In order to purchase, the market production agent needs to have provided a guarantee that will be used to cover any obligations assumed by virtue of the purchases made in the production market.
In the absence of this guarantee the agent shall not be allowed to intervene as buyer on the production market.
Agents can avail of a simulation to help calculate the payment guarantees to be furnished in favour of the market operator, depending on the expected transactions to be carried out in the electricity market. The payment guarantees simulator can be found in the ‘Agents Information’ menu under ‘How to become a market agent’.
Agents are entitled to submit to OMIE the following types of payment guarantees:
- Cash deposit into the market operator’s bank account.
- Line of credit
- Surety bond guarantees
In addition, until they are collected, their accredited collection rights shall likewise serve as a guarantee for their purchases or for those of a third party.
In the event of non-compliance with payment, the market operator shall enforce the payment guarantees of the non-complying agent in order to satisfy the collection rights of the creditor agents.