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settlement of payments – Electricity Market

Defined W as the week in which the electricity traded on the MGP and MI (MI-A e MI-XBID) has been delivered, the settlement period of the payoffs relating to the MGP and MI (MI-A e MI-XBID) is the week W+1.

On the first working day of week W + 1, GME determines for each Participant the net, debit or credit position, towards GME itself (net to be paid) on the basis of the amounts, including VAT where applicable, concerning the purchase and sale transactions concluded on the MGP, and on the MI in week W - from Monday (T-6) to Sunday (T) - in which the energy being traded was delivered. The exceptions are purchase and sell transactions assigned on the MI-XBID by GME due to the MI-XBID program imbalance for which the week (W), for the purpose of determining the net position, must be understood as the one from Sunday (T-7) to Saturday (T-1).

Defined M as the month in which the electricity traded on MPEG and MTE has been delivered, the settlement period of the payoffs relating to the MPEG and the MTE is the calendar month M+2.

GME determines for each Participant the net, debit or credit position, towards GME itself (net to be paid) on the basis of the amounts, including VAT where applicable, related to the invoices issued and received by GME for the same billing period.

 

If possible, GME will determine, for the sole purpose of making payments according to the procedures defined in the Technical Rules, the overall amount due by the participant with reference to the economic items arising from the transactions concluded by the Participant in the MGP, MI (MI-A and MI-XBID), MPEG, MTE and the other markets/platforms managed by GME.

Exclusively for PA Participants, whether the determinations above mentioned prove them to be net debtors of the GME, the GME will settle the PA Participants’ positions by using the non-interest bearing cash deposit granted by the same Participants as a guarantee, once completed the invoicing process set out in the rules on the electronic invoicing in respect of the public administrations above.

The settlement of the Electricity Market is arranged according to a specific TIMETABLE and provides that the Participant pays the net debt positions through an urgent Sepa Credit Transfer or equivalent, with value date on the same date.

GME shall process the payments on behalf of Participants’ net credit positions through Urgent SEPA Credit Transfer or equivalent with value date on the same date (both for PA Participants’ and for non-PA Participants’).

The weekly financial settlement cycle of payments through an urgent SEPA Credit Transfer or equivalent is usually organized according to the following timetable, as below represented by way of example:

 

Participants, that do not pay the amount due within the payment deadline provided in the appropriate Timetable, may transfer, no later than 4 p.m. of the third working day following the payment deadline provided in such Timetable, the due amount increased with default interest and a penalty through an urgent SEPA Credit Transfer or equivalent.

All payments settled by Participants through an urgent Sepa Credit Transfer or equivalent for the payment of net debt positions must be made using the bank details previously communicated to GME by means of a specific form - signed by the person with the necessary powers of representation and transmitted to GME - and addressed to the following GME’s bank details:

Banca Popolare di Sondrio

IBAN IT58 E056 9603 2110 0000 7210 X36
SWIFT CODE POSOIT22

If GME, by its own fault, makes the payments beyond the established time limits, it will pay default interest to creditor Participants; the interest rate will be equal by the pro tempore legal interest rate.

Payment of the fees

The payment of the variable fees due for all transactions carried out in the Electricity Market is provided by the Participants through an urgent Sepa Credit Transfer or equivalent to GME within the 16th working day of the month in which the related invoice/s has/have been made available to the operators.

This time limit remains valid in reference to the PA Participants under Article 1, Paragraph 209 of the Law no. 244 dated December 24, 2007 (PA operators), as compatible with the application of the provisions contained in the Law No. 244/2007 above and related implementations.

Moreover, each Participant shall pay, by an urgent Sepa Credit Transfer or equivalent, the amounts due to GME for:

  • the access fee, within thirty calendar days from the date of issue of the invoice;
  • the annual fixed fee, within the last working day of the month in which the invoice was issued.
 
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