For settlement of payments, GME determines the Market Participant’s net position of debit or credit towards GME (net balance to be settled) on the basis of the amounts (including VAT, where applicable) of the invoices issued and received by GME in respect of the same invoicing period.
Payments are made by bank transfer (“bonifico di importo rilevante”, BIR). Until March 2012, the bank in charge of GME’s treasury services and of receiving and making payments is Banca Popolare di Sondrio.
The amounts due for negotiations in the Electricity Market, registrations on the PCE and those relating to the exercise of the option of physical delivery of financial electricity derivatives (CDE) must be transferred to the following bank account:

If, by its own fault, GME fails to make payments within the established time limits, it will pay default interest to creditor Market Participants; the interest rate will be equal to the monthly average of the 1 (one) month Euribor (act/365), reduced by 0.10% (ten hundredths of percentage points).

The amounts of the invoices issued and received by GME within the 6^th working day of the month will be offset in order to determine the balance to be settled.