November, 21 st 2008
|
|
- Gary Foster
- 5 years ago
- Views:
Transcription
1 7 th CESUR AUCTION ORGANIZED BY OMEL November, 21 st 2008 Location: MELIA WHITE HOUSE. London This presentation is the property of Operador del Mercado Ibérico de Energía Polo Español, S.A. (OMEL) and its content has the sole purpose to be used in the Omel Training Sessions and exclusively as a didactic tool. The activity, obligations and rights of the CESUR participants are ruled by the applicable legal normative, rules and proceedings which are not contained in this presentation.
2 AGENDA Welcome Introduction to the Spanish Electricity Market Price formation in the day-ahead market Market Results CESUR 7 th Auction. Auction rules. Content. Contract with last resort retailers/distribution companies. Bids to the day-ahead market Products to be auctioned Participant s requirements. Qualification of participants for the auction New features for the 7th auction. Default bids OMEL auction system. Overview Requirement of the participants computer Installation verification. Working with IE6 New features for the 7th Auction Presentation of an interactive demo auction Participants display. Screen to present bids DEMO. Bids submission during the demo Information available for participants Other issues
3 AGENDA Welcome Introduction to the Spanish Electricity Market Price formation in the day-ahead market Market Results CESUR 7 th Auction. Auction rules. Content. Contract with last resort retailers/distribution companies. Bids to the day-ahead market Products to be auctioned Participant s requirements. Qualification of participants for the auction New features for the 7th auction. Default bids OMEL auction system. Overview Requirement of the participants computer Installation verification. Working with IE6 New features for the 7th Auction Presentation of an interactive demo auction Participants display. Screen to present bids DEMO. Bids submission during the demo Information available for participants Other issues
4 Forward contracts DIFFERENT ELECTRICITY CONTRACTING OPTIONS Forward physical/financial bilateral contracts Forward Energy auctions (Tariff customers and Virtual power plant) with physical/financial settlement of open positions Organized forward market with optional physical delivery in the day-ahead market Tariffs for customers, Tariffs for Special regime sellers, Etc. They are ALWAYS a price hedging mechanism with respect to the dayahead auction price. Day-ahead market is a physical regulated market, therefore there is always enough liquidity (except when there are real supply problems) Day-ahead market (IT IS NOT MANDATORY; it is possible to contract electricity outside the market at unknown prices) Optional integration of forward open positions Possibility of Day-ahead physical bilateral contracts Physical market Reference price. Compatible with the existing Production and selling utility sector structure in Spain and in the Iberian peninsula 4
5 MARKETS AND PROCESSES AFTER THE DAY- AHEAD ELECTRICITY MARKET Intraday market (auction based. 6 Sessions) Open to all agents, independently of the way in which they have contracted their energy at the day-ahead time (organized market or any kind of bilateral contract) The liquidity necessary to solve any adjustment problem at reasonable prices is concentrated in six auction sessions that are performed at predefined hours and with the same conditions for all agents. Technical management of the system. The correct design of the ancillary services and deviations markets is what makes viable the whole market design (day-ahead market and intraday markets) Apply only to the hours where there will not be an Intraday market session that applies to these hours (next 3-4 hours) Always exclusively related with system security Regulated in a way that allows the existence of an energy market with public prices achievable by all agents. No 5 arbitrage possibilities with other markets.
6 WHAT IS THE MEANING OF THE CONCEPT PHYSICAL ELECTRICITY MARKET? (I) Form the sellers side; At a given hour of the previous day (currently 10 a.m.) All physical electricity to be produced the next day need to have an owner. All options over physical production need to be exercised PRIOR to 10 a.m. of the previous day All production owners need to know what they are going to do the next day with their production, and they also need to declare their decision: Unavailable (S.O. verification and subject to Regulator inspection) Declare a bilateral contract (prior to 11 a.m.) Send a bid to the day-ahead market at free prices The DAY-AHEAD market is not a mandatory market, but it is a physical energy market where all physical available energy counts From the buyers side; Different options for obtaining their energy at the same hour. Regulation impeding abuse practices. 6
7 WHAT IS THE MEANING OF THE CONCEPT PHYSICAL ELECTRICITY MARKET? (II) Taking into account the structure of the production and selling utility sizes and organization in Spain and in the Iberian peninsula, it is the best option for: Correct day-ahead price formation, that is basic for all other forms of price hedging To provide the new investors with the necessary trust in the market organization It allows the Regulator the correct supervision of the market providing information that is possible to audit 7
8 SUMMARY The key elements from a competition point of view for the correct price formation and behavior of the electricity production market in the presence of producers of very different sizes are: Physical day-ahead market with no possibility of hiding any available production Single intra-day markets with all liquidity concentrated on them Security related processes organized in a way compatible with the existence of a market with no arbitrage possibilites with the market. 8
9 Aggregated supply and demand curves (14/01/2008 hour 23. Spain) Sales bid not matched in Spain 9
10 Aggregated supply and demand curves (14/01/2008 hour 23. Portugal) Sales bid not matched in Portugal 10
11 THE DAY AHEAD MARKET... VPP options exercised Tariff customers auctions BUYERS Bids (Quantity and price) OMIP open positions that want a physical integration Bids Dayahead Market Day-ahead Market result PBC Internatio nal capacity options used Internatio nal and domestic bilaterals SELLERS Bids (Quantity and price) MARKET OPERATOR
12 MARGINAL TECHNOLOGY (26/10/2007 hour 20. Spain) Production bids matched below marginal price 5 % of marginal price 12
13 ENERGY BY TECHNOLOGIES, MATCHED IN DAILY MARKET, BID AT HIGHER PRICE TO 95% OF MARGINAL PRICE, INCLUDING COMPLEX BIDS SPANISH ELECTRICAL SYSTEM OCTOBER NOVEMBER ENERGY (GWh) 01/10/08 03/10/08 05/10/08 07/10/08 09/10/08 11/10/08 13/10/08 15/10/08 17/10/08 19/10/08 21/10/08 23/10/08 25/10/08 27/10/08 29/10/08 31/10/08 02/11/08 04/11/08 06/11/08 08/11/08 Coal Fuel-Gas Hydro Imports Nuclear Special Regime Combined Cycle
14 ENERGY BY TECHNOLOGIES, MATCHED IN DAILY MARKET, BID AT HIGHER PRICE TO 95% OF MARGINAL PRICE, INCLUDING COMPLEX BIDS SPANISH ELECTRICAL SYSTEM JANUARY NOVEMBER ENERGY (GWh) 01/01/08 15/01/08 29/01/08 12/02/08 26/02/08 11/03/08 25/03/08 08/04/08 22/04/08 06/05/08 20/05/08 03/06/08 17/06/08 01/07/08 15/07/08 29/07/08 12/08/08 26/08/08 09/09/08 23/09/08 07/10/08 21/10/08 04/11/08 Coal Fuel-Gas Hydro Imports Nuclear Special Regime Combined Cycle
15 ENERGY BY TECHNOLOGIES, MATCHED IN DAILY MARKET, BID AT HIGHER PRICE TO 95% OF MARGINAL PRICE, INCLUDING COMPLEX BIDS SPANISH ELECTRICAL SYSTEM JULY DECEMBER ENERGY (GWh) 01/07/07 08/07/07 15/07/07 22/07/07 29/07/07 05/08/07 12/08/07 19/08/07 26/08/07 02/09/07 09/09/07 16/09/07 23/09/07 30/09/07 07/10/07 14/10/07 21/10/07 28/10/07 04/11/07 11/11/07 18/11/07 25/11/07 02/12/07 09/12/07 16/12/07 23/12/07 30/12/07 Coal Fuel-Gas Hydro Imports Nuclear Special Regime Combined Cycle
16 AGENDA Welcome Introduction to the Spanish Electricity Market Price formation in the day-ahead market Market Results CESUR 7 th Auction. Auction rules. Content. Contract with last resort retailers/distribution companies. Bids to the day-ahead market Products to be auctioned Participant s requirements. Qualification of participants for the auction New features for the 7th auction. Default bids OMEL auction system. Overview Requirement of the participants computer Installation verification. Working with IE6 New features for the 7th Auction Presentation of an interactive demo auction Participants display. Screen to present bids DEMO. Bids submission during the demo Information available for participants Other issues
17 REGULATORY FRAMEWORK (I) ORDER ITC/400/2007, of 26 of February, by which bilateral contracts that sign the distribution companies for supplying tariff consumers in the Iberian peninsula are regulated. For the execution of each auction the following Resolutions are published: RESOLUTION by which the characteristics of the auction are established. Definitions of the products to be auctioned: 3 month base & 3 month peak Percentage to be acquired by each Distribution company The total range of volumes to be auctioned RESOLUTION by which the auction rules and supply model contract are approved: Range of prices for which an indicative bid need to be submitted during the qualification process The maximum value is reference for the binding bid to be submitted during the qualification process Approval of the auction rules and the delivery contract RESOLUTION by which some auction parameters are approved. Exact Volumes to be auctioned of each product Final price for the first round of each product Public information about the Volume reduction procedure. Details are not public Ranges for informing the participants regarding the excess quantity bid at the end of each round RESOLUTION by which certain auction parameters are updated (not always published) Possible modification of the parameters of the previous Resolution.
