SETTLEMENT OF PAYMENTS
PAYMENT OF COMPLETED TRANSACTIONS
For the purpose of setting payments of the MGP and MI (MI-A and MI-XBID), if W identifies the week in which the electricity traded has been delivered, then the settlement period of payables/receivables will be the week W+1.
On the first working day of week W + 1, GME determines, for each Market 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 purchase and sale transactions concluded in the MGP and MI (MI-A and MI-XBID) in week W - from Monday (T-6) to Sunday (T) - in which the electricity traded has been delivered.
For details related to the determination of the net balance to be settled, please see the contents of Technical Rule no. 08 ME.
For the purpose of settling payments of the MPEG and MTE, if M identifies the month in which the electricity traded, has been delivered, then the settlement period of payables/receivables will be the calendar month M+2.
GME defines, for each Market 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 purchase and sale transactions concluded in the MPEG and MTE in the month M. For details related to the determination of the net balance to be settled, please see the contents of Technical Rule no. 08 ME.
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 Market Participant for transactions concluded in 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 towards GME, GME will satisfy its receivables, once the invoicing process has been completed, by utilising the non-interest-bearing deposit that they have posted as a guarantee, until reaching the amount of such receivables.
The settlement of the amounts owed by the Market Participant or by GME takes place on the basis of a specific Calendar through urgent Sepa Credit Transfer or equivalent method with value date, under the procedures and within the time limits defined in Technical Rule no. 08 ME. The following is an example of standard settlement timing: