Consultations/Rules amendments

Participants are hereby informed that, in implementing the provisions of ARERA in points 2., 3. and 4. of Resolution 270/2020/R/EFR, GME has amended - pursuant to article 3, paragraph 3.5, of the Rules for registering bilateral transactions of energy efficiency certificates (hereinafter: Rules) - the text of the Rules, in order to:

• adjust the definitions of "relevant monthly bilateral price", "relevant monthly amount of bilateral transactions" and "amount of bilaterals functional to the determination of the QBLT term (t)", providing in them as the price reference, the value of 260€/TEE, instead of the previous 250€/TEE;
• introduce, as part of the information provided by GME, the publication of the "total amount of TEE available on the accounts owned by participants at the end of each year of obligation", including also the certificates cancelled in the previous down payment session;

The updated version of the Rules resulting from the aforementioned amendments shall enter into force today following its publication on the GME website.

Market Participants are informed that the Regulatory Authority for Energy, Networks and the Environment (ARERA) with Resolution 550/2020/R/EFR approved the amendments to the Rules for registering bilateral transactions of energy efficiency certificates (hereinafter: TEE Register Rules) performed by GME in order to give effect to the provisions in paragraphs 2 and 3 of Resolution 270/2020/R/EFR, entered into force, pursuant to article 3, paragraph 3.5, of the same TEE Register Rules, on 27 July 2020 with the relative publication on its website.

Upon completion, it is also known that, in implementing the provisions of article 8, paragraph 8.3 of the TEE Register Rules, GME published on its website, in the section "Functional information to determine the additional fee", the aggregate quantity of the total TEEs available on the accounts owned by the participants at the end of the compulsory year 2019.

Participants are hereby informed that ARERA, by Resolution 273/2019/R/EFR approved the new version of the Rules for registering bilateral transactions of energy efficiency certificates (hereinafter: TEE Register Rules) amended by GME, in order to implement the provisions set forth under point 4 of Resolution 209/2019/R/EFR.
In particular, the amendments concern the introduction, as part of the "Information on registrations" - published by GME on its website pursuant to Article 8, paragraph 8.1 of the TEE Register Rules – of the information relating to the amount of certificates traded via bilateral transactions concluded each month at a price lower than 250 €/TEE, functional to the determination of the QBLT (t) term referred to in Article 4, paragraph 4.1, of Annex A to Resolution 487/2018/R/EFR, as amended by the aforementioned Resolution 209/2019/R/EFR.
The amended version of the TEE Register Rules will become effective as of today, upon publication on GME's website.

Participants are hereby informed that, in compliance with the provisions of ARERA Resolution 487/2018/R/EFR, set forth at points 3. and 5., GME has amended - pursuant to article 3, paragraph 3.8, of the Rules of Operation of the Energy Efficiency Certificates Market (hereinafter: Rules) - the text of the same Rules, in order to eliminate references to the "relevant reference price" of the sessions.

The amended version of the Rules, resulting from the aforementioned urgent amendment, enter into force as of today with the related publication on the GME website.

This notice follows a specific notification by the Ministry of Economic Development, received on 14 February 2018 and concerning the request for the adoption of urgent corrective measures relating to the trading methods provided for in the Energy Efficiency Certificates Market.

Specifically, the Ministry, in agreement with the competent offices of the Ministry of the Environment, in order to protect the correct functioning of the incentive mechanism and limit the effects of the high levels of price volatility on the calculation of the tariff-based contribution, considered advisable to reduce the frequency of market sessions to one session per month.

Therefore, we would like to inform that today GME has published, the updated version, according to the above, of the Rules of Operation of the Energy Efficiency Certificates Market, which enters into force immediately, along with the publication of the same updated version.

The days and times of the next market trading sessions are available on the GME website.

Here the link to the new version of the Rules of Operation of the Energy Efficiency Certificates Market.

Following the previous communication, GME informs that as of 5 October 2017, the new "Energy Efficiency Market Rules", the new "Rules for registering Bilateral Transactions of Energy Efficiency Certificates", as well as the new "White Certificates Register User Guide" and the Technical Rules, will enter into force as amended in accordance with Resolution 514/2017/R/EFR.
Therefore, starting from 5 October 2017, the trading of a single type of certificates will be permitted on the Market Platform and on the Register Platform.
In view of the above amendments, we would like to inform that the GME website section "Results and Statistics of Environmental Markets" will be supplied with new content available from 10 October.