18 REGULATORY FRAMEWORK (II) The first two were published November 20, 2008 Percentage of the auction result to be purchased by each distribution company Range of quantities to be auctioned
19 REGULATORY FRAMEWORK (III) Range of prices for indicative bids Auction date
20 AUCTION PRODUCTS (II) Auctioned products in previous CESUR auctions: 1 st auction. Quarter base load of 6,500 MWh (July - September 2007) 2 nd auction. Quarter base load of 6,500 MWh (October - December 2007) 3 rd auction. Quarter base load of 6,500 MWh (January - March 2008) 4 th auction. Quarter base load of 3,500 MWh (April - June 2008) Six-month base load of 3,500 MWh (April - September 2008) 5 th auction. Quarter base load of 1,800 MWh (July - September 2008) Six-month base load of 900 MWh (July - December 2008) 6 th auction. Quarter base load of 2,000 MWh (October - December 2008) Six-month base load of 1,000 MWh (October March 2009)
21 AUCTION PRODUCTS (III) OMEL, as the Auction Administrator, has done a survey among pre-qualified participants in the previous auction, with the following results: 19 answers received to the survey with the following results:
22 AUCTION PRODUCTS (IV)
23 AUCTION PRODUCTS (V) Auction products in the 7 th CESUR auction will be: 1. Base load product for three months (Quarterly base product), that is the supply of a certain constant amount of energy, for each of the hours during the first quarter of year Peak load product for three months (Quarterly peak product), that is the supply of a certain constant amount of energy, for each of the 12 hours of every day between 8:00 and 20:00 hours CET, of every natural day, except Saturdays, Sundays and festive nationals during the first quarter of year 2009.
24 CALENDAR (I)
25 CALENDAR (II)
26 SUPPLY CONTRACT MODEL FOR THE SEVENTH CESUR AUCTION (I) CONTRACT MODEL FOR ELECTRICITY POWER SUPPLY SEVENTH CESUR AUCTION DECEMBER 2008 ON ONE HAND The Purchaser. ON THE OTHER HAND The Seller. WHEREAS CLAUSES One.- Definitions and Interpretation Two.- Purpose of the Contract Three.- Products Four.- Product Delivery and Reception
27 Five.- Measurement and Deviations Six.- Risks Assumed by the Seller and the Purchaser Seven.- Rights of the Seller Eight.- Obligations of the Seller Nine.- Rights of the Purchaser Ten.- Obligations of the Purchaser Eleven.- Common Obligations of the Parties Twelve.- Invoicing the Power Thirteen.- Payment SUPPLY CONTRACT MODEL FOR THE SEVENTH CESUR AUCTION (II) Fourteen.- Bank Accounts Fifteen.- Non-payment Sixteen.- Interests for Late Payment Seventeen.- VAT and Taxes
28 SUPPLY CONTRACT MODEL FOR THE SEVENTH CESUR AUCTION (III) Eighteen.- Seller s Obligation to Issue Guarantees Nineteen.- Entity in Charge with Guarantee Management Twenty.- Obligations of the Guarantee Manager Twenty One.- Amount of the Guarantees Twenty Two.- Updating of Guarantees Twenty Three.- Form of Constituting the Guarantees Twenty Fourth.- Validity Period of the requested Guarantees Twenty Five.- Guarantee Execution Twenty Six.- Force Majeure Twenty Seven.- Exemption from the Obligation of Delivery and Receipt Twenty Eight.- Notification and Mitigation of Force Majeure Twenty Nine.- Effects of the Reason of Force Majeure for the Other Party
29 SUPPLY CONTRACT MODEL FOR THE SEVENTH CESUR AUCTION (IV) Thirty.- Non-compliance of Delivery or Reception Thirty One.- Compensation for Non-Compliance Thirty Two.- Contract Resolution Thirty Three.- Compensation for Premature Resolution Thirty Four.- Duration of the Contract Thirty Five.- Modification Thirty Six.- Contract transfer Thirty Seven.- Confidentiality Thirty Eight.- Partial Invalidity Thirty Nine.- Applicable Law Forty.- Solution of Controversies APPENDIX 1 Definitions APPENDIX 2 Energy Contracted and Price
30 MODIFICATIONS OF THE SUPPLY CONTRACT MODEL (I) GUARANTEES Guarantees calculation for the 3 months peak product The reference prices of compensation published by OMIP are multiplied by 1.15 (calculated on the basis of historical values) QUARTER PEAK PRICE P BASELOAD PRICE B P/B G p3 = d [((PRC d + 5 /MWh)*1,15 - PC p3 ) 12 EC p3 ] where d refers to each one of the remaining days of the delivery period of the 3 months peak load product for which the Day Ahead Schedule (PDBF) has not yet been communicated to the agents and EC p3 refers to the hourly contracted energy of the 3 months peak load product.
31 MODIFICATIONS OF THE SUPPLY CONTRACT MODEL (II) GUARANTEES Negative guarantees of a product with another one are not compensated. If G b3 is negative, it will be considered that its value is equal to zero. If G p3 is negative, it will be considered that its value is equal to zero. The clause of credit limit and exemption of guarantees is eliminated. Parameter 5 for the calculation of guarantees stays, historically surpassed around 10% of the times. Other smaller wordings changes.
32 MODIFICATIONS OF THE SUPPLY CONTRACT MODEL (III) GUARANTEES (Presentation and validity) The adjusted amount of the guarantees after the auction will be communicated by the guarantees managers the following working day after the date in which the Auction Manager communicates the results. The sellers, in case of having to present guarantees, will have to formalize them in the three following working days. The validity of the constituted guarantees must extend at a minimum until the last day of delivery of the contracted energy plus three working days 3 of April of 2009.
33 AUCTION RULES 1. Purpose of the auction 2. Products to be auction 3. Auction participants 4. Auction Administrator 5. Requirements for participating in the auction 6. Auction date 7. Auction procedure 8. Default bids Option and procedure to update them through the phone in emergency cases 9. Confirmation and communication of the auction results 10. Breakdown of the quantity of product sold through a representative 11. Communications with the auction administrator 12. Force majeure ANEXES TO THE RULES ANEX I Auction Calendar and product to be auctioned ANEXO II Definition of terms ANEXO III Pre-qualification guide ANEXO IV Qualification guide ANEXO V Distribution companies information
34 MODIFICATIONS OF THE AUCTION RULES WITH RESPECT TO THE SIXTH AUCTION The existing restriction of not allowing exit bids on a product, when there is a switch of blocks form the other product, does not apply any more. Still all blocks coming from the switch are offered at the final round price. Modifications associated to the default bids.: The default bids are included in the auction rules. A new value; Maximum number of blocks per product for the default bid price is added to the default bid (previously only prices could be included). The possibility of updating the default bids through the phone, in emergency situations, is maintained.
35 PROCESSES PRIOR TO PRE-QUALIFICATION (I) ACCESS CARD REQUEST WITH ATTORNEY PROFILE. APPENDIX A OF THE PRE-QUALIFICATION GUIDE. Before to the start of the prequalification process, the participants interested in the auction that request their prequalification for the auction, will have to request from OMEL the access card to the auction system with ATTORNEY profile of his company. This card will have to be associated to the person of the participant who, having the sufficient legal powers, is going to make the request of the access cards to the auction system for the other people of the organization, and sign the electronic company/signature of the document of adhesion to the auction rules. This card could also be used for the accomplishment of the rest of proceedings of the prequalification and the qualification that take place in electronic form.
36 PROCESSES PRIOR TO PRE-QUALIFICATION (II) APPENDIX A. DOCUMENT FOR REQUESTING THE ACCESS CARD FOR THE PERSON REPRESENTING THE COMPANY WITH ATTORNEY PROFILE. Once received the accrediting document, OMEL will send the access card or to authorize the access with the existing card, to the person for whom the request has been made. Prior to the conclusion of the qualification process, the participant must send the corresponding powers of attorney to OMEL. If the document is not received, the actions done with this card will be invalidated. The other card requests will have to be done electronically through the system. In case the participant has access cards to the market operator information system (SIOM) of OMEL, or to the auction system of OMEL, he will be able to use them, having to indicate so in the request.
37 PROCESSES PRIOR TO PRE-QUALIFICATION (III) APPENDIX A. DOCUMENT FOR REQUESTING THE ACCESS CARD FOR THE EMPOWERED PERSON OF THE COMPANY. In case of requesting the activation of a card, the code written in the card need to be indicated:
38 PRE-QUALIFICATION AND QUALIFICATION PROCESSES Phase 1: PRE-QUALIFICATION. The company interested in the auction that wants its prequalification for the auction will have to fulfil the requirements established according to the Prequalification Guide (Appendix III) before 13:00 hours CET of December 2 nd, Phase 2: QUALIFICATION. Once pre-qualified, the participant will be able to access the confidential information for the auction qualification and will be able to do the qualification process, fulfilling the requirements included in the Qualification Guide (Appendix IV) before 13:00 hours CET of December 2 nd, Until 13:00 hours CET of December 4 th, 2008 the possible errors in the documentation of the qualification process could be corrected.
39 PRE-QUALIFICATION PROCESS REQUIREMENTS (I) Phase 1: PRE-QUALIFICATION. The interested companies in the prequalification process for the auction will have to fulfil the following documentation: Basic information of the participant Confidentiality commitment Non-Collusion commitment The Prequalification Guide is in the participants section of the auctions / qualification process of the public Web site available at:
40 PRE-QUALIFICATION PROCESS REQUIREMENTS (II) Basic information of the participant It will have to be fulfilled through the auctions system accessing electronically with cards properly authorized. Those participants who have already sent the information to the previous auction will have only to verify it, or to modify it if needed. Social denomination: Fiscal authentication code Social address Identifying data of the contact person with OMEL for all the proceedings regarding the process of the auction: Name Address Postal code City Country Telephone Mobile Fax
41 PRE-QUALIFICATION PROCESS REQUIREMENTS (III) Confidentiality and non Collusion commitments Both commitments are applicable to the auction participants by virtue of what is established in section 4 of the Appendix of Order ITC/400/2007, of 26 of February. The company/signature of both commitments constitutes a necessary requirement for the prequalification for the auction. A new wording in both documents has being introduced so that it will not be necessary its subscription for future CESUR auctions managed by OMEL. Shipment: Both documents may be forwarded electronically in advance using the system in PDF format ( ) It is imperative to send the originals properly signed to: OPERADOR DEL MERCADO IBÉRICO DE ENERGÍA POLO ESPAÑOL, S. A. (OMEL) Attention: CESUR Auctions C/ Alfonso XI, 6, 4ª planta [4th floor] Madrid (Spain)
42 PRE-QUALIFICATION PROCESS REQUIREMENTS (IV)
43 PRE-QUALIFICATION PROCESS REQUIREMENTS (V)
44 PRE-QUALIFICATION PROCESS REQUIREMENTS (VI) Pre-qualified participants list updated on line.
45 PRE-QUALIFICATION PROCESS REQUIREMENTS (VII) The status of PRE-QUALIFICATION by participant can be consulted at any moment.
