GME-Accesso ai Mercati

Consultations/Rules amendments

Electricity and CV Markets

Consultations: Ordinary Amendments - Electricity Market and Green Certificates Market
CONSULTATION DOCUMENT 01/2024: ELECTRICITY MARKET AND OTC REGISTRATION PLATFORM - IMPLEMENTATION OF TESTO INTEGRATO DEL DISPACCIAMENTO ELETTRICO – TIDE (INTEGRATED TEXT OF THE ELECTRICITY DISPATCHING RULES – TIDE) Expiration date: 14/06/2024
19/04/2024
CONSULTATION DOCUMENT 01/2024: ELECTRICITY MARKET AND OTC REGISTRATION PLATFORM - IMPLEMENTATION OF TESTO INTEGRATO DEL DISPACCIAMENTO ELETTRICO – TIDE (INTEGRATED TEXT OF THE ELECTRICITY DISPATCHING RULES – TIDE)

With its decision 345/2023/R/EEL of 25 July 2023, Autorità di Regolazione per Energia Reti e Ambiente (ARERA, Italian Regulatory Authority for Energy, Networks and Environment) approved the Integrated Text of Electricity Dispatching (TIDE), providing, inter alia, that GME, TERNA, and other parties involved at various levels shall “accomplish the tasks falling under their responsibility so that TIDE may take effect as of 1 January 2025.”

As the implementation of the TIDE makes it necessary to deeply change the current design of the Italian electricity market, GME has the responsibility of revising: the design of its Electricity Market (ME) and OTC Registration Platform (PCE); and, consequently, the provisions governing the operation of the above trading systems that are laid down in the Integrated Text of the Electricity Market Rules (ME Rules) and in the Rules Governing the Forward Electricity Account Trading Platform (PCE Rules), respectively, as well as in the related Technical Rules (DTF).

GME has thus published this consultation document under art. 3, para. 3.4 of the ME Rules, and article 3, para. 4.5 of the PCE Rules, with a view to presenting to interested parties its proposed amendments to the ME and PCE Rules in order to implement the provisions of the TIDE.

GME has also published its proposed amendments to some of the applicable Technical Rules and the preliminary versions of the new Technical Rules. Given the proposed changes to the ME Rules, these Technical Rules (both amended and new) represent key elements for a better and more complete understanding of the new market design described in this consultation document. In this regard, GME has deemed it necessary to gather comments from interested parties about its proposed changes in compliance with art. 4, para. 4.3 of the ME Rules.

This consultation process concerns not only aspects deriving directly from the implementation of the TIDE, but also other changes that GME proposes in order to harmonise some of the rules of operation of the Italian electricity market (while respecting its specificity) with those of other European markets. GME has put forward these proposals on the assumption that, on 1 January 2025, the following conditions are satisfied:

  1. replacement of the national single price as the price for valuing demand-side bids in the Day-Ahead Market (MGP) and update of the calculation methods of the reference price of electricity traded in the MGP (PUN Index GME®) under art. 13 of Legislative Decree 210/21, as subsequently amended and supplemented, and Decree of Ministry of Environment and Energy Security of 18th April 2024;
  2. adoption of an Imbalance Settlement Period (ISP) of 15 minutes in Italy;
  3. entry into force of the TIDE.

These conditions define the scenario underlying this consultation process.

To facilitate their reading, the consultation documents have been divided into four parts:

  1. this descriptive document, dealing with the most significant aspects of the changes made, on which interested parties may submit their comments;
  2. the draft ME Rules (Italian version only);
  3. the most significant draft Technical Rules that have been introduced or changed and that represent the implementing and procedural provisions of the amended ME Rules (Italian version only);
  4. the draft PCE Rules (Italian version only).

***

Please submit your comments in writing to GME - Governance by 14th June 2024 at the leatest (end date of this consultation)

  1. by e-mail to: info@mercatoelettrico.org

Comments must be transmitted by using the Excel template attached to this consultation document. Any comments transmitted in other formats will not be accepted.

Parties wishing to keep all or part of their comments confidential should specify which part of their comments are to be kept confidential.

  1. Consultation Document
  2. Answer Template

Pubblication date: 19/04/2024 Closed

INTEGRATION OF THE ITALIAN ELECTRICITY MARKET WITH THE SINGLE INTRA-DAY COUPLING (SIDC)
31/03/2020
CONSULTATION DOCUMENT NO. 02/2020: INTEGRATION OF THE ITALIAN ELECTRICITY MARKET WITH THE SINGLE INTRA-DAY COUPLING (SIDC)

By resolution 350/2019/R/EEL of 30 July 2019, the Regulatory Authority for Energy, Networks and Environment(ARERA) provided that GME shall implement, as far as it is concerned, the activities functional for the start of the Cross Border Intraday (XBID) project on the Italian borders, establishing, among other activities, the necessary amendments to the Integrated Text of the Electricity Market Rules (Rules) and to the related Technical Rules (DTF).

In order to implement the above provisions, GME shall publish this consultation document, in order to explain the proposal to modify the configuration of the Italian electricity market and to amend the regulatory texts, which are necessary for the integration  - in accordance with the applicable regulatory framework – of the XBID project within the national electricity market.

Interested parties may provide their own comments on the content of this document.

Such comments must be sent to GME - Governance in written form, no later than April 30th  2020, deadline for closing this consultation, at the following e-mail address:

  • e-mail: info@mercatoelettrico.org

Parties wishing to safeguard the partial/full confidentiality or secrecy of the documentation sent are required to indicate the parts of their documentation to be considered confidential.


Consultation Document no. 02/2020

05/07/2021
Integration of the Italian electricity market with Single Intra-Day Coupling (SIDC) - XBID: approval of the Integrated Text of the Electricity Market Rules

Market participants are hereby informed that with Decree no. 0000257 of the Ministry of Ecology Transition (MiTE) of 22/06/2021, published on the MiTE website, the amendments to the Integrated Text of the Electricity Market Rules were approved (hereinafter: ME Rules), functional to the integration of the Italian market with the Single Intra-Day Coupling (SIDC) and at the start of the project Cross Border Intraday (XBID) on Italian borders, pursuant to the provisions of EU Regulation 2015/1222 (hereinafter: CACM Regulation).

In particular, the amendments approved by the afore-mentioned provision provide that energy trading on the intraday market will take place:

i) according to the continuous trading method, as part of the XBID project;

ii) according to the auction trading method, in the context of Complementary Regional Intraday Auctions (CRIDA), pursuant to the provisions of Art. 63 of the CACM Regulation and ARERA resolutions no.174/2019/R/EEL and no.210/2019/R/EEL.

