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transparent company - activities and processes update as of 12/02/2019
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“Gestore dei Mercati Energetici S.p.A.” is the company established by Gestore della Rete di Trasmissione Nazionale S.p.A. (now Gestore dei Servizi Energetici-GSE S.p.A.) with the mission of organising and economically managing the Electricity Market, under principles of neutrality, transparency, objectivity and competition between or among producers, as well as of economically managing an adequate availability of reserve capacity.


The take-off of the Electricity Market on 31 March 2004 marked the advent of the first regulated electricity market in Italy, as in other international experiences.

The creation of an electricity market responds to two specific requirements:

  • encouraging competition in the potentially competitive activities of electricity generation and sale, through the creation of a “marketplace”;
  • favouring maximum efficiency in the management of electricity dispatching, through the creation of a market for the purchase of resources for the dispatching service.
The Electricity Market, commonly called Italian Power Exchange (IPEX), enables producers, consumers and wholesale customers to enter into hourly electricity purchase and sale contracts. Market Participants connect to an electronic platform through the Internet and enter into on-line contracts under secure-access procedures based on digital certificates. The Electricity Market consists of:


  • the Spot Electricity Market (MPE), including:
    1. the Daily Products Market (MPEG), where Participants can sell/buy daily electricity products. GME is the central counterparty in the transactions concluded in the MPEG;
    2. the Day-Ahead Market (MGP), where producers, wholesalers and eligible final customers may sell/purchase electricity hourly products for the next day; GME is central counterparty in the transactions concluded in the MGP; link MGP, MI, MSD
    3. the Intra-Day Market (MI), where producers, wholesalers and final customers may modify the injection/withdrawal schedules that they have defined in the MGP; GME is central counterparty to the transactions concluded in the MI; link MGP, MI, MSD
      and
    4. the Ancillary Services Market (MSD), where Terna S.p.A. procures the dispatching services needed to manage, operate, monitor and control the power system. The MSD consists of the scheduling stage (ex-ante MSD) and of the Balancing Market (MB). Terna is central counterparty to the transactions concluded in the MSD; link MGP, MI, MSD
  • the Platform for physical delivery of financial contracts concluded on IDEX (CDE), where financial electricity derivatives contracts concluded on IDEX are executed. IDEX is the segment of the financial derivatives market of Borsa Italiana S.p.A. where financial electricity derivatives are traded. The contracts executed on the CDE are those for which the Participant has requested to exercise the option of physical delivery in the Electricity Market. GME acts as central counterparty to the delivered contracts. Link CDE

Moreover, as per Annex A to AEEG’s Decision 111/06 (as subsequently amended and supplemented), GME also manages the OTC Registration Platform (PCE) for registration of forward electricity purchase/sale contracts that have been concluded off the bidding system. Link PCE


As part of the organisation and economic management of the Electricity Market, GME is also vested with the organisation of trading venues of Energy Efficiency Certificates (the so-called "White Certificates", giving evidence of the implementation of energy-saving policies).


In compliance with AEEG’s Decision ARG/elt 104/11 (provisions to promote transparency in the contracts of sale of electricity generated from renewables to final customers), GME organises and manages systems for the trading of guarantees of origin. link These systems include the regulated market (M-GO) and the platform for registration of bilaterals (PB-GO).


Law no. 99 of 23 July 2009 (provisions on development and internationalisation of companies and on energy matters) also assigned GME, on an exclusive basis, with the organisation and economic management of natural-gas markets, which consist of the Platform for the trading of natural gas (P-GAS and the Gas Market (MGAS). On 2 September 2013, GME also took over the management of physical forward gas markets.


In accordance with Legislative Decree no. 249 of 31 December 2012, GME was also entrusted with the development, organisation and operation of a market platform for the trading of oil logistic services, as well as with the related activity of collection of data on mineral-oil storage capacity. With a view to fostering the development of an actually competitive framework in the sector, the same Legislative Decree provided, among others, for the organisation and management of a wholesale market platform to facilitate the trading of liquid oil products for the transport sector.

Gestore dei Mercati Energetici S.p.A. admits/registers applicants to/with its markets/platforms/lists of participants. Applications must be submitted under the procedures and within the time limits specified in the related rules and regulations.

For each market/platform organised and managed by GME, the relevant page on GME’s website provides the list of participants.

 
 

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