EXIST publishes a settlement notice that forms the basis of the invoice, including the items for receivables and debts in relation to the transactions of the Shippers within an invoicing period. According to this, it performs a “market and imbalance settlement” for Market Participants and “imbalance settlement” for System Users.

Market Settlement

At the end of an invoicing period, a Participant is a Debtor to the extent of the total quantity of bid transactions and a Creditor to the extent of the total quantity of sales transactions. Market Settlement is carried out by deducting the advances paid by the Participant during the period from the net amount of receivables or debts determined as a result of offsetting these amounts. Market Settlement is carried out based on the “finalized trading quantities”.

Imbalance Settlement

At the end of a trading window, a Shipper is Positively Imbalanced to the extent of the total quantity of bid transactions carried out within the window and Negatively Imbalanced to the extent of the total quantity of sales transactions. The Imbalance Debts or Receivables of a Shipper for the relevant trading window is calculated according to the relevant unit price, based on the net positive or negative imbalance amount determined as a result of offsetting these amounts. Imbalance Settlement is carried out by considering these amounts within the invoicing period. Imbalance Settlement is carried out based on the “finalized transmission quantities”.

Balance Resetting Amount (BAST)

The balance created as a result of Imbalance Settlement after deducting the receivables and debts; based on the principle that the Transmission Company does not generate any profits/losses due to the activities carried out to ensure the physical balance of the tranmission network, is reflected on the Shippers based on the days of transaction and at the rate of the market share, as the Balance Resetting Amount (BAST) by EXIST.

Uncollectible Receivables

The balance created if the entirety of the debt accrued as a result of Market Settlement cannot be offset by the “daily and invoice transaction collateral ” of the Participants, or the entirety of the debt accrued as a result of Imbalance Settlement cannot be offset by the “imbalance collateral ” of the Shippers; is reflected on the relevant parties as described in PUE and returned to the relevant parties if collected.

Late Fee

Created as a result of imposing a default interest on the balance amounts starting from the date of notice in case the entirety of the Advance debts of the Participants cannot be offset by the daily transaction collateral and the Invoice debts of the Shippers cannot be offset by the “invoice transaction and imbalance collaterals”.

Retrospective Adjustment (GDDK)

This item is created if the objections raised against the Settlement or Invoice by the Shippers are found justified, indicates the adjustment payments to be made by the Shippers and EXIST, and is included as an item in the third invoice at the latest following the invoice which caused the objection.