Collection and Payments

What amount is to be paid or collected resulting from my market transactions?

Collections and payments are weekly: agent-activity invoices from any given calendar week (Monday to Sunday) are entered into an agent's weekly credit or debit note.

Said note may include, in addition to daily invoices related to transactions in the daily, intraday bidding and intraday continuous market, other concepts such as:

1. A monthly invoice corresponding to the remuneration for OMIE.

2. A monthly invoice corresponding to the REMIT service

3. Other sorts of concepts (garnishments, minor variations to previous horizons, etc...)

As a result, an agent will be either a debtor or a creditor in their corresponding settlement horizon.

 

When are debit and credit notes published?

On the first working day of each week, the market operator publishes, for each agent, their aggregate debit and credit notes with the corresponding net amount to be paid or collected.

Likewise, agents may access these payable or receivable amounts online, via the Market Operator's Information System.

It is considered as working day, for purposes of the calendar of collections and payments, all those days that are not holidays in OMIE. You have available the list of holidays in OMIE in the following link http://www.omie.es/en/home/markets-and-products/electricity-market/calendars-and-periods.

Agents have the collections and payments calendar available in the Market Operator's Information System.

 

In what format are these debit and credit notes issued?

A debit or credit note is a PDF document signed with the market operator's electronic signature.

In order to guarantee confidentiality, as established in Market Rules, agents may download their weekly debit or credit notes by accessing the Market Operator's Information System by means of their digital certificate.

There is further information in The Market Operator's Information System (https://www.mercado.omie.es).

 

When is the payment deadline in the case of debtors?

When an agent is a debtor, payment must be made to the market operator's bank account, as it appears on the debit note, before 10 AM on payment day. Therefore, agent payments must be made well enough in advance to meet a given due date.

The payment date shall be two working days after the publication of the aggregate debit and credit note. In those weeks in which there are three bank holidays in Madrid from Monday to Friday (or two bank holidays without possibility of ordering payments the last working day due to it is non-banking day in the Bank of Spain or target2), the payment date shall be the working day after the publication of the aggregate debit and credit note.

Agents have the collections and payments calendar available in the Market Operator's Information System.

 

What bank account must I make the payment to?

The market operator's bank account, to which debtor agents must make their payments, is available in their weekly debit or credit notes. Additionally, this information is also available on the OMIE agents' website.

 

How should the bank transfer for a weekly payment be made?

Debtor agent transfers must include the company-activity code which appears in the market operator's database.

Additionally, they must make their weekly payment by means of a single transfer (or two transfers if the agent has chosen to make an advance payment prior to the issuance ofa a weekly aggregate debit and credit note). In case of not complying with this requirement, the agent must pay the market operator 25 eurs for each additional transfer issued.

 

What happens when a default payment occurs?

When an agent's payment isn't received before 11 AM on payment day, and after being notified by the bank of the corresponding default infringment, OMIE will apply a fixed penalty of 300 Euros to each non-complying agent and initiate the execution of their payment guarantees to ensure creditor agent's collection.

If the enforcement of guarantees doesn't reach the amount the defaulting agent must pay creditor agents, OMIE will proceed to reduce creditor agents' collection, apportioning the unpaid amount among them. Once the amount corresponding to the enforcement of guarantees is received, creditors will obtain their amounts pending payment plus the corresponding default interest.

 

When does the market operator pay creditor agents for their market operations?

Once all payments have been received, creditors receive their collection on the business day after payment date or, when it's a holiday, on the payment day itself.

In case of breaches of payment by debtor agents that trigger the apportioning of an unpaid amount among creditors, the latter would collect less on collection day, although once the amount corresponding to the enforcement of guarantees is received, creditors would receive their outstanding amounts plus the corresponding default interest.

Agents have the collections and payments calendar available in the Market Operator's Information System.

 

To what account does the market operator pay creditor agents?

The market operator will pay creditor agents, on collection day, to the account that each agent has provided when registering at the Market Operator's Information System.

When an agent wishes to change the bank account to receive collections, they must do so through the Market Operator's Information System. Such a change will take effect when issuing a credit note in their next settlement horizon.

 

May one consolidate collections and payments related to various activities?

When two or more invoices related to different activities are issued to the same market agent, the aggregate debit or credit notes may be consolidated into one, as per the agent's instructions. The Market Operator will include, in the agent's aggregate debit or credit notes, a joint set of daily debit and credit notes issued to the agent on their settlement horizon.

 

Is it possible to consolidate several agents' collections and payments?

Market agents belonging to the same business group may consolidate notes corresponding to all the companies in the group into a single aggregate debit or credit note.

In order to do so, they must complete a form and send it to OMIE signed by the attorneys of the different companies that make up the business group. This form is available in the Market Access Guide (model VIII- Compensation form for collections and payments among individuals belonging to the same group). This access guide is available on the 'Agent information' menu in the section 'How to become an agent'.

The form is validated upon reception.

 

Can advance payments be made?

Debtor agents may make a single advance payment on account (partial or total) prior to the issuance of a debit and credit note, so that it may be included in it. Advance payments received after a note is posted shall be registered on payment day.

In any case, advance payments do not release collateral.

 

What's the period of acceptance for advance payment requests?

According to market rules, deadlines for the acceptance of agents' communications, notifications and requests are established in the document "Schedules and deadlines for the acceptance of agents requests", published on the Market Operator's Information System.

 

How do I know if my request for an advance payment has been processed?

When an application has been processed by OMIE, the agent will receive a task in the Market Operator's Information System indicating whether their application has been accepted or rejected.

 

Is it possible to do direct debit payment for market purchases?

Market rules don't allow direct debit as a way of payment, given that said option cannot be considered a final payment to the market's account since a debtor agent may still be able to reject receipts.

 

What is the arrangement called "payment upon a cash deposit"?

This arrangement allows an agent to not have to make a payment since OMIE, when publishing a weekly payment note, will automatically detract from the deposit those payments previously provided by the agent and corresponding to their weekly settlement.

This process will be carried out provided that an agent meets the following terms:

1. that they qualify for such an arrangement

2. that they have enough cash for payments in their deposit

3. that the weekly payment is less than the amount stipulated by the agent.

Any agent who wishes to benefit from this option must request so through the Market Operator's Information System.

 

What are the schedules and deadlines for processing my applications?

The schedule to reply to agents' requests sets the time limits during which the Market Operator undertakes to process said requests, acting with due diligence and good faith and always strictly respecting the order for acceptance or rejection attending to when the request was received and the information necessary to process it. In exceptional circumstances, the market operator may not meet its deadlines, like, for instance, when a large number of unforeseen requests pile up.

 

Where may one find more detail related to collections and payments?

There is further information on collections and payments in market rules, which can be accessed via the menu "Market Rules" → "OMIE Rules".