CHAPTER XINTERIM MEASURES

Article 46Interim measures: annual report

1.

Where the transmission system operator foresees implementing or continuing to implement interim measures, it shall prepare a report which shall specify:

(a)

a description of the state of development and the liquidity of the short term wholesale gas market at the time of preparing the report, including, where available to the transmission system operator, inter alia:

  1. (i)

    the number of transactions concluded at the virtual trading point and the number of transactions in general;

  2. (ii)

    the bid/offer spreads and the volumes of bids and offers;

  3. (iii)

    the number of participants having access to the short term wholesale gas market;

  4. (iv)

    the number of participants having been active on the short term wholesale gas market during a given period of time;

(b)

the interim measures to be applied

(c)

the reasons for the application of the interim measures:

  1. (i)

    an explanation why they are needed due to the state of development of the short term wholesale gas market referred to in point (b);

  2. (ii)

    an assessment of how they will increase the liquidity of the short term wholesale gas market.

(d)

an identification of the steps that will be taken to remove the interim measures, including the criteria for making these steps and an assessment of the related timing.

2.

The transmission system operator shall consult stakeholders on the proposed report.

3.

Following the consultation process, the transmission system operator shall submit the report to the national regulatory authority for the approval. The first report shall be submitted within six months as from the entry into force of this Regulation and the subsequent reports updating it, if necessary, shall be submitted annually.

4.

The national regulatory authority shall take and publish a motivated decision within six months following the receipt of the complete report. F1... In deciding whether to approve the report, the national regulatory authority shall assess its effect on balancing regimes’ harmonisation, facilitation of market integration, ensuring non-discrimination, effective competition and the efficient functioning of the gas market.

5.

The procedure as set out in Article 27(2) applies.