Signing of new Agreement for participation in the organized power exchange for electricity and new template of SCSPE
06.07.2020 14:41
News
Dear trading participants,
In connection with the Power Exchange Operational Rules (PEOR) issued by the Energy and Water Regulatory Commission, promulg. SG/55/19.06.2020, in force as of 19.06.2020, and based on the new legal provisions therein, we bring to your attention the following documents:
1. Agreement for participation in the organized power exchange for electricity /bilingual version/
The agreement is drafted pursuant to the provision of par. § 3 PEOR which stipulates that within three months of effectiveness of the rules, trading participants shall conclude with IBEX EAD a new agreement for participation in the organized power exchange regulating their participation in the power exchange market for electricity. The new agreement for participation in the organized power exchange for electricity enables trading participants to register on all market segments operated by IBEX EAD.
The agreement regulates the main rights and obligations of IBEX EAD and trading participants and provides an option both for registration on all market segments and for selection of a particular market segment for participation. Upon registration on a particular market segment trading participants have to fill in the data in the appendix to the agreement which is relevant to the respective market segment where they register for participation, and at a later stage an additional market segment can be added or participation in a market segment can be terminated by signing an annex attached to the agreement.
All trading participants have to sign the new Agreement for participation in the organized power exchange for electricity within three months of effectiveness of the rules, i.e by 19.09.2020.
In this regard, with a view to updating the data required in connection with the registration on the power exchange market for electricity in accordance with PEOR, trading participants that have an effective Agreement for participation in the organized power exchange for electricity and/or an Agreement for participation in centralized market for purchase and sale of electricity through bilateral contracts, are required to submit an application for registration on organized power exchange for electricity where to list the market segments they are registered to participate in and where they wish to continue their participation. The Application for registration has been updated in accordance with the new Agreement for participation in the organized power exchange for electricity and is an integral part thereto.
2. Agreement for termination of an Agreement for participation in the organized power exchange for electricity /bilingual version/.
The Agreement regulates the termination of an Agreement for participation in the organized power exchange for electricity and/or an Agreement for participation in centralized market for purchase and sale of electricity through bilateral contracts concluded between IBEX EAD and trading participants and shall be signed along with the new agreement for participation in the organized power exchange for electricity which is to take effect.
3. Agreement for delayed effectiveness of an Agreement for participation in the organized power exchange for electricity and change of a bank guarantee – for trading participants that have provided a bank guarantee as a form of collateral /bilingual version/.
The agreement regulates the termination of an Agreement for participation in the organized power exchange for electricity and/or Agreement for participation in centralized market for purchase and sale of electricity through bilateral contracts concluded between IBEX EAD and trading participants and the effectiveness of the new agreement when trading participants have provided collateral in the form of a bank guarantee as of the time the new agreement is signed. The agreement provides for delayed effectiveness of the Agreement for participation in the organized power exchange for electricity so that trading participants can update the bank guarantee thereto. The Agreement is signed upon conclusion of the new Agreement for participation in the organized power exchange for electricity.
4. Standard contract for sale and purchase of electricity /bilingual version 1 / bilingual version 2.
In connection with the Power Exchange Operational Rules (PEOR) issued by the Energy and Water Regulatory Commission, promulg. SG/55/19.06.2020, in force as of 19.06.2020, and based on the new legal provisions therein, we bring to your attention the following documents:
1. Agreement for participation in the organized power exchange for electricity /bilingual version/
The agreement is drafted pursuant to the provision of par. § 3 PEOR which stipulates that within three months of effectiveness of the rules, trading participants shall conclude with IBEX EAD a new agreement for participation in the organized power exchange regulating their participation in the power exchange market for electricity. The new agreement for participation in the organized power exchange for electricity enables trading participants to register on all market segments operated by IBEX EAD.
The agreement regulates the main rights and obligations of IBEX EAD and trading participants and provides an option both for registration on all market segments and for selection of a particular market segment for participation. Upon registration on a particular market segment trading participants have to fill in the data in the appendix to the agreement which is relevant to the respective market segment where they register for participation, and at a later stage an additional market segment can be added or participation in a market segment can be terminated by signing an annex attached to the agreement.
All trading participants have to sign the new Agreement for participation in the organized power exchange for electricity within three months of effectiveness of the rules, i.e by 19.09.2020.
In this regard, with a view to updating the data required in connection with the registration on the power exchange market for electricity in accordance with PEOR, trading participants that have an effective Agreement for participation in the organized power exchange for electricity and/or an Agreement for participation in centralized market for purchase and sale of electricity through bilateral contracts, are required to submit an application for registration on organized power exchange for electricity where to list the market segments they are registered to participate in and where they wish to continue their participation. The Application for registration has been updated in accordance with the new Agreement for participation in the organized power exchange for electricity and is an integral part thereto.
2. Agreement for termination of an Agreement for participation in the organized power exchange for electricity /bilingual version/.
The Agreement regulates the termination of an Agreement for participation in the organized power exchange for electricity and/or an Agreement for participation in centralized market for purchase and sale of electricity through bilateral contracts concluded between IBEX EAD and trading participants and shall be signed along with the new agreement for participation in the organized power exchange for electricity which is to take effect.
3. Agreement for delayed effectiveness of an Agreement for participation in the organized power exchange for electricity and change of a bank guarantee – for trading participants that have provided a bank guarantee as a form of collateral /bilingual version/.
The agreement regulates the termination of an Agreement for participation in the organized power exchange for electricity and/or Agreement for participation in centralized market for purchase and sale of electricity through bilateral contracts concluded between IBEX EAD and trading participants and the effectiveness of the new agreement when trading participants have provided collateral in the form of a bank guarantee as of the time the new agreement is signed. The agreement provides for delayed effectiveness of the Agreement for participation in the organized power exchange for electricity so that trading participants can update the bank guarantee thereto. The Agreement is signed upon conclusion of the new Agreement for participation in the organized power exchange for electricity.
4. Standard contract for sale and purchase of electricity /bilingual version 1 / bilingual version 2.
Pursuant to the provision of art. 161, item 1 PEOR, the power exchange operator has to publish on its website a template of the standard contract for sale and purchase of electricity /SCSPE/ which is mandatory for compliance with by trading participants. Based on this IBEX EAD has published a new template of SCSPE which reflects all changes to PEOR. In order to facilitate trading participants, IBEX EAD has published the new template of SCSPE in two versions which differ only in the part concerning the provision regulating the jurisdiction of disputes (Section IX). Bilingual version 1 of SCSPE contains an arbitration clause, while Bilingual version 2 provides for the disputes to be referred to be settled by the competent Bulgarian court. Trading participants registered on Bilateral contracts market segment are to conclude a new SCSPE, in one of the versions published, with all trading participants they wish to trade with on the trading screens, within four months of effectiveness of PEOR, i.e by 19.10.2020.
The current SCSPEs concluded between trading participants may be terminated upon mutual consent between the parties, pursuant to art. 198, par. 1, item 2 PEOR, as well as pursuant to the provisions of the SCSPE currently in force. All supplementary agreements in force, which have not been terminated pursuant to the procedure of art. 197 PEOR, remain in force until the parties have discharged the obligations thereunder.
The current SCSPEs concluded between trading participants may be terminated upon mutual consent between the parties, pursuant to art. 198, par. 1, item 2 PEOR, as well as pursuant to the provisions of the SCSPE currently in force. All supplementary agreements in force, which have not been terminated pursuant to the procedure of art. 197 PEOR, remain in force until the parties have discharged the obligations thereunder.
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