SECTION VI BALANCING MARKET SETTLEMENT

CHAPTER 18 GENERAL PROVISIONS
Article 18.1 General Provisions
Imbalance Settlement Period The 15-minute time period over which the Imbalance of the Contracted Balance Responsible Parties is calculated. The Balancing Energy and the Balancing Capacity shall also be settled per Imbalance Settlement Period.
The Electricity Transmission System Operator remains financially neutral in the management of the Balancing Market. The financial neutrality of the HETS Operator in the operation of the Balancing Market is ensured through the debits and credits to Balance Responsible Parties, as described in Article 21.4 of this Rulebook.
Details and examples of calculations regarding the Balancing Market Settlement are described in Technical Decision "Balancing Market Settlement".
For the execution of the Balancing Market Settlement pursuant to this Section, the provisions of the Balancing Market Regulation shall apply, as applicable at the given time in relation to respective settlement period.

Article 18.2 Balancing Market Settlement Object
Balancing Market Settlement means the transparent calculation of the volumes of Balancing Energy and Balancing Capacity and the calculation of the monetary value of the Participants' debits and credits in the context of the Balancing Market, as detailed in paragraph 2 of this Article.
The Balancing Market Settlement shall include the following calculations for each Dispatch Day:
a) calculation of the Balancing Energy for mFRR for each Balancing Service Entity and for each Imbalance Settlement Period of the Dispatch Day,
b) calculation of the Balancing Energy for aFRR for each Balancing Service Entity and for each Imbalance Settlement Period of the Dispatch Day,
c) calculation of the energy supplied for purposes other than balancing, for each Balancing Service Entity, for each Imbalance Settlement Period of the Dispatch Day,
d) calculation of Imbalances, for each Balance Responsible Entity, for each Imbalance Settlement Period of the Dispatch Day,
e) calculation of Imbalances Adjustment, for each Balance Responsible Entity, for each Imbalance Settlement Period of the Dispatch Day,
f) calculation of the Balancing Capacity for FCR for each Balancing Service Entity and for each Imbalance Settlement Period of the Dispatch Day,
g) calculation of the Balancing Capacity for mFRR for each Balancing Service Entity and for each Imbalance Settlement Period of the Dispatch Day,
h) calculation of the Balancing Capacity for aFRR for each Balancing Service Entity and for each Imbalance Settlement Period of the Dispatch Day,
i) calculation of the debits and credits to the Balancing Service Provider for Balancing Energy and Balancing Capacity for each of the Balancing Service Entities it represents and for each Imbalance Settlement Period of the Dispatch Day,
j) calculation of the debits and credits to the Balancing Service Provider for energy supplied for purposes other than balancing for each of the Balancing Service Entities it represents and for each Imbalance Settlement Period of the Dispatch Day,
k) calculation of the debits and credits to the Balance Responsible Party for Imbalances for each of the Balance Responsible Entities it represents and for each Imbalance Settlement Period of the Dispatch Day,
l) calculation of the cost of HETS Losses, for each Imbalance Settlement Period of the Dispatch Day,
m) calculation of any Non-Compliance Charges imposed,
n) calculation of debits and credits related to Uplift Accounts,
o) calculation of the Balancing Market Fees for each Participant, and
p) calculation of the amount that ensures the financial neutrality of the Balancing Market.

Article 18.3 Balancing Market Accounts
The HETS Operator shall keep the following Balancing Market Accounts:
a) Balancing Energy Account,
b) Account for Energy supplied for purposes other than balancing
c) Imbalances Account,
d) Balancing Capacity Account,
e) Uplift Account,
f) Non-compliance Charges Account,
g) Balancing Market Fees Account,
h) Account for debit or credit amounts due to corrective settlements for intended exchanges of energy pursuant to Article 50 of Regulation (EU) 2017/2195 and/or unintended exchanges of energy pursuant to Article 51 of Regulation (EU) 2017/2195.
The Accounts in items a) to e) and h), in paragraph 1 of this Article are not used for accounting purposes and are kept exclusively by the HETS Operator for the purpose of Balancing Market monitoring.
The Accounts in items f) to g), in paragraph 1 of this Article are used for financial accounting purposes.

Article 18.4 Required information for the execution of the Balancing Market Settlement
For the performance of the Balancing Market Settlement, the HETS Operator shall use the following information:
a) the Market Schedule of every Balance Responsible Entity, as it results from the Day-Ahead Market and the Intra-Day Market,
b) the Balancing Energy Offers for mFRR (volume and price) awarded in the mFRR Process,
c) the Balancing Energy Offers for aFRR (volume and price) awarded in the aFRR Process,
d) the HETS Operators requirements for aFRR per AGC cycle,
e) the activated energy offers for purposes other than balancing,
f) the Dispatch Instructions,
g) the Supervisory Control and Data Acquisition System (SCADA) measurements for the Balancing Service Entities that supply aFRR Balancing Energy,
h) the indications marking the energy supplied for purposes other than balancing,
i) The certified energy measurement data for the Balancing Service Entities and the interconnections, including the Electricity Supply Volume via Direct Lines,
j) the volume of electricity absorbed by Low and Medium Voltage consumers, as notified to the HETS Operator by Distribution Network Operators,
k) the energy profiles by category for non-metered Absorption Installations from Distribution Network Operators,
l) the total injections of the RES Units connected to the Low Voltage Network, as notified to the HETS Operator by the Distribution Network Operators,
m) the Declared Characteristics of the Balancing Service Entities,
n) any submitted Declarations of Total or Partial non-Availability or Major Outage Declarations of the Balancing Service Entities,
o) the ISP results for upward and downward FCR, automatic FRR and manual FRR Balancing Capacity for the Balancing Service Entities, in MW,
p) the Balancing Capacity Offers for the Balancing Service Entities,
q) the actual availability of the Balancing Service Entities for the supply of any type of Balancing Capacity,
r) the Baseline Load of the Dispatchable Load Portfolios and the Dispatchable Intermittent RES Generation Units,
s) the indications marking the energy supplied for an mFRR Test Dispatch Instruction, and
t) the total injections of the Dispatchable RES Generation Units Portfolios and the total offtake of the Dispatchable Load Portfolios.
For every Imbalance Settlement Period, the HETS Operator shall calculate the Electricity Supply Volume via a Direct Line for Demand Facilities with a Parallel Connection, as the lowest of the following:
a) the metered generation by the generating unit that is connected to the Direct Line,
b) the energy corresponding to the HETS Operator’s Dispatch Instructions issued to the generating unit that is connected to the Direct Line,
c) the metered energy drawn from the Direct Line, which is the lowest measurement value of the meters installed at the connection points between the Direct Line and the Direct Line Users,
d) the metered energy consumed by the Demand Facility that is connected to the Direct Line,
e) the declaration submitted by the owner of the Demand Facility to the HETS Operator.
The declaration provided for in point (e) of paragraph 2 of this article includes the maximum amount of electricity that the Demand Facility can procure through the Direct Line in MWh and the Load Representative(s) to whom, as specified in paragraph 3 of this article, the Quantity of Electricity Supply through the Direct Line of the Demand Facility is allocated. The declaration is submitted by the start of operation of the Direct Line at the latest and updated by the owner of the Demand Facility in a timely manner, before any modification of the information included therein.
For every Imbalance Settlement Period, the Electricity Supply Volume via Direct Line corresponding to a Demand Facility is apportioned to the Load Representatives based on their load representation rate, in accordance with the Load Meter Representation Declaration submitted by the Demand Facility pursuant to subsection 10.10 of the HETS Grid Code for that specific Imbalance Settlement Period. Volume shall not be charged against the Load Representatives if they were not included in the declaration provided for in paragraph 2(e) of this Article.