46 PRE-QUALIFICATION PROCESS REQUIREMENTS (VIII) SENDING DATA: Position on DETAILS and press on the desired option.
47 PRE-QUALIFICATION PROCESS REQUIREMENTS (IX) The new participants will have to fill in the following information. The pre-qualified participants from the previous auction will be able to consult it / to modify it.
48 PRE-QUALIFICATION PROCESS REQUIREMENTS (X) Initially it will be possible to be delivered in PDF format electronically through the auctions system. It is imperative to send the original ones properly signed.
49 PRE-QUALIFICATION PROCESS REQUIREMENTS (XI) The information CONFIDENTIALITY COMMITMENT and NOT-COLLUSION COMMITMENT will be validated by the Administrator.
50 PRE-QUALIFICATION PROCESS REQUIREMENTS (XII)
51 PRE-QUALIFICATION PROCESS REQUIREMENTS (XIII) Example of a correct validation.
52 PRE-QUALIFICATION PROCESS REQUIREMENTS (XIV) Example of a noncorrect validation.
53 PRE-QUALIFICATION PROCESS REQUIREMENTS (XV) Example of a noncorrect validation. The participant can consult the commentary made by the Administrator. He can visualize the document.
54 QUALIFICATION PROCESS REQUIREMENTS (I) Phase 2: QUALIFICATION. The Pre-qualified Participant in the auction that wants to participate in the Auction, will have to fulfil in the terms indicated for its qualification the following documentation: 1. Code of the generic programming unit/s (System Operator) and the generic biding units (OMEL). 2. Declaration participation agreements, along with the granted faculties to the corresponding representative. 3. Maximum volume of qualification. 4. Indicative bids. 5. Adhesion to the rules. 6. Adhesion to the supply model contract. 7. Power of attorney of the Company ATTORNEY. 8. Guarantees Granted in favour of the Guarantee Managers designated by the distribution companies of sufficient financial amount irrevocable and executable on first requirement.
55 QUALIFICATION PROCESS REQUIREMENTS (II) Phase 2: QUALIFICATION. The following information for the participant qualification will be filled in through the auction system, accessing electronically with a card properly authorized: EIC seller participant and generic offer unit code. The participant may consult the information given for the previous auction and accept or modify it. Declaration participation agreements. Maximum volume of qualification. Indicative bids. Adhesion to the rules (it will be signed electronically using cards with empowered profile).
56 QUALIFICATION PROCESS REQUIREMENTS (III) CODE OF THE GENERIC PROGRAMMING UNIT/S AND THE GENERIC BID UNITS The participant will be able to consult through the auction system the information provided in previous auction and accept or modify it. UOFG code: Code that demonstrates that the seller participant has registered the corresponding Supply Generic Unit in the Market Operator (OMEL). EIC code: Code of the seller Programming Generic Unit. This subject must have registered the corresponding Programming Generic Unit (UPG) in the System Operator (REE). If acting as a representative, it is necessary to input the EIC codes of each seller subject, as well as the codes of each corresponding UOFG, for each of the represented.
57 QUALIFICATION PROCESS REQUIREMENTS (IV) DECLARATION PARTICIPATION AGREEMENTS The dominant operators will not be able to subscribe Participation Agreements with any of the Pre-qualified companies, but they will participate in the auction like a unique seller participant. Also the dominant operators will only be able to act like representatives of production units in the special regime when they own a direct or indirect participation greater than 50%. The companies belonging to the same group will qualified in a joined way. The Pre-qualified participants of the same group will present only one qualification request corresponding to the pre-qualified participant that is going to act as the seller participant. The companies not considered dominant and that are not part of the same group, will be able to subscribe participation agreements with other pre-qualified companies but in this case they will have to qualify and to participate in the auction in a joined way (a single qualified participant and therefore a single seller participant).
58 QUALIFICATION PROCESS REQUIREMENTS (V) DECLARATION OF PARTICIPATION AGREEMENTS The following documentation will have to be fulfilled electronically: Pre-qualified participants who will conform a participation agreement: Pre-qualified participant 1. Pre-qualified participant 2. Pre-qualified participant 3.. A copy of the powers granted to the representative could be sent in PDF format through the auction application, or sent to: OPERADOR DEL MERCADO IBÉRICO DE ENERGÍA POLO ESPAÑOL, S. A. (OMEL) Attention: CESUR Auctions C/ Alfonso XI, 6, 4ª planta [4th floor] Madrid (Spain)
59 QUALIFICATION PROCESS REQUIREMENTS (VI) MAXIMUM QUALIFICATION VOLUME Amount of blocks of quarterly base load product and of quarterly peak load product that the participant is willing to sell at the Maximum Starting Price for each product (it constitutes a firm commitment of acceptance of this volume for each one of the products at theirs prices). The total maximum volume (the sum of the volumes indicated for both products) has to be equal to the quantity for which the participant is qualified, and shall be used to calculate the amount of the guarantee for participating in the auction. The total maximum volume above must be lower to a value established in the Resolution per participant. In the event that the participant does not present a valid bid during the First Round of the auction, it shall be understood that it has presented a bid for the quantities of each product expressed at the Maximum Starting Price.
60 QUALIFICATION PROCESS REQUIREMENTS (VII) MAXIMUM VOLUME FOR QUALIFICATION The documentation must be filled in electronically through the auction system. Quarterly base load product No. of Blocks requested at the Maximum Starting Price ( 90 / MWh) Quarterly peak load product No. of Blocks requested at the at the Maximum Starting Price ( 105 / MWh)
61 QUALIFICATION PROCESS REQUIREMENTS (VIII) INDICATIVE OFFERS The indicative offers are confidential and non binding. The participant communicates to OMEL the quantity of each product that is willing to sell at the indicated prices. The number of blocks indicated for each product and price should not exceed the maximum volume of qualification by the participant. This information will have to be filled in electronically through the auction system.
62 QUALIFICATION PROCESS REQUIREMENTS (IX) Maximum volumes of qualification and indicative offers. Updating. The amounts submitted as Maximum volumes of qualification and indicative offers could be updated up to two working days before the auction until 13:00 hours CET. (12 of December of 2008 until 13:00 hours CET).
63 QUALIFICATION PROCESS REQUIREMENTS (X) DOCUMENT OF ACCEPTANCE AND ADHESION TO THE AUCTION RULES This information will have to be electronically fulfilled through the auction system with the card with the ATTORNEY profile. By virtue of the signature of this document the auction participant declares that he knows and freely, irrevocably and unconditionally accepts the Auction Rules approved by the corresponding Resolution of the General Secretariat of Energy, and is committed to fulfill them without reserves, restrictions nor agreements. Therefore the physical signature of the Auction Rules will not be necessary and will be replaced by the electronic signature of the Document of Acceptance and Adhesion.
64 QUALIFICATION PROCESS REQUIREMENTS (XI) DOCUMENT OF ADHESION TO THE SUPPLY CONTRACT THAT WILL ONLY BE VALID IF THE SIGNATORY IS A WINNER AT THE AUCTION This Contract is binding for Buyer and Seller and its Clauses will be approved by Resolution of the General Secretariat of Energy. In order to make agile the adhesion procedure, a document of adhesion to the supply model contract has been prepared that, for the case of the Seller, will only have validity if resulted awarded energy at the auction. The adhesion to this document is included as requisite for the qualification in the case of the Seller. By means of this previous firm and binding commitment, the Seller commits itself to accept the outcome of the Auction in terms of price, amount, and counterpart, as soon as it is notified thereof by the Auction Administrator. As a consequence, it shall not be necessary to sign the Supply Model Contract, but it will be understood accepted through the signature of the Document of Adhesion.
65 QUALIFICATION PROCESS REQUIREMENTS (XII) DOCUMENT OF ADHESION TO THE SUPPLY CONTRACT THAT WILL ONLY BE VALID IF THE SIGNATORY IS A WINNER AT THE AUCTION This document may be forwarded in advance in PDF format through the auction system, being imperative to send the original paper ones properly signed to: OPERADOR DEL MERCADO IBÉRICO DE ENERGÍA POLO ESPAÑOL, S. A. (OMEL) Attention: CESUR Auctions C/ Alfonso XI, 6, 4ª planta [4th floor] Madrid (Spain)
66 QUALIFICATION PROCESS REQUIREMENTS (XIII) POWER OF THE COMPANY ATTORNEY With the objective of facilitating the presentation of these powers of attorney a model has been elaborated, including a model of faculties of a society to one physical person so that he acts as its ATTORNEY for the CESUR auctions (Appendix C of the Qualification Guide) and a model of faculties of a society to another society so that this last one acts as its representative in the CESUR auctions (Appendix D of the Qualification Guide).
67 QUALIFICATION PROCESS REQUIREMENTS (XIV) Amount of the PARTICIPATION GUARANTEE In order to be qualified the pre-qualified seller participants must constitute participation guarantees. The guarantee requested by each block of 10 MW of maximum volume is a minimum of 60,000 Euros. The seller participant will present the guarantees that correspond to each Guarantee Manager dividing the total amount according to the share between distribution companies established by the Resolution of the General Secretariat of Energy.
68 QUALIFICATION PROCESS REQUIREMENTS (XV) Formalization of GUARANTEES The Participating Sellers may formalize their guarantees by means of the following instruments: 1. Cash deposit in a bank account designated by the Guarantee Manager. 2. Joint guarantee or bond issued by a bank, savings bank or credit cooperative residing in Spain, or by the branch in Spain of a non-resident entity and with a minimum credit rating of A according to one of the following entities: S&P, Moody s or Fitch. 3. Irrevocable authorization to use one or several credit lines subscribed by the Participating Seller. The credit lines shall be specific in nature, and shall exclusively be applicable as lines for payment or for the guarantee coverage of the obligations acquired by virtue of participation in the CESUR Auction and as a party in the Contract.
