Rules relevant to Transmission System Operator’s capacity offers and allocation 

PROVISIONS REGARDING THE BOOKING OF TSO PRIMARY CAPACITIES 

Article 1: Available booking formats 

Primary capacity can be booked via auctions or via the FCFS procedure. 

Article 2: General rules and principles for Auctions 

1. The amount of capacities to be marketed shall be published at www.prisma-capacity.eu before the beginning of the auction in a timely manner. 

2. Long-term capacity products (yearly, quarterly, and monthly) are auctioned in an Ascending Clock Auction in accordance with Art. 11 for yearly capacity auctions, Art. 12 for quarterly capacity auctions and Art. 13 for monthly capacity auctions of the CAM NC and according to the Auction Calendar. If any, Incremental Capacity is offered together with the respective available capacity in different Offer Levels in the annual yearly capacity auction. Short-term capacity products (day-ahead, within-day) are auctioned in a Uniform-price auction in accordance with Art. 4 and according to the Auction Calendar. Art. 3 and 4 below are intended to reflect and supplement the rules applicable to Ascending Clock Auctions set out in Art. 17 of the CAM NC and Uniform Price Auctions set out in Art. 18 of the CAM NC respectively. In the event of any inconsistency between Art. 3 and 4 below and Art. 17 and 18 of the CAM NC, Art. 17 and 18 of the CAM NC shall prevail. 

3. Volume Bids are to be submitted in whole units of either kWh/h or kWh/d depending on the TSO TTCs. 

4. The lot size of the Volume Bid submitted should correspond to the volume of the capacity actually intended to be booked and should not send any misleading signals to other participants. 

5. If required by the TSO, subject to Applicable Regulations, a credit limit check may have to be passed. On the PRISMA Platform different credit limits are available and each TSO can decide to apply a different credit limit depending on the Standard Capacity Product or the same credit limit for all Standard Capacity Products. 

6. In case the result of the credit limit check is negative, the Bid will be rejected, and the Customer will be notified about the failed credit limit check. The rejected Bid cannot be activated but the Customer is able to submit a new Bid: 

6.1. with a smaller value; or, 

6.2. after the relevant credit limit has been adjusted, as long as the Bidding Round or the auction is still open. In case the credit limit check is successful, the Bid is 

accepted and will be set off against the credit limit. If a Bid is not successful in an auction the relevant credit limit is increased again by the corresponding bid value. 

7. Following the end of the auction the allocation of capacities takes place at the determined price in accordance with Art. 3 or Art. 4. In case Incremental Capacity is auctioned, allocation takes place only with respect to one Offer Level and is subject to an Economic Test. 

8. Running auctions may be terminated when the availability of the PRISMA Platform is limited in accordance with Art. 13 of the PUC, PRISMA discontinues operation of the PRISMA Platform, or the TSO withdraws the capacity offer. PRISMA shall inform without undue delay the Customers of the termination via e-mail. Should the auction be repeated at a later time, PRISMA shall publish the information relevant to said auction in a timely manner. 

Article 3: Ascending Clock Auction 

1. In an Ascending Clock Auction Network Users shall place Volume Bids against escalating prices announced in consecutive Bidding Rounds, starting at the Reserve Price. 

2. Bidding Rounds take place from Monday till Friday on all relevant Gas Days. The first Bidding Round starts at 9:00 CE(S)T and the last Bidding Round starts at 17:00 CE(S)T. The first Bidding Round, with an associated price equal to the Reserve Price, has a duration of 3 hours. Subsequent Bidding Rounds have a duration of 1 hour. There is a period of 1 hour between Bidding Rounds. 

3. The Bid shall specify per price-step, the amount of capacity for the respective standard capacity. 

4. A Bid is valid if it is submitted by a Network User and complies with all provisions of this Article. 

5. In order to participate in an auction, it is mandatory for Network Users to place a Volume Bid in the first Bidding Round. 

6. Once the relevant Bidding Round closes, no modification, withdrawal or variation to valid Bids will be accepted. All valid Bids become binding commitments of a Network User to book capacity to the amount requested per announced price provided the clearing price of the auction is that which is announced in the relevant Bidding Round. 

7. The Volume Bid in any Bidding Round per Network User shall be equal or smaller to the capacity offered in a specific auction. The Volume Bid per Network User at a specific price shall be equal to or less than the Volume Bid placed by this Network User in the previous round, except where para. 14 applies. 

8. Bids may be freely entered, modified and withdrawn during a Bidding Round, providing all Bids comply with para. 7. Valid Bids remain valid until modified or withdrawn. 

9. A Large Price Step and a Small Price Step are defined per Interconnection Point and per Standard Capacity Product and published in advance of the relevant auction. 

10. If the aggregate demand across all Network Users is less than or equal to the capacity offered at the end of the first Bidding Round, the auction closes. 

11. If the aggregate demand across all Network Users is greater than the capacity offered at the end of the first Bidding Round or a subsequent Bidding Round, a further Bidding Round will be opened with a price equal to the price in the previous Bidding Round, plus the Large Price Step. 

12. If the aggregate demand across all Network Users is equal to the capacity offered at the end of the second Bidding Round or a subsequent Bidding Round, the auction closes. 

13. If a First Time Undersell occurs, a price reduction takes place and a further Bidding Round opens. The further Bidding Round will have a price equal to the price applicable in the Bidding Round preceding the first time undersell, plus the Small Price Step. Further Bidding Rounds with increments of the Small Price Step will then be opened until the aggregate demand across all Network Users is less than or equal to the capacity offered, at which point the auction closes. 

