EnExClear as Clearing House
EnExClear operates as a Clearing House for the Balancing Market which is operated by the Operator of the Hellenic Electricity Transmission System (IPTO).
For the Balancing Market, EnExClear receives the Positions (financial obligations and claims for the Market Participants), from IPTO and undertakes the following:
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
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.
Calculation of financial obligations and claims
The calculation of cash obligations and claims is performed by IPTO and the results (Participants' Positions) are communicated on a weekly basis to EnExClear to proceed to the next steps of the clearing process.
The documentation and details for the calculation of the Positions are provided by the relevant IPTO System (MSS) to which the Participants in the Balancing Market have access.
The Positions of the Participants are registered in the Clearing Account that corresponds to each Participant and is managed by the Clearing Member.
The notification of the Positions for clearing to EnExClear is made by IPTO on the fourth working day of each week (Clearing Day) and are immediately available to the Clearing Members.
Invoicing of Participants
Invoicing for Positions of Participants in Balancing Market is done by EnExClear which is the Clearing House for the market.
For Debit – Positions, invoices are issued by EnExClear to Participants.
For Credit – Positions, the self- billing procedure is followed by EnExClear according to the provisions of Law 4308/2014 (article 8 par. 5).
The calculation of the Participants Debits and Credits for their Positions in the Balancing Market takes place during the clearing days for the Balancing Market (on a weekly basis), 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 Balancing Market:
Invoices 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%.
Invoices 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.
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 2nd working day after the Clearing Day. If a claim arises, the settlement day is defined as the 3nd working day after the Clearing Day.
Counterparty Risk Management
Risk Management is an essential function of EnExClear, which requires strict procedures, in accordance with the Clearing Rulebook for the Balancing Market. 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 Balancing Market 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.
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