In order to enable Market Participants to recover the guarantees provided on ME, MGAS and/or PCE markets in a shorter time, GME will arrange, the amendment of the provisions concerning the settlement of payments for the Market Participants of the electricity market, the gas market and PCE platform, providing as a matter of urgency and until further notice that:

• the settlement of payments of net debtors is made by urgent SEPA Credit Transfer or equivalent
  
  and, therefore, that
  
  
• transitionally, the current SDD (SEPA Direct Debit) channel will not be applied with regard to the settlement of payments for ME, MGAS and PCE markets.

In order to give Market Participants a reasonable period of time to adapt their operating procedures to the new settlement of payments, urgent amendments will become effective from the next 21 March 2022 (in line with the notification date of the balance to be settled, the payment deadline for net debtors is provided for the day 22 March 2022).

In this respect, it is specified that, without prejudice to the confirmation of the current cycle of payments on a weekly basis, starting from 21 March 2022, every Monday each debtor will receive from GME the balance to settle the payment of the due amount, through urgent SEPA Credit Transfer or equivalent, on the following day on Tuesday, in order to enable GME to have the necessary liquidity to make payments to net creditors towards GME by Wednesday.

Therefore, contrary to the provisions currently adopted - where, using the SDD channel, the direct debit normally takes place on Tuesday for GME debtors and the payment of the creditors on the following Monday - it will then be possible, with considerable time advance, assuming a week of standard settlement, for the debtors to settle the payment by urgent SEPA Credit Transfer or equivalent always on Tuesdays and for the creditors to be payed on the following Wednesday.

Without prejudice to the invoicing period, which will remain deferred at the end of the month and therefore unchanged, the Timetable will be updated accordingly, which will be published on the GME website.

It is understood that, in accordance with the applicable rules, if the debtor does not make the payment within Tuesday of each weekly settlement cycle, the payment will still be available until Friday of the same week but increased of the default interest on late payments and penalties, where provided, which will be recognised by GME to the net creditors in case of the application of the “pro-quota” mechanism on the basis of the payments actually received by debtors.

Therefore, once the Market Participant payment has been successfully verified, the GME shall release to the operator the guarantees linked to the successful completion of the payments directly on Wednesday, making them therefore available to cover new exposures.

From the same date of 21 March 2022, with the publication on GME’s website, the updated versions of the Integrated Market Rules, the Natural-Gas Market Rules, the PCE Rules together with the relevant ME, MGAS and PCE Technical Rules as well as the Timetable, will also enter into force and become effective.

For any information, please contact the following e-mail addresses:

mesettlement@mercatoelettrico.org

contab@mercatoelettrico.org