14. The Volume Bid per Network User in all Bidding Rounds where Small Price Steps are applied shall be equal to or less than the Volume Bid placed by this Network User in the Bidding Round which preceded the first-time undersell. The Volume Bid per Network User for a specific Small Price Step shall be equal to or smaller than the Volume Bid placed by this Network User in the previous Bidding Round of Small Price Steps. The Volume Bid per Network User in all Bidding Rounds where Small Price Steps are applied shall be equal to or greater than the Volume Bid placed by this Network User during the Bidding Round in which the first-time undersell occurred. 

15. If the aggregate demand across all Network Users is greater than the capacity offered in the Bidding Round with a price equal to that which led to the first time undersell, minus one Small Price Step, the auction closes. The clearing price is the price that led to the First Time Undersell and the successful Bids are those submitted during the original Bidding Round in which the First Time Undersell occurred. 

16. After each Bidding Round, the demand of all Network Users in a specific auction will be published as soon as reasonably possible in an aggregated form. 

17. The price announced for the last Bidding Round in which the auction closes will be considered as the clearing price of the specific auction, except for cases where para. 15 applies. 

18. All Network Users who have placed valid Volume Bids at the clearing price are allocated the capacity according to their Volume Bids at the clearing price. In case Incremental Capacity is auctioned, allocation takes place only with respect to one Offer Level and is subject to an Economic Test. 

19. Following every closed auction, the final auction result including the aggregation of allocated capacities and the clearing price will be published. Successful Network Users will be informed by PRISMA about the amount of capacities they are allocated, individual information shall be communicated only to concerned parties. In case Incremental Capacity is auctioned, the final auction result is pending until the Economic Test has been concluded. After conclusion of the Economic Test, respective Network Users will be informed about the successful and/ or unsuccessful Offer Levels accordingly. 

20. If an Ascending Clock Auction has not ended by the scheduled starting point (according to the Auction Calendar) of the next auction for capacity covering the same period, the first auction will close, and no capacity will be allocated. The capacity will be offered in the next relevant auction. 

21. Capacity products at different or the same physical Interconnection Points can compete with each other totally or partially. This results in more than one interconnected auction processes (“competing auctions”), in all of which the competing capacity is offered at their start. These auctions are clearly marked with an exclamation mark (“competition symbol”). The overall constraint of such competing auctions implies that the total awarded capacity should remain lower than or equal to the total available capacity. For this purpose, economic criteria such as merit order curve or technical criteria such as large and Small Price Steps shall be used to allocate capacity, as described in the TSO TTCs. In case of a 1-to-n bundle where multiple adjacent transmission system operators connect to the same specific Interconnection Point on TSO’s side, the adjacent products (from n adjacent transmission system operators) may be competing to match the available capacity of the TSO on the 1-side. Bundled products resulting from this 1-to-n bundling process have to be put in competition if the sum of all bundled products exceeds the total available capacity of the TSO on the 1-side. 

22. The allocation results of the auction will be published, as soon as reasonably possible, and no later than the next business day after the closing of the Bidding Round, simultaneously to individual Network Users participating in the respective auction. 

23. Aggregated information on the auction results will be published to the market. 

Article 4: Uniform-Price Auction 

1. In a Uniform price auction, there is a single Bidding Round in which the Network User bids price as well as quantity. 

2. During the Bidding Round of a given auction, Network Users may submit up to 10 Bids. Each Bid will be treated independently from other Bids. The maximum lot size 

of the sum of the Bids for one Network User is limited by the corresponding auction of marketable capacities. After the closure of the Bidding Round, remaining Bids may not be modified or withdrawn. 

3. The Bid shall specify: 

3.1. the amount of capacity for the respective Standard Capacity Product applied for, which shall be equal to or smaller than the capacity offered in the specific auction; 

3.2. the minimum amount of capacity for the respective Standard Capacity Product which the Network User is willing to be allocated according to the relevant algorithm in case the Network User is not allocated the amount requested in accordance with point 3.1; 

3.3. the auction premium which is to be added to the Reserve Price. The total bid price, which shall be expressed in a designated denomination (for example eurocent) of the Base Currency, per capacity unit (which is published at www.prisma-capacity.eu), will be the sum of the Reserve Price plus the auction premium; and, 

3.4. where required in accordance with Applicable Regulations, the Network User shall designate an existing and assignable balancing group/sub-balancing account or portfolio into which the acquired capacities are to be included when submitting a Bid. 

4. The Bids relating to a given Standard Capacity Product are ranked according to their bid price, the highest price ranking first. 

5. All remaining Bids at Bidding Round closing time are considered as binding on those Network Users that are allocated at least the minimum amount of capacity requested in accordance with point 3.2 of para. 3. 

6. Following the ranking of the Bids in accordance with para. 4, and subject to para. 7 to 10, capacity will be allocated to the Bids in function of their price ranking. All Bids for which capacity is allocated are successful. After the allocation of capacity, the remaining unallocated capacity will be reduced by such quantity. 

7. Following the application of para. 6 and subject to para. 9, where the amount of capacity bid for by a Network User exceeds the remaining unallocated capacity (after capacity has been allocated to Network Users placing higher Bids), this Network User will be allocated capacity equal to the remaining unallocated capacity. 

