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) 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). For the years 2009-2011, 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 and registrations on the PCE must be transferred to the following bank account:

Banca Popolare di Sondrio

ABI 05696

CAB 03211

CONTO 000007210X36

CIN E

BBAN E 05696 03211 000007210X36

IBAN IT58 E056 9603 2110 0000 7210 X36

SWIFT CODE POSOIT22

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/360), reduced by 0.15% (fifteen 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 net balance to be settled.