GME-Accesso ai Mercati

Market Access

Electricity Market

SETTLEMENT OF PAYMENTS

PAYMENT OF COMPLETED TRANSACTIONS

Defined W as the week in which the electricity traded on the MGP and MI (MI-A e MI-XBID) has been delivered, the settlement period of the payoffs relating to the MGP and MI (MI-A e MI-XBID) is the week W+1.

On the first working day of week W + 1, GME determines for each Market Participant the net position (net to be paid) - calculated as the difference between receivables and payables - on the basis of the amounts, including VAT where chargeable, concerning the purchase and sale transactions concluded on the MGP, and on the MI (MI-A and MI-XBID) in week W - from Monday (T-6) to Sunday (T) - in which the electricity being traded has been delivered. The exceptions are purchase and sell transactions assigned on the MI-XBID by GME due to the XBID program imbalance for which the week (W), for the purpose of determining the net position, must be understood as the one from Sunday (T-7) to Saturday (T-1). For details related to determination of the net to be paid, please see the contents of ME Technical Rules n. 08. 

For the purposes of regulating payments on the MPEG and on the MTE, given M the month in which the electricity, subject to trading, has been delivered, the settlement period of the payoffs is the calendar month M+2.
GME defines for each Market Participant the net position (net to be paid) - calculated as the difference between receivables and payables - on the basis of the amounts, including VAT where chargeable, concerning the purchase and sale transactions concluded on the MPEG, and on the MTE in month W. For details related to determination of the net to be paid, please see the contents of ME Technical Rules n. 08.

Where possible, GME defines, only for making payments and according to the terms and conditions defined in the Technical Rules, the total amount owed by the Participant with reference to the payoffs concluded on the MGP, MI (MI-A and MI-XBID), MPEG and MTE.

Exclusively for PA Participants, if, as a result of the above determinations, they are net debtors of GME, the GME will request its receivables, once the invoicing process has been completed, through the use of non-interest-bearing deposit, up to its total amount, given by the Market Participants as guarantee.

The settlement of the amount owed by the Market Participant or by GME takes place on the basis of a specific Timetable through the urgent Sepa Credit Transfer or equivalent method with value date on the same date, according to the terms and conditions defined in ME Technical Rules n. 08.  and is articulated, as example, according to the following standard timing:

Market 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.

All payments must be made by Market Participants through urgent Sepa Credit Transfer or equivalent - 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:
Banca Popolare di Sondrio
IBAN IT58 E056 9603 2110 0000 7210 X36
SWIFT CODE POSOIT22

PAYMENT OF FEES

The variable fees owed for the MWh traded in the Electricity Market must be paid by market participants to GME within the 16th working day of the month in which the related invoice has been made available. This time limit also applies to PA participants.

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

  1. the access fee, within thirty calendar days of the date of issue of the related invoice;
  2. the yearly fixed fee, within the last working day of the month in which the related invoice has been issued.
  3. the yearly fixed OMPR ME fee and the variable records-based fee, within the last working day of the month in which the related invoice has been issued.


The fees must be paied, by urgent SEPA Credit Transfer (or equivalent method), to the following GME’s bank account:
Banca Popolare di Sondrio
IBAN IT58 E056 9603 2110 0000 7210 X36
SWIFT CODE POSOIT22

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