In this regard, it should also be noted that the operational integration of the Italian market within the EU SIDC entailed the need:

  • to adjust the limits on transaction prices (so-called "clearing price limit"), in the context of the day-ahead market (MGP) and the intraday market (MI), in order to implement the provisions, respectively, of the "ACER decision no 04/2017" and of the "ACER decision no 05/2017" concerning the harmonisation of "Maximum and minimum clearing prices for single day-ahead and intraday coupling";
  • to introduce a specific Nomination Platform (PN) within the ME, pursuant to the provisions of ARERA resolution no.350/2019/R/EEL, aimed at allowing the possibility of adopting a negotiation by zonal portfolios in the MI-XBID continuous trading sessions, as well as for the management of settlement of the balance between the commercial trading position of the portfolio and the quantities nominated on that platform.

The updated version of the ME Rules, as approved by the afore-mentioned Decree, is made available below for information purposes only.

The amendments to the ME Rules will become effective on the trading day 21 September 2021 (i.e. Go-live date), as indicated in the press release of the European SIDC project, available at the following link.

It is therefore understood that, until the Go-live date indicated above, operation of the ME will continue to be regulated by the provisions in force published in the specific sections of GME's website.

ME Rules

Pubblication date: 05/07/2021 Completed

INTRADAY MARKET COUPLING ITALY-SLOVENIA
14/03/2016
DCO 3/2016 INTRADAY MARKET COUPLING ITALY-SLOVENIA

The (EU) Regulation 2015/1222 of the Commission of 24 July 2015 establishing guidelines on capacity allocation and congestion management (hereinafter referred to as the CACM) governs, among other things, the Target Model of reference for the management of the integration processes of the European electricity markets both on the Day Ahead context and on the Intraday markets.

In this context, in order to proceed to the correct transposition and application of the above-mentioned Target Models, the Power Exchanges (PXs) and Transmission System Operators (TSOs) in Italy and Slovenia have agreed to undertake a path of evolution of the current models used for the intraday allocation of interconnection capacity available on the IT-SI border (hereinafter referred to as the Ita-Slo project), to be achieved by replacing the current method of allocation, based on explicit auction models, with a market coupling mechanism, based on an implicit auction model consistent with the one used for the Day Ahead contexts.

In order to bring to the attention of the market participants on the features of the project, as well as to collect their comments, by this consultation document, GME illustrates the details of the regulatory interventions which will amend the Integrated Text of the Rules of the electricity market in light of the operational phase of the project as well as the timing of its implementation. The interested parties must submit their comments to GME – Relazioni Istituzionali e Comunicazione -Institutional Relations and Communication, no later than April 15, 2016, by one of the following ways:

  • e-mail: info@mercatoelettrico.org
  • fax: 06.8012-4524
  • mail: Gestore dei mercati energetici S.p.a Viale Maresciallo Pilsudski 122/124 00197 - Roma
  • 00197 – Rome

Those wishing to safeguard the confidentiality or secrecy, in whole or in part, of the documentation submitted are required to specify which parts of their documents shall be treated as confidential.

Download DCO 3/2016

21/06/2016
On line the new Integrated Text of the Electricity Market Rules: start of the Intra-day market coupling on the Italian-Slovenian border

Following the Decree of the Ministry of Economic Development of 15 June 2016 approving the Integrated Text of the Electricity Market Rules, we inform you that today it has been entered into force the new text for the launch of Intraday Market coupling related to Italy-Slovenia, submitted by GME to a proper public consultation process via the DCO no. 03/2016.

Please note that the Technical Rule no. 15 Rev.01 MPE "Non-performance of the Market coupling" has been updated for the start of the Intraday project and that the new Technical Rule no. 16 "Sessions of the MI for which it is performed the Market Coupling” was introduced.



Download the Integrated Text of the Electricity Market Rules

Pubblication date: 14/03/2016 Completed

INTRODUCTION OF NEW INTRADAY MARKET SESSIONS
08/06/2016
DCO 5/16 INTRODUCTION OF NEW INTRADAY MARKET SESSIONS

The current configuration of the Italian Electricity Market - whose operating rules are reported in the "Integrated Text of the Electricity Market Rules (hereinafter: Rules)", approved by Decree of the Minister of Productive activities of 19 December 2003, as subsequently amended and supplemented - includes, as is known, the Infra-Day Market (MI) which is the trading venue of the purchase and sale offers/bids of electricity for adjustment of injection and withdrawal schedules defined on the Day-Ahead Market (MGP).  


In particular, Article 45, paragraph 45.3 of the Rules states that the MI is divided into several sessions defined in the Technical Rules, under which - in accordance with Article 46, paragraph 46.1 of the Rules – it’s also defined the opening and closing time of each of the sessions of the MI.


In this regulatory context, with the aim of promoting a better operational management of the electrical system, Gestore dei mercati energetici S.p.A. (hereinafter: GME) and Terna S.p.A. (hereinafter: TERNA) assessed the feasibility of entering new market intraday sessions additional to those currently planned during the last four in 2016.


In this regard, in order to collect comments from any stakeholder, in accordance with Article 4, paragraph 4.3 of the Rules, GME shall publish this consultation document that sets out, in detail, the regulatory interventions involving the technical Rules, to enable the introduction of new intra-day market sessions.
Those interested to comment on the document in question are invited to submit their written remarks to GME - Institutional Relations and Communication, no later than 5 July 2016, i.e. the end date of this consultation, by one of the following ways:


e-mail:

 info@mercatoelettrico.org

fax:

 06.8012-4524

address:

 Gestore dei mercati energetici S.p.A.
 Viale Maresciallo Pilsudski, 122-124
 00197 - Roma


Those wishing to safeguard the confidentiality or secrecy, in whole or in part, of the documentation submitted are required to specify which parts of their documents shall be treated as confidential.


Download DCO 5/2016

31/01/2017
Operational start-up of the new Intra-day Market sessions (MI)

We would like to inform that following the communication to the operators on December 2nd, 2016, in order to start the new Intra-Day market sessions , starting from February 1st, 2017, GME has published today the Technical Rule DTF 03 rev 7 MPE, laying down the timing of execution of the activities related to market sessions, which replaces the previous Technical Rule DTF 03 rev 6 MPE and the Technical Rule DTF 16 rev 1 MPE - indicating the Intra-day market sessions for which the Market Coupling is carried out - which replaces the previous Technical Rule DTF 16 MPE.

