Clearing of Transactions for Day Ahead and Intraday Markets


EnExClear as Central Counterparty


EnExClear, as the Central Counterparty, 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


The issuance of the necessary documents by EnExClear to the Participants and the Clearing Members is done on a daily basis.

In order to avoid delays, the issuance of invoices has been foreseen through the self-invoicing process, so that even in cases of credit, the necessary documents are issued directly by 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).

The detailed Clearing Calendar is presented below.

clearing calendar file

Clearing Calendar 2020

Clearing Calendar 2021


EnEx Clearing House S.A.

E-mail : EnExClearTeam@enexgroup.gr
Tel : (+30) 210 33 66 952
Fax : (+30) 210 33 66 951