Settlement, Receivings and Payments in the Day Ahead Market
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The settlement activity in the Day Ahead Market is performed according to:
- ANRE’ President Order No. 25/22.10.2004 regarding the approval of the Wholesale Electricity Market Commercial Code;
- ANRE’ President Order No. 53/22.05.2008 regarding the ending of the transition rules application for the settlement in the Day Ahead Market;
- The procedure regarding the posting, checking and usage of the collaterals for participation in the Day Ahead Market, ANRE’ President Notice No. 16/22.05.2008;
- The procedure regarding the settlement of trades in the Day Ahead Market, ANRE’ President Notice No. 18/22.05.2008;
- The procedure regarding collection and payments for the trades concluded in the Day Ahead Market, ANRE’ President Notice No. 17/22.05.2008.
The central counterparty mechanism involves the deployment of the following activities
- OPCOM concludes a contract with the Central Account Bank for the financial banking services and the arrangement for direct debit;
- In order to participate in the Day Ahead Market with buying offers, the DAM participant will bring to OPCOM:
- The Direct Debit Agreement
- The Banking Guarantee pledged in favour of S.C. OPCOM S.A.;
- In order to participate in the Day Ahead Market as seller only, the DAM participant will inform OPCOM about the account which will be credited with the receiving rights value;
- The value of the posted guarantee (Gposted) will cover, as a minimum, the value of buyings during the risk period.
The receivings /payments mechanism
- Each trading day, until 02:00 PM, OPCOM issues and submits the daily settlement statements to all market participants (gross/net values corresponding to the performed trades);
- Each banking day D, until 03:00 PM, OPCOM issues and submits the Direct Debit Instructions to the Central Account Bank;
- OPCOM permanently verifies the balance of the central account. If this value is higher then the value of the receiving rights related to sell trades performed during the banking working day D, then issues and submits the payment orders corresponding to the trades performed in the banking working day D to the Central Account Bank.
The invoices are compiled on monthly basis, in the last day of the trading month for the current month and are submitted in the first 15 days of the following trading month.
If in some days of the the trading month, the DAM participant registered sell trades and buy trades, the equal values of the receiving rights and payment obligations registered at the end of the month are compensated.
For more information regarding the Settlement download please the attached document