Article 18.5 Contract with the Clearing House
The HETS Operator shall assign the Clearing of Positions, risk management and Cash Settlement procedures that need to be performed in the context of the operation of the Balancing Market to a Clearing House, as set out in Article 12 and 17 of Law 4425/2016 and this Rulebook. The Clearing House shall have a Clearing Rulebook for Balancing Market Positions, which shall be issued as laid down in Articles 12 and 13(2) of Law 4425/2016.
The Clearing House shall perform the Clearing of Positions, risk management and Cash Settlement procedures in accordance with this Rulebook, the Clearing Rulebook for Balancing Market Positions and the Implementing and Technical Decisions issued for their performance, and shall undertake all the duties and responsibilities arising from them vis-a-vis the HETS Operator and any other third party involved in their implementation. The Participants shall be liable to fulfill their monetary obligations arising from this Rulebook as set out in the Regulation for the Settlement of Balancing Market Positions CHAPTER 22 and in CHAPTER 23 of this Rulebook.

Article 18.6 Obligations of the Distribution Network Operators under the Balancing Market Settlement process
For the purposes of the Initial Settlement, the Distribution Network Operators shall communicate to the HETS Operator, every day D, for day D+2, the amounts calculated in advance for each Load Representative and per profile category of consumption of non-metered Low Voltage Absorption Facilities of the HETS Operator, in accordance with the Hellenic Electricity Distribution Network Code.
For the purposes of the Initial Settlement, the Distribution Network Operators shall communicate to the HETS Operator, every day, D, for the previous day D-1, per Imbalance Settlement Period:
a) The measurements/estimates of total electricity offtake corresponding to telemetered Absorption Facilities connected to the HETS Low Voltage network, normalised to the Transmission System – Distribution Network boundary, per Load Representative, in accordance with the provisions of the Hellenic Electricity Distribution Network Operator (HEDNO) Management Code,
b) The measurements/estimates of total electricity offtake corresponding to HETS Medium Voltage Facilities, normalised to the Transmission System - Distribution Network boundary, per Load Representative, in accordance with the provisions of the Hellenic Electricity Distribution Network Operator (HEDNO) Management Code,
c) The measurements / estimates of total production by RES Units connected to the HETS Low Voltage network, as provided in the Hellenic Electricity Distribution Network Code,
d) The measurements of the total electricity offtake of the Distributed Load Portfolios for the installations connected to the Medium and/or Low Voltage network, adjusted to the Transmission System - Distribution System Limit, based on the Table of Meters for Dispatchable Load Portfolios referred to in Article 5.4 of this Rulebook,
e) The measurements of the total electricity production of the Dispatchable RES Units Portfolios for the units connected to the Low Voltage network, based on the Table of RES and CHP Units referred to in Article 5.3 of this Rulebook.
For the purposes of the Corrective Settlement, the Distribution Network Operators shall communicate to the HETS Operator, until Monday of Settlement W+6, for every Settlement Week, W, per Imbalance Settlement Period, the following revised data:
a) The measurements/estimates of total electricity offtake corresponding to telemetered Absorption Facilities connected to the HETS Low Voltage network, normalised to the Transmission System – Distribution Network boundary, per Load Representative, in accordance with the provisions of the Hellenic Electricity Distribution Network Operator (HEDNO) Management Code,
b) The measurements/estimates of total electricity offtake corresponding to HETS Medium Voltage Facilities, normalised to the Transmission System - Distribution Network boundary, per Load Representative, in accordance with the provisions of the Hellenic Electricity Distribution Network Operator (HEDNO) Management Code,
c) The measurements / estimates of total production by RES Units connected to the Interconnected System Low Voltage network, as provided in the Hellenic Electricity Distribution Network Code,
d) The measurements of the total electricity offtake of the Distributed Load Portfolios for the installations connected to the Medium and/or Low Voltage network, adjusted to the Transmission System - Distribution System Limit, based on the Table of Meters for Dispatchable Load Portfolios referred to in Article 5.4 of this Rulebook,
e) The measurements of the total electricity production of the Dispatchable RES Units Portfolios for the units connected to the Low Voltage network, based on the Table of RES and CHP Units referred to in Article 5.3 of this Rulebook.
For the purposes of the Final Settlement of the first Half-Year Settlement Period of year Y, the Distribution Network Operators shall send details to the HETS Operator, before the twenty-sixth (26th) Tuesday of year Y+3, the final measurements for items a to e in paragraph 3 of this Article.
For the purposes of Final Settlement of the second Half-Year Settlement Period of year Y, the Distribution Network Operators shall communicate to the HETS Operator, by the fifty-second (52) Tuesday of the year Y+3, the final measurements for items a to e of paragraph 3 of this Article.
Any corrections to the data provided in this Article after the deadlines set out in paragraphs 4 and 5 of this Article shall not be taken into account for the Balancing Market Settlement pursuant to this Rulebook.

Article 18.7 Deficit or Surplus Management in relation to Cross-Border Natural Supplies
Any deficit in coupled markets in relation to Cross-Border Physical Deliveries that correspond to imports and exports per coupled interconnection under the Single Day-Ahead Market Coupling, Intra-Day Auctions and Continuous Intra-Day Trading, to the extent where it is not covered by a potential relevant surplus deriving from the Cross-Border Physical Deliveries to the HETS Operator or the Shipping Agent, shall be covered as follows:
a) Initially, by any remuneration paid due to failure of the contracting parties to fulfil their obligations relating to the Cross-Border Physical Deliveries that correspond to imports and exports per coupled interconnection under the Single Day-Ahead Market Coupling, Intra-Day Auctions and Continuous Intra-Day Trading, in accordance with the provisions of the contract between the Shipping Agent and the HETS Operator.
b) in the case that the amount of (a) does not suffice, by the payment of the remaining balance in the non-Compliance Charges Account held by the Energy Exchange in accordance with the Day-Ahead & Intra-Day Markets Trading Rulebook and the process described in section 3.12.8 thereof.
c) if the amount of cases (a) and (b) is not sufficient, by the payment of the available balance of the Non-Conformity Debit Account maintained by the HETS Operator in accordance with Article 22.8 paragraph 1, case (b).
Any surplus in coupled markets in relation to Cross-Border Physical Deliveries that correspond to imports and exports per coupled interconnection under the Single Day-Ahead Market Coupling, Intra-Day Auctions and Continuous Intra-Day Trading, as calculated in the results of the Single Day-Ahead Market Coupling, Intra-Day Auctions and Continuous Intra-Day Trading respectively, which remains after covering potential relevant deficits deriving from the Cross-Border Physical Deliveries to the HETS Operator or the Shipping Agent, shall be transferred to the non-Compliance Charges Account held by the HETS Operator.

Article 18.8 HETS Losses Management
The HETS Operator makes provision for expected HETS Losses and shall take the necessary action to cover the respective quantities of energy through submission of Price-Taking Orders with Execution Priority in the Day-Ahead Market and/or through the Intraday Market and/or through the Energy Financial Market and/or through contracts concluded following a tender procedure.
The HETS Operator shall calculate the actual losses of the HETS and shall calculate the debit/credit of these losses to the Imbalance Settlement.
The total cost of HETS Losses shall be recovered by the HETS Operator through the corresponding Uplift Account as defined in Article 21.2 of this Rulebook.
HETS Losses are estimated based on the "HETS Losses Calculation Methodology". The HETS Operator shall use the ‘HETS Losses Calculation Methodology’ for the hourly Forecasting of HETS Losses that must be purchased in accordance with this Article.

