With DCO no. 1/2023 GME intends to collect observations from the stakeholders and market participants about the proposal to provide further tools, among others, which natural gas market participants already dispose of, to manage the error when entering bids on the continuous trading market. GME developed this idea in light of the significant increase in traded volumes observed on the market, as well as the increase in volatility, also intra-session, reported, after the current geo-political crisis.

***

All interested parties are invited to submit their observations in writing to GME - Governance no later than 5 May 2023, the closing date for this consultation, according to the following method:

• e-mail: info@mercatoelettrico.org

Parties who intend to safeguard the confidentiality or secrecy of the documentation sent, in whole or in part, are required to state which parts of their documentation must be considered as confidential.

DCO n. 1/2023

Participants are hereby informed that, with Ministerial Decree 387 of 20-11-2023, the Minister of the Environment and Energy Security, having heard the favourable opinion of the ARERA (Energy, Network and Environment Regulatory Authority) (Opinion 407/2023/I/gas) has approved the ordinary amendments to the Natural Gas Market Regulation (MGAS Regulation), made pursuant to Article 3, paragraph 3.5, of the Regulation, in order to introduce the Trade Cancellation procedure.

Therefore, starting from 28 November 2023 the participants will be able to request the activation of the Trade Cancellation procedure. At the same time, on 28 November 2023, the Technical Implementing Provision n. 21 MGAS will enter into force, with the implementation and procedural rules of the Trade Cancellation procedure, as well as the updated versions of Technical Rules n. 13 MGAS and Technical Rules n. 16 MGAS, adjusted following the changes introduced within the MGAS, here made available in advance, for information purposes only.

It must be noted also that with the same Ministerial Decree 387 of 20-11-2023, the Minister of the Environment and Energy Security, having heard the favourable opinion of the Energy, Network and Environment Regulatory Authority (Opinion 19 July 2022 341/2022/I/com), approved the urgent amendments to the MGAS Regulation and to the Integrated Text of the Electricity Market Rules (ME Regulations), entered into force on 21 March 2022, made in order to introduce transitional methods on the subject of payment regulation.

By decree of 13 March 2017, the Minister of Economic Development approved amendments to the "Natural-Gas Market Rules", which included, inter alia, regulatory provisions for the implementation of measures aimed at improving the liquidity of natural-gas markets, as previously described by GME in the Consultation Paper n. 06/2016.

In implementing these regulatory measures, GME has published a subsequent Consultation Paper n. 01/2017 detailing the terms and conditions for carrying out the market making activity.

In order to make market-making activity effective in promoting market liquidity, with the activation of the market making service, and also to facilitate the comparability of the prices by market participants, it is necessary to standardize the contract size of the market products currently traded on MGAS with the one  adopted in the major European markets. This alignment plays a crucial role in the bidding strategies of market participants, and in particular, of those who will be available to carry out the market making activity, with the possibility of a faster and easier comparison of bids/offers for the products traded on different markets.

In order to illustrate the implications connected to the proposal for amendments to the contract size, GME defines in this Consultation Paper the details of the amendment itself, with a prompt indication of the products traded on the MGAS that would be involved in the said amendment.

All interested parties may provide their comments about the content of this document.
Such comments shall be provided, in writing, to GME - Governance, by and no later than 21^st November 2017, time limit of this consultation, by one of the following methods:

• e-mail: info@mercatoelettrico.org
  
• fax: 06.8012-4524
  
• mail: Gestore dei mercati energetici S.p.A.
  Viale Maresciallo Pilsudski, 122 - 124
  

Parties wishing to safeguard the confidentiality or secrecy of all or part of the documentation sent shall indicate which parts of their documentation are to be considered confidential.

DCO 02/17

GME informs that, by Ministerial Decree 18-12-2017, the Minister for Economic Development, having heard the favorable opinion of the Italian Regulatory Authority of Electricity, Gas and Water (Opinion 30 November 2017 no 804/2017/I/GAS), approved:

·  the urgent amendments to the MGAS Rules made pursuant to Article 3, paragraph 3.6 of the same Rules and effective from 1 October, in order to overcome the transitional management procedures of the MGS referred to in point 6 of AEEGSI Resolution no. 66/2017/R/GAS, as well as to adapt the same Rules as required by subsequent AEEGSI Resolution no. 349/2017/R/GAS on the "neutrality" of the Balancing Operator;

·  the ordinary amendments to the MGAS Rules made pursuant to Article 3, paragraph 3.5, of the same Rules – previously described by GME in the Consultation Paper n. 02/2017 - in order to standardize the "contract size" of the products currently traded on MGP-GAS, MI-GAS, MPL and MT-GAS with the one adopted on the main European gas markets.

