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Inside information under REMIT: publishing it in time

A participant must publish the inside information it holds about its own facilities, effectively and in a timely manner, before anyone trades on it. Outages and unavailability are the core of it, and late disclosure is a breach on its own, separate from insider trading.

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What must be published

Article 4(1) requires market participants to publicly disclose inside information they hold about business or facilities they, their parent or a related undertaking own or control or operate, including information relevant to the capacity and use of facilities for production, storage, consumption or transmission of electricity or gas, or LNG facilities, and their planned or unplanned unavailability. Since REMIT II, disclosure goes through an inside information platform.

“Market participants shall publicly disclose in an effective and timely manner inside information which they possess in respect of business or facilities which the market participant concerned, or its parent undertaking or related undertaking, owns or controls or for whose operational matters that market participant or undertaking is responsible, either in whole or in part.”
REMIT, Article 4(1)

When disclosure may be delayed

Article 4(2) allows a participant, under its own responsibility and exceptionally, to delay disclosure to protect its legitimate interests, but only if the omission is not likely to mislead the public, the information stays confidential, and the participant does not trade on it. It must then send the information and its justification for the delay to ACER and its national regulator without delay.

Publication under the electricity and gas transparency rules counts as effective disclosure but not necessarily timely and public disclosure (Article 4(4)).

What the decisions say about time

RME held that Statnett should have published an interconnector outage within an hour at most, and fined it for taking six hours. CoRDiS fined EDF for not publishing, effectively and in time, a request for additional reactor controls. RME also held that an erroneous auction position the participant intended to correct was inside information that had to be published first.

Decisions

Sources

Sources read on 15 October 2026. This guide summarises the regulation and ACER’s non-binding guidance for orientation; it is not legal advice, and the decisions it cites are the deciding authorities’ findings, some of them under appeal.

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