CHAPTER 19 IMBALANCE AND BALANCING ENERGY SETTLEMENT

Article 19.1 Calculation of Balancing Energy and Imbalances
1. The activated energy for each Imbalance Settlement Period t shall be calculated separately for mFRR, aFRR and for purposes other than balancing. An upward activated energy shall be always calculated with a positive value, while the downward activated energy shall be always calculated with a negative value.
2. The activated Balancing Energy for mFRR is determined as follows:
  a) The upward activated Balancing Energy mFRR, $(A B E_{e, t}^{α F R R, u p})$ , of a Balancing Service Entity e for an Imbalance Settlement Period t is (a) for Dispatchable Generating Units and Dispatchable RES Units Portfolios, the additional energy corresponding to the Adjusted Dispatch Instruction for mFRR and (b) for Dispatchable Load Portfolios, the reduction in energy absorption corresponding to the Adjusted Dispatch Instruction for mFRR, in accordance with the provisions of paragraph 5 of this article, and
  b) The downward activated Balancing Energy mFRR, $(A B E_{e, t}^{α F R R, d n})$ , of an Balancing Service Entity e for a Balancing Settlement Period t is (a) with respect to the Dispatchable Generation Units and the Dispatchable RES Units Portfolios, the reduction of the energy corresponding to the Adjusted Dispatch Instruction for mFRR and (b) with respect to Dispatchable Load Portfolios, the increase in energy absorption corresponding to the Adjusted Dispatch Instruction for mFRR, as defined in paragraph 5 of this Article.
3. The activated Energy supplied for purposes other than balancing is defined as follows:
  a) The upward activated energy for purposes other than balancing, $(A O E_{e, t}^{m F R R, u p})$ of a Balancing Service Entity e for an Imbalance Settlement Period t (is (a) for Dispatchable Generating Units and Dispatchable RES Units Portfolios, the additional energy corresponding to the Adjusted Dispatch Instruction for purposes other than balancing, and (b) for Dispatchable Load Portfolios, the reduction in energy absorption corresponding to the Adjusted Dispatch Instruction for purposes other than balancing, in accordance with the provisions of paragraph 5 of this Article, and
  b) The downward activated energy for purposes other than balancing, $(A O E_{e, t}^{m F R R, d n})$ of a Balancing Service Entity e for an Imbalance Settlement Period t is (a) for Dispatchable Generating Units and Dispatchable RES Units Portfolios, the reduction in energy corresponding to the Adjusted Dispatch Instruction for purposes other than balancing, and (b) for Dispatchable Load Portfolios, the additional energy absorption corresponding to the Adjusted Dispatch Instruction for purposes other than balancing, in accordance with the provisions of paragraph 5 of this Article.
4. The Adjusted Dispatch Instruction and the activated energy shall be calculated according to the ‘Activated Balancing Energy Calculation Methodology’, which takes into account at least the actual availability of the Balancing Service Entities.
5. The mFRR Instructed Energy of a Balancing Services Entity e for a Balancing Settlement Period t, $I N S T_{e, t}^{m F R R}$ , shall be calculated as follows:
  a) For Dispatchable Generation Units and for Dispatchable Intermittent RES Units Portfolios:
     $I N S T_{e, t}^{m F R R} = M S_{e, t} + A B E_{e, t}^{m F R R, u p} + A B E_{e, t}^{m F R R, d n} + A O E_{e, t}^{m F R R, u p} + A O E_{e, t}^{m F R R, d n}$
  b) For Dispatchable Intermittent RES Units Portfolios:
     $I N S T_{e, t}^{m F R R} = B L_{e, t} + A B E_{e, t}^{m F R R, u p} + A B E_{e, t}^{m F R R, d n} + A O E_{e, t}^{m F R R, u p} + A O E_{e, t}^{m F R R, d n}$
  c) For Dispatchable Load Portfolios (with the exception of Dispatchable Load Portfolios with pumped storage capability):
     $I N S T_{e, t}^{m F R R} = B L_{e, t} + M S_{e, t} - A B E_{e, t}^{m F R R, u p} - A B E_{e, t}^{m F R R, d n} - A O E_{e, t}^{m F R R, u p} - A O E_{e, t}^{m F R R, d n}$
  d) For Dispatchable Load Portfolios with pumped storage capability:
     $I N S T_{e, t}^{m F R R} = M S_{e, t} - A B E_{e, t}^{m F R R, u p} - A B E_{e, t}^{m F R R, d n} - A O E_{e, t}^{m F R R, u p} - A O E_{e, t}^{m F R R, d n}$
  where:
  $M S_{e, t}$ the Market Schedule of the Balancing Services Entity e for the Balancing Settlement Period t, where a) for Dispatchable Generation Units and Dispatchable RES Units Portfolios is always positive (+) and refers to the generation level of the Entity,b) for Dispatchable Load Portfolios (with the exception of Dispatchable Load Portfolios with pumped storage capability) it refers to the differential quantities absorbed with respect to the corresponding Reference Load, which is negative (-) when it comes to reduced absorption or positive when it concerns increased absorption from the Portfolio, and (c) for Dispatchable Load Portfolios with pumped storage capability it is always positive (+) and refers to the absorption level of the Portfolio.
  $A B E_{e, t}^{m F R R, u p}$ the upward activated Balancing Energy mFRR awarded to a Balancing Services Entity e for an Imbalance Settlement Period t.
  $A B E_{e, t}^{m F R R, d n}$ the downward activated Balancing Energy mFRR awarded to a Balancing Services Entity e for an Imbalance Settlement Period t.
  $A O E_{e, t}^{m F R R, u p}$ the upward activated energy mFRR for purposes other than balancing awarded to a Balancing Services Entity e for an Imbalance Settlement Period t.
  $A O E_{e, t}^{m F R R, d n}$ the downward activated energy mFRR for purposes other than balancing awarded to a Balancing Services Entity e for an Imbalance Settlement Period t.
  $B L_{e, t}$ the Balancing Services Entity's Reference Load e for the Balancing Settlement Period t, as calculated by the HETS Operator and corresponding to a) the electricity that would be generated by the Dispatchable RES Units Portfolio in the event of non-activation of the respective Balancing Energy Offers and b) the electricity that would have been absorbed from the Dispatchable Load Portfolio in the event of non-activation of the respective Balancing Energy Offers. Details and the rules for calculating the Baseline are provided in the "Baseline Calculation Methodology".
  For calculation of the Instructed Energy mFRR, a tolerance limit may be set per category of Balancing Service Entity by decision of the RAEWW, subsequent to a proposal from the HETS Operator.
6. In the event that a Balancing Services Entity, e, operates under AGC, then the activated Balancing Energy for aFRR, $A B E_{e, i}^{a F R R}$ shall be calculated over a period of a minute i, as follows:
  a) For Dispatchable Generating Units or Dispatchable Non-Intermittent RES Units Portfolios, the activated aFRR Balancing Energy $A B E_{e, i}^{a F R R}$ shall be equal to the integral of the difference between the measurements of the Supervisory Control and Data Acquisition System (SCADA) and the Instructed Energy, $I N S T_{e, i}^{m F R R}$ of the Entity e within minute i.
  b) For Dispatchable Intermittent RES Units Portfolios, the activated aFRR Balancing Energy, $A B E_{e, i}^{a F R R}$ shall be equal to the integral of the difference between the measurements of the Supervisory Control and Data Acquisition System (SCADA) and the Reference Load, $B L_{e, i}$ of the Entity e within minute i.
  c) For Dispatchable Load Portfolios, the activated aFRR Balancing Energy is $A B E_{e, i}^{a F R R}$ equal to the integral of the difference between, on the one hand, the measurements of the Supervisory Control and Data Acquisition System (SCADA) and, on the other, the sum of the Reference Load and Market Schedule, $B L_{e, i} + M S_{e, i}$ of the Entity e within minute i.
  On the basis of the above calculations, when the activated aFRR Balancing Energy in minute i is positive, $A B E_{e, i}^{a F R R, u p}$ , it is considered to be upward, and when it is negative, it is considered to be downward, $A B E_{e, i}^{a F R R, d n}$ .
7. In the event that a Balancing Service Entity e operates under AGC during an Imbalance Settlement Period t, then the Instructed Energy, $I N S T_{e, t}$ is calculated as follows:
  a) For Dispatchable Generation Units or a Dispatchable non-Intermittent RES Units Portfolio:
  $I N S T_{e, t} = I N S T_{e, t}^{m F R R} + \sum_{i = 1}^{15} A B E_{e, i}^{a F R R, u p} + \sum_{i = 1}^{15} A B E_{e, i}^{a F R R, d n}$
  b) For a Dispatchable Intermittent RES Units Portfolio:
  $I N S T_{e, t} = B L_{e, t}^{} + \sum_{i = 1}^{15} A B E_{e, i}^{a F R R, u p} + \sum_{i = 1}^{15} A B E_{e, i}^{a F R R, d n}$
  c) For Dispatchable Load Portfolios (with the exception of Dispatchable Load Portfolios with pumped storage capability):
  $I N S T_{e, t} = B L_{e, t}^{} - \sum_{i = 1}^{15} A B E_{e, i}^{a F R R, u p} - \sum_{i = 1}^{15} A B E_{e, i}^{a F R R, d n}$
  d) For Dispatchable Load Portfolios with pumped storage capability:
  $I N S T_{e, t} = I N S T_{e, t}^{m F R R} - \sum_{i = 1}^{15} A B E_{e, i}^{a F R R, u p} - \sum_{i = 1}^{15} A B E_{e, i}^{a F R R, d n}$
  In the event that a Balancing Service Entity e operates under AGC during an Imbalance Settlement Period t, then the Instructed Energy $I N S T_{e, t}$ is equal to the Instructed mFRR Energy $I N S T_{e, t}^{m F R R}$ .
8. In the event that the operation of a Balancing Services Entity, e, under AGC is suspended at the responsibility of the Entity for more than 5 minutes during a Balancing Settlement Period, t, then for that Balancing Settlement Period: (a) the entity shall not supply Balancing Energy, (b) The difference between the energy injected or absorbed and the Market Schedule or Reference Load is deemed to be an Imbalance, and (c) the entity shall not be remunerated for aFRR Balancing Energy.
9. The Imbalance of a Balance Responsible Entity providing Balancing Services, e, for an Imbalances Settlement Period t is equal to the difference between the quantity of energy that results on the basis of the Entity's certified measurement data $M Q_{e, t}$ and the Entity’s Market Schedule, $M S_{e, t}$ or the Reference Load, $B L_{e, t}$ , as given below:
  a) for Dispatchable Generating Units or Dispatchable RES Units Portfolio:
     $I M B_{e, t} = M Q_{e, t} - M S_{e, t}$
  b) for Dispatchable Load Portfolios (with the exception of Dispatchable Load Portfolios with pumped storage capability):
     $I M B_{e, t} = B L_{e, t} - M Q_{e, t}$
  c) for Dispatchable Load Portfolios with pumped storage capability:
     $I M B_{e, t} = M S_{e, t} - M Q_{e, t}$
  In the above functions, a positive sign corresponds to the injection of more energy or absorption of less energy by the Balance Responsible Entity, while a negative sign corresponds to the injection of less energy or absorption of more energy in relation to its Market Schedule.
10. The Imbalances adjustment of a Balancing Service Entity e that provides Balancing Energy for mFRR or energy for purposes other than balancing for an Imbalance Settlement Period t is given in the following functions:
  a) for Dispatchable Generation Units or a Dispatchable Non-Intermittent RES Units Portfolio:
     $I M B A D J_{e, t} = M S_{e, t} - I N S T_{e, t}$
  b) For Dispatchable Intermittent RES Units Portfolio:
     $I M B A D J_{e, t} = B L_{e, t} - I N S T_{e, t}$
  c) for Dispatchable Load Portfolios (with the exception of Dispatchable Load Portfolios with pumped storage capability):
     $I M B A D J_{e, t} = I N S T_{e, t} - B L_{e, t}$
  d) for Dispatchable Load Portfolios with pumped storage capability:
     $I M B A D J_{e, t} = I N S T_{e, t} - M S_{e, t}$
11. The Final Imbalance of a Balancing Services Entity e for a Balancing Settlement Period t is equal to the sum of the Imbalance and the Balancing Adjustment, as given below:
  $F I M B_{e, t} = I M B_{e, t} + I M B A D J_{e, t}$
12. The Final Imbalance of a Balance Responsible Entity e that is not providing Balancing Services shall be equal to the Imbalance as calculated on the basis of paragraph 9 of this Article. In particular:
  a) For non-Dispatchable RES Units Portfolio, RES Units Portfolio without Market Participation Obligation and Electricity Exports from the Interconnections, the Final Imbalance shall be equal to
  $F I M B_{e, t} = M Q_{e, t} - M S_{e, t}$
  b) For Load Portfolios and Electricity Exports from the Interconnections, the Final Imbalance shall be equal to
  $F I M B_{e, t} = M S_{e, t} - M Q_{e, t}$
  The Final Positive Imbalance (a) for Dispatchable Generating Units and Dispatchable RES Units Portfolios shall correspond to higher metered energy injection compared to the respective Adjusted Dispatch Instruction, and (b) for Dispatchable Load Portfolios and Dispatchable Load Portfolios with pumped storage capability to a lower metered energy absorption compared to the corresponding Adjusted Dispatch Instruction.
  The Final Positive Imbalance (a) for Non-Dispatchable RES Units Portfolio and RES Units Portfolios without Market Participation Obligation shall correspond to higher metered energy injection compared to the respective Market Schedule, and (b) for Load Portfolios shall correspond to lower metered energy absorption compared to the respective Market Schedule.
  The Final Negative Imbalance (a) for Dispatchable Generating Units and Dispatchable RES Units Portfolios shall correspond to lower metered energy injection in real time compared to the respective Adjusted Dispatch Instruction, and (b) for Dispatchable Load Portfolios and Dispatchable Load Portfolios with pumped storage capability to a higher metered energy absorption in real time compared to the corresponding Adjusted Dispatch Instruction.
  The Final Negative Imbalance (a) for Non-Dispatchable RES Units Portfolio and RES Units Portfolios without Market Participation Obligation shall correspond to lower metered energy injection compared to the respective Market Schedule, and (b) for Load Portfolios shall correspond to higher metered energy consumption compared to the respective Market Schedule.
13. For the Imbalance Settlement Periods for which the entities are under Commissioning Operation or under Operation tests or under Prequalification Tests, the activated Balancing Energy and the Imbalances Adjustment will be equal to zero. The Final Imbalance of the above Balancing Service Entities is equal to the Imbalance as calculated in accordance with paragraph 9 of this Article.

