In the event that no Clearing House operates, for any reason, in the Balancing Market, according to Article 12 of Law 4425/2016, special provisions shall apply in accordance with CHAPTER 24.

The HETS Operator shall keep accounts for accounting purposes in accordance with Article 18.3 of this Rulebook.

The HETS Operator and the Participants and Participants subject to Deletion shall issue the necessary documents on the basis of the Settlement Results for each month M until the 7th business day of month M+2. For each month M, the payments to the HETS Operator shall be made by the 9th business day of month M+2 and the payments to the Participants and Participants subject to Deletion by the 10th business day of month Μ+2.

1. If a Participant or Participant subject to Deletion defaults on its cash obligations deriving from this Rulebook, the HETS Operator shall take the following action:

   a) Take all necessary steps to satisfy the amounts due by the defaulting Participant or Participant subject to Deletion through the guarantees it has provided in accordance with Article 25.5 of this Rulebook. If the guarantees are insufficient to fully cover the amounts due by the defaulting Participant, the HETS Operator shall cover them by using the guarantees on a pro rata basis.

   b) If the guarantees are insufficient to fully cover the amounts due by the defaulting Participant or Participant subject to Deletion , the HETS Operator shall cover the deficit by using the non-Compliance Charges Account, up to a percentage (α%) of the balance on the non-Compliance Charges Account, in accordance with Article 22.8 of this Rulebook.

   c) If the guarantees and the Non-Compliance Charges Account balance are insufficient to fully cover the amounts due from the defaulting Participant in accordance with items (a) and (b) of this paragraph, the HETS Operator shall allocate the remaining portion of the loss to the Balance Responsible Parties and to the Participants Subject to Deletion in their former capacity as Balance Responsible Parties, p, in proportion to the metered consumption of their Offtake Facilities from the Interconnected System for Settlement Months Μ-3 to Μ-2 from the Settlement Month when the default was ascertained by the HETS Operator:

   $CHARGE\_DEFAUL{T}_{p,MS}=DEFAUL{T}_M\times \frac{M{Q}_{p,MS}}{{\displaystyle \sum _p}M{Q}_{p,MS}}$

   where:

   $MS$	The period between Μ-3 and Μ-2 starting from Settlement Month M when the default was ascertained by HETS Operator
   $DEFAUL{T}_M$	the remaining portion of loss for Settlement Month M when the default was ascertained by HETS Operator
   $M{Q}_{p,MS}$	the absorption (calculated at the Transmission System/Distribution System Boundary) in MWh corresponding to the Offtake Facilities of the Interconnected System per Balance Responsible Party or Participant Subject to Deletion in their former capacity as a Balance Responsible Party, p, for period MS

   No corrections shall be made to the cash amounts burdening and allocated to Balancing Responsible Parties or Participants Subject to Deletion in their former capacity as Balance Responsible Parties by reason of any revised data regarding metered consumption $M{Q}_{p,MS}$ of their Offtake Facilities which were calculated in the Final Settlements after default, with the exception of any corrections made by the HETS Operator regarding the remainder of the loss.

   d) If the amounts of money settled pursuant to item (c) of this paragraph are insufficient due to non-payment by the Balance Responsible Parties so obliged on the basis of the aforementioned apportionment or Participants subject to Deletion in their capacity prior to their capacity prior to becoming Participants subject to Deletion as Balance Responsible Parties, a recalculation shall be made as many times as necessary until the loss is fully covered by the Balance Responsible Parties or the Participants subject to Deletion in their capacity prior to becoming Participants subject to Deletion as Balance Responsible Parties who are up-to-date with their obligations, the procedure under item (c).

   e) The collection of the relevant financial obligations of the defaulting Participant or the Participant subject to Deletion and/or the defaulting Participants or the Participants subject to Deletion shall be carried out on the basis of the Vouchers/Invoices issued by the HETS Operator, which serve as proof in favor of beneficiary Participants or Participants subject to Deletion and against the defaulting Participant or Participant subject to Deletion. The above Vouchers/Invoices, including the initial Invoice shall not serve as proof, neither in favour nor against the HETS Operator.