The aforementioned Decree also specified that the ordinary amendments to the MGAS Rules above will be effective starting from the date notified by GME and in any case no later than January 31, 2018. This date will be communicated by means of a specific notice on GME's website, which will be published with at least 15 days’ notice.
For mere explanatory purposes, the MGAS Rules is available at the end of this notice, also including the ordinary above-mentioned amendments.

MGAS Rules

Due to the transition to the “regime phase” of the new structure of the balancing of the natural gas system provided for in the AEEGSI’s Decision n. 312/2016/R/teca/Documenti/20161201_DC GAS of 16 June 2016, aiming to achieve "Bilanciamento gas, in attuazione del Regolamento (UE) 312/2014”, Gestore dei mercati energetici (hereinafter: GME) publishes this consultation document, under Article 3, paragraph 3.5, of the MGAS Rules, which describes to the Market Participants the new gas market (MGAS) structure that will result from this transition, in order to collect comments from any stakeholders. In particular, the transition to the “regime phase” will imply the transition both of the trading of locational products (MPL) and of the trading relating to the adjustment of the volumes handled from the storage (MGS) to the MGAS and the consequent operational closure of the PB-GAS.

Without prejudice to the main objective of this consultation document, this opportunity allows GME submitting to the assessment of the stakeholders also proposals to amend other aspects concerning the operation of the MGAS, which are not strictly related to the “regime phase” of the balancing and which may consequently be introduced even after the launch of such a regime phase. Those proposals may be subject to revision in the light of what has been observed on the market, as well as the changing environment arisen following the start of the new balancing regime.

***

The parties must submit, in writing, their comments to GME - Institutional Relations and Communication, no later than December 22, 2016, end date of this consultation by 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 documentation submitted are required to indicate which parts of their documents shall be treated as confidential.

Download DCO 6/2016

The Ministry of Economic Development, with Ministerial decree 13-03-2017 and after hearing the favourable opinion of the Italian Regulatory Authority for Electricity, Gas and Water (Opinion 98/2017/I/GAS of March 3, 2017), approved the amendments to the Natural-Gas Market Rules (MGAS Rules) elaborated by Gestore dei mercati energetici S.p.A. (GME) in compliance with Article 3, paragraph 3.5 of the abovementioned Rules, with the purpose of implementing the “regime” phase of the new gas balancing system under Resolution No. 312/2016/R/GAS.

The aforesaid amendments shall enter into force on April 1, 2017¹, as pursuant to the mentioned Decree.

With the present notice, GME communicates that the new version of the MGAS Rules is available, together with the related updated Technical Rules (DTF MGAS), for information purposes only. With regard to this, please note that, given the amendments applied to the MGAS Rules for the implementation of the abovesaid “regime phase” – which, as is well known, led to a different Gas Market setting – and following the update of the Technical Rules, a new Rule numbering has been applied.

Please use the link below to find out the new MGAS Rules together with the updated and renumbered Technical Rules – DTF MGAS:

MGAS Rules

Technical rule no 1: "Notifications about the procedure of admission to/exclusion from themarket"
Technical rule no 2: "Holidays"
Technical rule no 3: "Unit of measurement"
Technical rule no 4: "Access to the Information System"
Technical rule no 5: "Timing of the activities of the MPL and MGS sessions"
Technical rule no 6: "Submission of Offers/Bids"
Technical rule no 7: "Types of contracts, Duration of the Trading Period and Cascading Mechanism"
Technical rule no 8: "Data and Information concerning the Participation in the MGAS, validation of offers and maximum exposure to Snam Rete Gas"
Technical rule no 9: "Gas Storage Providers on the MGS"
Technical rule no 10: "Registration of the MGAS net position and MPL position to the PSV"
Technical rule no 11: "Reference price and closing price"
Technical rule no 12: "Closing of open positions"
Technical rule no 13: "Emergency Communications between GME and Market Participants"
Technical rule no 14: "Loss of Qualifications or Default by the Bank Issuing the Bank Guarantee"
Technical rule no 15: "Bids/Asks Adequacy Verification of Guarantee Coverage"
Technical rule no 16: "Invoicing of payables/receivables and settlement of payments"
Technical rule no 17: "VAT Taxation in the Gas Market"