Article 19.2 Manual FRR and Automatic FRR Clearing Prices

The clearing prices of mFRR and aFRR are calculated in €/MWh.
If there is no congestion between Bidding Zones, the upward Balancing Energy Price for mFRR, $B E P_{z, t}^{u p}$ , for each Imbalance Settlement Period, t, for the activation of upward mFRR Balancing Energy shall be equal to the maximum Balancing Energy Offer prices for the mFRR steps that were activated to cover the HETS Imbalances. In the event there is congestion between the Bidding Zones, the clearing price for upward mFRR for each Imbalance Settlement Period, t, for activation of upward Balancing Energy for each Bidding Zone is equal to the maximum prices of the mFRR Balancing Energy Offer steps that were activated to cover the imbalance in the specific Bidding Zone, z.
If there is no congestion between Bidding Zones, the downward mFRR clearing price (in EUR/MWh), $B E P_{z, t}^{d n}$ , for each Imbalance Settlement Period, t, for the activation of downward mFRR Balancing Energy is equal to the minimum Balancing Energy Offer prices for the mFRR steps that were activated to cover the HETS Imbalances. If there is congestion between the Bidding Zones, the clearing price for downward mFRR for each Imbalance Settlement Period, t, for activation of downward Balancing Energy for each Bidding Zone is equal to the minimum prices of the mFRR Balancing Energy Offer steps that were activated to cover the imbalance of the specific Bidding Zone, z.
The upward and downward Balancing Energy Offers for mFRR activated for purposes other than balancing shall be marked and excluded from the calculation of upward and downward clearing prices for mFRR. The activation purposes which fall into the category of “purposes other than balancing” shall be defined in the methodology for classifying the activation purposes of Balancing Energy Offers in accordance with Article 29(3) of
Regulation (EU) 2017/2195.
The upward and downward Balancing Energy Offers for mFRR for the Balancing Service Entities and for the Imbalance Settlement Periods which are set out in the ‘Calculation Methodology for Unfeasible Market Schedule’ shall be marked and excluded from the calculation of upward and downward mFRR clearing prices.
Upward and downward mFRR Balancing Energy Offers for the Balancing Service Entities and for Imbalance Settlement Periods that are activated for Test Dispatch Instruction purposes shall be marked and excluded from the calculation of upward and downward mFRR clearing prices.
If the calculation of the mFRR and aFRR clearing prices is impossible, in particular due to an Emergency Situation, or failure of the Balancing Market System or of the other electronic systems of the HETS Operator, the HETS Operator shall apply the procedure provided for in the ‘Rules for settlement in case of suspension of market activities’.

The aFRR Clearance Price shall be derived per Balancing Services Entity, for each minute i of the Balance Settlement Period t, according to the direction of the Balancing Action activated, as follows:

a) To activate upward aFRR Balancing Energy:

$S P_{e, i}^{a F R R, u p} = m a x (S P_{W A E, i}^{a F R R, u p}, O P B E_{e, s, i}^{a F R R, u p})$

Where:

$S P_{W A E, i}^{a F R R, u p}$	The weighted clearing price of upward aFRR in €/ MWh for minute i, in accordance with paragraph 9 of this Article.
$O P B E_{e, s, i}^{a F R R, u p}$	The price of step s of the Balancing Energy Offer for upward aFRR of the Balancing Services Entity corresponding to the activated upward aFRR energy calculated for minute i, in accordance with the ‘Activated Energy Calculation Methodology’.

b) To activate downward aFRR Balancing Energy:

$S P_{e, i}^{a F R R, d n} = m i n (S P_{W A E, i}^{a F R R, d n}, O P B E_{e, s, i}^{a F R R, d n})$

Where:

$S P_{W A E, i}^{a F R R, d n}$	The weighted clearing price for downward aFRR in €/MWh for minute i, in accordance with paragraph 10 of this Article.
$O P B E_{e, s, i}^{a F R R, d n}$	The price of step s of the Balancing Energy Offer for downward aFRR of the Balancing Services Entity corresponding to the activated upward aFRR energy calculated for minute i, in accordance with the ‘Activated Energy Calculation Methodology’.

