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reference legislation decisions of regulatory authorities market rules
legislation - market rules

On 19 Dec. 2003, a Decree of the Minister of Productive Activities approved the Integrated Text of the Electricity Market Rules and established that, on 8 Jan. 2004, GME would take on the responsibility of managing transactions in the Electricity Market. The Decree also repealed Article 1 of the Ministerial Decree of 14 Mar. 2003 (approving the “Instructions”, limited to the provisions on the Green Certificates Market), leaving the regulations issued in compliance with the Decree and the effects arising therefrom unaltered.

The implementing and procedural provisions of the Integrated Text of the Electricity Market Rules approved by Decree of 19 December 2003 as amended and supplemented are contained in the Technical Rules (DTF), which are posted on GME's website after their approval.

ARERA's Decision 111/06 (as amended) introduced a new system for registering forward contracts of purchase/sale of electricity (based on "conti energia"), i.e. the OTC Registration Platform (PCE), and entrusted its management to GME.

The Decree issued by the Ministry of Economic Development of January 11, 2017 specifies the national quantitative targets of energy saving that electricity and natural-gas distributors are required to achieve in the 2017-2020 four-year period, by using the Energy Efficiency Certificates mechanism (TEE). Art. 3 of Decree January 11, 2017 provides that, for the each of the years included in the mentioned reference period, the energy efficiency obligation shall fall on electricity and natural-gas distributors with over 50,000 final customers connected to their grids/networks as of 31 Dec. of the two years preceding each obligation. With the same Decree, the Ministry of Economic Development has updated, in accordance to Art. 7, para. 5 of Law Decree July 4, 2014, no. 102, the guidelines on preparation, implementation and evaluation of energy efficiency projects and defined criteria and procedures for issuing Energy Efficiency Certificates (TEE).

Since 7 March 2006, GME has organised the venue for the trading of Energy Efficiency Certificates and issued the Rules of Operation of Energy Efficiency Certificates Market (adopted by ARERA's Decision no. 67 of 14 Apr. 2005 as subsequently amended, supplemented and approved with Resolution 634/2017/R/efr.

With its Decision EEN 05/08 of 14 Apr. 2008, ARERA adopted the Rules for registering bilateral transactions of Energy Efficiency Certificates, as subsequently amended, supplemented and approved with Resolution 634/2017/R/efr.

Since 10 May 2010, GME has organized and managed the platform for the trading of imported gas quotas, called P-GAS. GME also prepared the P-GAS Regulations, approved by the Ministry of Economic Development on 23 Apr. 2010 and subsequently amended and supplemented by the Decree of the Minister of Economic Development of 6 Aug. 2010 (after hearing the opinion of ARERA), with a view to introducing - into the P-GAS - the management of bids/asks of royalties on gas production owed to the State. The P-GAS Regulations were subsequently amended and supplemented to incorporate a specific segment (called "segment referred to in Legislative Decree 130/10) where the investors participating in the virtual storage service would fulfil their obligation to bid the quantities of gas made available by the virtual storage operators associated with them.

Since 2 Sept. 2013, in compliance with the Natural-Gas Market Rules (approved with the Ministerial Decree of 6 March 2013 and as subsequently amended and supplemented), GME has organized and managed the natural-gas market, consisting of the forward market and of the spot market. The spot gas market (operational since 10 December 2010) was previously covered by the Gas Market Rules approved on 26 November 2010 by the Ministry of Economic Development, after hearing the opinion of ARERA. The latter rules have been amended and incorporated into the text of the Natural-Gas Market Rules. Upon the date of take-off of the MT-GAS, the Natural-Gas Market Rules will replace the previous Gas Market Rules.

From 1 April 2017 GME organizes and manages, in the spot gas market, the products of locational market (MPL) and the regulated market for the trading of gas stored system (MGS) pursuant to ARERA's Resolution 312/2016/R/GAS.

GME organizes and manages systems for the trading of guarantees of origin, in compliance with the Rules governing the operation of the regulated market and of the platform for registration of bilateral of guarantees of origin; the Rules were successfully verified by the Director of Markets of ARERA and subsequently amended and supplemented.

From 25 October 2017, pursuant to Article 21, paragraph 21.1, of Legislative Decree no. 249 of 31 December 2012, GME organizes and manages the Market Platform for Mineral Oil Logistics Services (P-LOGISTICS).

Starting from 2 March 2018 GME organizes and manages the Platform for the Allocation of Regasification Capacity (PAR), established in implementation of the provisions of ARERA with resolution 660/2017/R/GAS.

Starting From 3 April 2020 GME organizes and manages the market for certificates of release to consumption of biofuels (MCIC), in implementation of the provisions of article 6, paragraph 5 bis, of Ministerial Decree of 10 October 2014, as subsequently amended and integrated by Ministerial Decree of 2 March 2018.

From 30-03-2022, GME organizes and manages the PPA Bulletin Board of long-term energy contracts from renewable sources, in implementation of the provisions of art. 28, paragraph 1, of the Legislative Decree 8 November 2021, n. 199.

 
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