69 QUALIFICATION PROCESS REQUIREMENTS (XVI) Period for the Applicability of GUARANTEES The presented guarantee will have to be valid until: 1. The date of the reception of the notification if the prequalified participant is not being qualified (1). 2. The date in which the results of the CESUR Auction are known if the seller participant is not awarded from at least 1 block (1). 3. The date in which they must formalize the Contract Guarantees, in case the seller participant has been awarded with some Block (2). The seller participant can decide with the Guarantees Manager the extension of the Participation Guarantee so that it covers the Contract Guarantees with the distribution companies. (1) The Auction Administrator will communicate the Guarantees Manager this situation. (2) The Auction Administrator will communicate to the Guarantees Manager the Blocks awarded to each Seller Participant.
70 Validity of GUARANTEES QUALIFICATION PROCESS REQUIREMENTS (XVII) The validity of the participation guarantees will be, as a minimum, the first Tuesday after the date of the auction plus eight working days 7 th of January, 2009
71 QUALIFICATION PROCESS REQUIREMENTS (XVIII) GUARANTEES (Query to see the guarantees received by the auction administrator through the participants Web)
72 QUALIFICATION PROCESS REQUIREMENTS (XIX) GUARANTEES (Guarantee execution) Before starting the delivery period, the guarantees will be fully executed if the auction winer participant does not provide the contract guarantees: 1. The participation guarantees provided by the selling participant or his representative, according to what is established in the supply contract model. 2. The amount of the guarantees will be distributed between the Guarantee Managers according to the percentage of purchase (bilateralization) established in the Resolution of the General Secretary of Energy (SGE). Any resulting payment of the guarantee execution will have to be done in a maximum term of three working days from the reception by the bank or financial institution of a notification of execution of the guarantee.
73 AGENDA Welcome Introduction to the Spanish Electricity Market Price formation in the day-ahead market Market Results CESUR 7 th Auction. Auction rules. Content. Contract with last resort retailers/distribution companies. Bids to the day-ahead market Products to be auctioned Participant s requirements. Qualification of participants for the auction New features for the 7th auction. Default bids OMEL auction system. Overview Requirement of the participants computer Installation verification. Working with IE6 New features for the 7th Auction Presentation of an interactive demo auction Participants display. Screen to present bids DEMO. Bids submission during the demo Information available for participants Other issues
74 OMEL AUCTION SYSTEM OVERVIEW
75 AUCTION MECHANISM (I) Participants supply energy to cover a target volume Descending Clock Auction (several rounds, fixed time to bid) Two Products with different Prices Sellers say supply quantity at rounds price in their bids. At the end of the round, quantities are aggregated for both products If bigger to target, new prices calculated for next round If equal or smaller, auction is closed and quantities assigned Same price paid to all winners
76 AUCTION MECHANISM (II). Example Quantity offered by Participant 1 Target Quantity Qualification Rounds Last Round
77 AUCTION MECHANISM (III). Example Quantity offered by Participant 2 Target Quantity Qualification Rounds Last Round
78 AUCTION MECHANISM (IV). Example Quantity offered by Participant 3 Target Quantity Qualification Rounds Last Round
79 Total Offered Quantity AUCTION MECHANISM (V). Example
80 AUCTION MECHANISM (VI). Example Total Offered Quantity Target Quantity Qualification Rounds Last Round
81 EXIT BIDS (I) Used to withdraw quantities during a round The participant withdraws a quantity but indicates the limit price it would accept for it Up to 5 different prices & quantities can be used in exit bids Exit bids are used when closing the auction, to fill the required quantities when supply goes under the target Price is formed with the last exit bid used (if necessary). All winner get the same price
82 EXIT BIDS (II) Final Price is determined by Target and Quantity Offered Bids at a lower price are accepted. All accepted bids get the same price.
83 OTHER AUCTION FEATURES Bids for the two products are made jointly Price evolution is independent for both products Switching of quantities is possible Auction ends at the same time for both products, when both reach the closing condition Exit bids and Switches can be retained in a product if needed to fill the target quantity
84 DEFAULT BIDS (I) When you enter a Default Bid you must say: Telephone number (required field). 2 Values per product: Limit Price to stay in the auction Limit Quantity In one Round with no regular bid (default bid is used) If the Price of the Round is higher than limit price: A regular bid is created automatically Price of the round is accepted Quantity is the minimum between the limit quantity and the actual quantity from the previous round If the Price of the Round is lower than limit price: An exit bid is created automatically with the limit price Quantity is calculated the same way
85 DEFAULT BIDS (II) - EXAMPLE A participant is bidding 200 blocks. So far he likes the price. In Round n (lower price) he wants to continue, but just supplying 150 blocks: In the default bid he sets a low price (lower to the actual round price) and sets the quantity to 150. In Round n+1 (lower price) he wants to supply 90 Blocks: In the default bid he sets a low price (lower to the actual round price) and sets the quantity to 90. In Round n+2 he would maintain the supply but with minimum price of 70 /MWh. In the default bid he sets 70 as price (higher to the actual round price) and maintains the quantity to 90.
86 AUCTION PHASES (I) Bidding Phase Each Round has a time period to present bids. Calculating Phase OMEL (Auction Manager) verifies the closing condition and calculates the prices for next round. Reporting Phase Prices and Excess Supply (if applicable) is communicated Closing Phase Auction Manager calculates Final Prices and Supply assigned to Winners Results Confirmation Phase In the next 24 hours, the Regulator (CNE) confirms the Auction results Result Breakdown by Representatives After the confirmation (in 24 hours), the proxy must communicate the assignment of their blocks among their clients.
87 AUCTION PHASES (II) Auction Starts Bids 20 min Round 1 Calc & Comm < 5 min Claims Bids 5 min 10 min End Round 1 Start Round 2 Round 2 Calc & Comm Claims... < 5 min 5 min End Round 2 Start Round n Round N, Close Bids Calc Closing & Comm 10 min 5 min Time Claims Confirmation 5 min 24 hours End Round n (Closing) Auction Ends
88 CESUR WEBSITES CESUR PUBLIC WEBSITE All public information, documents and software CESUR AUCTION WEBSITE CESUR TEST WEBSITE
89 OMEL AUCTION SYSTEM Main Functionalities Management of of the the Auction Secure Secure Access Access and and Autentication Autentication Bids Bids Management Management Administrator Administrator Management Management Communications Communications to to Participant Participant Claims Claims Management Management High High Reliability Redundant Redundant communications communications High High Availability Availability Security Remote Remote Emergency Emergency Facilities Facilities PKI PKI Technology Technology Smart Smart Cards Cards Secure Secure Communications Communications Digital Digital Signature Signature for for every every transaction transaction
90 COMMUNICATIONS Four Alternative Redundant Ways Internet Standard Access Modem Connection V.34 Digital Connection ISDN Dedicated Lines under Request Every Participant can use one or several communication alternatives
91 PARTICIPANT LOCAL PC SmartCard Reader Terminals used to to access OMEL Market can be be used for OMEL Auctions PC Windows XP SP2 o higher Internet Explorer 7 Java Sun 1.5 update 10/11 or Java 6 update 10 + Gemsafe 5.1* Communications Any of the previous *Download from
92 They have a personal certificate and the public/private pair of keys installed SMART CARDS (I) Required to Authenticate and digitally sign transactions (bids, claims, etc.) Protected with PIN Current valid Smartcards issued for OMEL Market can be used for OMEL Auctions. Requires activation only
93 SMART CARDS (II) Two OMEL smartcards can be used: Market Market Smartcards Market Market cards cards activation activation for for the the auction auction can can be be requested requested through through Auction Auction website website Market Market cards cards are are issued issued following following the the stablished stablished procedures procedures (requests (requests from from Market Market Website) Website) Auctions Smartcards First First smartcard smartcard is is issued issued once once the the Participant Participant initiates initiates prequalificatioqualification for for Auctions, Auctions, with with pre- attorney attorney profile. profile. Same Same infrastructure infrastructure requirements requirements that that Market Market smartcards smartcards They They have have no no access access to to Market Market website website
94 Participants Profiles SMART CARDS (III) ATTORNEY CARD CARD To To be be used used in in Qualification Qualification Processes Processes to to digitally digitally sign sign Acceptance Acceptance and and Adhesion Adhesion to to the the Auction Auction Rules. Rules. To To order order new new cards cards and and manage manage existing existing ones ones READ READ CARD CARD Only Only to to access access (read (read oly) oly) Participants Participants Data Data and and Bids Bids UPDATE CARD CARD To To participate participate in in the the Auction Auction (insert (insert bids, bids, claims) claims) To To access access and and modify modify Participants Participants Data Data