Pubblication date: 24/01/2016 Completed

PROPOSED CHANGES TO THE RULES AND REGULATIONS OF THE MARKETS AND PLATFORMS: DISCIPLINARY MEASUREMENTS
24/11/2014
DCO 08/2014 PROPOSED CHANGES TO THE RULES AND REGULATIONS OF THE MARKETS AND PLATFORMS ORGANISED AND MANAGED BY GME

With this consultation document (Consultation Document 8/2014), GME intends to gather comments and suggestions from interested parties about some changes to the provisions of the Rules and Regulations governing its markets and platforms. The proposed changes are focused on: the disciplinary measures that GME adopts in case of breaches of the Rules and Regulations by participants; the requirements for participation in/suspension/exclusion from the market/s; and the provisions regarding the resolution of complaints about market operations.
Considering that the above provisions have a cross-cutting nature within the different markets/platforms that GME organises and manages, apart from obvious differences related to the specificity of each market, GME plans to globally revise the Rules/Regulations, with a view to achieving a structured and homogeneous regulatory setting to the benefit, among others, of participants active on the different markets/platforms.
Interested parties are invited to send their comments in writing to GME’s Institutional Relations & Communication - “Relazioni Istituzionali e Comunicazione”- by 11 December at the latest (end date of the consultation) in one of the following ways:

·  by e-mail to: info@mercatoelettrico.org
·  by fax to: +39-06-8012 4524
·  by mail to: Gestore dei mercati energetici S.p.A.
                     Largo Giuseppe Tartini, 3/4
                     00198 – Roma


If you want us to keep all or part of your comments confidential, please specify which parts of your document are to be kept confidential.

Download Consultation Document 8/2014

03/02/2016
The new Consolidated Text of the Electricity Market Rules is on line

Following the Decree approving the Consolidated Text of the Electricity Market Rules, published on Gazzetta Ufficiale Serie Generale n.26 del 2-2-2016 , we inform you that today entered into force the new text on the disciplinary measures, submitted by GME to a proper public consultation process with the DCO no. 08/2014 "Proposals to amend the rules and regulations of markets and platforms regulated and managed by GME on the disciplinary measures, requirements for admission, complaints and disputes".


Download the Consolidated Text of the Electricity Market Rules

Pubblication date: 24/11/2014 Completed

INTEGRATION OF THE ELECTRICITY MARKET INTO THE EU MARKETS
20/11/2014
CONSULTATION DOCUMENT 07/2014 FOR INTEGRATION OF THE ELECTRICITY MARKET INTO THE EU MARKETS

PAYMENT TIMEFRAMES ON THE DAY-AHEAD MARKET (MGP), THE INTRA-DAY MARKET (MI) AND THE OTC REGISTRATION PLATFORM (PCE) AND LISTING OF NEW PRODUCTS ON THE ELECTRICITY MARKET -


With its Consultation Document 04/2014, GME opened a public consultation among market participants inter alia about two proposed transitional solutions, alternative between them, to manage the misalignment of the payment timeframes existing between the Italian market and the one of neighbouring countries. With this Consultation Document, GME is launching a consultation among market participants about a proposed final solution, to be hopefully implemented from 2016 on, with a view to completing the process of integration between the Italian electricity market and the other European energy markets, in lieu of the solution to be adopted in the transitional period.

Under the final solution proposed and described in this Consultation Document, the change of the payment timeframes on the MGP, MI and PCE (from the current M+2 to the proposed D+7) will also be associated with the introduction of a new segment into the Electricity Market, where to trade daily base-load and peak-load products; the payment timeframes for these products would be maintained within M+2, considering that not all market participants might be in the position to manage payments within the D+7 timeframe.

Interested parties are invited to send in their comments about the operational procedures described in this document and, in particular, their answers to questions from S.1 to S.5.

Please send your comments in writing to GME’s Institutional Relations & Communication (“Relazioni Istituzionali e Comunicazione”) by 10 December at the latest (end date of the consultation) in one of the following ways:

by e-mail to:   info@mercatoelettrico.org
by fax to:   +39 06 8012-4519
by mail to:   Gestore dei mercati energetici S.p.A.
Largo Giuseppe Tartini, 3/4
00198 – Rome (Italy)


If you want us to keep all or part of your comments confidential, please specify which parts of your document are to be kept confidential.

Download Consultation Document 7/2014

Pubblication date: 20/11/2014 Completed

INTEGRATION OF THE ELECTRICITY MARKET INTO THE EU MARKETS
25/07/2014
CONSULTATION DOCUMENT 4/2014: INTEGRATION OF THE ELECTRICITY MARKET INTO THE EU MARKETS

The European Union is completing the process of definition of an EU-wide market model (Target Model), aimed at creating an integrated internal energy market. For the day-ahead markets, this model should be implemented on all European borders by 2014.

Implementing market coupling across all Italian borders requires harmonising (or at least ensuring the compatibility of) some distinctive features of the Italian market and, in particular, its different payment time limits, with the design of the other European markets.
 
To this end, pending the identification of an operational procedure permitting to adjust the payment time limits of the Italian market to the ones of the other European markets (which will be the subject of a next consultation process), GME has prepared this consultation document. In the document, GME describes the main technical-operational aspects to be harmonised in view of the integration of the electricity market and submits two transitional solutions for consultation to interested parties. The two solutions, alternative between them and to be implemented in 2015, are aimed at permitting the start of the above processes of integration, though keeping - albeit on a temporary basis - the internal payment time limits in M+2.

Please send your comments in writing to GME’s Legal & Regulatory Office (“Legale e Regolazione”) by 15 September 2014 at the latest (end date of the consultation) in one of the following ways:

by e-mail to:   info@mercatoelettrico.org
by fax to:   +39 06 8012-4524
by mail to:   Gestore dei mercati energetici S.p.A.
Largo Giuseppe Tartini, 3/4
00198 – Rome (Italy)

If you want us to keep all or part of your comments confidential, please specify which parts of your document are to be kept confidential.

Download Consultation Document 4/2014

Pubblication date: 25/07/2014 Completed

CHANGE OF THE TIMING OF MPE AND PCE SESSIONS
27/02/2014
CONSULTATION DOCUMENT 1/2014 ME: CHANGE OF THE TIMING OF MPE AND PCE SESSIONS

The European Union is gradually completing the process of creation of the European single market, aimed at establishing a really integrated internal electricity market.

To harmonise the current Italian market design vs. the benchmark required for implementing the EU Target Model (the latest version of the “Network Code on Capacity Allocation and Congestion Management” of 14 Jan. 2014 provides among others that: i) in order to implement the European Target Model in an adequate and efficient way, the time of closure of trades on the various spot markets of the EU should be aligned with the one of the individual Day-Ahead Markets; and ii) this common closure time should be set to 12:00 am), GME has decided to launch a consultation (open to interested parties) about its proposals to change the timing of the sessions of its spot electricity market (see Technical Rule no. 3 rev5 MPE - Time Periods of Activities for the Sessions of the MGP, MI and MSD), as well as the timing for some market activities related to the operation of the PCE (see Technical Rule no. 3 Rev3 PCE - Registration of transactions and schedules).

To integrate the Italian spot market (via the coupling mechanism) with the other spot markets of the EU by the end of 2014, one of the main aspects to be harmonised is the adoption of the Gate Closure Time of 12:00 am for the Italian MGP. This implies: i) the concurrent reorganisation of the timing of the intra-day and ancillary services market sessions (taking place after the closure of the MGP); as well as iii) the revision of the timing for some market activities taking place within the OTC Registration Platform (PCE).

