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settlement of payments - PCE
Defined W as the week in which the power subject to recording of programs has been delivered on the PCE, the settlement period of the payables/receivables to the sum of the CCTs is the week W+1.

On the first working day of the week W+1, GME will determine the net debit or credit position of each Participant, towards GME (net balance to be settled) on the basis of the amounts, including VAT if chargeable, relating to the economic items relating to the CCTs enhancement of the week W - which runs from Monday (T-6) to Sunday (T) - in which the power subject of the recording of programs has been delivered.

If possible, GME will determine, for the sole purpose of making payments according to the methods 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 on each market/platform managed by GME.

Exclusively for PA Participants, whether the determinations above mentioned prove theme 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 PCE 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 or equivalent SEPA Credit Transfer with value date on the same date (both for PA Participants and for non-PA Participants)

The cycle of financial settlement of payments through Urgent or equivalent SEPA Credit Transfer is usually organized according to the following standard 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 by 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 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 Market Participants; the interest rate will be equal by the pro tempore legal interest rate.


Payment of fees

The payment of the variable fees due for all transactions carried out in the PCE 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 Participant’s.

This time limits remain 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 implementation.

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

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

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