Accounting, Losing of Reserved Capacity from the Yearly Auction

The payment for reservation of yearly and monthly capacity will be handled by APG on its own name on account of CEPS and on account of APG. APG accepts two forms of payment for the reservation of capacity: direct debit authorization in APG's favour or advance payment.

Please contact Mr. Engelbert Freiler

Address:     VERBUND-Austrian Power Grid AG

                     Wagramer Straße 19, IZD-Tower, 1220 Wien, Austria
Phone:        +43 (0) 50313 56159
Fax:            +43 (0) 50313 52089
e-mail:         engelbert.freiler@verbund.at 
                    http://www.verbund.at/

Further information can also be found in the Auction Rules section 7

In general for yearly auctions:

The amount for January 2009 and February 2009 will be invoiced at the same time and the other monthly amount will be invoiced month by month (e.g. amount for March in January). CEPS is entitled to make adjustments of the payment due to increases or introduction of taxes, duties, etc. Invoices are to be paid not later than on the 10th day of the previous month for the second month following, free of charge and without deduction and/or offsetting (receipt of payment at the account of CEPS), i.e. not later than on the 10th of January 2009 for March 2009.

Exemption: With regard to the date of the yearly Auction the amount for January 2009 and February 2009 has to be paid not later than on 10th December 2008. If such a time limit expires on a public holiday, payment should be received on the preceding working day. Should the time limit expire on a Sunday or a public holiday following a Sunday, payment should be received on the following working day.

In case of delayed payment CEPS is entitled to charge interest rates on the due amount for each commenced day of the delay. The daily interest rate is set regularly on the first working day of each calendar month of the year as a fixed amount equalling (3M EURIBOR + 3) percent/365. 3M EURIBOR is defined for the purposes of the Auction Rules as the three-month interest rate at which euro interbank term deposits within the euro zone are offered by one prime bank to another prime bank (see http://www.euribor.org/)

If the payment is not settled on the 20th day of the previous month for the second following month (i.e. not later than the 20th of January 2009 for March 2009) APG and CEPS withdraw from the obligations resulting from the Auction Rules and the Auction Participant loses its reserved capacity bought by auction for all remaining months of the year 2009 and shall be liable pursuant to the General Provision set out in Chapter 2. of the Auction Rules. Such released reservation of capacity will be auctioned in course of the monthly auctions.

The procedure for the monthly auctions is nearly the same and can be found in detail in section 7.2. in the Auction Rules for 2009.