The weighted clearing price for upward aFRR shall be calculated for each minute i of the Balance Settlement Period t as follows:

$S P_{e, i}^{a F R R, u p} = \frac{\sum_{c \in i} (R E_{c}^{a F R R, u p} \times M P_{c}^{a F R R, u p})}{\sum_{c \in i} (R E_{c}^{a F R R, u p})}$

Where:

$c$	The AGC cycle.
$M P_{c}^{a F R R, u p}$	The weighted clearing price of upward aFRR in €/ MWh for AGC cycle c, in accordance with paragraph 11 of this Article.
$R E_{c}^{a F R R, u p}$	The required activation of upward aFRR Balancing Energy served locally in MWh for each AGC cycle c during minute i, with a positive value.

The weighted settlement price for downward aFRR shall be calculated for each minute i of the Balance Settlement Period t as follows:

$S P_{e, i}^{a F R R, d n} = \frac{\sum_{c \in i} (R E_{c}^{a F R R, d n} \times M P_{c}^{a F R R, d n})}{\sum_{c \in i} (R E_{c}^{a F R R, d n})}$

Where:

$c$	The AGC cycle.
$M P_{c}^{a F R R, d n}$	The weighted clearing price for downward aFRR in an AGC cycle (in €/MWh) for AGC cycle c, in accordance with paragraph 11 of this Article.
$R E_{c}^{a F R R, d n}$	The required activation of downward aFRR Balancing Energy served locally in MWh for each AGC cycle c during minute i, with a positive value.

For the periods of time that the HETS Operator remains connected to the European aFRR Platform, the upward and downward aFRR clearance price in an AGC cycle shall be the same as and equal to the Cross-Border aFRR Clearance Price sent by the European aFRR Platform. For periods of time when the HETS Operator remains disconnected from the European aFRR Platform, the upward aFRR clearing price of the AGC cycle corresponds to the highest price of all upward aFRR Balancing Energy Offers that were activated from the local aFRR merit order list, while the downward aFRR clearing price of the AGC cycle corresponds to the lowest price of all downward aFRR Balancing Energy Offers that were activated from the local aFRR merit order list.
If the calculation of the mFRR and aFRR clearing prices is impossible, in particular due to an Emergency Situation, or failure of the Balancing Market System or of the other electronic systems of the HETS Operator, the HETS Operator shall apply the procedure provided for in the ‘Rules for settlement in case of suspension of market activities’.

Article 19.3 Calculation of Balancing Energy debits and credits

The debits or credits to the Balancing Service Providers for each Balancing Service Entity they represent, per Imbalance Settlement Period, for activated Balancing Energy for mFRR following a relevant Dispatch Instruction shall be determined for each direction according to the following table:

	Positive Balancing Energy Price	Negative Balancing Energy Price
Upward Balancing Energy	Payment from Clearing House to Balancing Service Provider	Payment from Balancing Service Provider to Clearing House
Downward Balancing Energy	Payment from Balancing Service Provider to Clearing House	Payment from Clearing House to Balancing Service Provider

The charge or credit of the Balancing Services Providers for each Balancing Service Entity that they represent per each Imbalance Settlement Period, for the activated mFRR Balancing Energy, including the activated Balancing Energy for mFRR Test Dispatch Instructions, is calculated as follows:

a) For the activated upward mFRR Balancing Energy:

$A B E C_{e, t}^{m F R R, u p} = A B E_{e, t}^{m F R R, u p} \times B E P_{z, t}^{u p}$

Where:

$A Β E C_{e, t}^{m F R R, u p}$	The debit or credit in € for the activated upward Balancing Energy for mFRR for a Balancing Service Entity e and an Imbalance Settlement Period t.
$A B E_{e, t}^{m F R R, u p}$	The activated upward Balancing Energy for aFRR for a Balancing Service Entity e and an Imbalance Settlement Period t.
$B E P_{z, t}^{u p}$	The clearing price of an upward mFRR, of the Bidding Zone, z, in €/MWh to which the Balancing Services Entity e belongs.

b) For the activated downward mFRR Balancing Energy:

$A B E C_{e, t}^{m F R R, d n} = A B E_{e, t}^{m F R R, d n} \times B E P_{z, t}^{d n}$ .

Where:

$A Β E C_{e, t}^{m F R R, d n}$	The debit or credit in € for the activated upward Balancing Energy for mFRR for a Balancing Service Entity e and an Imbalance Settlement Period t.
$A B E_{e, t}^{m F R R, d n}$	The activated downward Balancing Energy for mFRR in MWh for a Balancing Service Entity e and an Imbalance Settlement Period t.
$B E P_{z, t}^{d n}$	The clearing price of a downward mFRR, of the Bidding Zone, z, in €/MWh to which the Balancing Services Entity e belongs.

The charge or credit of the Balancing Service Providers for the activated upward aFRR Balancing Energy, and for each Balancing Service Entity e that they represent, is calculated per Imbalance Settlement Period t as the sum of the respective charges or credits for each minute i within the Imbalance Settlement Period t. The above charges or credits shall be calculated as follows:

$A B E C_{e, t}^{α F R R, u p} = \sum_{i = 1}^{15} (A B E_{e, i}^{a F R R, u p} \times S P_{e, i}^{a F R R, u p})$

Where:

$A B E C_{e, t}^{α F R R, u p}$	the debit or credit for the activated upward aFRR Balancing Energy for a Balancing Service Entity e and an Imbalance Settlement Period t.
$A B E_{e, t}^{α F R R, u p}$	The upward activated aFRR Balancing Energy in MWh for the Balancing Services Entity e during one minute i within the Imbalance Settlement Period t.
$S P_{e, i}^{a F R R, u p}$	The upward aFRR clearing price for the Balancing Services Entity e during one minute i within the Imbalance Settlement Period t.

