Settlement of Non-Compliance Charges shall be carried out monthly. The Settlement months correspond to calendar months M, starting from the first day of the calendar month at 00:00 CET until the first day of the following calendar month at 00:00 CET.

The initial Settlement of month M shall be carried out according to the following timeline:

a) Within one week from the issuance of the Corrective Settlement for all weeks of month M, the HETS Operator shall inform the Participants and the Participants subject to Deletion of the non-Compliance Charges.

b) Within the deadline of two (2) working days from the publication of the results of the non-Compliance Charges by the HETS Operator, the Participants and the Participants subject to Deletion shall submit to the HETS Operator any reasoned objections.

c) Within five (5) working days following the submission of objections as of item (b), the HETS Operator shall inform the Participants and the Participants Subject to Deletion of the Settlement results for Non-Compliance Charges, having taken into account the objections raised by the Participants or Participants Subject to Deletion and having made the necessary corrections.

The final Settlement of month M is realized in accordance with the following timeline:

a) Within one week from the end of the corrective clearing of all weeks of month M, the HETS Operator shall inform the participants registered in the HETS Operator’s Registry and the Participants subject to Deletion of the Balancing Market Fee,

b) The Participants and the Participants subject to Deletion shall send to the HETS Operator any justified objections within a period of two (2) working days from the notification of the Balancing Market Fee results by the HETS Operator.

c) Within five (5) working days following the submission of objections as of item (b), the HETS Operator shall inform the Participants and the Participants Subject to Deletion of the Settlement results for Non-Compliance Charges, having taken into account the objections raised by the Participants or Participants subject to Deletion and having made the necessary corrections.

The time schedules referred to in this Article may be amended by way of exception in the event of a technical problem in the Balancing Market System or in the event of the unavailability of the necessary data as described in Article 18.4. The HETS Operator shall inform the Participants of the updated timeline in a timely and appropriate manner.