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EU regulator urges LNG market participants to improve data quality

In an open letter, the Agency for the Cooperation of Energy Regulators (ACER) has urged liquefied natural gas (LNG) market participants to improve the quality of the reported data (27 July).

In order to improve the reported data quality, ACER has recommended that market participants “diligently” address any data quality issues, “promptly” inform ACER of such issues and “proactively” ensure compliance with the reporting requirements outlined in the ACER’s LNG data reporting guidance.

Since 31 March, ACER has been producing and publishing its daily LNG price assessments and benchmarks, as required by the EU’s joint gas purchasing regulation adopted in December 2022, which also imposes data reporting obligations on LNG market participants.

ACER regularly reviews the reported data to assess its consistency with the LNG data reporting requirements. Since the start of LNG data reporting, ACER has observed data quality issues related to the completeness, timeliness and accuracy of the reported data.

Good quality of the reported LNG data will enable ACER to more effectively monitor the LNG market for its LNG price assessments and benchmarks, the EU regulator said.

“In some cases, the quality of the reported data may prevent ACER from efficiently and accurately assessing the price, which may lead to the exclusion of valuable data points and, in extreme cases, to inaccurate LNG price assessments,” the Open Letter on LNG market data quality stated.

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