8. Following the application of para. 7 and subject to para. 9, where each of two or more Bids specifies the same bid price, and the amount of relevant capacity remaining applied for in aggregate under such Bids exceeds the remaining unallocated amount, the remaining unallocated amount will be allocated pro rata to the amounts applied for in each such Bid. 

9. Where the amount to be allocated in respect of a Bid pursuant to para. 6, 7 or 8 is less than the minimum amount of capacity according to para. 3 (3.2), the Bid is 

considered unsuccessful and a revised allocation will be made between remaining equal price Bid(s) under para. 8, or an allocation will be made in respect of the next priced Bid, pursuant to para. 6. 

10. Where the remaining amount to be allocated in respect of any Bid pursuant to paras. 6, 7, 8 or 9 is equal to zero no further capacity will be allocated to the remaining Bids. Those Bids are unsuccessful. 

11. The clearing price is defined as the price of the lowest successful Bid, if the demand exceeds the offer at the Reserve Price. In all other cases, the clearing price is equal to the Reserve Price. 

12. Standard Capacity Products offered at different or the same physical Interconnection Point(s) can compete with each other totally or partially. This results in more than one interconnected auction processes (“competing auctions”), in which the competing capacity is offered at their start. These auctions are clearly marked with an exclamation mark (“competition symbol”). The Network User is informed by PRISMA about the amount of competing capacity and the total available capacity in accordance with the publication time for the auctions. The allocation of the available capacity is performed in two steps. In the first step, each single auction is evaluated separately according to the common rules as set out in Art. 2, 3 and 4. In the second step, these intermediate results take the competing capacity into account for the identification of the allocated capacity. The final auction premium will be defined as highest between the one calculated in first step and the one in the second step. 

13. The allocation results of the auction will be published, no later than 30 minutes after the closing of the Bidding Round, simultaneously to individual Network Users participating in the respective auction. In addition to that successful Network Users will be informed by PRISMA about the amount of capacities they are allocated. 

14. Aggregated information on the auction results will be published to the market. 

Article 5: Automatic bidding 

In Ascending Clock Auctions as well as in Uniform-price auctions, Network Users may use a function which enables them to submit Bids automatically before the start of and during the auction. Bids submitted via this function are treated as if they were submitted manually by a Network User. 

Article 6: Surrender of capacity 

1. If the function is supported by the TSO, the Network User has the option through the user interface functionality of the PRISMA Platform, to submit a request for the surrender of capacity via the PRISMA Platform to the TSO. PRISMA shall register the time of receipt of the submission of the surrendered capacity and without undue delay forward the data to the TSO. The TSO is responsible for the correct processing of each request to surrender capacity. 

2. Pending Network Users may surrender capacity. 

Article 7: Alternative Currency Display 

1. A TSO may allow that Bids submitted in the Base Currency are displayed also in an Alternative Currency. 

2. In using the display of the Alternative Currency, the Network User acknowledges and agrees that: 

2.1. the display of Alternative Currencies on PRISMA is for convenience purposes only and each Bid will be deemed to have been submitted in the Base Currency used by the TSO concerned to charge its capacity; 

2.2. the display of the Bid in an Alternative Currency is without prejudice to, and does not amend or change in any way, the contractual rights or obligations between the TSO and the Network User; 

2.3. the Alternative Currency displayed on PRISMA Platform is calculated by converting the Base Currency using the Reference Exchange rate; 

2.4. due to currency fluctuations the Bid’s value displayed in an Alternative Currency at the time of auction may differ from the final value charged to the Network User for the allocated capacity. 

3. The Reference Exchange Rate is determined by PRISMA and published in appropriate intervals on the PRISMA Capacity Platform. If not specified otherwise with such publication, PRISMA will calculate the Reference Exchange Rate on the basis of the latest available foreign exchange rate published by the European Central Bank as received or obtained by PRISMA. PRISMA will prepare the arithmetic calculation for the determination or use of the Reference Exchange Rate with 23 decimals. The values may be shown in the steps of the auctions with fewer decimals on the User’s interface. The values will be rounded using Bankers' Rounding principles. 

4. The Reference Exchange Rate published by PRISMA at the start of the auction applies to it and will not change. 

PROVISIONS REGARDING THE SECONDARY MARKET RELATED TO TSO CAPACITIES 

Article 8: Secondary Market functionality 

1. PRISMA Platform offers a Secondary Market functionality for Network Users to trade capacities by offering capacity (Offering Network User) or requesting capacity (Requesting Network User) via assignment or transfer of use according to these GTCs. 

2. To trade capacities via PRISMA Platform both the Offering Network User and the Requesting Network User must be successfully registered for the use of the secondary functionality on PRISMA with the respective TSO(s). 

3. Pending Network Users may offer capacity by using the secondary functionality. 

Article 9: Transaction types: assignment or transfer of use 

1. Capacities can be traded on PRISMA Platform via: 

1.1. assignment, where all rights and obligations are completely allocated from an Offering Network User to a Requesting Network User; or, 

1.2. transfer of use, where the Requesting Network User obtains the right to use the transferred capacity. 

2. Without prejudice to requirements of para. 3, a transaction which is confirmed by the respective TSO will be shown on the PRISMA Platform. 

3. Legal and/or commercial obligations, applicability of and details on the transaction types regarding each TSO are determined by Applicable Regulations and the respective TSO TTCs. 

