Energy: EU Law:Written question - 229809

Asked by Alan Brown
(Kilmarnock and Loudoun)

Named Day

'Named day' questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.

Asked on: 07 March 2019
Department for Business, Energy and Industrial Strategy
Energy: EU Law
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.
Answered by: Claire Perry
Answered on: 12 March 2019

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.

Grouped Questions: 229808

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