SETTLEMENT OF PAYMENTS
PAYMENT OF COMPLETED TRANSACTIONS
Defined W as the week in which the electricity traded on the MGP and MI (MI-A e MI-XBID) has been delivered, the settlement period of the payoffs relating to the MGP and MI (MI-A e MI-XBID) is the week W+1.
On the first working day of week W + 1, GME determines for each Market 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 purchase and sale transactions concluded on the MGP, and on the MI (MI-A and MI-XBID) in week W - from Monday (T-6) to Sunday (T) - in which the electricity being traded has been delivered. The exceptions are purchase and sell transactions assigned on the MI-XBID by GME due to the XBID program imbalance for which the week (W), for the purpose of determining the net position, must be understood as the one from Sunday (T-7) to Saturday (T-1). For details related to determination of the net to be paid, please see the contents of ME Technical Rules n. 08.
For the purposes of regulating payments on the MPEG and on the MTE, given M the month in which the electricity, subject to trading, has been delivered, the settlement period of the payoffs is the calendar month M+2.
GME defines for each Market 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 purchase and sale transactions concluded on the MPEG, and on the MTE in month W. For details related to determination of the net to be paid, please see the contents of ME Technical Rules n. 08.
Where possible, GME defines, only for making payments and according to the terms and conditions defined in the Technical Rules, the total amount owed by the Participant with reference to the payoffs concluded on the MGP, MI (MI-A and MI-XBID), MPEG and MTE.
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 Market Participants as guarantee.
The settlement of the amount owed by the Market 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 defined in ME Technical Rules n. 08. and is articulated, as example, according to the following standard timing: