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:
- new rules related to a settlement system on a weekly basis (W+1) for MGP, MI and the PCE and
- 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 1st 2016 to all the financial items corresponding to flow date December 1st and succeeding.
With regard to transactions traded on the MGP/MI and registered on the PCE, referred to flow dates earlier than December 1st 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 1st 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 |