4. A concluded transaction is valid with regard to a TSO after confirmation by the respective TSO. A TSO can only refrain from confirmation if the transaction does not comply with Applicable Regulations or the TSO TTCs including but not limited to positive credit limit check or prior deposit of securities at the TSO where applicable. 

Article 10: Available trading procedures 

1. PRISMA Platform supports the following procedures for trading capacities on the Secondary Market: 

1.1. OTC trading, where an offering and a requesting Network User trade bilaterally; 

1.2. CFO, where a Network User submits a Trade Proposal open to Responses of Network Users where the proposing Network User may choose the Response he accepts; and, 

1.3. FCFS, where a Network User submits a Trade Proposal open to the Responses of Network Users where the Responses are accepted according to the time stamps order. 

2. For CFO procedures a Network User may only withdraw its Trade Proposal or Response either before the first corresponding reaction of the counterparty (whether a Response or acceptance of a Response by the Network User issuing the Trade Proposal) is received by PRISMA or at an earlier date set by PRISMA. For FCFS procedures a Network User may only withdraw its Trade Proposal either before the 

first corresponding Response is received by PRISMA or at an earlier date set by PRISMA. PRISMA may set such earlier dates acting reasonably at its discretion and shall notify Network Users about such set dates from time to time via the PRISMA Platform in advance. When giving any additional information as comment on the Trade Proposal, the Network User shall observe any and all obligations under Applicable Regulations to preserve the confidentiality of commercially sensitive information and/or the anonymity of the trade. 

Article 11: Trader lists 

1. A Network User can create a list of possible counterparties (“Trader List”). A Trader List can be used by a Network User who wants to trade capacity in order to make sure that the counterparty in an Anonymous Transaction meets his standard requirements. Each Network User can maintain an unlimited number of Trader Lists; for each Trade Proposal or Response, a Network User can apply one list. 

2. A Trader List shall contain the name of the Network Users and their EIC codes. A Trader List must contain at least three different Network Users. A Network User can decide for every transaction whether and which of their Trader Lists shall be applied. 

3. If a Trade Proposal using a Trader List is published on the PRISMA Platform, only Network Users that are included in the corresponding Trader List are allowed to place Responses in order to conclude a transaction. In case that at least one Trade Proposal makes reference to a Trader List, a Network User is only entitled to add new Network Users to that list but it is not allowed to remove any of the companies already listed therein. The PRISMA Platform indicates in the user interface (e.g. in the Trade Proposal overview) for which Trade Proposal a Network User is allowed to place a Response. For any Trade Proposal, where the potential responding Network User is not included in the proposing Network Users’ Trader List, the potential responding Network User shall not be able to place a Response and will be informed accordingly. 

4. A Network User can also use a Trader List for its own Response. If a Network User decides to use a Trader List in the Response to a Trade Proposal, the PRISMA Platform checks whether the other Network User who created the corresponding Trade Proposal is on the used Trader List. If not, the Network User will be notified by PRISMA Platform during the responding process that the Network User who placed the Trade Proposal is not on the Responders’ Trader List. After this, a Response can only be submitted without using a Trader List. No other list can be used and it is not possible to amend the used list. As long as at least one Response refers to a Trader List, a Network User can neither add nor remove any Network Users to/from the list. 

Rules relevant to capacity offers and allocations for the United Kingdom of Great Britain and Northern Ireland 

PROVISIONS REGARDING THE BOOKING OF PRIMARY CAPACITIES 

Article 12: Available booking formats 

Primary capacity can be booked via auctions or via the FCFS procedure. 

Article 13: General rules and principles for auctions 

1. The amount of capacities to be marketed shall be published at www.prisma-capacity.eu before the beginning of the auction in a timely manner. 

2. Long-term capacity products (yearly, quarterly, and monthly) are auctioned in an Ascending Clock Auction in accordance with Art. 14 and according to the Auction Calendar. Short-term capacity products (day-ahead, within-day) are auctioned in a Uniform-price auction in accordance with Art. 15 and according to the Auction Calendar Arts. 14 and 15 below are intended to reflect and supplement the rules applicable to Ascending Clock Auctions set out in the national law implementing Article 17 of the CAM NC and Uniform Price Auctions set out in the national law implementing Article 18 of the CAM NC respectively. In the event of any inconsistency between Art. 14 and 15 below and the national law implementing Articles 17 and 18 of the CAM NC, the national law implementing Articles 17 and 18 of the CAM NC shall prevail. 

3. Volume Bids are to be submitted in whole units of either kWh/h or kWh/d depending on the TSO TTCs. 

4. The lot size of the Volume Bid submitted should correspond to the volume of the capacity actually intended to be booked and should not send any misleading signals to other participants. 

5. If required by the TSO, subject to Applicable Regulations, a credit limit check may have to be passed. On the PRISMA Platform different credit limits are available and each TSO can decide to apply a different credit limit depending on the Standard Capacity Product or the same credit limit for all Standard Capacity Products. 

6. In case the result of the credit limit check is negative, the Bid will be rejected, and the User will be notified about the failed credit limit check. The rejected Bid cannot be activated but the User is able to submit a new Bid (i) with a smaller value or (ii) after the relevant credit limit has been adjusted, as long as the Bidding Round or the auction is still open. In case the credit limit check is successful, the Bid is accepted and will be set off against the credit limit. If a Bid is not successful in an auction the relevant credit limit is increased again by the corresponding bid value. 

