Trading Payments SEM Trading Clearing Account; – Capacity Payments SEM Capacity Clearing Account; – Market Operator Payments Market Operator Charge Account. – The Participants with Units registered in Northern Ireland will in respect of those Units pay into the corresponding bank account at the SEM Bank in Pounds Sterling and Participants with Units registered in the Republic of Ireland will in respect of those Units pay in Euro into the corresponding bank account at the SEM Bank in the Republic of Ireland. Method of Payment It is a requirement upon the MO that all payments made will be by way of EFT. Any other forms of payment will not be accepted. The following EFT 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 relevant due date.: Standard payment methods: BACS () normally a 3 day cycle, standard payment – EFT () normally a 2 day cycle, standard payment – Same day payment methods: CHAPS () 1 day cycle, same day payment – Same day payments () 1 day cycle, same day payment – Payments are to be made within three working days of issuing an invoice. Based on these payment cycles, to ensure payments are made on time, a BACS instruction needs to be presented on the invoice date, an EFT instruction on invoice date +1 day and using the CHAPS or same day facility would mean sending an instruction on invoice date +2 days. Example: Trading Charge Invoice is raised on Billing Period +5 12:00, Friday Payment is then due on Billing Period +8 12:00, Wednesday To meet 12:00 Wednesday deadline BACS submit Friday, presented 3WD 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 2.5.1A Aggregated Payments To reduce the number of payments a Participant to make, the option is available for the Participant to aggregate payments that are for the same Account, for the same Invoice type (namely, each of the Trading Charge, Capacity Charge or Market Operator Charge Invoice types) and fall on the same due date. This option shall be deemed to have been exercised in the event that the payment submitted exceeds the amount of the Invoice identified in the associated payment reference. Note: For avoidance of doubt:
Trading Payments – SEM Trading Clearing Account; Capacity Payments – SEM Capacity Clearing Account; Market Operator Payments – Market Operator Charge Account. The Participants with Units registered in Northern Ireland will in respect of those Units pay into the corresponding bank account at the SEM Bank in Pounds Sterling and Participants with Units registered in the Republic of Ireland will in respect of those Units pay in Euro into the corresponding bank account at the SEM Bank in the Republic of Ireland. Method of Payment It is a requirement upon the MO that all payments made will be by way of EFT. Any other forms of payment will not be accepted. The following EFT 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 relevant due date.: Standard payment methods: BACS () – normally a 3 day cycle, standard payment EFT () – normally a 2 day cycle, standard payment Same day payment methods: CHAPS () – 1 day cycle, same day payment Same day payments () – 1 day cycle, same day payment Payments are to be made within three working days of issuing an invoice. Based on these payment cycles, to ensure payments are made on time, a BACS instruction needs to be presented on the invoice date, an EFT instruction on invoice date +1 day and using the CHAPS or same day facility would mean sending an instruction on invoice date +2 days. Example: Trading Charge Invoice is raised on Billing Period +5 12:00, Friday Payment is then due on Billing Period +8 12:00, Wednesday To meet 12:00 Wednesday deadline BACS – submit Friday, presented 3WD 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 2.5.1A Aggregated Payments To reduce the number of payments a Participant to make, the option is available for the Participant to aggregate payments that are for the same Account, for the same Invoice type (namely, each of the Trading Charge, Capacity Charge or Market Operator Charge Invoice types) and fall on the same due date. This option shall be deemed to have been exercised in the event that the payment submitted exceeds the amount of the Invoice identified in the associated payment reference. Note: For avoidance of doubt:
AP17.docx