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settlement of payments – Electricity Market

Defined W as the week in which the electricity traded on the MGP and MI has been delivered, the settlement period of the payoffs relating to the MGP and MI is the week W+1.
On the first working day of the week W+1, GME will determine the Market Participants’ net debit or credit position towards GME resulting from the purchase and sale transactions concluded in the MGP and MI and delivered in week W - which runs from Monday (T-6) to Sunday (T), including VAT if chargeable. 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.

 

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, MPEG, MTE and the other markets/platforms managed by GME.

In order to submit offers in the ME, following admission, GME sends to the Market Participant (except those Participant qualified as administrations under Article 1, paragraph 209 of the Law of 24 December 2007, no. 244 - PA Market Participants) the authorization form for authorizes GME to directly withdraw from their current account, held at credit institutions adopting the SEPA Business to Business Direct Debit payment scheme (hereinafter: "SEPA Authorization"), to be filled out signed and sent in original copy (exclusively the copy for the creditor) to GME, together with the communication of the bank details to be signed by the person with the necessary powers of representation and transmitted to GME through the specific form.

Subscribes and sends a declaration by means of which he/she/it authorizes GME to directly withdraw from their current account, held at credit institutions adopting the SEPA Direct Debit B2B the amount due by the participant to GME to the financial Institute in charge of the Electricity Market treasury service.

If, in a second time, the data and the information referred to in the Sepa are modified, the Market Participant must promptly notify through certified mail, fax or telefacsimile, such circumstance by sending a communication on the Market Participant’s Company letterhead, signed by a legal representative, attaching a copy of his/her ID document.

Exclusively for PA Market Participants, whether the determinations above mentioned prove them to be net debtors of the GME, the GME will settle the PA Market 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 involves the use of the SDD B2B tool for settlement of the Market Participants’ net debt positions.
GME shall process the payments on behalf of Market Participants’ net credit positions through Urgent/Priority SEPA Credit Transfer with value date on the same date (both for PA Participants’ and for non-PA Participants’).

The weekly financial settlement cycle of payments through SDD B2B is usually organized according to the following timetable, as below represented by way of example:

 

Market Participants not providing the necessary liquidity within the time limits valid to ensure the charge through SDD B2B may transfer, no later than 4 p.m. of the third working day following the debit day disposed by GME through SDD B2B, the due amount increased with default interest and a penalty by SEPA Credit Transfer with Priority, as defined in the Technical Rules, by using the following bank account:

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 Market 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 Market Participants by Sepa Credit Transfer with Priority 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 Market Participant shall pay, by SEPA Credit Transfer with Priority, the amounts due to GME for:

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