7. Following the end of the auction the allocation of capacities takes place at the determined price in accordance with Art. 14 and 15. 

8. Running auctions may be terminated when the availability of the PRISMA Platform is limited in accordance with Art. 13 of the PUC, PRISMA discontinues operation of the PRISMA Platform or the TSO withdraws the capacity offer. PRISMA shall inform without undue delay the Network Users of the termination via e-mail. Should the auction be repeated at a later time, PRISMA shall publish the information relevant to said auction in a timely manner. 

Article 14: Ascending Clock Auction 

1. In an Ascending Clock Auction Network Users shall place Volume Bids against escalating prices announced in consecutive Bidding Rounds, starting at the Reserve Price P 0. 

2. Bidding Rounds take place from Monday till Friday on all relevant Gas Days. The first Bidding Round starts at 9:00 CE(S)T and the last Bidding Round starts at 17:00 CE(S)T. The first Bidding Round, with an associated price equal to the Reserve Price P 0, has a duration of 3 hours. Subsequent Bidding Rounds have a duration of 1 hour. There is a period of 1 hour between Bidding Rounds. 

3. The Bid shall specify per price-step, the amount of capacity for the respective standard capacity. 

4. A Bid is valid if it is submitted by a Network User and complies with all provisions of this clause. 

5. In order to participate in an auction, it is mandatory for Network Users to place a Volume Bid in the first Bidding Round. 

6. Once the relevant Bidding Round closes, no modification, withdrawal or variation to valid Bids will be accepted. All valid Bids become binding commitments of a Network User to book capacity to the amount requested per announced price provided the clearing price of the auction is that which is announced in the relevant Bidding Round. 

7. The Volume Bid in any Bidding Round per Network User shall be equal or smaller to the capacity offered in a specific auction. The Volume Bid per Network User at a specific price shall be equal to or less than the Volume Bid placed by this Network User in the previous round, except where Art. 14, para 14 applies. 

8. Bids may be freely entered, modified and withdrawn during a Bidding Round, providing all Bids comply with Art. 14, para 7 Valid Bids remain valid until modified or withdrawn. 

9. A Large Price Step and a Small Price Step are defined per Interconnection Point and per Standard Capacity Product and published in advance of the relevant auction. 

10. If the aggregate demand across all Network Users is less than or equal to the capacity offered at the end of the first Bidding Round, the auction closes. 

11. If the aggregate demand across all Network Users is greater than the capacity offered at the end of the first Bidding Round or a subsequent Bidding Round, a further Bidding Round will be opened with a price equal to the price in the previous Bidding Round, plus the Large Price Step. 

12. If the aggregate demand across all Network Users is equal to the capacity offered at the end of the second Bidding Round or a subsequent Bidding Round, the auction closes. 

13. If a First Time Undersell occurs, a price reduction takes place and a further Bidding Round opens. The further Bidding Round will have a price equal to the price applicable in the Bidding Round preceding the first time undersell, plus the Small Price Step. Further Bidding Rounds with increments of the Small Price Step will then be opened until the aggregate demand across all Network Users is less than or equal to the capacity offered, at which point the auction closes. 

14. The Volume Bid per Network User in all Bidding Rounds where Small Price Steps are applied shall be equal to or less than the Volume Bid placed by this Network User in the Bidding Round which preceded the first-time undersell. The Volume Bid per Network User for a specific Small Price Step shall be equal to or smaller than the Volume Bid placed by this Network User in the previous Bidding Round of Small Price Steps. The Volume Bid per Network User in all Bidding Rounds where Small Price Steps are applied shall be equal to or greater than the Volume Bid placed by this Network User during the Bidding Round in which the first-time undersell occurred. 

15. If the aggregate demand across all Network Users is greater than the capacity offered in the Bidding Round with a price equal to that which led to the first time undersell, minus one Small Price Step, the auction closes. The clearing price is the price that led to the First Time Undersell and the successful Bids are those submitted during the original Bidding Round in which the First Time Undersell occurred. 

16. After each Bidding Round, the demand of all Network Users in a specific auction will be published as soon as reasonably possible in an aggregated form. 

17. The price announced for the last Bidding Round in which the auction closes will be considered as the clearing price of the specific auction, except for cases where Art. 14, para. 15 applies. 

18. All Network Users who have placed valid Volume Bids at the clearing price are allocated the capacity according to their Volume Bids at the clearing price. 

19. Following every closed auction, the final auction result including the aggregation of allocated capacities and the clearing price will be published. Successful Network Users will be informed by PRISMA about the amount of capacities they are allocated, individual information shall be communicated only to concerned parties. 

20. If an Ascending Clock Auction has not ended by the scheduled starting point (according to the Auction Calendar) of the next auction for capacity covering the same period, the first auction will close, and no capacity will be allocated. The capacity will be offered in the next relevant auction. 

21. Capacity products at different or the same physical Interconnection Points can compete with each other totally or partially. This results in more than one interconnected auction processes ("competing auctions"), in all of which the competing capacity is offered at their start. These auctions are clearly marked with an exclamation mark ("competition symbol"). The overall constraint of such competing auctions implies that the total awarded capacity should remain lower than or equal to the total available capacity. For this purpose, economic criteria such as merit order curve or technical criteria such as large and Small Price Steps shall be used to allocate capacity, as described in the TSO TTCs. In case of a 1-to-n bundle where multiple adjacent transmission system operators connect to the same specific Interconnection Point on TSO’s side, the adjacent products (from an adjacent transmission system operators) may be competing to match the available capacity of the TSO on the 1-side. Bundled products resulting from this 1-to-n bundling process have to be put in competition if the sum of all bundled products exceeds the total available capacity of the TSO on the 1-side. 