The charge or credit of the Balancing Service Providers for the activated downward aFRR Balancing Energy, and for each Balancing Service Entity e that they represent, is calculated per Imbalance Settlement Period t up to the sum of the corresponding charges or credits for each minute i within the Imbalance Settlement Period t. The above charges or credits shall be calculated as follows:

$A B E C_{e, t}^{α F R R, d n} = \sum_{i = 1}^{15} (A B E_{e, i}^{a F R R, d n} \times S P_{e, i}^{a F R R, d n})$

Where:

$A B E C_{e, t}^{α F R R, d n}$	the debit or credit for the activated upward aFRR Balancing Energy for a Balancing Service Entity e and an Imbalance Settlement Period t.
$A B E_{e, t}^{α F R R, d n}$	The downward activated aFRR Balancing Energy in MWh for the Balancing Services Entity e during one minute i within the Imbalance Settlement Period t.
$B E P_{z, t}^{d n}$	The downward aFRR clearing price for the Balancing Services Entity e during one minute i within the Imbalance Settlement Period t.

Details regarding the calculation of prices are described in the ‘Balancing Market Price Calculation Methodology’ and details regarding calculation of Balancing Energy debits and credits are described in the Technical Decision ‘Balancing Market Settlement’.

Article 19.4 Calculation of debits and credits for energy activated for purposes other than balancing

The debits or credits to the Balancing Service Providers for each Balancing Service Entity, e, they represent, per Imbalance Settlement Period, t, for energy activated for purposes other than balancing shall be calculated as follows:

a) as the sum of the products of all steps, which result from the multiplication of the quantity of upward balancing energy in each step by the Price of the Offer for upward Balancing Energy for mFRR for that step and for the corresponding Entity.

$A O E C_{e, t}^{m F R R, u p} = \sum_{s} (m F R R Q_{e, α s, t}^{u p} \times O P B E_{e, s, t}^{m F R R, u p})$

Where:

$A O E C_{e, t}^{m F R R, u p}$	The debit or credit for upward Balancing Energy activated for purposes other than balancing for a Balancing Service Entity e and an Imbalance Settlement Period t.
$m F R R Q_{e, α s, t}^{u p}$	the segment, as, of step, s, in MWh of the upward Balancing Energy Offer for mFRR that has been validated for a Balancing Service Entity, e, for an Imbalance Settlement Period, t.
$O P B E_{e, s, t}^{m F R R, u p}$	the price in €/MWh of step s of the upward Balancing Energy Offer of a Balancing Service Entity e for mFRR for an Imbalance Settlement Period t.

b) as the sum of the products of all steps, which result from the multiplication of the quantity of downward balancing energy in each step by the Price of the Offer for downward Balancing Energy for mFRR for that step and for the corresponding Entity.

$A O E C_{e, t}^{m F R R, d n} = \sum_{s} (m F R R Q_{e, α s, t}^{d n} \times O P B E_{e, s, t}^{m F R R, d n})$

Where:

$A O E C_{e, t}^{m F R R, d n}$	The debit or credit for downward Balancing Energy activated for purposes other than balancing for a Balancing Service Entity e and an Imbalance Settlement Period t.
$m F R R Q_{e, α s, t}^{d n}$	the segment, as, of step, s, in MWh of the downward Balancing Energy Offer for mFRR that has been validated for a Balancing Service Entity, e, for an Imbalance Settlement Period, t.
$O P B E_{e, s, t}^{m F R R, d n}$	the price in €/MWh of step s of the downward Balancing Energy Offer of a Balancing Service Entity e for mFRR for an Imbalance Settlement Period t.

Where the calculated amounts $A O E C_{e, t}^{m F R R, u p}$ of $A O E C_{e, t}^{m F R R, d n}$ activated energy for non-balancing purposes are negative, the Balancing Entity shall be required to pay the calculated amount, whereas when the amounts calculated are positive, the Balancing Entity shall be entitled to collect the calculated amount.

Article 19.5 Calculation of System Imbalance

The System Imbalance, $S I_{t}$ shall be calculated for each Imbalance Clearance Period t as follows:

$S I_{t} = Δ P_{t} + k Δ f_{t} - A E_{t}$

Όπου:

$Δ P_{t}$	The imbalance between intended exchanges of active capacity through the interconnection points and metered values, in MW. The intended exchanges of active capacity at the HETS interconnection points do not include voluntary exchanges of active capacity pursuant to Article 50 of Regulation (EU) 2017/2195.
$k Δ f_{t}$	The HETS frequency control error, in MW, for the Imbalance Clearance Period t, that is, the product of the frequency deviation from the nominal value by the factor k (in mW/Hz) as defined in Article 156 (2) of Regulation (EU) 2017/1485.
$A E_{t}$	The total activated energy in MW, corresponding to aFRR Dispatch Instructions for the Imbalance Settlement Period t, mFRR Dispatch Instructions, Test mFRR Dispatch Instructions, Dispatch Instructions for commitment, de-commitment or transition, and the Instructions for activation of mFRR Energy Offers for purposes other than balancing for a Balancing Settlement Period t.

In the above formula, export-related active capacity exchanges and upward activated energy are taken into account with a positive sign. By contrast, import-related active capacity exchanges and downward activated energy are taken into account with a negative sign.

Article 19.6 Calculation of the Imbalance Price

If the System Imbalance $S I_{t}$ , is less than -25MW or greater than +25MW, the Imbalance Price $I P_{t}^{}$ shall be calculated as follows:

$I P_{t} \{\begin{matrix} m a x \{M P_{W A E, t}^{α F R R}, B E P_{m F R R, t}^{u p}, V O A A_{t}^{u p}, V O A A_{t}^{d n}\} \\ m i n \{M P_{W A E, t}^{α F R R}, B E P_{m F R R, t}^{d n}, V O A A_{t}^{u p}, V O A A_{t}^{d n}\} \end{matrix} \begin{matrix} , ό τ α ν S I_{t} < 25 M W \\ , ό τ α ν S I_{t} > 25 M W \end{matrix}\}$

Όπου:

$M P_{W A E, t}^{α F R R}$	The weighted average price of the AGC cycle aFRR clearing prices in €/MWh for the Imbalance Settlement Period t in accordance with paragraphs 2, 3 and 4 of this Article.
$B E P_{z, t}^{u p}$	The upward mFRR clearing price in €/MWh for the Imbalance Settlement Period t.
$B E P_{z, t}^{d n}$	The downward mFRR clearing price in €/MWh for the Imbalance Settlement Period t.
$V O A A_{t}^{u p}$	The downward mFRR clearing price in €/MWh for the Imbalance Settlement Period t.
$V O A A_{t}^{d n}$	The value of avoided activation of Balancing Energy in the downward direction, which is equal to the higher value of the downward Balancing Energy Offer for either mFRR or aFRR for the specific Imbalance Clearance Period t.