95 INTEGRATED BID SCREEN (I) Envío de pujas a subastas en curso Subasta Sexta Subasta CESUR Hora de cierre 10:30 time Producto Trimestral Oct/Nov/Dic 2008 Semestral Oct-2008/Mar-2009 Cantidad subastada 180 Blq 90 Blq RONDAS Precio Cantidades ofertadas Precio Cantidades ofertadas Calificación Blq Blq 1 Traslado al otro prod. Traslado al otro prod. Ofertas de salida Ofertas de salida Precio de Cantidad a retirar Precio de Cantidad a retirar N. salida (Blq) N. salida (Blq) Active blocks after each round The two products are bid at the same 5 Suma 145 Blq Cantidad resultante a precio de ronda 82 Blq Cantidad resultante a precio de ronda 55 Blq 137 Blq Exit bids in 5 steps with different prices Final quantities Calculated by the system Quatity to switch to the other product
96 INTEGRATED BID SCREEN (II) Envío de pujas a subastas en curso Subasta Sexta Subasta CESUR Hora de cierre 11:00 Producto Trimestral Oct/Nov/Dic 2008 Semestral Oct-2008/Mar-2009 Suma Cantidad subastada 180 Blq 90 Blq RONDAS Precio Cantidades ofertadas Precio Cantidades ofertadas Calificación Blq Blq 145 Blq Blq Blq 137 Blq Blq Blq 131 Blq Cantidad retirada retenida: 3 Blq 3 Traslado al otro prod. Traslado al otro prod. 1 If one product reaches the closing condition, new rounds are open, but product is frozen Ofertas de salida Precio de Cantidad a retirar Ofertas de salida Precio de Cantidad a retirar N. salida (Blq) N. salida (Blq) Cantidad resultante a precio de ronda 71 Blq Retained blocks needed to fill the target quantity Cantidad resultante a precio de ronda 60 Blq 131 Blq No new bids or exit bids can be performed in a frozen product
97 INTEGRATED BID SCREEN (III) Envío de pujas a subastas en curso Subasta Sexta Subasta CESUR Hora de cierre 11:00 Producto Trimestral Oct/Nov/Dic 2008 Semestral Oct-2008/Mar-2009 Cantidad subastada 180 Blq 90 Blq RONDAS Precio Cantidades ofertadas Precio Cantidades ofertadas Calificación Blq Blq Blq Blq Blq Blq Blq Blq Traslado retenido: 1 Blq Cantidad retirada retenida: 6 Blq Cantidad libre: 3 Blq Cant. libre asignada 1 Cant. libre asignada 1 4 Traslado al otro prod. 1 Traslado al otro prod. Ofertas de salida Ofertas de salida N. Precio de salida Cantidad a retirar (Blq) N. Precio de salida Cantidad a retirar (Blq) Suma 145 Blq 137 Blq 127 Blq 127 Blq Cantidad resultante a precio de ronda Same than previous example, but also switches are retained apart from exit bids 72 Blq Cantidad resultante a precio de ronda The frozen product only admits switches from the other product 57 Blq 129 Blq
98 INTEGRATED BID SCREEN (IV) Envío de pujas a subastas en curso Subasta Sexta Subasta CESUR Hora de cierre 11:00 Producto Trimestral Oct/Nov/Dic 2008 Semestral Oct-2008/Mar-2009 Suma Cantidad subastada 180 Blq 90 Blq RONDAS Precio Cantidades ofertadas Precio Cantidades ofertadas Calificación Blq Blq 145 Blq Blq Blq 137 Blq Blq Blq 127 Blq Blq Blq 127 Blq Cantidad libre: 4 Blq Cant. libre asignada 3 Cant. libre asignada 1 4 Traslado al otro prod. Traslado al otro prod Ofertas de salida Precio de N. salida Cantidad resultante a precio de ronda Cantidad a retirar (Blq) 1 Ofertas de salida Precio de Cantidad a retirar N. salida (Blq) If a product had retained switches and is not frozen anymore (because new Cantidad resultante 73 Blqblocks a arrive precio de and ronda there is excess 57 Blq 130 Blq again), these block are freed and can be assigned again to a product
99 MODIFICATIONS WITH RESPECT TO THE SIXTH AUCTION New Electronic Pre-qualification and qualification processes New facilities for sending, checking and updating the participant information during the prequalification and qualification process Possibility of checking, in a real time manner, the information received by OMEL from the Guaranties managers There will be an indicator meaning that a valid bid has been submitted for the round It will indicate that a valid normal bid exists for the round. Automatic bids and default bids will not be indicated. Possibility of printing some additional screens. Among them, the screen that shows the bids submitted. Electronically signing the bids can be simplified, at participant option (user configurable) New option to electronically sign new bids submitted, without requiring the PIN code each time. The PIN will be requested the first time a signature is sent, and each time the configurable PIN time-out period expires. The participant indicates in a local file the number of minutes (max 60) for the timeout PIN validity. Each time that a signature is sent, with the PIN or within the PIN timeout validity, the timeout period is renewed.
100 AUTOMATIC SIGNATURE The application can be configured to sign automatically for a period of time after the first signature (default is 0, maximum 60 minutes) Only after this time since the last signature (manual or automatic), PIN is requested again
101 NOTES FOR INSTALLATION OF PARTICIPANTS PC (I) Configuration Manual for the Participant s Post Up to date. Ready to download from CESUR PUBLIC WEBSITE VERY IMPORTANT TO FOLLOW INSTALLATION INSTRUCTIONS Auction Users Manual Coming soon Up to date with all the approved auction features Important Recommendations First Installation always as Administrator Use recommended versions of Windows and Software Make sure IExplorer is properly configured (check it, please!) Please delete history in IExplorer (cache, temporary files) first time. Have more than one PC ready, more than one card, alternative communications Participate in the official tests Communicate any problem immediately (subastascesur@omel.es)
102 NOTES FOR INSTALLATION OF PARTICIPANTS PC (II) Internet Explorer 6 NOT RECOMMENDED with Java 1.5 update 10/11 In case that IE7 cannot be installed, know the possible problems (PIN screen at the signature time sometimes is blocked. Can be bypassed switching to other PC application and going back) IE6 + Java 6 update 10 prevents previous problem. Install new Java 6 if you cannot update to IE7. During the connection to the auction website A properly configured PC must be stable and reliable If IE hungs, pages are not properly shown, page errors appear or other strange behavior >>> something is not properly configured. Test the installation or ask OMEL for help if you don t find the problem. Detect problems early, during pre and qualification steps Communicate the problem with no delay Never try the access for the first time the auction day itself
103 CALENDAR OF AUCTION TESTS Test at OMEL Facilities CESUR Test Website PCs at OMEL Facilities or use your own portable PC at OMEL facilities Remote Test CESUR Auction Website Same PCs to be used during the real Auction, operated from the same participants installations that will be used on the real auction day Actual communication Lines IMPORTANT! Verify the working state of your local PC (IE6 installations specially) Communicate and fix problems before the Auction Day
APPENDIX I - CESUR AUCTION RULES
APPENDIX I - CESUR AUCTION RULES BILATERAL ELECTRIC POWER PROCUREMENT WITH PHYSICAL DELIVERY ON THE PART OF DISTRIBUTION COMPANIES FOR SUPPLY IN THE IBERIAN PENINSULA AT REGULATED PRICES EIGHTH CESUR AUCTION.
More informationDAY-AHEAD AND INTRADAY ELECTRICITY MARKET OPERATING RULES. Madrid, May 11, Non-binding Translation of the Market Operating Rules
DAY-AHEAD AND INTRADAY ELECTRICITY MARKET OPERATING RULES Madrid, May 11, 2018 Non-binding Translation of the Market Operating Rules This translation has been carried out for the sole and exclusive purpose
More information1.1. Trading on the MIBEL: energy, economic volume and types of technology Purchases on the MIBEL of the energy traded on the Daily
Index Market Report 2015 2 1 Evolution of the electricity market in Spain and on the MIBEL... 6 1.1. Trading on the MIBEL: energy, economic volume and types of technology 1.1.1. Purchases on the MIBEL
More informationMARKET RULES FOR THE CENTRALIZED MARKET FOR SALE/PURCHASE OF ELECTRICITY THROUGH BILATERAL CONTRACTS INDEPENDENT BULGARIAN ENERGY EXCHANGE
MARKET RULES FOR THE CENTRALIZED MARKET FOR SALE/PURCHASE OF ELECTRICITY THROUGH BILATERAL CONTRACTS INDEPENDENT BULGARIAN ENERGY EXCHANGE 1 Contents Terms... 3 Main provisions... 5 Purpose of the rules...
More informationAEP Ohio Competitive Bidding Process November 2017 Auction
AEP Ohio Competitive Bidding Process November 2017 Auction Bidder Webcast Thursday, October 5, 2017 Benjamin Chee, NERA Chantale LaCasse, NERA Disclaimer Any statements herein describing or referring to
More informationBidding Rules for the Auctions Under the Competitive Bidding Process of Ohio Power Company
Bidding Rules for the Auctions Under the Competitive Bidding Process of Ohio Power Company CBP Rules Contents Contents Contents... i ARTICLE I. Introduction...1 I.1. Background...1 I.2. Overview...1 ARTICLE
More informationGENERAL CONDITIONS. Energy Derivatives Segment
GENERAL CONDITIONS Energy Derivatives Segment 3 January 2018 INDEX 1. GENERAL CHARACTERISTICS 2. MIBEL ELECTRICITY FUTURES AND SWAPS CONTRACTS 3 January 2018 2/14 1. GENERAL CHARACTERISTICS 3 January 2018
More informationAUCTION FOR THE ACQUISITION OF CUSHION GAS FOR THE DEVELOPMENT OF UNDERGROUND STORAGE FOR THE CORE NETWORK 07/01/ /31/2014
AUCTION FOR THE ACQUISITION OF CUSHION GAS FOR THE DEVELOPMENT OF UNDERGROUND STORAGE FOR THE CORE NETWORK 07/01/2014 10/31/2014 Non binding unofficial translation.this presentation is for information
More informationREMIT Reporting Service Agreement
REMIT Reporting Service Agreement General Terms and Conditions Version:1.0 09 March 2016 Deleted: 09 September 2015 Contents 1. General Information... 3 2. Definitions... 3 3. Scope of the Agreement and
More informationAllocation Rules for Forward Capacity Allocation
Allocation Rules for Forward Capacity Allocation 29 June 2016 1 P a g e Contents CHAPTER 1 General Provisions... 6 Article 1 Subject-matter and scope... 6 Article 2 Definitions and interpretation... 6
More informationRegulations on Corporate Payment Cards of mbank S.A.
Regulations on Corporate Payment Cards of mbank S.A. Warsaw, October 2016 mbank.pl Table of contents: Chapter I. General Provisions...3 Chapter II. Application for a Card...4 Chapter III. Approval of the
More informationJOINT POWERS AGREEMENT. MONTANA ASSOCIATION OF COUNTIES PROPERTY & CASUALTY TRUST (MACo PCT) PROPERTY AND CASUALTY SELF-INSURED POOL
JOINT POWERS AGREEMENT MONTANA ASSOCIATION OF COUNTIES PROPERTY & CASUALTY TRUST (MACo PCT) PROPERTY AND CASUALTY SELF-INSURED POOL Revised June 2015 Established in 1987 A service provided by the Montana
More informationSHADOW ALLOCATION RULES
SHADOW ALLOCATION RULES Version 1.3 01 August 2016 0 CONTENTS CHAPTER 1 GENERAL PROVISIONS... 4 Article 1 Subject-matter and scope... 4 Article 2 Definitions and interpretation... 4 Article 3 Allocation
More informationMarket Access Guide. OMI - Polo Español, S.A. (OMIE) Alfonso XI, Madrid
Market Access Guide OMI - Polo Español, S.A. (OMIE) Alfonso XI, 6 28014 Madrid Version 1.13 Date: July 2017 TABLE OF CONTENTS 1. INTRODUCTION... 4 2. ACQUIRING THE STATUS OF MARKET AGENT... 5 3. MARKET
More informationThis notice is published today in compliance with article 517 of the LSC (Spanish Corporations Act) and related rules.
Alcobendas, May 17 th, 2012 COMISION NACIONAL DEL MERCADO DE VALORES Miguel Angel 11 28010 Madrid Dear Sirs, According to article 82 of the LMV (Spanish Stock Market Act), by means of the present letter
More informationOJSC "TGC-2" Articles of association
OJSC "TGC-2" Articles of association APPROVED BY Resolution of Founder (Resolution of the Russian Open Joint-Stock Company of Energy and Electrification of Russia - RAO "UES of Russia") # 1452pr/3 of May
More informationACCOMPANYING INSTRUCTIONS
ACCOMPANYING INSTRUCTIONS FOR THE e-mider MULTI-CURRENCY MARKET REGULATIONS PART ONE GENERAL PROVISIONS Article 2. Definitions... 1 Article 3. Trading hours (Article 15 of the Rules)... 2 PART TWO EURO
More informationAccepted market practice (AMP) on Liquidity Contracts
Accepted market practice (AMP) on Liquidity Contracts The Spanish CNMV notifies ESMA of the Accepted Market Practice (AMP) on Liquidity Contracts for the purpose of fulfilling article 13 (3) of Regulation
More informationBULBANK ONLINE ELECTRONIC BANKING SERVICE GENERAL TERMS AND CONDITIONS
BULBANK ONLINE ELECTRONIC BANKING SERVICE GENERAL TERMS AND CONDITIONS I. SUBJECT OF THE SERVICE 1. Through the BULBANK ONLINE electronic banking service, UNICREDIT BULBANK AD (hereinafter referred to
More informationOperational Rules for Day Ahead Market segment (DAM) INDEPENDENT BULGARIAN ENERGY EXCHANGE
Operational Rules for Day Ahead Market segment (DAM) INDEPENDENT BULGARIAN ENERGY EXCHANGE In force from 26.02.2018 Content Trading system... 2 Trading days, hourly trading interval, trading stages...
More informationCapacity Market Auction User Guide
Capacity Auction User Guide Capacity Auction User Guide Capacity Market Auction User Guide Guidance Document for Capacity Market Participants Guidance Document for Capacity Market Participants Capacity
More informationINSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR INDIVIDUALS AND FIRMS) REGULATIONS, 2017 CHAPTER I PRELIMINARY
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR INDIVIDUALS AND FIRMS) REGULATIONS, 2017 IBBI/2017-18/GN/[ ]. - In exercise of the powers conferred under sub-section (1)(t)
More informationGenium INET PRM User's Guide
TM Genium INET NASDAQ Nordic Version: 4.0.0250 Document Version: 11 Publication Date: Wednesday, 6th May, 2015 Confidentiality: Non-confidential Whilst all reasonable care has been taken to ensure that
More informationPower Exchange Operational Rules
Power Exchange Operational Rules INDPENDENT BULGARIAN ENERGY EXCHANGE В сила от 26.02.2018 г. Table of contents Participants and conditions for trading... 2 Registration procedure... 3 Persons responsible
More informationTullett Prebon (Europe) OTF Irish Power (SEM) CfD Auctions. Seller Protocol and Auction Rules
Tullett Prebon (Europe) OTF Irish Power (SEM) CfD Auctions Seller Protocol and Auction Rules Version 2 With effect from 21 March, 2018 Table of Contents Tullett Prebon Irish Power (SEM) CFD Auction Seller
More informationFORM Voting by proxy. at the General Meeting of LC Corp S.A. with its registered office in Wrocław on: 29 August 2013
FORM Voting by proxy Proxy: acting on behalf of Shareholder: at the General Meeting of LC Corp S.A. with its registered office in Wrocław on: 29 August 2013 The use of this form by the Proxy and Shareholder
More informationBidder Information Session April 11, 2018 Auction Process for Duquesne Light Company Default Service Program DSP-VIII
Bidder Information Session April 11, 2018 Auction Process for Duquesne Light Company Default Service Program DSP-VIII Auction Date: June 11, 2018 Delivery Period: September 1, 2018 November 30, 2018 Customer
More informationCONTRACT OF LEGAL REPRESENTATION OF BONDHOLDERS BETWEEN PROMIGAS S.A. E.S.P. AND HELM FIDUCIARIA S.A.
CONTRACT OF LEGAL REPRESENTATION OF BONDHOLDERS BETWEEN PROMIGAS S.A. E.S.P. AND HELM FIDUCIARIA S.A. The undersigned, AQUILES MERCADO GONZALEZ, of legal age, identified with Colombian National ID Card
More informationSESAM Web user guide
SESAM Web user guide We hope this user guide will help you in your work when you are using SESAM Web. If you have any questions or input, please do not hesitate to contact our helpdesk. Helpdesk: E-mail:
More informationMINNESOTA STATE LOTTERY GAME PROCEDURES FOR THE LOTTO GAME ALL OR NOTHING AS OF: JANUARY 28, 2014
MINNESOTA STATE LOTTERY GAME PROCEDURES FOR THE LOTTO GAME ALL OR NOTHING AS OF: JANUARY 28, 2014 MINNESOTA STATE LOTTERY GAME PROCEDURES FOR THE LOTTO GAME ALL OR NOTHING 1.0. Name of Game The name of
More informationPowernext Commodities Market Rules Consolidated texts on 28/05/2017. Powernext Commodities Market Rules. Consolidated texts
Powernext Commodities Market Rules Consolidated texts on 28/05/2017 Powernext Commodities Market Rules Consolidated texts May 28. 2018 CONTENTS TITLE 1 - POWERNEXT COMMODITIES GENERAL REQUIREMENTS... 4
More informationPowernext Commodities Market Rules Consolidated texts on 19/12//2017. Powernext Commodities Market Rules. Consolidated texts
Powernext Commodities Market Rules Consolidated texts on 19/12//2017 Powernext Commodities Market Rules Consolidated texts December 19. 2017 CONTENTS TITLE 1 - POWERNEXT COMMODITIES GENERAL REQUIREMENTS...
More informationCalifornia Independent System Operator Corporation Fifth Replacement Electronic Tariff
Table of Contents 39. Market Power Mitigation Procedures... 2 39.1 Intent Of CAISO Mitigation Measures; Additional FERC Filings... 2 39.2 Conditions For The Imposition Of Mitigation Measures... 2 39.2.1
More informationProspectus Rules. Chapter 2. Drawing up the prospectus
Prospectus ules Chapter Drawing up the Section.1 : General contents of.1 General contents of.1.1 UK General contents of... Sections 87A(), (A), (3) and (4) of the Act provide for the general contents of
More informationTrading Rules of Dalian Commodity Exchange
Trading Rules of Dalian Commodity Exchange (Revised in the First Session of the Second Members Meeting on April 7, 2003; And effective as of February 1, 2004) Chapter I General Provisions Article 1 These
More informationEDP ENERGIAS DO BRASIL S.A. COMPANY BY-LAWS
EDP ENERGIAS DO BRASIL S.A. COMPANY BY-LAWS CHAPTER I Name, Headquarters, Term and Object Article 1 EDP ENERGIAS DO BRASIL S.A. is a corporation governed by these By-laws and their applicable legal provisions,
More informationOnline banking for the Royal Society of Chemistry and its member networks
Bankline User Guide Online banking for the Royal Society of Chemistry and its member networks We have produced a document that we hope will help answer most of your Bankline questions, mindful of the fact
More informationGeneral agreement terms and conditions 1 (9) governing services with access codes
General agreement terms and conditions 1 (9) 1. General Nordea Bank AB (publ), Finnish Branch (hereinafter the Bank ) offers its customers a service package accessible with access codes (hereinafter the
More informationAGREEMENT. - between - NORTH SHORE SCHOOL DISTRICT - AND - NORTH SHORE SCHOOLS FEDERATED EMPLOYEES - SECRETARIAL UNIT
AGREEMENT - between - NORTH SHORE SCHOOL DISTRICT - AND - NORTH SHORE SCHOOLS FEDERATED EMPLOYEES - SECRETARIAL UNIT July 1, 2009 - June 30, 2013 INDEX Article Page RECOGNITION I 1 DUES CHECKOFF II 1 VACATIONS
More informationSECTION 7 CONTINUING LISTING REQUIREMENTS
SECTION 7 CONTINUING LISTING REQUIREMENTS All Entities whose Securities are listed on the Exchange shall comply with these Rules and such additional Rules as may be introduced from time to time at the
More informationPLAN OF OPERATION OF THE NORTH CAROLINA INSURANCE UNDERWRITING ASSOCIATION DATE APPROVED BY DEPARTMENT OF INSURANCE: EFFECTIVE AUGUST 4, 2017
PLAN OF OPERATION OF THE NORTH CAROLINA INSURANCE UNDERWRITING ASSOCIATION DATE APPROVED BY DEPARTMENT OF INSURANCE: EFFECTIVE AUGUST 4, 2017 NCPC-131145898 Table of Contents Section I Purpose of Plan
More information1. Which issuers are covered by the model and what is the scope of the model?
Frequently asked questions about the Agreement of the Executive Committee of the CNMV adopted on 27 th of May 2010, on the model for a Short Selling Disclosure regime proposed by CESR. Version updated
More information(Text with EEA relevance)
18.12.2014 L 363/121 COMMISSION IMPLEMTING REGULATION (EU) No 1348/2014 of 17 December 2014 on data reporting implementing Article 8(2) and Article 8(6) of Regulation (EU) No 1227/2011 of the European
More informationCalifornia Independent System Operator Corporation Fifth Replacement Electronic Tariff
Table of Contents 39. Market Power Mitigation Procedures... 2 39.1 Intent Of CAISO Mitigation Measures; Additional FERC Filings... 2 39.2 Conditions For The Imposition Of Mitigation Measures... 2 39.2.1
More informationMFC AUCTIONS STEP BY STEP ONLINE AUCTION GUIDE. MFC a division of Nedbank
MFC AUCTIONS STEP BY STEP ONLINE AUCTION GUIDE MFC a division of Nedbank MFC AUCTIONS 5 STEPS TO BUYING A VEHICLE ON AUCTION View (Auctions) Browse the Auctions and view the catalogue of available vehicles
More informationARTICLES OF ASSOCIATION (STATUT) CAPITAL PARK SPÓŁKA AKCYJNA (Joint-Stock Company) I. GENERAL PROVISIONS
CONSOLIDATED TEXT INCLUDING AMENDMENTS ADOPTED BY THE ORDINARY MEETING OF SHAREHOLDERS BY RESOLUTION No 18/06/2018 of 29 June 2018 ARTICLES OF ASSOCIATION (STATUT) CAPITAL PARK SPÓŁKA AKCYJNA (Joint-Stock
More informationSEMOpx. Operating Procedures: DAM, IDA, IDC. Updated Draft: 09/03/18. Draft prepared for discussion at the BLG meeting, 14 March 2018.
SEMOpx Updated Draft: 09/03/18 Operating Procedures: DAM, IDA, IDC Draft prepared for discussion at the BLG meeting, 14 March 2018. 1 CONTENTS A. Introduction 5 A.1 General provisions 5 A.1.1 Purpose and
More informationIllinois Power Agency. Ameren Illinois Company
REQUEST FOR PROPOSALS FOR STANDARD WHOLESALE ENERGY PRODUCTS Levitan & Associates, Inc. Procurement Administrator on behalf of Illinois Power Agency for ISSUE DATE: April 15, 2011 DUE DATE: May 5, 2011
More informationApplus Services, S.A. Call Notice for the Annual General Shareholders Meeting
Applus Services, S.A. Call Notice for the Annual General Shareholders Meeting The Board of Directors of the company Applus Services, S.A. (hereinafter, Applus or the Company ) has agreed to convene the
More informationTHE ELEMENTS FINANCIAL GROUP, LLC SOLICITOR S DISCLOSURE STATEMENT. Pursuant to Rule 206(4)-3 of The Investment Adviser s Act of 1940
THE ELEMENTS FINANCIAL GROUP, LLC SOLICITOR S DISCLOSURE STATEMENT Pursuant to Rule 206(4)-3 of The Investment Adviser s Act of 1940 ( Solicitor ) hereby proposes to introduce you to The Elements Financial
More informationORDINARY SHAREHOLDERS MEETING 2017 PROPOSED RESOLUTIONS
ORDINARY SHAREHOLDERS MEETING 2017 PROPOSED RESOLUTIONS 1 Resolution proposal related to the first point on the Agenda ( Review and approval, if appropriate, of the Annual Financial Statements and Management
More informationTechnical specification of conditions and rules for electronic auctions for timber. Registration of the Bidder
Appendix 1 to AGREEMENT ON CONDITIONS AND RULES OF PARTICIPATION IN ELECTRONIC AUCTIONS FOR TIMBER Technical specification of conditions and rules for electronic auctions for timber Terms used Electronic
More informationSettlement Pricing Procedure
Settlement Pricing Procedure The English version is for informal use only. Only the german version is legally binding. 25.10.2017 Leipzig Version 4.07 1. Table of Contents 1. Table of Contents 2 2. Preliminary
More informationNotice of Extra Ordinary General Meeting
Notice of Extra Ordinary General Meeting To be held on Saturday, 30 th March 2019 at 10:00 a.m PSX Auditorium, Stock Exchange Building, Stock Exchange Road, Karachi NOTICE OF EXTRAORDINARY GENERAL MEETING
More informationOn behalf of your utility, please consider this invitation to join the CT Water & Wastewater Agency Response Network (CtWARN).
August, 2008 www.ctwarn.org Dear Water/Wastewater Utility Manager, On behalf of your utility, please consider this invitation to join the CT Water & Wastewater Agency Response Network (CtWARN). As utility
More informationThe Exchange and Centre Procedures
Saudi Stock Exchange (Tadawul) The Exchange and Centre Procedures Approved by the Board of (Tadawul) Pursuant to its Resolution Number (1-2-2017) Dated 24/6/1438H corresponding to 23/3/2017G Arabic is
More informationDetailed Trading Rules of Dalian Commodity Exchange
Detailed Trading Rules of Dalian Commodity Exchange (Revised by the Forty-fifth Session of the Second Board of Governors Meeting on November 12, 2013; Promulgated subject to DCE [2013] No. 291 Document
More informationAGREEMENT ON TRANSMISSION SERVICE ON FINGRID'S CROSS-BORDER CONNECTIONS BETWEEN RUSSIA AND FINLAND, NO /2018
AGREEMENT ON TRANSMISSION SERVICE ON FINGRID'S CROSS-BORDER CONNECTIONS BETWEEN RUSSIA AND FINLAND, NO. 2128 /2018 PARTIES This agreement (the Agreement ) has been concluded by and between: 1) Fingrid
More informationCALL TO THE ORDINARY GENERAL SHAREHOLDERS' MEETING ORYZON GENOMICS, S.A. ORDINARY GENERAL SHAREHOLDERS' MEETING
CALL TO THE ORDINARY GENERAL SHAREHOLDERS' MEETING ORYZON GENOMICS, S.A. ORDINARY GENERAL SHAREHOLDERS' MEETING The Board of Directors of ORYZON GENOMICS, S.A. (hereinafter, the Company ), in accordance
More informationCURRENCY EXCHANGE SERVICE TERMS AND CONDITIONS
CURRENCY EXCHANGE SERVICE TERMS AND CONDITIONS GENERAL PROVISIONS 1 1. All terms written in capital letters have the meaning as specified in 2 below ( Definitions ) or the Cinkciarz.pl Web Portal Terms
More informationHOW TO APPLY FOR HONG KONG OFFER SHARES
1. HOW TO APPLY Exhibit III (updated in December 2013 and March 2014) If you apply for Hong Kong Offer Shares, then you may not apply for or indicate an interest for International Offer Shares. To apply
More informationTrading Manual. Zagreb, 27 December 2017
Zagreb, 27 December 2017 DISCLAIMER: Please note that this is a convenience translation of the which serves for information purposes only. The original Croatian text is binding in all respects. Contents:
More informationCNMV Markets Directorate General C/ Edison núm Madrid. Colmenar Viejo (Madrid), May 26, 2017
CNMV Markets Directorate General C/ Edison núm. 4 28006 Madrid Colmenar Viejo (Madrid), May 26, 2017 Pursuant to article 228 of the restated text of the Securities Market Law, we hereby inform you of the
More informationCalifornia Independent System Operator Corporation Fifth Replacement Electronic Tariff
Table of Contents 39. Market Power Mitigation Procedures... 2 39.1 Intent of CAISO Mitigation Measures; Additional FERC Filings... 2 39.2 Conditions for the Imposition of Mitigation Measures... 2 39.2.1
More informationCOMPANIES REGULATIONS
In force on 12 November 2018 TABLE OF CONTENTS 1. GENERAL... 1 1.1 Application and interpretation... 1 1.2 References to writing... 2 2. COMPANY FORMATION AND INCORPORATION... 2 2.1 Application for incorporation...
More informationTRADING REGULATIONS FOR THE SHARES OF GROWTH COMPANIES AND SPANISH REAL ESTATE INVESTMENT TRUSTS (SOCIMIs) THROUGH THE ALTERNATIVE EQUITY MARKET (MAB)
CIRCULAR 7/2017 TRADING REGULATIONS FOR THE SHARES OF GROWTH COMPANIES AND SPANISH REAL ESTATE INVESTMENT TRUSTS (SOCIMIs) THROUGH THE ALTERNATIVE EQUITY MARKET (MAB) Title V of the Market Regulations
More informationTERMS AND CONDITIONS. 1.1 In this Terms and Conditions, the following words and phrases will have the meanings as assigned below:
Money Transfers to India Account Holder TERMS AND CONDITIONS These terms and conditions ( Terms and Conditions ) apply to the HomeVantage Current Account and HiSAVE Remittance Account and should be read
More informationOnline Banking Agreement and Disclosure
Online Banking Agreement and Disclosure This Online Banking Agreement and Disclosure ("Agreement") describes your rights and obligations as a user of the Online Banking service or the Bill Payment service
More information[ ] - AND - [ ] POWER PURCHASE AGREEMENT RELATING TO DATED [ ]
This document has been prepared for the purposes of the PPP IN INFRASTRUCTURE RESOURCE CENTER FOR CONTRACTS, LAWS AND REGULATIONS (PPPIRC) website. It is a sample document FOR REFERENCE PURPOSES ONLY and
More informationProspectus Rules. Chapter 2. Drawing up the prospectus
Prospectus Rules Chapter Drawing up the PR : Drawing up the included in a.3 Minimum information to be included in a.3.1 EU Minimum information... Articles 3 to 3 of the PD Regulation provide for the minimum
More informationREFORM OF THE SPANISH GAS SECTOR (III): BILL MODIFYING THE SPANISH HYDROCARBONS SECTOR ACT 34/1998, OF 7 OCTOBER
REFORM OF THE SPANISH GAS SECTOR (III): BILL MODIFYING THE SPANISH HYDROCARBONS SECTOR ACT 34/1998, OF 7 OCTOBER 16 January 2015 Madrid Legal Briefings On 18 September 2014 Spanish Congress received a
More informationExecution-Only Service Terms. (and related documentation)
Execution-Only Service Terms (and related documentation) Please note that this booklet includes the Execution-Only Service Terms, the Appendices, the Risk Disclosure Statement, the Order Execution Policy,
More informationTHE FOREIGN EXCHANGE COMMITTEE. in association with THE BRITISH BANKERS' ASSOCIATION. and THE CANADIAN FOREIGN EXCHANGE COMMITTEE.
