Energy: EU Law

Department for Business, Energy and Industrial Strategy written question – answered on 12th March 2019.

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Photo of Alan Brown Alan Brown Shadow SNP Spokesperson (Transport), Shadow SNP Spokesperson (Energy)

To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to paragraph 12.3 of the Explanatory Memorandum to The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 instrument, from what budget the funding will be drawn to pay the estimated £1.9m capital costs for a domestic REMIT reporting system.

Photo of Alan Brown Alan Brown Shadow SNP Spokesperson (Transport), Shadow SNP Spokesperson (Energy)

To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to paragraph 12.3 of the Explanatory Memorandum to The Electricity and Gas (Market Integrity and Transparency) (Amendment) (EU Exit) Regulations 2019 instrument, what payment mechanism will be used for Ofgem to recover the estimated operational costs of £500k per annum to operate a new domestic REMIT system.

Photo of Claire Perry Claire Perry The Minister of State, Department for Business, Energy and Industrial Strategy, Minister of State (Business, Energy and Industrial Strategy) (Energy and Clean Growth)

Following a no-deal exit, Ofgem intend to review the domestic reporting requirements of the Regulation for Energy Market Integrity and Transparency (REMIT) in consultation with industry. In the event that new reporting systems are required, alternative arrangements will remain in place for up to 2 years, until these systems are available. These alternative arrangements will not reduce Ofgem’s ability to maintain appropriate oversight of the wholesale gas and electricity markets and will not diminish their ability to enforce REMIT requirements.

Costs relating to initial development and on-going operation of domestic REMIT market data and registration systems would be funded through Ofgem license income.

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