Settlement for daily auctions. Settlement for daily auctions is performed directly after the publication of the auction results. The System Operator is paid from deposit sub account appertaining to the Auction Participant in the entire amount of liabilities arising from the auction in question. Invoices are sent on the monthly basis for information/accounting purpose only. Auction Participant, who provided Bank Guarantee as an alternative to the use of deposit sub account, shall be invoiced on a monthly basis. The copy of the invoice will be sent by fax and subsequently by post. Invoices have to be paid no later than eight (8) days upon issuing. After the payment of the invoice the value of the Bank Guarantee will be increased for the paid value.
Settlement for daily auctions. Deposit Sub account Coverage and financial settlement performed at the daily auctions are run through deposit sub account. Deposit sub account is a special type of bank account which is opened by ELES on its own bank account for Auction Participant willing to participate at daily auctions. Deposit sub accounts are kept in euro (EUR) currency. Only the Auction Operator has a power of disposal with financial assets kept on deposit sub accounts, namely on the basis of Irrevocable Authorization (see ANNEX V) given by the Auction Participant which thus authorizes the Auction Operator to dispose of these financial assets for the purposes of coverage and financial settlement arising from the daily auctions. Interests on financial assets kept on deposit sub accounts appertain to the holders of these sub accounts at the interest rate defined with a respective decree on interest rates in force and is- sued by the bank. The interests are remitted by the bank onto the deposit sub accounts of the Auction Participants on the monthly basis. In the event the Auction Participant wishes to withdraw financial assets or a part of the financial assets from his sub account, a written request has to be sent to the Auction Operator. Financial assets are returned to the bank account of the Auction Participant stated on the Auction Partici- pants Application form within five (5) Working Days counting from the day when the request was received by the Auction Operator. The handling costs of the deposit sub accounts are covered by the Auction Operator.
Settlement for daily auctions. HEP OPS charges the liabilities arising from allocated transfer capacities at daily auctions after the use of transfer capacity, for the first half of the current month by the 20th day of the current month, and for the second half of the month by the 5th of the following month. In case the amount for the first half of the month is less than 500,00 HRK we issue one invoice for the whole period.
Settlement for daily auctions. Settlement for daily auctions is performed after the auction gate closure. The System Operator is paid from deposit sub account appertaining to the Auction Participant in the entire amount of liabilities arising from the auction in question. Auction Participant, who provided bank guarantee as an alternative to the use of deposit sub account, shall be invoiced on a weekly basis. The copy of the invoice will be sent by fax and subsequently by post. Invoices have to be paid no later than eight (8) days upon issuing.
Settlement for daily auctions. Coverage for daily auctions The participants of daily auctions need to keep financial resources on their deposit sub ac- counts/Bank Guarantee as collateral for fulfilling the liabilities arising from allocated transfer capacities. Bank Guarantee has to be provided to the Auction Operator according to the Xxxxx XX. Before each auction, the Auction Operator submits into Auction Tool all the information on net balance of financial assets kept on deposit sub accounts of the Auction Participants, namely by taking into account the net balance on deposit sub accounts at 6:00 am of the Auction day and disregarding any individual transfers or eventual changes in sub accounts’ balance recorded after that time. For Auction Participants who provided Bank Guarantee as an alternative to the use of deposit sub account, the Auction Operator submits into Auction Tool the amount of its Bank Guarantee. Auction Participant may place their bids at an auction; however, the amount of the said bids (together with VAT which is added automatically by the Auction Tool) may not exceed the bal- ance of financial assets kept on deposit sub account/Bank Guarantee. Available coverage of the Auction Participant is decreased with each submitted bid. The value of a bid which exceeds the available coverage is rejected and the Auction Participant is informed accordingly. Auction Par- ticipants have an insight into current balance of financial assets on their deposit sub ac- count/Bank Guarantee via Auction Tool. In the event the Auction Participant decides to participate at a number of auctions which are held at the same time, the bids placed at every auction – at which the participant partakes – are deducted from the available balance of financial assets kept on deposit sub account/Bank Guar- xxxxx or coverage of individual participant.