22. The allocation results of the auction will be published, as soon as reasonably possible, and no later than the next business day after the closing of the Bidding Round. simultaneously to individual Network Users participating in the respective auction. 

23. Aggregated information on the auction results will be published to the market. 

Article 15: Uniform-price auction 

1. In a Uniform price auction, there is a single Bidding Round in which the Network User bids price as well as quantity. 

2. During the Bidding Round of a given auction, Network Users may submit up to 10 Bids. Each Bid will be treated independently from other Bids. The maximum lot size of the sum of the Bids for one Network User is limited by the corresponding auction of marketable capacities. After the closure of the Bidding Round, remaining Bids may not be modified or withdrawn. 

3. The Bid shall specify: 

3.1 the amount of capacity for the respective Standard Capacity Product applied for, which shall be equal to or smaller than the capacity offered in the specific auction; 

3.2 the minimum amount of capacity for the respective Standard Capacity Product which the Network User is willing to be allocated according to the relevant algorithm in case the Network User is not allocated the amount requested in accordance with point 3.1; 

3.3 the auction premium which is to be added to the Reserve Price. The total bid price, which shall be expressed in a designated denomination (for example eurocent) of the Base Currency, per capacity unit (which is published at www.prisma-capacity.eu), will be the sum of the Reserve Price plus the auction premium; 

3.4 Where required in accordance with Applicable Regulations, the Network User shall designate an existing and assignable balancing group/sub-balancing account or portfolio into which the acquired capacities are to be included when submitting a Bid. 

4. The Bids relating to a given Standard Capacity Product are ranked according to their bid price, the highest price ranking first. 

5. All remaining Bids at Bidding Round closing time are considered as binding on those Network Users that are allocated at least the minimum amount of capacity requested. 

6. Following the ranking of the Bids in accordance with Art. 15 para 4, and subject to Art. 15 para 7 to Art. 15 para 10, capacity will be allocated to the Bids in function of their price ranking. All Bids for which capacity is allocated are successful. After the allocation of capacity, the remaining unallocated capacity will be reduced by such quantity. 

7. Following the application of clause Art. 15 para 6 and subject to Art. 15 para 9, where the amount of capacity bid for by a Network User exceeds the remaining unallocated capacity (after capacity has been allocated to Network Users placing higher Bids), this Network User will be allocated capacity equal to the remaining unallocated capacity. 

8. Following the application of Art. 15 para 7 and subject to Art. 15 para 9, where each of two or more Bids specifies the same bid price, and the amount of relevant capacity remaining applied for in aggregate under such Bids exceeds the remaining unallocated amount, the remaining unallocated amount will be allocated pro rata to the amounts applied for in each such Bid. 

9. Where the amount to be allocated in respect of a Bid pursuant to Art. 15 para 6, Art. 15 para 7 or Art. 15 para 8 is less than the minimum amount of capacity the Bid is considered unsuccessful and a revised allocation will be made between remaining equal price Bid(s) under Art. 15 para 8 or an allocation will be made in respect of the next priced Bid, pursuant to Art. 15 para 6. 

10. Where the remaining amount to be allocated in respect of any Bid pursuant to Art. 15 para 6, Art. 15 para 7, Art. 15 para 8 or Art. 15 para 9 is equal to zero no further capacity will be allocated to the remaining Bids. Those Bids are unsuccessful. 

11. The clearing price is defined as the price of the lowest successful Bid, if the demand exceeds the offer at the Reserve Price. In all other cases, the clearing price is equal to the Reserve Price. 

12. Standard Capacity Products offered at different or the same physical Interconnection Point(s) can compete with each other totally or partially. This results in more than one interconnected auction processes ("competing auctions"), in which the competing capacity is offered at their start. These auctions are clearly marked with an exclamation mark ("competition symbol"). The Network User is informed by PRISMA about the amount of competing capacity and the total available capacity in accordance with the publication time for the auctions. The allocation of the available capacity is performed in 2 steps. In the first step, each single auction is evaluated separately according to the common rules as set out in Art. 13 to Art. 15. In the second step, these intermediate results take the competing capacity into account for the identification of the allocated capacity. The final auction premium will be defined as highest between the one calculated in first step and the one in the second step. 

13. The allocation results of the auction will be published, no later than 30 minutes after the closing of the Bidding Round, simultaneously to individual Network Users participating in the respective auction. In addition to that successful Network Users will be informed by PRISMA about the amount of capacities they are allocated. 

14. Aggregated information on the auction results will be published to the market. 

Article 16: Automatic bidding 

In Ascending Clock Auctions as well as in Uniform-price auctions, Network Users may use a function which enables them to submit Bids automatically before the start of and during the auction. Bids submitted via this function are treated as if they were submitted manually by a Network User. 

Article 17: Surrender of capacity 

1. If the function is supported by the TSO, the Network User has the option through the user interface functionality of the PRISMA Platform, to submit a request for the surrender of capacity via the PRISMA Platform to the TSO. PRISMA shall register the time of receipt of the submission of the surrendered capacity and without undue delay forward the data to the TSO. The TSO is responsible for the correct processing of each request to surrender capacity. 

