Market Access

SETTLEMENT OF PAYMENTS

PAYMENT OF COMPLETED TRANSACTIONS

For the purposes of settlement of payments, given W as the week in which the electricity subject to the registration of CET bids/offers (schedules) is delivered on the PCE, the settlement period of payables/receivables related to the PCE is the week W+1.

On the first working day of week W+1, GME determines, for each Participant, the net position (net balance to be settled) - calculated as the difference between receivables and payables - on the basis of the amounts, including VAT where chargeable, concerning the payables/receivables related to the valuing of the CCTs of week W - which goes from Monday (T-6) to Sunday (T) - in which the electricity subject to the registration of CET bids/offers has been delivered.

Where possible, GME defines, only for making payments and according to the terms and conditions defined in the Technical Rules, the total amount due by the Participant with reference to the payables/receivables deriving from the transactions concluded by the Participant in each market/platform managed by GME.

Exclusively for PA Participants, if, as a result of the above determinations, they are net debtors of GME, GME will satisfy its receivables, once the invoicing process has been completed, by utilising the non-interest-bearing deposits that they have posted as a guarantee, until reaching the amount of such receivables.

The settlement of the amount owed by the Participant or by GME takes place on the basis of a specific Calendar through the urgent Sepa Credit Transfer or equivalent method with value date on the same date, according to the terms and within the time limits specified in Technical Rules n. 06 PCE. The following is an example of standard settlement timing:

Participants failing to pay the amount due within the deadline specified in the appropriate Calendar, may pay the amount due, increased by default interest and a penalty, no later than 4 p.m. of the third working day following the deadline specified in such Calendar.

All payments must be made by Participants through urgent Sepa Credit Transfer or equivalent procedure - using the bank details previously communicated to GME by sending the appropriate form signed by the person with the necessary powers of representation - and addressed to the following GME's bank details:

BPER Banca S.p.A
IBAN IT32 N053 8703 2310 0004 9347 904
SWIFT CODE BPMOIT22XXX

PAYMENT OF FEES

The payment of the variable fees due for all transactions registered on the PCE is provided by the Participants to GME within the 16th working day of the month in which the related invoice has been made available. This time limit remains valid in reference to the PA Participants.

Moreover, each Participant shall pay the amounts due to GME for:

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

The payment of the fees must be made, by an urgent Sepa Credit Transfer or equivalent, to the following bank account in the name of GME:
BPER Banca S.p.A.
IBAN IT55 M053 8703 2310 0004 9347 903
SWIFT CODE BPMOIT22XXX