Maintaining security of supply. The procedures to be applied in an Emergency are provided in the Gas Transmission Rules of the Transmission System Operator with System Responsibility. The Shipper shall meet the creditworthiness requirements set by the Transmission System Operator with System Responsibility in accordance with the Terms and Conditions of Transmission Services approved by the Energy Authority in order to be able to book Capacity and obtain Capacity rights. A Balance Responsible Shipper and Trader shall also meet the creditworthiness requirements in accordance with the Terms and Conditions of Balancing approved by the Energy Authority in order to be able to act as a Balance Responsible Party. The Transmission System Operator with System Responsibility shall be provided with security the value of which at any given time shall be the amount of the largest monthly Capacity invoice actually sent for the past 12 months multiplied by 1.5. The Transmission System Operator with System Responsibility shall check the sufficiency of the security provided in conjunction with each Capacity Booking so that the value of security must cover the amount of outstanding Capacity Booking invoices, Capacity Bookings for the current Gas Month that have not yet been invoiced as well as confirmed and provisional Capacity Bookings for the next Gas Month before the Transmission System Operator with System Responsibility can accept the Capacity Booking. If the invoice for the next month ends up being the largest Capacity invoice actually sent for the past 12 months, the Shipper must meet an increased security requirement for the next month. #16409964v14 A further requirement for a Balance Responsible Shipper or Trader shall be that the value of security shall cover the Balance Responsible Party’s outstanding invoices at any given time for imbalance charges and estimated imbalance charges that have not yet been invoiced to the Balance Responsible Party, including a 10% security margin for monthly fluctuation in imbalance charges. The Transmission System Operator with System Responsibility shall have the right to use the security if an invoice payable by the Shipper or Trader remains unpaid when seven days have elapsed from the due date of the invoice. The Transmission System Operator with System Responsibility shall estimate the sufficiency of the Shipper’s or Trader’s security when the Shipper or Trader first becomes a Market Participant as well as at regular intervals thereafter. The Transmission Sys...