   f) The Balancing Responsible Parties or Participants subject to Deletion that have paid the cash amounts apportioned to them in accordance with the procedures specified in items (c) and (d) of this paragraph may, by virtue of the Apportionment Procedure Non-Collection Voucher of item (e) of this paragraph, demand a return of the cash amounts paid in proportion to their percentage of participation in the relevant apportionment by instructing the HETS Operator to exercise their respective rights as their representative. Court costs of all kinds as well as other related expenses and expenses for the assignment of a third-party legal advisor shall be charged to the beneficiary Balancing Responsible Parties or Participants subject to Deletion in proportion to their percentage of participation in the relevant apportionment cycle process and covered by them according to their relevant apportionment by the HETS Operator during the procedure for settlement of their claims and obligations in accordance with Article 25.3 of this Rulebook. The HETS Operator shall assume no risk whatsoever with respect to either the assignment in accordance with the above or the positive outcome of the above demands.

   g) The HETS Operator shall terminate the Balancing Service Contract and/or the Balance Responsible Party Contract of the Participants who are in default on their financial obligations in the framework of the Balancing Market.

2. In particular, as regards covering a Participant or Participant subject to Deletion defaulting on amounts owed for Supplementary Settlements from a previous period prior to the default of the Participant or Participant subject to Deletion, but calculated after the default:

   a) If the balance of the guarantees in accordance with ‎Article 25.5 of this Rulebook that may have been withheld by the HETS Operator is insufficient to cover the amounts due as a result of Supplementary Settlements or if no such balance exists, the HETS Operator shall cover it from the balance of the Non-Compliance Charges Account, as specified in paragraph 1(b) of this Article.

   b) If the balance of the non-Compliance Charges Account, as specified in item (a) of this paragraph is not sufficient to cover the above loss, the HETS Operator shall activate the apportionment and reapportionment processes of items (c) and (d) of par. 1 of this Article, until the loss is fully covered.

3. The HETS Operator shall not be exposed to any credit risk for the cash transactions pertaining to this Rulebook, and shall not be liable to the Participants or for covering any remaining loss that is created for the Participants or Participants subject to Deletion due to default of another Participant or Participant subject to Deletion, over and above the performance of its duties according to this Chapter.

4. The funds from the Non-Compliance Charges Account that were used by the HETS Operator to cover defaults shall only be restored if the amount due and covered by the Account is collected from the debtor in default.

5.  The HETS Operator shall immediately notify the RAEWW of instances of default, as well as of the measures and the scheduled times for enforcement of said measures taken in order to ensure the uninterrupted operation of the Balancing Market.

1. Each Participant is required, during the term of the Balancing Service Contract and/or the Balance Responsible Party Contract, to offer full guarantees for compliance with all its obligations arising from its participation in the Balancing Market. Each Participant subject to Deletion shall be required to offer full guarantees for compliance with all its obligations arising from the settlements provided for in this Rulebook and relating to the period of its active participation.

2. The obligation to provide full guarantee shall be fulfilled by submitting a letter of guarantee or by depositing an amount into a special account held by the HETS Operator, or in any other lawful manner to which the HETS Operator has consented.

3. Especially for the Letters of Guarantee, the Participants and Participants subject to Deletion fulfill the above obligations only if they fully comply with the template published by the Operator on its website.

4. In case of late submission of the Participants’ guarantees, a Non-Compliance Charge shall be imposed, the amount of which shall be determined taking into account, among other things, the days of late submission, in accordance with the specific provisions of the “Balancing Market Participation Guarantee Calculation Methodology”.

5. In case of non-fulfilment of the guarantee obligation, the HETS Operator shall immediately and by all appropriate means inform the Balancing Service Provider or the Balance Responsible Party. In the event that the Balancing Service Provider or the Balance Responsible Party does not provide the required guarantees within five (5) working days from the day on which it should have provided them, the HETS Operator shall terminate the Balancing Service Provider or Balance Responsible Party Service Contract, in accordance with the provisions of Article 4.4, paragraph 4 of this Rulebook. The same applies in case of partial or total forfeiture of the letter of guarantee or its expiry and its non-renewal or non-replacement by the Balancing Service Provider or the Balance Responsible Party.

6.  The methodology for determining the amount of guarantees and details on guarantees are provided for in the ‘Methodology for Calculation of Balancing Market Participation Guarantees’ , which is approved by the RAEWW following a proposal by the HETS Operator pursuant to the provisions of paragraph 4 of Article 18 of Law 4425/2016.