Settlement & Collateral

CLEARING AND SETTLEMENT

DAY-AHEAD AND INTRADAY MARKET SEGMENTS

IBEX EAD is a counterparty to all transactions for purchase and sale of electricity concluded on the Day-аhead and Intraday market segments.

Payments between IBEX EAD and IBEX members shall be made within business days, cash-free, in BGN. Payments are based on net purchase and net sale.

The net buyers have to pay the amounts due by 10:30 CET on the first business day following the day the respective invoice/set-off statement was issued. The payment obligations are deemed to be fulfilled upon crediting the dedicated bank account of IBEX EAD.

The net buyers may comply with their payment obligations by one of the following payment services:

  • Credit transfer to the following bank account:

IBAN:      BG78 UNCR 7000 1522 3562 42
BIC code: UNCR BGSF
BANK:      Unicredit Bulbank AD

ACCOUNT HOLDER:  IBEX EAD

The commercial banks available for direct debit service are as follows:

UniCredit Bulbank
ING Bank NV – Sofia Branch

PAYMENTS ON BILATERAL CONTRACTS MARKET SEGMENT

IBEX EAD is not a counterparty to the transactions for purchase and sale concluded on the Bilateral contracts market segment.

The invoices issued in accordance with IBEX EAD Tariff are due in 5 business days following the date of their issuance.

The amounts due shall be paid via credit transfer to the following bank account:

IBAN:      BG78 UNCR 7000 1522 3562 42
BIC code: UNCR BGSF
BANK:      Unicredit Bulbank AD

ACCOUNT HOLDER:  IBEX EAD

COLLATERAL

All IBEX members should provide collateral to the benefit of IBEX EAD that meets the requirements set for its amount in accordance with the Power exchange operational rules (PEOR) .

For the Day-ahead and Intraday market segments, trading participants independently determine the amount of collateral provided, respectively their trading limit, in accordance with PEOR and Instruction No. 8 “Limit Checking”.

For the Bilateral contracts market segment, IBEX EAD requests the amount of required collateral in accordance with Instruction No. 4 “Method for calculation of required collateral on Bilateral contracts market segment”.

IBEX EAD accepts collateral in the form of bank guarantee and/or cash deposit.

Bank guarantees are provided in accordance with Instruction №3 Provision of bank guarantee.

Upon the initial submission of a bank guarantee and upon every subsequent change in the bank guarantee amount, IBEX members shall submit an Application For Bank Guarantee Amount Initial Distribution.

Collateral in the form of cash deposit is provided to the following bank accounts:

For Intraday and Day-ahead market segments

IBAN: BG79 UNCR 7000 1522 4935 76
BIC code: UNCR BGSF
BANK: Unicredit Bulbank AD
ACCOUNT HOLDER:  IBEX EAD
 
For Bilateral contracts market segment

IBAN: BG72 BGUS 9160 1008 4925 00
BIC code: BGUSBGSF
BANK: Bulgarian-American Credit Bank AD
ACCOUNT HOLDER:  IBEX EAD

Information on the collateral provided and the trading limits for the Day-ahead and Intraday market segments is available in the clearing and settlement system CASS.

Information on the available and required collateral for the Bilateral contracts market segment is available in the risk management system RMS.

Partial release of collateral in accordance with PEOR shall be made based on the Application for collateral release Intraday and Day ahead market segments and/or Application for collateral release Bilateral contracts market segment sent to the operator.

Collateral blocked under a transaction concluded on Bilateral contracts market segment shall be released upon meeting the requirements of the Power Exchange Operational Rules, including sending a confirmation of fulfilled obligations.

INVOICING

Day-ahead and Intraday market segments

IBEX EAD offers to its members a self-billing service through which the operator issues invoices and notifications to invoices on behalf of the members with respect to transactions concluded on the Day-ahead and Intraday market segments.

The Provision of the service is based on a Self-billing agreement between IBEX EAD and the member. Within 7 days of concluding the agreement the member shall provide a copy of the agreement to the competent regional directorate of the National Revenue Agency (NRA).

All invoices, notifications to invoices and set-off statements issued by IBEX EAD and on behalf of the members are available in the operator’s electronic portal

IBEX Invoices. The instructions for using the portal are available in the You Tube channel of IBEX EAD.

Bilateral contracts market segment

IBEX EAD issues invoices for payment of amounts due under IBEX EAD Tariff for the volumes of electricity contracted under a supplementary agreement for a period of one month.

The invoices are sent to the members each last day of the current month or on the first business day following the delivery month.