462. Under REMIT, the delivery intervals are reported in local time. This way of reporting is considered more helpful for the analyses conducted by energy regulators. It has been also ESMA understanding that specifying the delivery times in local time would simplify the reporting given that this is how the delivery intervals are set in the contracts and counterparties would not need to convert to UTC (with all possible complexities involved, such as accounting for the summer time).

463. On the other hand, all other timestamps in EMIR reports are expressed in UTC, therefore introducing an exception for two fields in the report may lead to confusion and, ultimately, inconsistent reporting. Furthermore, so far, the counterparties were expected to report this information in UTC therefore they would need to implement changes in their systems to start reporting in local time.

464. Two respondents prefer reporting in local time and eleven respondents, prefer reporting in UTC.

465. A choice needs to be made and both options may require some conversion and development for some market participants. ESMA therefore chose the option supported by the majority and considered the consistency across EMIR reporting as the most convincing argument.