Inside information

Publication of inside information

Inside information is any precise unpublished piece of information which relates, directly or indirectly, to a wholesale product and which, if it were made public, would be likely to significantly affect the prices of those wholesale products.

When a piece of inside information is available to a market participant, they are obliged to publish them fully and in due time on their website and/or the centralised website prior to the realisation of a transaction related to the information.

If a piece of inside information is disclosed unintentionally, a market participant, i.e. the person engaged by the market participant to act on their account is obliged to publish that piece of information fully without delay in line with REMIT Rules.

Inside information which are published in particular are pieces of information related to capacity and the use of electricity and natural gas facilities for production, storage and consumption, electricity i.e. natural gas transmission system, natural gas storage capacity and use, natural gas regasification terminal, including data on planned or unplanned unavailability of all energy systems, i.e. facilities. The information about key infrastructure and information on the assessment of demand for improvement of its protection are not published.

Delay of inside information publication

The publication of inside information may be delayed by a market participant only if the publication would endanger their legitimate interest, if the delay of publication does not mislead the public, if they can provide the confidentiality of that piece of information and if decisions related to wholesale market trade are not made based on that decision.

When all conditions for the delay of inside information publication are met, market participant reports this piece of information with the Agency on the Template REMIT R-3 indicating reasons for the delay of its publication.

Prohibition of inside information trade

REMIT Rules regulate in more detail that the one with inside information on the wholesale market product available is prohibited from:

1. the use of the information while acquiring or disposing of or trying to acquire or dispose of, use the information which relates to that wholesale market product for their own account or for the account of a third party, either directly or indirectly;
2. transmit, i.e. disclose that information to any other person unless such disclosure is made in the normal course of the exercise of their employment, profession or duties;
3. 3) recommend or induce another person, on the basis of inside information, to acquire or dispose of wholesale energy products to which that information relates.

The prohibition of inside information trading also relates to any person aware or supposed to be aware that they have inside information available.

Market participants are obliged to inform the Agency when filing the registration on the persons with an access to inside information registered to the Agency on Template REMIT R-1.

The prohibition of transactions without prior publication does not relate to:

1. electricity and natural gas producers, operators of natural gas storage facilities or operators of natural gas regasification terminals for liquified natural gas with the sole purpose of transaction is to cover the immediate physical loss resulting from unplanned outages, where not to do so would result in the market participant not being able to meet existing contractual obligations where such action is undertaken in agreement with the transmission system operator(s) concerned in order to ensure safe and secure operation of the system. In this case, the transaction is reported to the Agency within Template REMIT R-6.
2. market participant who:
   • realises the transaction in order to comply with due commitment to purchase/sell wholesale market product arising from the concluded contract or trading order which was placed prior to the time when the inside information became available to the person;
   • acts in line with regulations regulating implementation of emergency measures when the body imposing emergency measures has already acted in order to provide secure supply of electricity or natural gas and if market mechanisms are suspended. In this case, the body in charge of measures planning informs the Agency on the exercise of exemption within the Template REMIT R-4;
   • is the transmission system operator purchasing energy, i.e. natural gas in order to provide safe and reliable system operation and ancillary services.

The exercise of exemption from prohibition of use and disclosure of inside information is reported to the Agency within Template REMIT R-4.