2. Pending Network Users may surrender capacity. 

Article 18: Alternative Currency Display 

1. A TSO may allow that Bids submitted in the Base Currency are displayed also in an Alternative Currency. 

2. In using the display of the Alternative Currency, the Network User acknowledges and agrees that: 

2.1. the display of Alternative Currencies on PRISMA is for convenience purposes only and each Bid will be deemed to have been submitted in the Base Currency used by the TSO concerned to charge its capacity; 

2.2. the display of the Bid in an Alternative Currency is without prejudice to, and does not amend or change in any way, the contractual rights or obligations between the TSO and the Network User; 

2.3. the Alternative Currency displayed on PRISMA Platform is calculated by converting the Base Currency using the Reference Exchange rate; 

2.4. due to currency fluctuations the Bid’s value displayed in an Alternative Currency at the time of auction may differ from the final value charged to the Network User for the allocated capacity. 

3. The Reference Exchange Rate is determined by PRISMA and published in appropriate intervals on the PRISMA Platform. If not specified otherwise with such publication, PRISMA will calculate the Reference Exchange Rate on the basis of the latest available foreign exchange rate published by the European Central Bank as received or obtained by PRISMA. PRISMA will prepare the arithmetic calculation for the determination or use of the Reference Exchange Rate with 23 decimals. The values may be shown in the steps of the auctions with fewer decimals on the User’s interface. The values will be rounded using Bankers' Rounding principles. 

4. The Reference Exchange Rate published by PRISMA at the start of the auction applies to it and will not change. 

PROVISIONS REGARDING THE SECONDARY MARKET 

Article 19: Secondary Market functionality 

1. PRISMA Platform offers a Secondary Market functionality for Network Users to trade capacities by offering capacity (Offering Network User) or requesting capacity (Requesting Network User) via assignment or transfer of use according to these GTCs. 

2. To trade capacities via PRISMA Platform both the Offering Network User and the Requesting Network User must have successfully completed the process of registration for the use of the secondary functionality on PRISMA with the respective TSO(s). 

3. Pending Network Users may offer capacity by using the secondary functionality. 

Article 20: Transaction types: assignment or transfer of use 

1. Capacities can be traded on PRISMA Platform via: 

1.1. assignment, where all rights and obligations are completely allocated from an Offering Network User to a Requesting Network User; or 

1.2. transfer of use, where the Requesting Network User obtains the right to use the transferred capacity. 

2. Without prejudice to requirements of para 3 below, a transaction which is confirmed by the respective TSO will be shown on the PRISMA Platform. 

3. Legal and/or commercial obligations, applicability of and details on the transaction types regarding each TSO are determined by Applicable Regulations and the respective TSO TTCs. 

4. A concluded transaction is valid with regard to a TSO after confirmation by the respective TSO. A TSO can only refrain from confirmation if the transaction does not comply with Applicable Regulations or the TSO TTCs including but not limited to positive credit limit check or prior deposit of securities at the TSO where applicable. 

Article 21: Available trading procedures 

1. PRISMA Platform supports the following procedures for trading capacities on the Secondary Market: 

1.1. OTC trading, where an Offering and a Requesting Network User trade bilaterally; 

1.2. CFO, where a Network User submits a Trade Proposal open to Responses of Network Users where the proposing Network User may choose the Response he accepts; and, 

1.3. FCFS, where a Network User submits a Trade Proposal open to the Responses of Network Users where the Responses are accepted according to the time stamps order. 

2. For CFO procedures a Network User may only withdraw its Trade Proposal or Response either before the first corresponding reaction of the counterparty (whether a Response or acceptance of a Response by the Network User issuing the Trade Proposal) is received by PRISMA or at an earlier date set by PRISMA. For FCFS procedures a Network User may only withdraw its Trade Proposal either before the first corresponding Response is received by PRISMA or at an earlier date set by PRISMA. PRISMA may set such earlier dates acting reasonably at its discretion and shall notify Network Users about such set dates from time to time via the PRISMA Platform in advance. When giving any additional information as comment on the Trade Proposal, the Network User shall observe any and all obligations under Applicable Regulations (which shall include national laws that implement or align with the provisions of European Union law) to preserve the confidentiality of commercially sensitive information and/or the anonymity of the trade. 

Article 22: Trader lists 

1. A Network User can create a list of possible counterparties ("Trader List"). A Trader List can be used by a Network User who wants to trade capacity in order to make sure that the counterparty in an Anonymous Transaction meets his standard requirements. Each Network User can maintain an unlimited number of Trader Lists; for each Trade Proposal or Response, a Network User can apply one list. 

2. A Trader List shall contain the name of the Network Users and their EIC codes. A Trader List must contain at least three different Network Users. A Network User can decide for every transaction whether and which of their Trader Lists shall be applied. 

3. If a Trade Proposal using a Trader List is published on the PRISMA Platform, only Network Users that are included in the corresponding Trader List are allowed to place Responses in order to conclude a transaction. In case that at least one Trade Proposal makes reference to a Trader List, a Network User is only entitled to add new Network Users to that list but it is not allowed to remove any of the companies already listed therein. The PRISMA Platform indicates in the user interface (e.g. in the Trade Proposal overview) for which Trade Proposal a Network User is allowed to place a Response. For any Trade Proposal, where the potential responding Network User is not included in the proposing Network Users’ Trader List, the potential responding Network User shall not be able to place a Response and will be informed accordingly. 