The solution proposed by GME in the enclosed consultation document is to be assessed and analysed jointly with the simultaneous consultation that Terna (as Power Transmission System Operator) has launched on the same subject, with a view to making the necessary amendments to the relevant provisions laid down in the national power Grid Code.

Interested parties are invited to express their views on the operational procedures described in the enclosed document.

Comments are to be sent in writing to the “Unità Legale e Regolazione” (Legal & Regulatory Office) of GME by 19 March 2014 at the latest (end date of the consultation):

  • by e-mail to info@mercatoelettrico.org
    or
  • by fax to +39-06-8012-4524
    or 
  • by mail to Gestore dei mercati energetici S.p.A.
    Largo Giuseppe Tartini, 3-4
    00198 – Roma
If you want us to keep all or part of your comments confidential, please specify which parts of your comments are to be kept confidential.

Download Consultation Document 1/2014

Pubblication date: 27/02/2014 Completed

PROPOSED AMENDMENT TO THE INTEGRATED TEXT OF THE ELECTRICITY MARKET RULES – MTE
28/03/2013
DCO2/2013: PROPOSED AMENDMENT TO THE INTEGRATED TEXT OF THE ELECTRICITY MARKET RULES – MTE

Article 3, paragraph 3.4, of  the The Integrated Text of the Electricity Market Rules provides that: “GME may propose amendments to those Market Rules and notify them to all parties concerned by posting them on its website or by other suitable means, allowing at least fifteen days for the submission of comments, if any. Taking into account the comments received, GME shall then submit the proposed amendments (and the reasons therefore) to the approval of the Minister of Economic Development, who shall decide after hearing the opinion of the AEEG”.

With a view to gathering comments and food for thought from interested parties, GME  has prepared this consultation document on proposed amendments to the Rules , aiming at providing only those participants  liable to trade in MTE, the Forward Electricity Market, with information related to the individual transactions concluded during each market session, thus guaranteeing the anonymousness  of the participants while concluding the aforesaid transactions.

Interested parties shall send in their comments, in writing, to the Unità Legale e Regolazione (Legal & Regulatory Office) of GME, by  15 April 2013,  at the latest (end date of consultation) choosing one of the following ways:

  • By e-mail to: info@mercatoelettrico.org

  • By fax to: 06.8012-4524

  • By mail to: Gestore dei mercati energetici S.p.A.

    Largo Giuseppe Tartini, 3/4

    00198 – Roma

 
Those who  wish to keep all or part of their  documents confidential or secret, must  specify which parts of their documents are to be considered as confidential.
 
Go to DCO 2/2013

Pubblication date: 28/03/2013 Completed

ABOLITION OF THE INTERNAL APPEAL BOARD
07/02/2013
CONSULTATION DOCUMENT 1/2013: PROPOSED AMENDMENTS TO THE INTEGRATED TEXT OF THE ELECTRICITY MARKET RULES: ABOLITION OF THE INTERNAL APPEAL BOARD

    GME has prepared this consultation document on proposed amendments to the Integrated Text of the Electricity Market Rules (elimination of the Internal Appeal Board), with a view to gathering comments and inputs from interested parties.
    Interested parties should send in their comments in writing to the “Unità Legale e Regolazione” (Legal & Regulatory Office) of GME by 23 February 2013 at the latest (end date of the consultation) in one of the following ways:

  • by e-mail to: info@mercatoelettrico.org
  • by fax to:   +39-06-80124524
  • by mail to:  Gestore dei mercati energetici S.p.A.

      Largo Giuseppe Tartini, 3-4

      00198 – Rome - Italy

 
  If you want us to keep all or part of your comments confidential, please specify which parts of your comments are to be kept confidential.

Consultation Document 1/2013

28/01/2014
Amendments to the Integrated Text of the Electricity Market Rules

With his Decree of 27 December 2013, published in Gazzetta Ufficiale no. 21 of 27 January 2014, the Minister of Economic Development has approved urgent amendments to the Integrated Text of the Electricity Market Rules (hereafter “Electricity Market Rules”), namely to the provisions thereof concerning the Green Certificates Market. Gestore dei Mercati Energetici S.p.A. (hereafter “GME”) made the above-mentioned amendments in accordance with art. 3, para. 3.5 of the Electricity Market Rules and with the provisions of the Decree of the Minister of Economic Development of 6 July 2012. The amendments entered into force on 6 June 2013, i.e. on the date of their publication on GME’s website.

With the same Decree, the Minister of Economic Development has also approved the amendments that GME made to the Electricity Market Rules in compliance with art. 3, para. 3.4 thereof, after a process of consultation with interested parties (Consultation Document no. 01/2013) about the “Abolition of the Internal Appeal Board”.

The amended text of the Electricity Market Rules is available at the following link

Pubblication date: 07/02/2013 Completed

CONSULTATION DOCUMENT 02/2012 - GME’S CONSULTATION ABOUT PROPOSED CHANGES TO PAYMENT TIME LIMITS IN THE ELECTRICITY MARKET
26/06/2012
GME: CONSULTATION ABOUT PAYMENT TIME LIMITS IN THE ELECTRICITY MARKET

The European Union is completing the process of definition of its market model (Target Model), which is aimed at creating a really integrated internal energy market.
After integration with Slovenia, GME is engaged in the Price Coupling of Regions (PCR) project, together with the power exchanges of Belgium, France, the Netherlands, Germany, Norway and Spain.
As part of the process of harmonisation of rules governing the various markets, the need arose for revising the payment time limits applicable in the Italian market.
Therefore, GME has identified three possible solutions (alternative between them) for managing payments in the market, to be submitted for consultation to interested parties.
The document enclosed hereto provides details on the three solutions covered by the consultation. All the proposed solutions apply to both the Day-Ahead market (MGP) and the Intra-Day Market (MI).
Interested parties are invited to send in their comments about the proposed operational procedures and, in particular, their answers to questions from S.1 to S.4.
Please send your comments in writing to GME’s Legal & Regulatory Office (“Unità Legale e Regolazione”) by 23 July 2012 at the latest (end date of the consultation) in one of the following ways:
e-mail: info@mercatoelettrico.org
fax: +39 06 8012-4524
mail:      Gestore dei mercati energetici S.p.A.
Largo Giuseppe Tartini, 3/4
00198 - Roma
If you want us to keep all or part of your comments confidential, please specify which parts of your document are to be kept confidential.
Download the consultation document

Pubblication date: 26/06/2012 Completed

PHYSICAL DELIVERY OF FINANCIAL CONTRACTS CONCLUDED ON IDEX:
25/11/2009
TAKE-OFF OF THE PLATFORM FOR PHYSICAL DELIVERY OF FINANCIAL CONTRACTS CONCLUDED ON IDEX

In compliance with article 10, para. 6 of the Ministerial Decree of 29 April 2009, GME sought forms of co-operation with the company managing the electricity derivatives market. In particular, GME signed a co-operation agreement with the companies “Borsa Italiana S.p.A.” (Bit) and “Cassa di Compensazione e garanzia S.p.A.” (CC&G) of the London Stock Exchange Group, with a view to integrating its Forward Electricity Market with physical delivery obligation (MTE) with the IDEX market, organised and managed by BIt.

Under this co-operation agreement, operators that also participate in the Electricity Market and that have traded financial electricity derivatives on IDEX may - as an alternative to cash settlement - request to exercise the option of physical delivery of the traded electricity on the markets managed by GME.
 
In accordance with the Instructions to the Regulations of the markets organised and managed by BIt, the Regulations of CC&G and related annexes, as well as with the Integrated Text of the Electricity Market Rules (“Electricity Market Rules”) and related Technical Rules , operators wishing to exercise the option of physical delivery must submit the exercise request to CC&G during the sitting of the third day of open Exchange preceding the start of the delivery period of monthly products.
 
As a result of the exercise of the delivery option, GME will - through the Electricity Derivatives Delivery Platform (CDE) - automatically i) assign the operator exercising the option with a purchase/sale transaction of a sign corresponding to the delivered contracts, and ii) register such transaction on the electricity accounts that the same operator holds on the PCE, in accordance with the modalities and within the time limits established in the Technical Rules.
The price at which the purchase or sale transaction will be registered will be equal to the settlement price of the delivered monthly contract, established BIt and CC&G, at the end of the fourth to the last day of trading of the same contract on IDEX.
This transaction will cover a volume of electricity corresponding - in each of the hours included in the delivery period - to the net balance of the number of financial electricity derivatives contracts bought and/or sold on IDEX.
 
GME will be the counterparty of operators for these registrations.
 
CC&G will forward the requests for exercising the delivery option to GME. GME will accept these requests only after verifying their financial adequacy (only for requests of exercise of the option of delivery of purchase contracts) under the Electricity Market Rules, their financial and technical adequacy (available capacity for withdrawing or injecting electricity) under the PCE Rules and their compatibility with GME’s available financial resources. If the requests do not pass the verification process, they will not be accepted.
 
With regard to the financial adequacy of requests for exercising the option of delivery of purchase contracts, the verifications will be carried out with respect to the share of the amount of the guarantees that each operator has allocated to participation in the MTE. Therefore, operators that have already allocated a share of the amount of their guarantees to the MTE may also use these guarantees to cover their payables arising from the exercise of the delivery option. Conversely, operators that have not yet allocated a share of the amount of their financial guarantees to the MTE may do so by using the appropriate form posted on GME’s website.
 
The first session of registration deriving from the exercise of the option of physical delivery of electricity on the Electricity Derivatives Delivery Platform (CDE) will take place on 26 November 2009. All electricity Market Participants holding an electricity account on the PCE are automatically admitted to the CDE.
 
The following are the regulatory and operational documents governing the operation of the CDE.
 
Legislation
 
-  Integrated Text of the Electricity Market Rules (approved today by the Minister of Economic Development with D.M. MSE 24/11/2009 - Italian version only)
 
Forms
 
 
 
Technical Rules (DTF)
 
Electricity Market
 
-  Technical Rule no. 04 rev2 ME: Allocation of guarantees
 
-  Technical Rule no. 07 rev1 ME: Adequacy verifications and available amount of the financial guarantee
 
-  Technical Rule no. 08 rev1 ME: Invoicing of payables/receivables and settlement of payments
 
Forward Electricity Market (CDE)
 
-  Technical Rule no. 01 CDE: Procedures and time limits for registration and acceptance of transactions on the CDE
 
Forward Electricity Account Trading Platform (PCE)
 
-  Technical Rule no. 10 rev2 PCE: Allocation of guarantees

 

Pubblication date: 25/11/2009 Completed

START OF THE FORWARD ELECTRICITY MARKET AND INTRA-DAY MARKET:
Pubblication date: 20/10/2009 Completed

CONSULTATION DOCUMENT: PROPOSED AMENDMENTS TO THE INTEGRATED TEXT OF THE ELECTRICITY MARKET RULES (EVOLUTION OF GME’S REGULATED FORWARD MARKETS)
03/06/2009
CONSULTATION DOCUMENT: PROPOSED AMENDMENTS TO THE INTEGRATED TEXT OF THE ELECTRICITY MARKET RULES

Law-Decree no. 185 of 29 November 2008 (urgent measures for supporting families, work, employment and business and redesigning the national strategic framework to combat the crisis) was amended and converted into Law no. 2 of 28 January 2009. With a view to ensuring lower electricity supply costs to households and businesses, article 3, para. 10 of the aforesaid Law assigned to the Minister of Economic Development the task of conforming the electricity market rules thereto.

In giving effect to the above legislation, the Minister of Economic Development issued a Decree on 29 April 2009 (hereinafter called the “Decree”) concerning Guidelines and Directives for the reform of the electricity market rules, and set a deadline for their implementation.
To implement the provisions of the Decree within the set deadline, GME has already conformed the Integrated Text of the Electricity Market Rules (hereinafter called the “Electricity Market Rules”) to the new provisions on transparency of market data. For this purpose, on 19 May 2009, under article 3, para. 3.5 of the Electricity Market Rules, GME published urgent amendments to the Electricity Market Rules, namely to article 8 thereof, specifying the new time limits for publication of the Market Information.
In compliance with the modalities and time limits set out in article 10, para. 4 of the Decree and, in particular, with the guidelines and directives provided therein on the evolution of the forward markets organised by the company Gestore del Mercato Elettrico, GME has continued its revision of the Electricity Market Rules and prepared this document for consultation under article 3, para. 3.4 of thereof. The document concerns Proposed amendments to the Integrated Text of the Electricity Market Rules”.
 
***
 
In this regard, it is worth noting that, under article 10, para. 1 of the Decree, GME shall - within 30 June 2009 and as per article 3, para. 3.4 of the Electricity Market Rules - submit a proposal for amendment of the Electricity Market Rules with new provisions on the trading of base-load and peak-load forward contracts with an at least monthly, quarterly and yearly duration. To this end, pursuant to para. 2 of the same article, GME is called to revise the system of guarantees to be posted by operators for their transactions in the forward electricity market (MTE), by introducing “partial coverage of the value of buy or sell contracts and total coverage of the buy positions upon delivery”. In this connection, the Minister of Economic Development added to para. 3 of the aforesaid article 10 that the system of guarantees may be strengthened with a “mechanism of risk pooling for the residual share of additional risk with respect to a pre-defined maximum level of risk incurred by GME”. GME is called to implement the amendments to its physical forward market within 31 October 2009 at the latest.
 
