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Market Access

M-GAS

SETTLEMENT OF PAYMENTS

PAYMENT OF COMPLETED TRANSACTIONS

With a view to settling payments, if the week of delivery of the gas traded is identified with “W”, the settlement period the payoffs relating to the MGAS will be the week “W+1”.

On the first working day of the week W+1, GME will determine the Market Participant's net position of debit or credit towards GME (net balance to be settled) on the basis of the amounts (including VAT, if chargeable) resulting from the purchase and sale transactions completed in the MGAS during the week (W) – running from Monday (T-6) to Sunday (T) – in which the gas has been delivered.

Where possible and for the sole purpose of making payments according to the procedures defined in the Technical Rules, GME will determine the overall amount owed by the Market Participant in respect of the payables/receivables arising from transactions concluded by the same Market Participant in/on each market/platform managed by GME. Exceptions are the sessions of the MGS and MPL for which the week (W), for the purpose of determining the net position, is considered to be the one which runs from Sunday (T-7) to Saturday (T-1).

For details about the determination of the net balance to be settled, see MGAS Technical Rule no. 16.

Exclusively for PA Participants if, as a result of the above-mentioned determinations, they qualify as net debtors towards GME, then GME will satisfy its receivables by using their non-interest bearing cash deposit made as a guarantee, until reaching the amount of such receivables. GME will do so after completing the invoicing process in compliance with the applicable legislation on electronic invoicing towards the above-mentioned PA Participants.

Payables owed by Market Participants or GME will be settled according to a specific Timetable through the urgent SEPA Credit Transfer or equivalent method with value date on the same date. GME will make payments by SEPA Credit Transfer or equivalent method with value date on the same date under the procedures and within the time limits indicated in MGAS Technical Rule no. 16. An example of the standard timing of the settlement cycle is provided below.

 

 

Net debtor Participants that do not pay the amount due within the payment deadline indicated in the appropriate Timetable may, no later than 4 p.m. of the third working day following the deadline, pay the amount due, increased by default interest and a penalty.
All payments must be made by Market Participants through urgent SEPA Credit Transfer (or equivalent method) - using the bank details previously communicated to GME by sending the appropriate form signed by the person holding the necessary powers of representation - to the following GME’s bank account:
Banca Popolare di Sondrio
IBAN IT58 E056 9603 2110 0000 7210 X36
SWIFT CODE POSOIT22

SETTLEMENT IMBALANCE

The financial settlement of the payoffs assigned to the defaulting Participant pursuant to Article 73, paragraph 73.2, letter c) of the Natural Gas Market Regulation takes place within the terms defined in the Technical Rules.

Payments must be made by Participants through urgent Sepa Credit Transfer or equivalent - using the bank details previously communicated to GME through a specific form - signed by the person with the necessary powers of representation and sent to GME - and addressed to the following GME bank details:
Banca Popolare di Sondrio
IBAN IT58 E056 9603 2110 0000 7210 X36
SWIFT CODE POSOIT22

 

PAYMENT OF FEES

Market participants must pay the fees due to GME in respect of the MWh traded in the MGAS within the 16th working day of the month in which the related invoice has been made available to them.

Market participants must pay the fees due to GME in respect of requests for cancellation of transactions within the 16th working day of the month in which the related invoice has been issued.

Market participants must pay the yearly fixed OMPR MGAS fee and the variable records-based fee to GME within the last working day of the month in which the related invoice has been issued.

The above time limits also apply to PA participants.

The fees must be paid, 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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