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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, except in the case where the net debit position on the PCE is lower than the overall amount due by the participant. In the latter case, the net debit position on the PCE will be separately settled.

In order to register transactions and schedules, in the PCE, following the admission, GME sends the participant (except those participants qualified as administrations referred to in Article 1, paragraph 209 of Law of 24 December 2007, no. 244 - PA Participants) the authorization form for debiting the SEPA Direct Debit Business to Business bank transfers (hereinafter: "SEPA Authorization"), to be completed in writing 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.

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

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 involves the use of the SDD B2B tool for settlement of the Participant’s net debt positions.

GME shall process the payments on behalf of 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)

By way of example, the cycle of financial settlement of payments through SDD B2B is organized according to the following standard times:

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. on the third working day following the debit day disposed by GME through SDD, the due amount increased with default interest and a penalty by SEPA Credit Transfer Urgent/Priority, as defined in the Technical Rules, by using the following bank details:

Banca Popolare di Sondrio
IBAN IT58 E056 9603 2110 0000 7210 X36

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 Partecipants 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 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, by SEPA Credit Transfer with Priority, the amounts due to GME for:

  • the access fee, within thirty calendar days from the issue date of the invoice.

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