***
 
In implementing the above-mentioned Ministerial guidelines and specific directives and with reference to the evolution of the forward electricity market, GME has introduced, first of all, among the types of tradable contracts, the forward contracts with quarterly and yearly delivery periods, in addition to the monthly contracts currently tradable on GME’s market. In so doing, in accordance with article 10, para. 1 of the Decree, GME has issued rules both on the cascading mechanism and on the registration of the positions of each operator on the PCE pertaining to monthly delivery contracts only.
Under the cascading mechanism, contracts of a duration longer than one month will - at the end of the trading period - be replaced with contracts of a shorter duration and anyway of not less than one calendar month.
The registration of the positions of each operator on the PCE, pertaining to monthly contracts only, implies that the registration of the traded contracts onto the PCE will not be concurrent with their trading, but deferred to the month of delivery. Nevertheless, with respect to the present operation of the MTE, the principle of integration between the MTE and the PCE, to permit the delivery of the electricity traded in the MTE, will remain valid.
Moreover, as a result inter alia of these revisions, GME has also modified the present guarantee system adopted in the MTE, ensuring - pursuant to the aforementioned provisions - the partial coverage of the value of the “buy” or “sell” contract only during the trading stage of the contract, while maintaining the total coverage of the value of the “buy” positions upon delivery of the traded electricity.
With regard to guarantees, GME has also provided that, if the guarantees posted by the operator in favour of GME are not sufficient to cover the debit positions that the same operator has taken on in the market, the excess debit will be covered - in the first place and within a limit set by GME itself on early basis - with GME’s own funds and - subsequently, for the additional residual amount, if any - by resorting to a risk pooling mechanism. The modalities and time limits for the creation, management and utilisation of this mechanism are referred to the jurisdiction of “Autorità per l’Energia Elettrica e il Gas” (AEEG - electricity & gas regulator).
The aforesaid mechanisms of last-resort coverage falling on GME and through the risk pooling mechanism have been extended, inter alia, to cases of default which might arise in the spot electricity market (MPE).
Always with regard to the guarantee system, with a view to achieving flexible management of the guarantees, GME has introduced, in place of the current provisions, the operator’s option of using a first-demand bank guarantee or a cash deposit, to cover obligations contracted in the market. Furthermore, to optimise the utilisation of the guarantees, the time periods for invoicing and settlement of payments in the MTE and MPE have both been brought to the m+2 period.
 

    
To meet the deadline of 30 June 2009 specified in the Decree (within which GME shall submit the proposed amendments to the Electricity Market Rules to the approval of the Minister of Economic Development), interested parties are invited to send their comments, if any, to GME within 15 June 2009 at the latest by e-mail to consultazione@mercatoelettrico.org.
 

 
 
As to the proposed amendments, GME will - under article 4, para. 4.3 the Electricity Market Rules - provide interested parties with preliminary versions of the most significant Technical Rules giving effect to the same amendments, setting a time limit within which the same parties may send in their comments, if any.

Pubblication date: 03/06/2009 Completed

NEW DEADLINE FOR CONSULTATION (PROPOSED CHANGE TO THE GUARANTEE AND SETTLEMENT-OF-PAYMENT SYSTEMS ADOPTED BY GME)
17/12/2008
NEW DEADLINE FOR CONSULTATION

We inform you that we have postponed the deadline for submitting comments on the document: “Proposed Amendments to the Integrated Text of the Electricity Market Rules and to the Rules Governing the Forward Electricity Account Trading Platform” to 30 January 2009.
 
 
For submitting your comments, refer to the news published on 19 December 2008: Document for consultation: proposed change to the guarantee and settlement-of-payment systems adopted by GME

Pubblication date: 17/12/2008 Completed

DOCUMENT FOR CONSULTATION: PROPOSED CHANGE TO THE GUARANTEE AND SETTLEMENT-OF-PAYMENT SYSTEMS ADOPTED BY GME
19/11/2008
DOCUMENT FOR CONSULTATION: PROPOSED CHANGE TO THE GUARANTEE AND SETTLEMENT-OF-PAYMENT SYSTEMS ADOPTED BY GME

Proposed Amendments to the Integrated Text of the Electricity Market Rules and to the Rules Governing the Forward Electricity Account Trading Platform 
 
1.       Foreword
 
With a Decree of 19 December 2003 (published in “Supplemento ordinario alla Gazzetta Ufficiale” no. 301 of 30 December 2003, “Serie Generale”), the Italian Minister of Productive Activities approved the Integrated Text of the Electricity Market Rules (hereafter “Electricity Market Rules”). The Electricity Market Rules were subsequently amended and supplemented by a Ministerial Decree of 15 June 2007 (published in “Supplemento ordinario” no. 148 to “Gazzetta Ufficiale” no. 150 of 30 June 2007). On 4 May 2007, “Gestore del Mercato Elettrico S.p.A.” (hereafter “GME”) adopted urgent amendments to the Electricity Market Rules under art. 3, para. 3.5 thereof. The amendments were finally approved by a Ministerial Decree of 17 September 2008 (published in “Gazzetta Ufficiale” no. 243 of 16 October 2008, “Supplemento Ordinario” no. 233).
In compliance with art. 17 of Decision 111/06 adopted by “Autorità per l’Energia Elettrica e il Gas” (hereafter “AEEG” – the Italian electricity & gas regulator), GME prepared the draft Rules Governing the Forward Electricity Account Trading Platform (hereafter “PCE”). These Rules (hereafter “PCE Rules”) were successfully verified by AEEG’s Department of Markets (Decision of 7 February 2007) and subsequently amended and supplemented.
 

The guarantee and settlement-of-payment system that GME applies in the Electricity Market and on the PCE is covered by the Electricity Market Rules and by the PCE Rules, respectively. The implementing provisions and, namely, the timelines for payments in the Electricity Market and on the PCE are covered by the Technical Rules.

Operators have long expressed the need to have a more flexible and less burdensome guarantee and settlement-of-payment system. To respond to this need and change the current system, GME investigated a number of assumptions and tested their feasibility with the objective of leaving the current solidity and reliability of the market unaltered, in terms of risk incurred by operators and by GME itself as a central counterparty.

The above investigation evidenced that, considering the current regulatory framework, the coverage of the total value of operators’ payables through first-demand bank guarantees is the most secure way to guarantee the reliability of the market. The investigation also indicated that any change to the regulatory framework permitting GME to assess guarantee systems alternative to first-demand bank guarantees requires to shorten the timelines for payments, aligning them with those of the most advanced markets.

 
GME investigated the assumption of shortening these timelines with the two-fold purpose of making the guarantee system less burdensome and of adapting the operation of the Italian Electricity Market to international standards. The alignment of the timelines for payments with the ones of other markets would also respond to the requirements arising from the ongoing process of integration of European markets.
The following paragraphs describe the current settlement-of-payment system used in the Electricity Market and on the PCE and the proposed amendments that GME submits to interested parties for consultation, in compliance with article 3, para. 3.4, and article 4 of the Electricity Market Rules and with article 3, para. 3.5, and article 4 of the PCE Rules.

