Financial Settlement
Payment and Accounting
The payment and accounting of the Auction Price for yearly and monthly auctions will be handled by APG. To secure the payment of the Auction Price the Auction Participant who has obtained Reserved Capacity
has to communicate to APG an Austrian business account within five Working Days after the
publication of the auction results (relevant deadlines Y3, see article 8.1 and/or relevant
deadlines M3; see article 9.1);
enables APG to effectuate automatic collection with a direct debit authorization from an
Austrian business account in APG´s favour (the form for the direct debit authorization is shown in
ANNEX 5) and
has to provide sufficient funds.
Yearly Auctions will be invoiced in twelve monthly amounts
proportional to the amount of hours and the capacity of the product within the month in question.
Each amount is to be paid
two months in advance. The amount of January and February
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 in January). Invoices for yearly auctions are collected automatically from
the Austrian business account on the 1st Working Day of the month for the second month following,
free of charge and without deduction and/or offsetting.
If the User 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:
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 within five Working Days.
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 loose
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 – yearly, monthly
and daily 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 directdebt authorization) for the total amount for
all kind of auctions (e.g. yearly and/or monthly auction) 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) to the following account:
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 more details concerning payment and accounting please refer to the Aution Rules or 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/