Market Access

SETTLEMENT OF PAYMENTS

PAYMENT OF COMPLETED TRANSACTIONS

For the purposes of payment settlement, given W as the week in which the electricity subject to program registration is delivered to the PCE, the settlement period of the payoffs related to the PCE is week W+1.

On the first working day of week W+1, GME determines for each 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 payoffs related to the valorisation of the CCTs of week W - which goes from Monday (T-6) to Sunday (T) - in which the electricity being traded has been delivered.

Where possible, GME defines, only for making payments and according to the terms and conditions defined in the Technical Rules, the total amount due by the Participant with reference to the payoffs deriving from the transactions concluded by the Participant on each market/platform managed by GME.

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 Participants as guarantee.

The settlement of the amount owed by the 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 and timing provided in PCE Technical Rules n. 06 and is articulated, as example, according to the following standard timing:

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 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 payment of the variable fees due for all transactions registered on the PCE is provided by the Participants to GME within the 16th working day of the month in which the related invoice has been made available. This time limit remains valid in reference to the PA Participants.

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

1. the access fee, within thirty calendar days from the date of issue of the invoice;
2. the yearly fixed fee, within the last working day of the month in which the invoice was issued.

The payment of the fees must be made, by an urgent Sepa Credit Transfer or equivalent, to the following bank account in the name of GME:
Banca Popolare di Sondrio
IBAN IT58 E056 9603 2110 0000 7210 X36
SWIFT CODE POSOIT22