THE FOREIGN EXCHANGE COMMITTEE in association with THE BRITISH BANKERS' ASSOCIATION and THE CANADIAN FOREIGN EXCHANGE COMMITTEE and THE TOKYO FOREIGN EXCHANGE MARKET PRACTICES COMMITTEE THE 1997 INTERNATIONAL
More informationMAIN LESSONS LEARNED
MAIN LESSONS LEARNED from the first reporting round with two pilot projects To ensure your online reporting for the North Sea Region Programme is efficient, please read this short document addressing key
More informationBidding Rules. For Fixed-Price and Hourly-Priced Auctions. To Procure Default Service Products. Under Default Service Program DSP-IV for
Bidding Rules For Fixed-Price and Hourly-Priced Auctions To Procure Default Service Products Under Default Service Program DSP-IV for Metropolitan Edison Company ( Met-Ed ) Pennsylvania Electric Company
More informationANBIMA Code of Regulation and Best Practices of Investmentment Funds
ANBIMA Code of Regulation and Best Practices of Investmentment Funds INDEX TITTLE I GENERAL PROVISIONS... 4 CHAPTER I PURPOSE AND COVERAGE... 4 CHAPTER II GENERAL PRINCIPLES... 6 TITLE II - GENERAL RULES
More informationAny symbols displayed within these pages are for illustrative purposes only, and are not intended to portray any recommendation.
Allocation Fund Investment Manager Getting Started Guide February 2018 2018 Interactive Brokers LLC. All Rights Reserved Any symbols displayed within these pages are for illustrative purposes only, and
More informationTable of Contents. Operations Manual October 2017 Page 2 of 41
Table of Contents SECTION 1 ICE CLEAR CANADA, INC.... 5 Introduction... 5 The... 5 Contact Information... 5 Clearing Systems... 5 SECTION 2 TIME FRAMES, DEADLINES, AND REPORTS... 6 Staff Availability...
More informationRequest for Proposal For Consultant for availing the Duty Credit scrip- under Foreign Trade Policy ( )
Request for Proposal For Consultant for availing the Duty Credit scrip- under Foreign Trade Policy (2009-14) PREQUALIFICATION CUM TENDER NOTICE FOR CONSULTANT FOR AVAILING DUTY CREDIT SCRIP UNDER FOREIGN
More informationNGX Phase 3 Ontario Forward Energy Auction
NGX Phase 3 Ontario Forward Energy Auction NGX is pleased to announce that the NGX Phase 3 Ontario Forward Energy Auction will proceed. NGX is planning on hosting the official Auction on Wednesday December
More informationElectricity (Development of Small Power Projects) GN. No. 77 (contd.) THE ELECTRICITY ACT (CAP.131) RULES. (Made under sections 18(5), 45 and 46))
GOVERNMENT NOTICE NO. 77 published on 02/03/2018 THE ELECTRICITY ACT (CAP.131) RULES (Made under sections 18(5), 45 and 46)) THE ELECTRICITY (DEVELOPMENT OF SMALL POWER PROJECTS) RULES, 2018 1. Citation
More informationPART-II. Statutory Notifications (S.R.O.) Government of Pakistan SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN NOTIFICATION
[Amended vide S.R.O.526(I)/2016 dated 6 th June 2016] PART-II Statutory Notifications (S.R.O.) Government of Pakistan SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN NOTIFICATION Islamabad, the 6 th February,
More informationFor the purpose of these General Terms and Conditions, the below-specified terms shall have the following meaning:
GENERAL TERMS AND CONDITIONS OF HRVATSKI TELEKOM D.D. FOR PROVISION OF SERVICES IN THE PUBLIC FIXED COMMUNICATIONS NETWORK (HRVATSKI TELEKOM FIXED SERVICES) (hereinafter: General Terms and Conditions)
More information"TITLE II TAKEOVER BIDS OR EXCHANGE TENDER OFFERS. Chapter I General rules. Article 35 (Definitions)
Unofficial English version of Amendments to the enactment regulation of Italian Legislative Decree no. 58 of 24 February 1998, concerning the issuers' regulation, adopted with resolution no. 11971 of 14
More informationTHE COMPANIES ACT 2006 COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL. MEMORANDUM of ASSOCIATION of YOUTHBORDERS
THE COMPANIES ACT 2006 COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL MEMORANDUM of ASSOCIATION of YOUTHBORDERS THE COMPANIES ACT 2006 COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
More informationThe fund is an alternative investment fund as provided in the Act on Alternative Investment Fund Managers (Laki vaihtoehtorahastojen hoitajista).
Trevian High-Yield Property (non-ucits) RULES OF THE SPECIAL INVESTMENT FUND 1 Fund and the aim of the Fund s investment operations The name of the fund in Finnish is Erikoissijoitusrahasto Trevian High
More informationThe Detailed Trading and Clearing Rules for Electricity Traded on the Day-Ahead Market
The Detailed Trading and Clearing Rules for Electricity Traded on the Day-Ahead Market Approved by Resolution of the Management Board No 239/68/18 of November 21th 2018 effective as of November 29 th 2018-.
More informationRADIUS BANK ONLINE BANKING SERVICES AGREEMENT
RADIUS BANK ONLINE BANKING SERVICES AGREEMENT IMPORTANT INFORMATION ABOUT THIS AGREEMENT THIS AGREEMENT APPLIES TO CONSUMER, NON-BUSINESS USERS OF RADIUS BANK S ONLINE BANKING SERVICES ONLY. IF YOU ARE
More informationDIRECTORS REPORTS. 2. Report regarding agenda item four, sections 4.1 and 4.2.
DIRECTORS REPORTS 1. Report regarding agenda item three 2. Report regarding agenda item four, sections 4.1 and 4.2. 3. Report regarding agenda item five 4. Report regarding agenda item seven 5. Report
More informationThis document is meant purely as a documentation tool and the institutions do not assume any liability for its contents
2004R0809 EN 01.03.2007 002.001 1 This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents B COMMISSION REGULATION (EC) No 809/2004 of 29
More informationSettlement Pricing Procedure
Settlement Pricing Procedure The English version is for informal use only. Only the german version is legally binding. 22.01.2018 Leipzig Version 5.01 1. Table of Contents 1. Table of Contents 2 2. Preliminary
More informationILLOWA CONSTRUCTION LABOR AND MANAGEMENT COUNCIL IMPACT TM MEMORANDUM OF UNDERSTANDING
ILLOWA CONSTRUCTION LABOR AND MANAGEMENT COUNCIL IMPACT TM MEMORANDUM OF UNDERSTANDING MEMORANDUM OF UNDERSTANDING For construction of facilities located within the nine (9) county areas of Illinois and
More informationCentral Goods and Services Tax (CGST) Rules, 2017
Central Goods and Services (CGST) Rules, 2017 Notified vide Notification No. 3 /2017-Central (Dated 19 th June 2017) and further as amended by Notification No. 7/2017-Central (Dated 27 th June 2017), Notification
More informationTrading Manual. Zagreb, December 2018
Zagreb, December 2018 DISCLAIMER: Please note that this is a convenience translation of the which serves for information purposes only. The original Croatian text is binding in all respects. Contents:
More informationUNOFFICIAL TRANSLATION OF THE SPANISH ORIGINAL
AGREEMENT FOR THE RECIPROCAL PROMOTION AND PROTECTION OF INVESTMENTS BETWEEN THE UNITED MEXICAN STATES AND THE KINGDOM OF SPAIN The Mexican United States and the Kingdom of Spain, hereinafter The Contracting
More informationCONSTITUTION. Adopted May 20, 1914 As Last Amended June 22, 2017 Effective, September 1, 2017
CONSTITUTION Adopted May 20, 1914 As Last Amended June 22, 2017 Effective, September 1, 2017 New York Compensation Insurance Rating Board 733 Third Avenue New York, New York 10017 (212) 697-3535 ARTICLE
More informationAGREEMENT ON SOCIAL SECURITY BETWEEN THE GOVERNMENT OF CANADA AND THE GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO
AGREEMENT ON SOCIAL SECURITY BETWEEN THE GOVERNMENT OF CANADA AND THE GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO THE GOVERNMENT OF CANADA AND THE GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO,
More informationNFX TradeGuard User's Guide
NFX TradeGuard User's Guide NASDAQ Futures, Inc. (NFX) Version: 4.1.1229 Document Version: 4 5 Publication Date: Monday, 12 th Dec, 2016 Confidentiality: Non-confidential Genium, INET, ITCH, CONDICO, EXIGO,
More informationCOPYRIGHTED MATERIAL. Contents. About the Authors Preface xxi
Hopkins_NF_FM_1 11/13/2008 5 Contents About the Authors Preface xxi xix Chapter One: Part I Overview of New Form 990 1 1.1 Form 990 Basics 2 (a) Various Forms 2 (b) Filing Exceptions 2 (c) Filing Due Dates
More informationADHESION AGREEMENT GENERAL INFORMATION. Client Information: MexDer Account Number: Name, Denomination or Corporate Name: Address: Address line 2:
Scotiabank is a founding clearing member and a shareholder of the Mexican Derivatives Exchange (MexDer) through a trust called Socio Liquidador Inverlat, and operates under the legal name Scotia Inverlat
More information