¹For further details on the implementation of the “regime” phase of the new gas balancing system as well as on the conditions for the participation in the new MGAS, please refer to the press release of March 7, 2017

In the implementation of the provisions set out in article 30 of law 99/09 and article 32 of Leg. Decree 93/11, GME (Manager of Energy Markets) has been entrusted with the organisation and management of the wholesale market for natural gas (MGAS) whose current configuration includes the spot market for natural gas (MP-GAS) – which, in turn, is structured in day-ahead and intraday markets – and the futures market (MT-GAS) in which, from 2 September 2013, annual (calendar and thermal), half-yearly, quarterly, monthly and BoM (balance of month) products are negotiable by continuous trading.

Within the improvements aimed at making the market more efficient and economic as a whole, GME, in carrying out its role as market operator and continuing the solution envisaged for the electricity market with regard to DCO no. 07/2014, proposes a change in the current monthly settlement rules. In particular, the proposal set out below which, through the introduction of a weekly billing and payment timing for the natural gas market as well, would mean a step forward in the process of harmonizing legislation between different Regulations/Frameworks at least for those areas whose provisions can be applied more widely across the different markets of GME.

The implementation of a reduced settlement cycle with respect to current timings would also mean a significant benefit to the participants in terms of lower overall charges arising from participation in the market by reducing individual exposure towards GME in terms of guarantees.
For the sake of clarity, it should be pointed out that the points made in this document refer to the currently applicable guarantee system, but, with appropriate adjustments, they will still apply to a future integrated guarantee system referred to in DCO 05/2014 as well.

***

Interested parties are invited to comment on the operational methods described in this document in addition to the insights from S.1. to S.2. in particular, which are available for consultation.

Any comments should be sent in writing to GME - Institutional Relations & Communications (“Relazioni Istituzionali e Comunicazione”) - by 25 May 2015  at the latest, closing date for this consultation, in one of the following ways:

e-mail:  info@mercatoelettrico.org
fax:  06.8012-4524
post:   Gestore dei mercati energetici S.p.A.
Viale Maresciallo Pilsudski, 122-124
00197 - Roma

Anyone wanting to maintain secrecy and confidentiality, for whole or part, of the documentation sent, must specify which parts of the documentation are to be considered confidential.

Download DCO 01/2015

On 1 June 2011, Legislative Decree no. 93 was approved. The Decree (published in “Gazzetta Ufficiale” no. 148 of 28 June 2011 - “Supplemento Ordinario” - hereafter Legislative Decree 93/11) implemented Directives 2009/72/EC, 2009/73/EC and 2008/92/EC concerning common rules for the internal market in electricity, in natural gas and a Community procedure to improve the transparency of gas and electricity prices charged to industrial end users, repealing Directives  2003/54/EC and 2003/55/EC. In particular, with a view to favouring the liquidity of the gas market, article 32, para. 2 of the Decree establishes that: within six months of the date of enforcement of this Decree, “Gestore dei Mercati Energetici” (referred to in article 5 of Legislative Decree no. 79 of 16 March 1999 - GME) shall take over the management of physical forward markets of natural gas. To this end, “Autorità per l’Energia Elettrica e il Gas” (electricity & gas regulator – AEEG) shall lay down regulatory provisions enabling GME to carry out such activities and to act as a central counterparty to the trades in the above markets, as a user at the “Punto di Scambio Virtuale” (Virtual Trading Point – PSV) holding an account thereon and as a user of the natural-gas balancing market.
 
By agreement with the relevant institutions, GME has prepared this consultation document concerning a forward market design proposal, with a view to gathering comments and inputs on the related  organisational and operational procedures.
 
Interested parties should send in their comments in writing to the “Unità Legale e Regolazione” (Legal & Regulatory Office) of GME within 12 November 2012 at the latest (end date of the consultation)

• preferably, as an attached file to the following e-mail address info@mercatoelettrico.org,

or

• by fax to +39-06-8012-4524

or

• by mail to Gestore dei mercati energetici S.p.A. Largo Giuseppe Tartini, 3/4 00198 – Roma

 
 
If you want us to keep all or part of your comments confidential, please specify which parts of your comments are to be kept confidential.
 
Go to the Consultation Document