 

2.      Current settlement-of-payment system
 
Under the current rules of the settlement-of-payment system, GME i) determines the net position of debit or credit of each Market Participant for each applicable period, on the basis of invoices sent/received by GME as a central counterparty, and ii) receives/makes payments in respect of the resulting balances. Therefore, for the purposes of payments, the net position of credit/debit of each Market Participant is determined in each market on the basis of the purchase/sale transactions concluded or registered on the same markets and having delivery periods that are included in the same invoicing period. The invoicing period for both the Electricity Market and the PCE is the calendar month (month m).
Considering the role that “Acquirente Unico” (hereafter called “AU”) plays in the Electricity Market, the timelines for payments in the same market were defined in accordance with the provisions of the “Testo Integrato Vendita” (TIV – AEEG’s Decision 156/07)[1] concerning the invoicing period and the settlement of payments arising from the sale of electricity to distributors by AU.
The payment cycle currently applied in the Spot Electricity Market (MPE) and on the PCE involves the following timelines:
  • within the 14th day of the month m+1, GME makes available notifications of the payables/receivables accrued in the invoicing period preceding the current period;
  • within the 6th working day of the month m+2, invoices are made available;
  • within the 10th working day of the month m+2, GME notifies Market Participants of the balances between invoices payable and invoices receivable; 
  • within the 15th working day of the month m+2, net debtors make payments to GME;
  • within the 16th working day of month m+2, AU makes payments to GME and GME makes payments to creditor Market Participants.
In the Forward Electricity Market (MTE), the payment cycle is shorter, as payments are settled on the 15th and 16th working days of the month m+1.
The above system implies that a debt contracted in the market and/or on the PCE is to be guaranteed through a bank guarantee until the payment is made. Therefore, the longer the payment cycle, the higher the amount to be guaranteed through first-demand guarantees.
It follows that the shortening of the payment cycle – involving a reduction of the net debit to be guaranteed – responds to the need (that operators have expressed many times) to have a less burdensome guarantee system.
Furthermore, in view of the integration of European markets, the duration of the Italian market payment cycle might represent a barrier to the development of the market coupling mechanism. Indeed, a comparison with the billing methods prevailing in the main European spot power markets clearly shows that the Italian payment cycle is not in line with them. In particular, in some markets (e.g. the French or German one), the billing of payables/receivables is made on a daily basis and, in other markets, payments are made on a weekly basis.
In view of the above, GME deems it useful to propose an amendment which shortens the payment time limits.
 
3.      Settlement-of-payment system: proposed amendment
 
Considering the present payment time limits in the Italian market, involving a payment cycle of about 80 days, the medium-term goal to be pursued is the alignment of the Italian market with the time limits adopted in the European power markets. Therefore, GME proposes the shortening of the payment cycle in two stages. 
In stage 1, the current payment cycle for the MPE and PCE might be aligned with the one adopted for the MTE. In stage 2, the payment time limits might be reduced to one week (or to less than one week), while retaining a monthly invoicing period. The feasibility of a weekly payment cycle depends on i) the change of the regulatory framework, namely of the provisions governing the guarantee and settlement-of-payment system, and ii) the taxation rules applicable to transactions in GME’s markets.
In stage 1, the invoicing period would remain equal to one month (m), whereas payments should be settled, in each market, within the following time limits: 
  • within the 4th day of the month m+1, GME makes available notifications of the payables/receivables accrued in the invoicing period preceding the current period;
  • within the 6th working day of the month m+1, invoices are made available;
  • ithin the 10th working day of the month m+1, GME notifies Market Participants of the balances between invoices payable and invoices receivable; 
  • on the 15th working day of the month m+1, net debtors make payments to GME;
  • on the 16th working day of the month m+1, GME makes payments to net creditor Market Participants.
In stage 2 (which may be started only after changing the regulatory framework), the settlement of payments would be reduced to a weekly cycle, while retaining an invoicing period of one calendar month:
  • on the 1st working day (g) of each week, GME notifies the net credit or debit balances pertaining to the payables/receivables accrued in the applicable periods included in the previous week;
  • on the working day following the day g, net debtors make payments to GME in respect of the previous week;
  • on the 2nd working day following the day g, GME makes payments to net creditor Market Participants in respect of the previous week.
As an alternative, if a daily payment cycle were implemented, the payments in respect of each day of the week should be made by net debtor Market Participants on the 2nd working day following the day of delivery, whereas GME would make payments to net creditor Market Participants on the 3rd working day following the day of delivery.
With regard to the invoicing process, the invoices payable and receivable in respect of purchase/sale transactions in the applicable periods belonging to each invoicing period (m) will be made available within the 6th working day of the following month (m+1).
 
If a weekly/daily cycle were implemented, the amount of the bank guarantees should cover the total value of the transactions made and whose payments have not yet been settled. In particular, for the purposes of the technical adequacy verifications, the amount of Market Participants’ bank guarantees in each week/day should cover:
  • in the Day-Ahead Market (MGP)/Adjustment Market (MA), the possible net payables that the Market Participant accrues during the payment cycle, increased by the possible payables accruing in the days for which payments have not yet been settled;
  • for the MTE/PCE, the possible net payables arising from transactions with delivery periods belonging to the same week/day, increased by the possible net payables accruing in the weeks/days for which payments have not yet been settled.
 
With a view to simplifying the management of the payment cycle, GME has already implemented a platform, called ME_Settlement, through which some procedures related to the sending/receiving of notifications and invoices have been automated. This choice is expected to mitigate the operational impact of the new system on Market participants (who will have to adapt their accounting and administrative procedures to the new timelines).

 

 
Question for consultation no. 1: Do you agree on the need for shortening the payment cycle? If no, why?
Question for consultation no. 2: Considering AU’s role in the Electricity Market, do you think that a shorter payment cycle may have an impact on Electricity Market prices and to what extent? 
Question for consultation no. 3: Do you think that the implementation of Stage 1 may start in March 2009? If you do not agree on the proposed start date, when do you think that Stage 1 of reduction of the payment cycle may start and why?
Question for consultation no. 4: In Stage 2, which payment cycle – weekly or daily – better responds to operators’ requirements and why?
Question for consultation no. 5: If the necessary changes are made to the regulatory framework, do you think that the implementation of Stage 2 may start in January 2010? If your answer is no, when do you think that the final goal may be reached and why?
 
 
Interested parties are invited to send their comments, if any, within 4 January 2009
or
-  by fax to +39-06-80124524
For additional information or clarifications, contact:
+39-06-80124974 (Markets)
+39-06-80124529 (Legal & Regulatory Office)
 


[1] The same payment time limits had been specified in AEEG’s Decision 05/04.

Pubblication date: 19/11/2008 Completed

START OF THE FORWARD ELECTRICITY MARKET WITH DELIVERY AND WITHDRAWAL OBLIGATION (MTE) – UNDER DECREE OF THE MINISTER OF ECONOMIC DEVELOPMENT OF 17 SEPTEMBER 2008
17/10/2008
START OF THE FORWARD ELECTRICITY MARKET WITH DELIVERY AND WITHDRAWAL OBLIGATION (MTE)

A Decree of the Minister of Economic Development of 17 September 2008 (published in Gazzetta Ufficiale della Repubblica Italiana no. 243 of 16 October 2008, Supplemento Ordinario no. 233) approved some amendments to the Integrated Text of the Electricity Market Rules (hereafter “Electricity Market Rules”). The amendments introduced, among others, the “Mercato a Termine dell’Energia con obbligo di consegna e ritiro” (Forward Electricity Market with delivery and withdrawal obligation, hereafter “MTE”). In the MTE, Market Participants may trade electricity over longer periods than those allowed by the current market model. Additionally, under these amendments, GME takes on the role of central counterparty also in the Green Certificates Market.

The new Electricity Market Rules will enter into force on 1 November 2008, i.e. the date in which the Technical Rules concerning the MTE will be posted on GME’s website and also enter into force.

As a result of the introduction of the MTE, the Electricity Market configuration is as follows:

-        Spot Electricity Market (MPE), consisting of the Day-Ahead Market (MGP), of the
          Adjustment Market (MA) and of the Ancillary Services Market (MSD);
-        Forward Electricity Market (MTE).

 

All the current Electricity Market Participants are automatically allowed to trade in the MTE, without submitting any additional application and/or documentation. Therefore, for the additional services rendered by GME, these Participants will be required to pay only the fees for the MW underlying the trades concluded in the MTE.
With regard to the guarantee system, if Market Participants have already posted a bank guarantee in favour of GME and if such guarantee is still valid, they may extend its validity to cover their payables in the MTE. To do so, they must submit an appropriate form, i.e. the "Modello di estensione di efficacia della fideiussione per il mercato a termine dell’energia elettrica (MTE)” (Extension of Bank Guarantee to MTE).

If, instead, Market Participants wish to post a new bank guarantee to cover all their payables in the Electricity Market, they may use the bank guarantee forms enclosed to the new Electricity Market Rules:

-        Annex 3: covering payables in the energy markets (MGP, MA and MTE).
-        Annex 5: covering payables in the energy markets and on the Forward Electricity
         Account Trading Platform (MGP, MA, MTE and PCE).

 

The share of the amount of the bank guarantee to be allocated for payables arising in the energy markets and on the PCE may be notified to GME by submitting a "comunicazione ripartizione garanzia ME” (notification of allocation of bank guarantee amount – ME) or a "comunicazione ripartizione garanzia ME-PCE” (notification of allocation of bank guarantee amount - ME-PCE). Failing such notifications, GME will allocate the entire amount of the bank guarantee to payables in the MGP and MA.

With regard to the parties authorised to access MTE’s information system, GME will automatically enter the users specified in point 6) (as subsequently changed and integrated) of the Market Participation Application and currently authorised to trade in the MPE.

If Market Participants wish to authorise different or additional parties to access the MPE and/or the MTE, they must submit a "richiesta di gestione abilitazioni utenti” (application for managing users’ authorisations) or a "richiesta di integrazione di abilitazioni utenti" (application for adding users’ authorisations).
Users already trading in the MPE are required to follow the digital signature procedure (based on a digital certificate) on the MTE platform. The procedure will ensure their identification and the authentication and of their transactions.
The contracts tradable in the MTE will initially be of two types: Base-Load and Peak-Load, with delivery periods equal to one week and to one month.
Finally, the MTE sessions will take place from 9:00 to 15:00 of market days, with the following calendar.
 

Pubblication date: 17/10/2008 Completed

DOCUMENT FOR CONSULTATION - PROPOSED AMENDMENTS TO THE INTEGRATED TEXT OF THE ELECTRICITY MARKET RULES (ART. 17)
14/05/2008
DOCUMENT FOR CONSULTATION - PROPOSED AMENDMENTS TO THE INTEGRATED TEXT OF THE ELECTRICITY MARKET RULES

Document for consultation - Proposed amendments to the Integrated Text of the Electricity Market Rules

Pubblication date: 14/05/2008 Completed

DOCUMENT FOR CONSULTATION - PROPOSED AMENDMENTS TO GME'S ELECTRICITY MARKET RULES - FORWARD ELECTRICITY MARKET
18/03/2008
DOCUMENT FOR CONSULTATION - PROPOSED AMENDMENTS TO GME'S E LECTRICITY MARKET RULES - FORWARD ELECTRICITY MARKET"

Document for consultation - Proposed Amendments to GME's E lectricity Market Rules - Forward Electricity Market"

Pubblication date: 18/03/2008 Completed

PROPOSED AMENDMENTS TO INTEGRATED TEXT OF ELECTRICITY MARKET RULES - GREEN CERTIFICATES MARKET
15/11/2007
PROPOSED AMENDMENTS TO INTEGRATED TEXT OF ELECTRICITY MARKET RULES- GREEN CERTIFICATES MARKET

Proposed Amendments to Integrated Text of Electricity Market Rules- Green Certificates Market

Pubblication date: 09/11/2007 Completed

NOW ON LINE: INTEGRATED TEXT OF THE ELECTRICITY MARKET RULES AS AMENDED BY MINISTERIAL DECREE OF 15 JUNE 2007
04/07/2007
NOW ON LINE: INTEGRATED TEXT OF THE ELECTRICITY MARKET RULES, AS AMENDED BY MINISTERIAL DECREE OF 15 JUNE 2007

Now on line: Integrated Text of the Electricity Market Rules, as amended by Ministerial Decree of 15 June 2007

Pubblication date: 04/07/2007 Completed

ELECTRICITY MARKET - CONSULTATION DOCUMENT: "PROPOSED AMENDMENTS TO THE INTEGRATED TEXT OF THE ELECTRICITY MARKET RULES (RATIONALISATION OF THE ELECTRICITY MARKET RULES; REQUESTS FOR INSERTION OF DATA AND INFORMATION INTO THE REGISTER OF MARKET PARTICIPANTS; EXCLUSION FROM THE MARKET ON REQUEST; GUARANTEE AND PAYMENT SYSTEMS; TRANSITORY AND FINAL PROVISIONS)
03/11/2006
ELECTRICITY MARKET - CONSULTATION DOCUMENT: "PROPOSED AMENDMENTS TO THE INTEGRATED TEXT OF THE ELECTRICITY MARKET RULES"

Electricity Market - Consultation document: "Proposed Amendments to the Integrated Text of the Electricity Market Rules"

Pubblication date: 03/11/2006 Completed

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