific and undisclosed information relating directly or indirectly to a wholesale energy product that would, if made public, be likely to significantly affect the price of that product.

Obligation to publish

• When a market participant possesses such information, it must be published in full and without delay.

• Publication should occur on the participant’s website and/or on a centralized platform before entering into a transaction to which the information relates.

• In the event of accidental disclosure, the information must be published immediately, in accordance with the REMIT rules.

• Typical disclosures include capacity and usage data for generation, storage and consumption facilities, as well as planned or unplanned unavailability of energy systems.

Delaying publication

Publication of privileged information may be delayed only if releasing it would prejudice the participant’s legitimate interests, provided that:

• the delay does not mislead the public;

• the participant can maintain confidentiality;

• the participant does not make trading decisions based on the information.

When delaying publication, the participant must notify the Agency using form REMIT R‑3, explaining the reasons for the delay.

Prohibition on trading inside information

REMIT rules prohibit misuse of inside information to gain an unfair market advantage. Specifically, it is forbidden to:

• use inside information when buying or selling products on the wholesale energy market;

• transmit or disclose inside information to third parties unless necessary in the normal course of business;

• advise or recommend that others buy or sell based on inside information.

This prohibition applies to anyone who knows or ought to know they possess inside information. Market participants must notify the Agency of persons with access to inside information using form REMIT R‑1.

Exceptions and special cases

Certain transactions may be permitted before publication when necessary, for example:

• covering current physical losses caused by an unplanned system outage (with the operator’s consent);

• fulfilling an existing contractual obligation that predates possession of inside information;

• acting in accordance with emergency regulations to ensure secure energy supply;

• purchases by system operators for safe and reliable operation.

Any use of these exceptions must be reported to the Agency via forms REMIT R‑4 or R‑6.