SETTLEMENT OF PAYMENTS
PAYMENT OF COMPLETED TRANSACTIONS
For the purposes of settlement of payments, given W as the week in which the electricity subject to the registration of CET bids/offers (schedules) is delivered on the PCE, the settlement period of payables/receivables related to the PCE is the week W+1.
On the first working day of week W+1, GME determines, for each 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 payables/receivables related to the valuing of the CCTs of week W - which goes from Monday (T-6) to Sunday (T) - in which the electricity subject to the registration of CET bids/offers 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 payables/receivables deriving from the transactions concluded by the Participant in each market/platform managed by GME.
Exclusively for PA Participants, if, as a result of the above determinations, they are net debtors of GME, GME will satisfy its receivables, once the invoicing process has been completed, by utilising the non-interest-bearing deposits that they have posted as a guarantee, until reaching the amount of such receivables.
The settlement of the amount owed by the Participant or by GME takes place on the basis of a specific Calendar through the urgent Sepa Credit Transfer or equivalent method with value date on the same date, according to the terms and within the time limits specified in Technical Rules n. 06 PCE. The following is an example of standard settlement timing: