Method of Payment All payments shall be made by way of electronic funds transfer. Any other form of payment shall not be accepted. The following electronic funds transfer payment methods can be used to effect a payment under the Code. The Participant must consider the relevant payment cycle to allow payment to be met by the Payment Due Date: Standard payment methods: BACS (UK): normally a 3 day cycle, standard payment; and EFT (Ireland): normally a 2 day cycle, standard payment. Same day payment methods: CHAPS (UK): 1 day cycle, same day payment; and Same day payments (Ireland): 1 day cycle, same day payment. In relation to payment of Settlement Documents, payment be made within 3 Working Days of issuing a Settlement Document. Therefore, based on the payment cycles above, to ensure payments are made on time, a BACS instruction needs to be presented on the Settlement Document issue date, an EFT instruction before the Settlement Document issue date +1 Working Day and if using the CHAPS or same day facility an instruction must be sent before the Settlement Document issue date +2 Working Days. Example: Settlement Document is raised on Billing Period +5 Working Days 12:00, Friday; Payment is then due on Billing Period +3 Working Days 12:00, Wednesday; and To meet 12:00 Wednesday deadline BACS submit Friday, presented 3WD later, Wednesday morning – EFT submit Monday, presented 2 WD later, Wednesday morning – Same day submit Tuesday, presented on the same day, Tuesday evening. – If submitted Wednesday, the payment will not be presented until after 12:00 Settlement Statements and Settlement Documents The Market Operator will issue Settlement Statements to Participants each Working Day on completion of all Settlement runs. Settlement Statements shall detail inputs into and results of all Settlement calculations on an Imbalance Settlement Period in relation to Generator Units, Capacity Market Units and Supplier Units registered by a Participant. In accordance with the timelines set out in chapter G of Code, the Market Operator will also issue a single Settlement Document that shall report the aggregate of the results from the Settlement Statements for each Billing Period. Settlement Documents shall set out all payments and charges due in respect of Generator Units and Supplier Units registered by a Participant for Imbalance Settlement. Settlement Documents relate to Initial Settlement and Settlement Reruns for the Working Day in which they are issued. Market Operator Charges shall not be included in the Settlement Document, they are detailed in the Market Operator invoice.
Method of Payment All payments shall be made by way of electronic funds transfer. Any other form of payment shall not be accepted. The following electronic funds transfer payment methods can be used to effect a payment under the Code. The Participant must consider the relevant payment cycle to allow payment to be met by the Payment Due Date: Standard payment methods: BACS (UK): normally a 3 day cycle, standard payment; and EFT (Ireland): normally a 2 day cycle, standard payment. Same day payment methods: CHAPS (UK): 1 day cycle, same day payment; and Same day payments (Ireland): 1 day cycle, same day payment. In relation to payment of Settlement Documents, payment be made within 3 Working Days of issuing a Settlement Document. Therefore, based on the payment cycles above, to ensure payments are made on time, a BACS instruction needs to be presented on the Settlement Document issue date, an EFT instruction before the Settlement Document issue date +1 Working Day and if using the CHAPS or same day facility an instruction must be sent before the Settlement Document issue date +2 Working Days. Example: Settlement Document is raised on Billing Period +5 Working Days 12:00, Friday; Payment is then due on Billing Period +3 Working Days 12:00, Wednesday; and To meet 12:00 Wednesday deadline BACS – submit Friday, presented 3WD later, Wednesday morning EFT – submit Monday, presented 2 WD later, Wednesday morning Same day – submit Tuesday, presented on the same day, Tuesday evening. If submitted Wednesday, the payment will not be presented until after 12:00 Settlement Statements and Settlement Documents The Market Operator will issue Settlement Statements to Participants each Working Day on completion of all Settlement runs. Settlement Statements shall detail inputs into and results of all Settlement calculations on an Imbalance Settlement Period in relation to Generator Units, Capacity Market Units and Supplier Units registered by a Participant. In accordance with the timelines set out in chapter G of Code, the Market Operator will also issue a single Settlement Document that shall report the aggregate of the results from the Settlement Statements for each Billing Period. Settlement Documents shall set out all payments and charges due in respect of Generator Units and Supplier Units registered by a Participant for Imbalance Settlement. Settlement Documents relate to Initial Settlement and Settlement Reruns for the Working Day in which they are issued. Market Operator Charges shall not be included in the Settlement Document, they are detailed in the Market Operator invoice.
Part-B-Agreed-Procedure-17-Banking-and-Participant-Payments.docx