Consultations/Rules amendments

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).

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Please submit your comments in writing to GME - Governance by 14^th 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

GME informs market participants that, with Resolution 552/2024/R/eel of 17 December 2024, ARERA has approved the following amendments:  

i.      to the Rules Governing the Forward Account Trading Platform (PCE Rules), made by Gestore dei Mercati Energetici S.p.A. (GME) under art. 3, paras. 3.5 and 3.6 of the PCE Rules;

ii.      to the Technical Rules of the PCE, made by GME under art. 4, para. 4.4 of the PCE Rules.

In particular, the above-mentioned amendments to the PCE Rules and to the related Technical Rules, which will enter into force on the day of flow 1 January 2025, are aimed at implementing, the provisions of the new Integrated Text of the Electricity Dispatching Rules (TIDE) - adopted by ARERA with its Resolution 345/2023/R/EEL, as subsequently amended and supplemented – as well the further provisions adopted by ARERA with its Resolution 304/2024/R/EEL, on the introduction of a compensatory component into the Electricity Market following the replacement of national single price (i.e. prezzo unico nazionale).

In this regard, in order to facilitate the implementation of the new provisions (i.e. go-live of TIDE and replacement of the national single price) by PCE participants, GME has published the updated versions of both the PCE Rules and the related Technical Rules, for informational purposes only, in the TIDE section of its website.

However, until the above-mentioned go-live date (i.e. flow date 1 January 2025), transactions on the PCE will continue to be governed by the current provisions published in the appropriate sections of GME’s website.  

Following the previous press release of 28/02/2022 - concerning the Transitional provisions on settlement of payments for ME, MGAS and PCE’s Market Participants. Next start - we inform the Market operators that, today, with the related publication on the GME Web site, the urgent changes to the Integrated text of the electricity market rules, the Natural gas market Rules and the PCE Rules come into force.

At the same time, today, also the new versions of ME, MGAS and PCE Technical Rules become effective with the related publication on the GME Website, consistent with the purposes of the effectiveness aforementioned provisions on ME, MGAS and PCE Rules.

ELECTRICITY MARKET

• Integrated text of the electricity market rules
• DTF 7
• DTF 8
• Communication of ME bank details

GAS MARKET

• Gas market rules
• DTF 15
• DTF 16
• Communication of MGAS bank details

PCE PLATFORM

• PCE Rules
• DTF 4
• DTF 6
• Communication of PCE bank details

Furthermore, the updated version of the Settlement calendar, is made available. It can be used to settle payments on the ME, MGAS and PCE, according to the new applicable provisions.

For further information, Market Participants are required to check the documentation and the specific sections of GME's Web site.

For further information, you can contact the following e-mail addresses:

mesettlement@mercatoelettrico.org

contab@mercatoelettrico.org

Participants are informed that, with Resolution 602/2023/R/EEL of 19/12/2023, ARERA approved the urgent amendments to the Regulation of the Forward Energy Account Platform, ordered by the Gestore dei mercati energetici S.p.A., pursuant to Article 3, paragraph 3.6, of the same Regulation. As known, the aforementioned amendments entered into force on 21 March 2022 with their publication on the GME Web site.

Regulation of the Forward Energy Accounts Platform

Following the press release dated 05 July 2021 participants are informed that in order to start the integration of the Italian electricity market with the Single Intra-Day Coupling (SIDC) - XBID project and Complementary Regional Intraday Auctions (CRIDA) - as of today's date, the changes to the Integrated Text of the Electricity Market Rules (hereinafter: ME Rules), approved by Decree no. 0000257 of the Ministry of Ecological Transition (MiTE) of 22 June 2021, will take effect.

At the same time as the afore-mentioned amendments, the new versions of the Technical Rules referred to in the ME Rules come into force today, with the relative publication on the GME website, suitably adapted for the operational start of XBID/CRIDA transactions, as indicated below:

• UPDATED TECHNICAL RULES:
• Technical Rule no. 02 rev7 ME – Access to the Information System
• Technical Rule no. 07 rev10 ME - Bid/ask offers Adequacy Verifications and Guarantee Coverage
• Technical Rule no. 08 rev15 ME - Invoicing of Payables/Receivables and Settlement of Payments
• Technical Rule no. 02 rev4 MPE - Management of Emergency Conditions on the MGP, MI, MSD and Nomination Platform
• Technical Rule no. 03 rev10 MPE - Time Periods of Activities for the Sessions of the MGP, MI, MSD and Nomination Platform
• Technical Rule no. 04 rev5 MPE – Submission of Bids/Offers on the MGP, MI and MSD
• Technical Rule no. 05 rev2 MPE - Number of Multiple Offers/Bids on the MGP, MI-A and MSD
• Technical Rule no. 08 rev1 MPE - Methods for calculating the margins for the purposes of the MGP and MI by GME in the event of non-receipt
• Technical Rule no. 10 rev3 MPE - Technical adequacy verifications of bids/offers with respect to margins
• Technical Rule no. 11 rev7 MPE - Definition of Conventional Price


• NEWLY INTRODUCED TECHNICAL RULES:
• Technical Rule no. 09 ME – Unit of measurement
• Technical Rule no. 20 MPE - Technical limits of the offer on the MGP, MI and MSD
• Technical Rule no. 21 MPE - Procedures for submitting requests for the registration of hourly nominations
• Technical Rule no. 22 MPE - Verification of validity and congruity of requests for the registration of hourly nominations and the determination and communication of hourly nominations


• REPEALED TECHNICAL RULES:
• Technical Rule no. 07 MPE - Assignment of Priority to Pre-Defined Offers/Bids
• Technical Rule no. 16 rev1 MPE - Sessions of the MI for which it is performed the Market Coupling

Finally, we also inform you that on today's date the amendments to the Rules Governing The Forward Electricity Account Trading Platform (hereinafter: PCE Rules), prepared pursuant to article 3, paragraph 3.6, of the same Regulation enter into force in order to adapt the relevant text to the applicable regulatory provisions on the subject of price limits provided for in the European market coupling.

In particular, the afore-mentioned amendments to the PCE Rules were necessary to implement the same provisions introduced in the ME Rules with reference to the limits on the prices of transactions referred to in ACER Decision no. 04-2017, relating to the definition of “maximum and minimum clearing prices for single day ahead coupling”.

Participants are informed that, with Resolution 521/2021/R/eel of 23 November 2021, the Regulatory Authority for Energy, Networks and Environment (ARERA) has approved the amendments to the Rules Governing The Forward Electricity Account Trading Platform (hereinafter: Rules), made by GME for the purpose of integrating the Italian electricity market with the European Single Intraday Coupling (SIDC).

The afore-mentioned amendments, which came into force, pursuant to article 3, paragraph 3.6, of the same Regulation, on 21 September 2021 with the publication on GME's website, were carried out in order to adapt the relevant text to the applicable regulatory provisions on the subject of price limits envisaged in the context of European market coupling.

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

By Ministerial Decree of 21 September 2016 of the Minister of Economic Development, published on the Official Gazette of the Italian Republic, no. 223 of 23 September 2016 (hereinafter: Ministerial Decree 21-09-2016) and by Resolution of the Electricity, Gas and Hydric System Regulator (hereinafter: AEEGSI) no. 501/2016/R/EEL the amendments, respectively, to the Integrated Text of the Electricity Market Rules (hereinafter: ME Rules) and to the Rules Governing the OTC Registration Platform (hereinafter: PCE Rules) have been approved. These amendments have been introduced by GME in order to define:

1.  new rules related to a settlement system on a weekly basis (W+1) for MGP, MI and the PCE and
2. the implementation of the SEPA Direct Debit Business To Business (hereinafter: SDD B2B) as a settlement instrument for the electricity market (not including the MSD) and the PCE.

As provided by the Decree 21-09-2016 and by the Resolution 501/2016/R/EEL the date of entry into force, respectively, of the new versions of the ME Rules and the PCE Rules will be postponed in respect to the date of the approvals, in order to grant Participants of the ME and of the PCE a reasonable period of alignment to the new provisions and of implementation of all the functional requirements useful to the new invoicing and settlement system.
Therefore, ME and PCE Participants are kindly informed that the new ME Rules, the new PCE Rules and the related provisions of the Technical Rules (DTF) will apply starting from December 1^st 2016 to all the financial items corresponding to flow date December 1^st and succeeding.
With regard to transactions traded on the MGP/MI and registered on the PCE, referred to flow dates earlier than December 1^st 2016, which have not already been settled at the date of the entry into force of the weekly settlement rules, the invoicing and settlement procedures will remain unchanged. Consequently, with reference to the two months preceding the go live of the new settlement system, the invoices will be issued monthly and settled through the SEPA Credit Transfer with Priority (former BIR) or equivalent procedures.
However, the settlement of the net credit or debit position defined as a result of invoicing operations will be exceptionally split into four equal payments to be settled on a monthly basis, with exclusive reference to the transactions performed on the MGP and MI referred to flow dates earlier than December 1st 2016. These four payments will be settled starting from the month of launch of the new settlement rules till the fourth month following the end of the invoicing operations. The CCT on the PCE referred to a flow date earlier than December 1^st 2016 will be settled for its full amount instead, in accordance with terms and modalities in force at the time in which transaction have been registered.
As highlighted in the press release published on GME website’s on .23 September 2016, Participants already admitted to the Electricity Market as well as to the PCE will be entitled to exercise the right of withdrawal within 15 days following the date of entry into force of the ME Rules or the PCE Rules, pursuant to the provisions in Article 2, paragraph 2.2, letter. a) of the respective Participation contracts.
It is understood that the withdrawal will be effective only once the Participant has fulfilled its obligations to GME, arising from the participation to the ME and/or to the PCE. For the purpose of the exercise of withdrawal, please note that once fifteen days have expired after the legal publication of the amendments to the ME Rules or PCE Rules without notification from the Participant of its intention to terminate the contract, the above changes will be considered tacitly accepted. Without prejudice to the trading carried out for an effective withdrawal, the performance of trading on the ME or on the PCE pending the said period shall be deemed as implicit acceptance of the new conditions. However in any case for the contractor, the abovementioned changes may not be considered as a valid reason to fail the obligations undertaken in the ME and the PCE.
Please, remember that requests for the return of the guarantees provided pursuant to the provisions in Article 80 of the ME Rules or in Article 57 of the PCE Rules, must be submitted to GME via fax to +39 06 8012 4589 on letterhead of your Company and signed by a legal representative. In your request, please do not forget to point out the amount of the deposit or the registered data of the bank guarantee to be returned (i.e.: issuing institute, reference number, amount, the Participants in whose interest it has been released and the address where to deliver the original document). The return of the collaterals is subject to GME ‘s controls performed in order to check that the financial guarantees to be returned are free of commitments. The original documents will be released only once these checks have been successful concluded or the commitments pending upon the collaterals have been duly settled.
 
Electricity Market Rules

PCE Rules

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

Following approval by AEEGSI’s Resolution 371/2016/R/eel of 7-7-2016, 1) of the Forward Electricity Account Trading Platform Rules (PCE) containing new provisions on disciplinary measures - submitted by GME to appropriate public consultation process with DCO no. 08/2014 "Proposals for amendment of the rules and of the rules of markets and platforms regulated and managed by GME regarding disciplinary measures, admission requirements, complaints and disputes" - and ii) the new version of the Technical Rule no. 03 on "Recording of transactions and programs" and the Technical Rule no.04 "Checks of validity and fairness", it should be noted that GME has published the aforementioned updated documentation in the appropriate sections on its website."
Then, it should also be noted that GME updated the application form for admission to the PCE (Annex 1 of the Rules) in accordance with rules regarding privacy.

Article 3, paragraph 3.5 of the Regulation of OTC registration platform (PCE) provides that  ”GME may propose amendments to these Rules and notify them to interested parties by publishing them on its website or by other suitable means, allowing at least fifteen days for submission of comments, if any. Taking into account the comments received, GME shall then submit the proposed amendments (and the reasons therefor) to AEEG for approval.

With a view to simplify the means of registration and confirmation of transactions within PCE, GME has prepared this consultation document on proposed amendments of the Rules, with a view to gathering comments and food for thought from interested parties.

Interested parties shall send in their comments, in writing, to the Unità Legale e Regolazione (Legal & Regulatory Office) of GME, by  19 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

Proposed Amendment of OTC Transactions Platform (PCE) Regulation –Transaction Registration  Request and Validity Control of Transaction Registration Confirmation
 
This document summarizes the main contributions provided to GME following the public consultation that was carried out in connection with DCO 03/2013.
To gather contributions and considerations from the relevant stakeholders, GME published Consultation Document No. 03/2013 on 28 March 2013 concerning Proposed Amendment of the OTC Transactions Platform (PCE) Regulation – Transaction Registration; the said amendment was aimed at simplifying the mechanisms for registering transactions on the aforementioned platform, whereby entering the coupling code in the registration request would be made optional.
By the deadline set for the consultation – 19 April 2013 – replies were received from four Participants and two industry associations; the main considerations are reported below.
In particular:

• Two Participants stated they did not agree with the amendments proposed by GME since entering the coupling code at the time of registration was said to be necessary to ensure accurate as well as unambiguous identification of the parties involved in the bilateral transaction;
• One Participant plus the two industry associations shared the view that the coupling code was unnecessary and suggested accordingly that the said code should be eliminated as a whole rather than proceeding with the simplification proposed by GME – whereby entering the code in question would become optional;
• One Participant did not comment on the proposed amendments whilst highlighting that the coupling code does not impact scheduling activities substantially.
  

GME has made some urgent amendments to the structure of the rules governing the operation of the Electricity Market, the PCE, the M-GAS and the P-GAS, in order to make them more easily harmonisable with upcoming provisions on taxation - including those laid down in the recent “Legge Comunitaria 2010” (Community law 2010). The amendments make reference to the related Technical Rules on the procedures and time limits for invoicing and payments adopted in the above-mentioned markets and platforms.

• Integrated Text of the Electricity Market Rules;
• Technical Rule no. 8 rev5 ME, replacing Technical Rule no.8 rev4 ME;
• Technical Rule no. 4 rev4 MCV, replacing Technical Rule no. 4 rev3 MCV;

• Rules Governing the Electricity Account Registration Platform;
• Technical Rule no. 6 rev5 PCE, replacing Technical Rule no. 6 rev4 PCE;

• Regulations of the platform for the trading of bids/offers of natural gas;
• Technical Rule no. 3 rev2 P-GAS, replacing Technical Rule no. 3 rev1 P-GAS;

• Gas Market Rules;
• Technical Rule no. 10 rev2 MGAS, replacing Technical Rule no. 10 rev1 MGAS.

Forward Electricity Account Trading Platform (PCE) – Consultation Document: “Proposed method for determining the estimated CCT (transmission capacity fee)”

Consultation document “Draft Rules Governing the Forward Electricity Account Trading Platform” is now on line