Operational start-up of the new method for trading a single type of certificates on the Market and on the TEE Register.

GME informs that all bilateral transactions not confirmed by buyers by 5:30 pm of 4 October 2017 will be eliminated from the platform that will be available again for the execution of the exchange operations starting from the morning of the 5 October 2017.

With Resolution 435/2017/R/EFR, the Electricity Authority of Gas and Water provided that GME calculates and publishes on its website for each TEE market session (hereinafter: MTEE), the so-called "Relevant reference price", which is essential to the determination of the tariff-based contribution to be provided to the electricity and natural gas distribution system operators subject to the obligations under the energy efficiency certificates.

To this end, such resolution provides that GME amends the Rules of Operation of the MTEE including the definition of such price, as defined by the same resolution, and with the provision of its publication in the context of the communication of the market results and in compliance with the terms of the relevant Technical Rules

In applying the provisions of the aforementioned resolution, we would like to inform you that GME publishes the updated version of the MTEE's Rules of Operation, which enters into force today.

The above mentioned Resolution states that GME shall also make available, on its website, the applicable price range for the calculation of the “relevant reference price” of each market session.

MTEE Rules

        While continuing the development path of the Energy Efficiency Certificates Market (MTEE), hereby GME, even accepting a wish expressed by the market participants, submits to consultation, in accordance with Article 3, paragraph 3.7 of the MTEE Rules, the proposal to amend the current rules of the MTEE in order to allow GME to act as a central counterparty in the trading on the above-mentioned market, in analogy to what occurred on other environmental markets regulated and managed by it (i.e. Green Certificates, Guarantees of Origin).

        Stakeholders are invited to submit their comments, in writing, to GME - Institutional Relations and Communication - no later than July 13, 2015, deadline for closure of this consultation, based on one of the following ways:

        e-mail:  info@mercatoelettrico.org

        fax:       +39 06 8012 4524

        mail:     Gestore dei mercati energetici S.p.A.
                     Viale Maresciallo Pilsudski, 122-124
                     00197 – Rome - Italy

Those wishing to safeguard the confidentiality or secrecy, in whole or in part, of the documents sent are required to specify which parts of their document is to be considered confidential.

Download DCO 2/2015

Under article 3, para. 3.7 of the MTEE Rules, GME has issued this document to consult interested parties about some changes to the rules of operation of the MTEE. The proposed changes are aimed at:

i)  introducing, among the matching criteria, the option for participants to specify to GME their “unacceptable counterparties”, i.e. counterparties with which/whom, during the market sessions, participants do not wish to trade;

ii)  putting in place a new guarantee system, in lieu of the current mechanism based on the cash deposit, involving the total financial coverage of obligations that participants acquire in formulating their trading orders, also with a view to minimising the time needed to complete all market operations and to favouring, to the extent possible, the proper finalisation of post-market activities after the closing of transactions on the market.

With the publication of its Consultation Document 6/2014 on 2 October 2015, GME opened a public consultation about proposed changes to the current rules governing the operation of its Energy Efficiency Certificates Market (MTEE).

With its Decision 616/2014/R/efr, the “Autorità per l’energia elettrica, il gas ed il sistema idrico” (electricity, gas and water system regulator - AEEGSI) approved the new version of the MTEE Rules. The new version contains the changes proposed by GME with its Consultation Document 6/2014 with a view to introducing the following main features:
 
-  among the matching criteria, the option to specify the counterparties with which/whom the participant does not wish to trade during the market sessions;
-  a new guarantee system involving the total financial coverage of transactions carried out on the market.
The new Rules will take effect on today’s date pursuant to article 49, para. 49.1 thereof.
The first market session under the new trading rules will be held on 13 January 2015.
 
With the entry into force of the new Rules, also the Technical Rules nos. 01_rev2, 02_rev3, 04_rev3 and 06_rev1 MTEE have been amended and Technical Rules nos. 03_rev4 and 05_rev38 have been repealed.
 
The updated version of the Rules for Registering Bilateral Transactions of Energy Efficiency Certificates is also available on GME’s website, in the Environmental Markets/Energy Efficiency Certificates/Register/Legislation section. This version, containing the change that GME has made to article 21, para. 21.1 thereof pursuant to AEEGSI’s Decision 616/2014/R/efr, will take effect on the date of this publication.