Clearing and Financial Settlement
The Clearing Agent issues invoices for imbalance costs to each Financial Settlement Participant. The invoices are issued for negative and positive imbalances for the period of one month. The Annex to the invoice is a final imbalance settlement for the Balance Group. Financial settlement is carried out through the settlement account. The Financial Settlement Participants become net debtors when the net balance of their Final Imbalance Settlement is positive; and net creditors when the net balance of their Final Imbalance Settlement is negative. The Clearing Agent transfers to the net creditors' business account the financial funds for the negative imbalances and the net debtors are obliged to settle their liabilities for the positive imbalances on the seventh (7) working day.
In compliance with the Rules for the operation of the organized electricity market, the Clearing Agent requests that the Financial Settlement Participant submit basic and variable financial guarantees. The financial guarantees are used in case of non-fulfilment of financial liabilities. Basic financial guarantees must be submitted no later than by the date of inclusion in the Balance Scheme in the amount of 100.000,00 EUR. The Financial Settlement Participant can submit required assets in the form of a deposit or a bank guarantee. If the Financial Settlement Participant has its own delivery points within its Balance Group, it must also submit a variable financial guarantee along with the basic financial guarantee in the form of a cash deposit or bank guarantee, which equals the estimated monthly exposure of the Financial Settlement Participant. A more precise method for the calculation of the variable financial guarantee is provided in the Decree.
The Change in the Amount of Variable Financial Guarantees
- The Clearing agent calculates monthly exposure in the form of variable financial guarantees upon accession to the Balance Scheme and at every change of consumption power of consumers or total generation power of the Financial Settlement Participant (considering Balance Subgroups).
- For every invoice, the Clearing Agent calculates requisite variable financial guarantees for the Financial Settlement Participant, the amount of which equals the amount of the issued invoice. If the amount of requisite variable financial guarantee is larger than the submitted variable financial guarantees, the Financial Settlement Participant must submit additional financial guarantees in the amount equal to the difference between already submitted and requisite variable financial guarantees. On the issue of an invoice for negative imbalances, the amount of requisite variable financial guarantees remains unchanged.
- The Clearing Agent shall monitor the quantitative values of forecasted imbalances daily, on the basis of which the exposure of the Financial Settlement Participant is calculated. The value of requisite variable financial guarantees is equal to the triple value, multiplied by the amount of forecasted imbalances and an average price of imbalances that derives from the last known imbalance settlement. If the amount of requisite variable financial guarantee already exceeds submitted variable financial guarantees, the Financial Settlement Participant must immediately submit additional financial guarantees.