4. A Network User can also use a Trader List for its own Response. If a Network User decides to use a Trader List in the Response to a Trade Proposal, the PRISMA Platform checks whether the other Network User who created the corresponding Trade Proposal is on the used Trader List. If not, the Network User will be notified by PRISMA Platform during the responding process that the Network User who placed the Trade Proposal is not on the Responders’ Trader List. After this, a Response can only be submitted without using a Trader List. No other list can be used and it is not possible to amend the used list. As long as at least one Response refers to a Trader List, a Network User can neither add nor remove any Network Users to/from the list. 

Rules relevant to Storage System Operator’s products 

PROVISIONS REGARDING THE MARKETING OF PRIMARY STORAGE PRODUCTS 

Article 1: Publication of SSO Storage Product Offers 

1. PRISMA Platform enables SSOs to market their storage products to the Storage Users. 

2. A SSO publishes its Storage Product Offers on the PRISMA Platform announcing an offer opening slot. 

Article 2: SSO Storage Product Offers Placement and Collection of Bids 

1. Bids on the Storage Product Offer can be placed by the Storage Users registered with the respective SSO during the offer opening slot. 

2. Bids must be placed by using the web-form provided by PRISMA. In order to place a valid bid, the Storage User has to completely fill in the required fields of the web-form related to the respective Storage Product Offer according to the SSO GTCs and to submit the bid. The Storage User can submit one or more bids related to one Storage Product Offer. 

3. During the offer opening slot of the respective Storage Product Offer the Storage User can withdraw its related bid(s). 

4. Upon the end of the offer opening slot PRISMA closes the respective Storage Product Offer of the SSO. All submitted bids of the Storage Users will be collected and provided to the SSO. 

Article 3: SSO Storage Product Offers Allocation and Publication 

1. The analysis of the bids, the allocation of storage products to Storage Users and the awarding and conclusion of a contract is done outside of the PRISMA Platform by the SSO itself under its own responsibility and discretion according to its respective SSO GTCs. 

2. If within every offer creation the SSO has selected the PRISMA allocation algorithm, capacity will be automatically allocated to the received bids. The allocation starts directly after the offer has been closed. 

3. Information regarding the results of the allocation, or successful or unsuccessful bids will be given to the Storage User in accordance with the respective SSO GTCs. The SSO can make use of PRISMA to publish the results of the allocation, whereas PRISMA publishes and/or forwards the received data without making any legal declarations. 

Rules relevant to Storage System Operator’s products for the United Kingdom of Great Britain and Northern Ireland 

PROVISIONS REGARDING THE MARKETING OF PRIMARY STORAGE PRODUCTS 

Article 4: Publication of SSO Storage Product Offers 

1. PRISMA Platform enables SSOs to publish Storage Product Offers. 

2. The SSO publishes its Storage Product Offers on the PRISMA Platform announcing an offer opening slot. 

Article 5: Placement and Collection of Bids 

1. Bids on the Storage Product Offer can be placed by the Storage Users registered with the respective SSO during the offer opening slot. 

2. Bids have to be placed by using the web-form provided by PRISMA. In order to place a valid bid, the Storage User has to completely fill in the required fields of the web-form related to the respective Storage Product Offer according to the SSO GTCs and to submit the bid. The Storage User can submit one or more bids related to one Storage Product Offer. 

3. During the offer opening slot of the respective Storage Product Offer the Storage User can withdraw its related bid(s). 

4. Upon the end of the offer opening slot PRISMA closes the respective Storage Product Offer of the SSO. All submitted bids of the Storage Users will be collected and provided to the SSO. 

Article 6: Allocation and Publication 

1. The analysis of the bids, the allocation of storage products to Storage Users and the awarding and conclusion of a contract is done outside of the PRISMA Platform by the SSO itself under its own responsibility and discretion according to its respective SSO GTCs. 

2. The information to the Storage User on the results of the allocation, successful or unsuccessful bids will be given on responsibility of the respective SSO according to the SSO GTCs. The SSO can make use of PRISMA to publish the results of the allocation, whereas PRISMA publishes and/or forwards the received data without PRISMA making any legal declarations. 

Rules for LNG System Operator’s Product Offers 

PROVISIONS REGARDING THE MARKETING OF LNG PRODUCTS 

Article 1 : LNG Product Offers 

1. PRISMA Platform enables LNG System Operators (“LSO”) to market their Products to PRISMA Users. 

2. Available LNG Product Offers will be published on the PRISMA Platform. 

3. Allocation methodology and conditions of the LNG Product Offer are subject to the respective LNG Product Offer description and the applicable terms and conditions of the LSO. 

4. Bids on the LNG Product Offer can be placed by the Users registered with the respective LSO by filling the provided web-form. When accepted by the LSO and depending on the LNG Product Offer, Users can submit one or more bids. During the respective submission window, Users can change or withdraw their related bid(s). 

5. The analysis of the bids, allocation, awarding, and conclusion of a contract is done outside of the PRISMA Platform by the LSO itself under their own responsibility and discretion. Information regarding the results of the allocation, or successful or unsuccessful bids will be given to the User in accordance with the respective LSOs terms and conditions. The LSO can use PRISMA to publish the aggregated results of the allocation, whereas PRISMA publishes and/or forwards the received data without making any legal declarations.