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guarantee system

The ME includes three distinct guarantee systems, provided to hedge the transaction-related risk on the different markets:

  • MGP and MI;
  • MPEG;
  • MTE.

As a result for the transactions in the MGP and MI, the Participant will have to present a specific guarantee in order to cover its exposure.
Likewise, for the transactions in the MPEG is determined a specific exposure to be covered by a specific guarantee.
Similarly, the transaction-related risk in the MTE must be covered by a corresponding guarantee.

Integrated guarantee management – Netting

The Guarantee System in the Electricity Market is based on the integrated management of guarantees (“netting”), namely the possibility of having in the Day-ahead Market (MGP), in the Intraday Electricity Market (MI-A/MI-XBID) and in the Spot Gas Market (MPGAS) - if the participant is also active on the natural gas market, a single net exposure covered by a single amount of guarantee, without any segregation between the markets concerned.

The MTE, MT-GAS, MPEG and PCE markets are not included in the netting, and therefore in each of these markets a separate exposure is determined for each participant, to be covered with a specific dedicated guarantee amount.

The guarantee may be single, bearing in mind the need to carry out the allocation of the guaranteed amount in the various markets/platforms.

To obtain more information, please browse through the sections above.

 
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