EnExClear as Clearing House


EnExClear, operates as a Clearing House for the Day Ahead & Intraday Markets. EnExClear intervenes among the counterparties of the transactions in the Energy Markets (Day Ahead & Intraday) of the Hellenic Energy Exchange and assumes the role of buyer to each seller and seller to each buyer, for the financial settlement of the transactions.

This procedure enables the netting of the obligations and claims of the Market Participants and reduces the credit risk for the market as a whole. For counterparty risk management EnExClear implements appropriate risk management model.

Clearing Members (General Clearing Members or Direct Clearing Members) also play a central role in clearing model as they guarantee the obligations of the Market Participants to EnExClear.

As a Central Counterparty EnExClear executes the following procedures:

   Calculation of the quantities of energy purchase and sale and the corresponding financial obligations and claims.

   Invoicing to Market Participants

   Settlement of cash obligations and claims.

   Counterparty risk management by calculating margins and credit limits as well as managing guarantees and Default Fund

   Members’ Training and Support Services

Calculation of Financial Obligations and Claims


For the calculation of financial obligations and claims, as well as for the risk management functions, the Clearing Members have created Clearing Accounts in the Clearing System. Each Clearing Account corresponds to a Market Participant.

At the end of each business day (Clearing Day) EnExClear receives from the Energy Exchange detailed data for all transactions made by the Participants and based on these calculates the obligations and claims per Participant - Clearing Account.

It then informs the Clearing Members and issues the relevant invoices to the Participants.


Cash Settlement


The cash settlement of obligations and claims is carried out on a daily basis through TARGET2-GR (the payment system of the European Central Bank) with the participation of EnExClear, the Clearing Members and the Settlement Banks.

For each Clearing Day if an obligation arises for a Participant – Clearing Account, the settlement day is defined as the next working day. If a claim arises, the settlement day is defined as the following working day.


Invoicing of Participants


Invoicing for transactions in the DAM-IDM markets is done by EnExClear which is the Clearing House for these markets.

Invoices are issued by EnExClear for Buy-Transactions of Participants at positive prices but also for Sell-Transactions of Participants at negative prices (service provided by EnExClear for receiving excess electricity).

For Sell-Transactions of the Participants at positive prices but also for their Buy-Transactions at negative prices (service provided to EnExClear for receiving excess electricity), the self- billing procedure is followed according to the provisions of Law 4308/2014 (article 8 par. 5).

The calculation of the Participants Debits and Credits for their transactions in the energy markets takes place during the clearing days (working days only), while the invoices are issued and sent to Participants by email no later than the next working day.

Regarding the application of VAT on invoices for DAM-IDM:

   Invoices for the sale of electricity to Participants established in Greece, include VAT equal to 6% applied in accordance with art. 68, par. 35 of Law 2859/2000, as amended.

   Clearing House Fees are also charged with a reduced VAT of 6%.

   Energy Exchange Fees are charged with VAT 24%.

   Invoices for the sale of electricity to Participants not established in Greece, do not include VAT. Instead, the Participant is obliged to pay the VAT in the country of establishment, according to the reverse charge mechanism (art. 38 and 195 of the European VAT Directive and the corresponding art. 13 par.3, 35 of N. 2859/2000).

Please note that Participants are responsible for the information they provide to EnExClear concerning VAT charging. In case of any disagreement regarding the treatment of VAT, or the self-billing procedure, they should immediately inform EnExClear.


Counterparty Risk Management


Risk Management is an essential function of EnExClear, which requires strict procedures, in accordance with the Clearing Rulebook for the Day Ahead and Intraday Markets. EnExClear mitigates the counterparty risk with the requirement of guarantees, in the form of cash and letters of guarantee and applying appropriate risk management models.

Detailed information on Risk Management for Day Ahead and Intraday Markets can be found here.


Members’ Training and Support Services


EnExClear provides training services to Clearing Members’ employees and individuals in the form of seminars and issues the Certificate of Energy Clearer (CEC).

Each Clearing Member must have appointed at least one (1) Certified Clearer in order to be licensed.

The terms and conditions that must be met by the candidate, as well as the procedure for granting the CEC, are described in Decision 2, of the Board of EnExClear.




The clearing and settlement procedures are performed every working day that is not a holiday in Greece and that Target 2 operates (it is not a banking holiday in Europe).

You can find the detailed Clearing Calendar by each year in the table below.

clearing calendar file
Clearing Calendar 2024
Clearing Calendar 2023

Clearing Calendar 2022

Clearing Calendar 2021
Clearing Calendar 2020


EnExClear Clearing

E-mail :
Tel : (+30) 210 33 66 952