Clearing - Serbia
Each Trading Day BSP shall send, in written form, to every Clearing Member Clearing Records regarding all Final Transactions concluded on Serbian Electricity Day-ahead Market on that Trading Day, namely:
- Notification for energy purchase,
- Notification for energy sale and
- Physical Settlement Report of net physical liabilities and/or receivables.
Notification includes net values of Transactions (without VAT) and is issued in EUR with informative value in RSD, converted on the basis of National Bank of Serbia’s official middle exchange rate of Dinar on Trading Day.
BSP shall send individually to each Clearing Member on the Delivery Day the following Clearing Records:
- Invoice for energy purchase,Invoice for energy sale,
- Offset Report of the Clearing Member’s net financial liability or net financial receivables.
Invoice for energy purchase and sale are issued in RSD. The values shall be converted from EUR to RSD as follows:
- the pre-tax value of Transactions is converted on the basis of National Bank of Serbia´s official middle exchange rate of the Dinar for the Trading Day and
- the base for VAT is, in accordance with the Serbian laws applicable to VAT, calculated by conversion of the pre-tax value of Transactions on the basis of National Bank of Serbia´s official middle exchange rate of Dinar for the Delivery Day, with the subsequent amount of VAT corresponding to it.
The total amount of financial liability or receivable of an individual Clearing Member is the sum of pre-tax value of Transaction and amount of VAT.
Financial Settlement
Financial settlement shall be carried out in local currency Dinar (RSD) on the basis of Invoices and in accordance with the Offset Report. Settlement Day is 2 (two) Business Days after the Trading Day.
Clearing Member - Net Debtor, must settle its financial liabilities on Settlement Day by effecting payment into the Settlement Account kept by the Settlement Bank.
On Settlement Day BSP transfers the net financial receivables to the Bank Account of a Clearing Member - Net Creditor.
Physical Settlement
Settlement Day for physical settlement is the Trading Day. BSP and each individual Clearing Member are both responsible for the registration of schedules of net physical liabilities and/or receivables for each Settlement Day.
