Payment and Accounting

Yearly Auctions will be invoiced in twelve monthly amounts. Each amount is to be paid two months in advance. The amount of January 2009 and February 2009 will be invoiced at the same time – directly after the publication of yearly auction results (relevant deadlines Y3, see article 8.1) – and the other months will be invoiced month by month (e.g. amount for March 2009 in January 2009). Invoices for yearly auctions are collected automatically from the Austrian business account not later than on the 10th day of the month for the second month following, free of charge and without deduction and/or offsetting (i.e. not later than on the 10th of January 2009 for March 2009).

Monthly Auctions will be invoiced directly after the publication of monthly auction results (relevant deadlines M3, see article 9.1) and will be collected automatically from the Austrian business account.

APG is entitled to make adjustments of the payment due to increases or introduction of taxes, duties, etc.. Value added tax will be charged according to the European and Austrian tax law.

In the case of insufficient funds of the business account for the automatic collection or if the payment is not settled on the 20th day of the same month APG will withdraw from the obligations resulting from these Yearly and Monthly Auction Rules and the Auction Participant will lose Reserved Capacity awarded through an auction and shall be liable pursuant to the General Provisions set out in article 5 of the these Yearly and Monthly Auction Rules. Such released Reserved Capacity will be auctioned in the daily auction – or if applicable in the following monthly auction. Moreover, the Auction Participant shall be excluded from all following auctions until that date when the Auction Participant remits sufficient funds to the business account for APG and all payments of the Auction Participant are settled.

If the Auction Participant is not able to communicate an Austrian Business Account to APG, APG will accept in advance payment (instead of a direct debt authorization) for the total amount for yearly and/or monthly auctions within five working days after the publication of the auction results (relevant deadline Y3, see article 8.1 and/or relevant deadlines M3; see article 9.1):

       Bank Austria – UniCredit Group

       Am Hof 2a

       1010 Vienna

       IBAN: AT06 1200 0506 1660 3600

       BIC: BKAUATWWXXX

Pursuant to the General Provisions set out in article 5 of these Yearly and Monthly Auction Rules the Auction Participant is not entitled to offset any debts that arise in the connection with an yearly and/or monthly auction to any claim on APG, whether or not arising out of the auction. Transmission fees such as, but not limited to, resulting from the cross-border-tariffication, including all relevant and allowable charges, will be charged independently of the payment for congestion management.

If time limits expire on public holidays, payment should be received on the preceding Working Day. Should the time limits expire on Sundays or public holidays following a Sunday, payment should be received on the following Working Day. In case of delayed payment APG is entitled to charge interest rates on a due amount for each commenced day of the delay. The interest rate is set regularly on the first business day of each calendar month of the year as a fixed amount equaling (base rate of the OENB +8 % p.a.) percent. This interest rate is valid for the given month. Base rate of the OENB is defined for the purposes of these Yearly and Monthly Auction Rules as the interest rate. Its value is specified daily by the Austrian National Bank. APG is entitled to make adjustments of the payment due to increases or introduction of taxes, duties, etc.

VAT and other taxes or levies – if any – shall be invoiced in accordance with the applicable laws.

For details concerning payment and accounting please refer to the Auction Rules or contact

Mr. Engelbert Freiler

Address:   VERBUND-Austrian Power Grid APG

                  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/