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Changes in financial security system

2023. 06. 09.

Dear Partner,

4.d GTC of FGSZ Ltd. effective from 1 May 2023 contains several important changes concerning the financial security system. In order to help Network Users to get prepared for the yearly auction, we inform you about the following.

The elements of the new systems are briefly as follows:

  • Opposite to the previous years, we do not ask active Network Users to submit an annual audited report or an interim report.
  • The minimum 35 million HUF auction security is still the condition for participation in yearly and quarterly auctions – so there is no change in this issue.
  • You can indicate your intention to participate on the IP up to 15 days before the yearly or quarterly auction. Network Users need to declare once for a given gas year. (More information on how to make a statement: IP User Manual 8.3.1.3)
  • Based on the rating of an external risk assessor and FGSZ experience, we classify our partners into three risk categories – low, medium, high. Partners who do not declare will be placed automatically in the high-risk category after the declaration deadline.
  • On the basis of the Free Collateral and the risk category, an amount will be calculated, which means the limit of the capacity booking during the given yearly or quarterly auctions.
  • During auctions running simultaneously for more gas years, only the fees for the next gas year – in case of auctions starting on 3 July 2023 only for 2023/2024 gas year – will be blocked.
  • After the auctions are closed the locked amounts will be released on the RBP, at the same time the contractual security, and in addition, in the case of high-risk category the additional security will be locked on the IP based on the provisions of 4.d GTC and ‘Security calculator’ –table available HERE.

 

Practical advice before yearly auctions starting on 3 July 2023:

  • Please ensure that, prior to the yearly auction(s), the auction security with the amount of 35 million HUF as a minimum should be submitted in the form of cash deposit or a bank guarantee (with validity time 30 November 2024) to our Company.
  • Please declare your intention on the IP till 19 June 2023. The risk category will be announced on the IP within 3 working days after the declaration.
  • A calculator containing the tariffs for 2023/2024 gas year is published (available HERE under name ‘Security calculator’), with the help of which you can see the requested amount of auction, contractual and if applicable additional security for the planned portfolio in the case of three different risk classifications.
  • In case based on the calculation table it appears that the amount of the already submitted security is not enough, you can submit further securities till 12.00 (noon) (CET) 30 June 2023.
  • For those partners who fall into the medium or high-risk category and have already contracted capacity for the 2023/2024 gas year from the previous auctions, the relevant contractual guarantee need to be submitted until the 10th day before yearly auction – namely till 23 June 2023, based on 7.4.1.1 of the 4.d GTC. As soon as it is relevant in your case, please act accordingly.

Further detailed information: 4.d GTC and Limithandling).

Should you have any questions, please contact us at .

Regards,

FGSZ Ltd.

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