For the Imbalance Settlement Periods during which the HETS Operator remains connected to the European Platform for Balancing Energy (aFRR), the weighted average price of the clearing prices for aFRR in the AGC cycle $M P_{W A E, t}^{α F R R}$ , for a Balancing Settlement Period t shall be calculated in accordance with the following:

$M P_{W A E, t}^{α F R R} = \frac{\sum_{c \in t} (a b s (S D_{c}^{α F R R}) \times M P_{c}^{α F R R})}{\sum_{c \in t} (a b s (S D_{c}^{α F R R}))}$

Όπου:

$c$	The AGC cycle.
$M P_{c}^{α F R R}$	The Cross-Border aFRR Settlement Price in €/MWh dispatched by the European aFRR Platform for each execution cycle of the aFRR Process preceding the AGC cycle c within the Imbalance Settlement Period t.
$S D_{c}^{α F R R}$	The demand for aFRR in MWh that has been met for each execution cycle of the aFRR Process preceding the AGC cycle c within the Imbalance Settlement Period t.

For the Imbalance Settlement Periods during which the HETS Operator remains disconnected from the European Platform for Balancing Energy (aFRR), the weighted average price of the clearing prices for aFRR in the AGC cycle $M P_{W A E, t}^{α F R R}$ , for a Balancing Settlement Period t shall be calculated in accordance with the following:

α) If the System Imbalance, $S I_{t}$ is less than -25MW:

$M P_{W A E, t}^{α F R R} = \frac{\sum_{c \in t} (S D_{c}^{α F R R, u p} \times M P_{c}^{α F R R, u p})}{\sum_{c \in t} S D_{c}^{α F R R, u p}}$

Όπου:

$c$	The AGC cycle.
$M P_{c}^{α F R R, u p}$	The upward aFRR clearing price of the AGC cycle in €/MWh, which corresponds to the maximum price of all upward aFRR Balancing Energy Offers activated from the local aFRR merit order list, for each AGC cycle c.
$S D_{c}^{α F R R, u p}$	The upward demand for aFRR in MWh met for each AGC cycle c, with a positive value.

β) If the System Imbalance $S I_{t}$ is greater than 25MW:

$M P_{W A E, t}^{α F R R} = \frac{\sum_{c \in t} (S D_{c}^{α F R R, d n} \times M P_{c}^{α F R R, d n})}{\sum_{c \in t} S D_{c}^{α F R R, d n}}$

Όπου:

$c$	The AGC cycle.
$M P_{c}^{α F R R, d n}$	The downward aFRR clearing price of the AGC cycle in €/MWh, which corresponds to the minimum price of all downward aFRR Balancing Energy Offers activated from the local aFRR merit order list, for each AGC cycle c.
$S D_{c}^{α F R R, d n}$	The downward demand for aFRR in MWh met for each AGC cycle c, with a positive value.

For cases where, during an Imbalance Settlement Period t, the HETS Operator remains connected to the European aFRR platform for part of the time and disconnected for the remainder of the period, then the weighted average of the aFRR settlement prices in the AGC cycle is used, derived from: a) paragraphs 2 and 3(a) for System Imbalances less than -25 MW, and b) paragraphs 2 and 3(b) for System Imbalances greater than 25 MW. The above values shall be weighted in relation to the respective time intervals.
In the case that the calculated System Imbalance 𝑆𝐼𝑡, falls within the range [-25 MW, +25 MW], the Imbalance Price is taken to be equal to the value of the avoided activation of Balancing Energy, and is calculated as the average price of the following:
α) the lowest price of the upward Balancing Energy Offer for either mFRR or aFRR, which is available for local activation, for the specific Imbalance Settlement Period; and
β) the highest price of the downward Balancing Energy Offer for either mFRR or aFRR, which is available for local activation, for the specific Imbalance Settlement Period.
Details regarding calculation of System Imbalance and Imbalance Pricing are described in the ‘Balancing Market Price Calculation Methodology’.
If the calculation of the Imbalance Prices is impossible, in particular due to an Emergency Situation, or failure of the Balancing Market System or of the other electronic systems of the HETS Operator, the HETS Operator shall apply the procedure provided for in the “Rules for settlement in case of suspension of market activities”.

Article 19.7 Calculation of Debits and Credits from the Imbalance Settlement
1. Imbalance Settlement is the procedure whereby the Balance Responsible Parties are debited or credited for the imbalances they cause. The Imbalance Settlement shall be initially performed per Balance Responsible Entity and then per Balance Responsible Party.
2. If the System Imbalance is non-zero, the Imbalance amount in € for an Imbalance Settlement Period t and a Balancing Service Entity or a Balance Responsible Entity e shall be calculated as the Final Imbalance, $F I M B_{e, t}$ , in MWh, calculated in accordance with Article 19.1, multiplied by the relative price in €/MWh as follows:
  $I M B C_{e, t} = F I M B_{e, t} \times I P_{t}^{}$
3. When the amount calculated for an Imbalance is found to be negative, the Balance Responsible Entity is required to pay that amount. When the amount calculated for an Imbalance is found to positive, the Balance Responsible Entity is entitled to collect that amount.
4. The Imbalance amount calculated for RES Units Portfolio without Market Participation Obligation shall be debited/ credited to DAPEEP.
5. By way of derogation from paragraph 2 of this Article, the amount of Imbalance in € for each Imbalance Settlement Period t shall be calculated as the product of the Imbalance, $F I M B_{e, t}$ in MWh, with the Day-Ahead Market clearing price in €/MWh for the respective Market Time Unit, in the following cases:
  a) For pre-registered entities subject to Prequalification Acceptance Tests in accordance with Chapter 3 of this Rulebook,
  b) For RES Units performing Operation Tests in the context of their connection to Transmission or Distribution System.
  The above derogation is valid for a maximum period of six (6) months from the date of placement of each entity under Operation Tests regime.

CHAPTER 20 BALANCING CAPACITY SETTLEMENT

Article 20.1 Calculation of the supplied quantity of Balancing Capacity

The Balancing Capacity Settlement Period is set to be equal to the Imbalance Settlement Period. In order to ensure that the ISP Dispatch Period corresponds with the Imbalance Settlement Periods, the half-hourly results for ISP Balancing Capacity shall be divided into two (2) equivalent 15-minute results.
For each Balancing Service Entity and for each Imbalance Settlement Period, the upward and downward Balancing Capacity supplied for FCR, aFRR and mFRR shall be calculated taking into account:
1) The segments of the individual steps of the Balancing Capacity Offer that have been validated on the basis of the last ISP execution, whose solution timeframe shall include that specific Imbalance Settlement Period.
2) the availability in MW of the Balancing Service Entity for the provision of the service in real time.
3) the percentage of a time period within an Imbalance Settlement Period when the Balancing Service Entity was available for the provision of FCR in real time.

The upward and downward Balancing Capacity provided for FCR by a Balancing Service Entity e for an Imbalance Settlement Period t shall be calculated as follows:
$F C R Q_{e, t}^{u p} = \sum_{s}^{} \sum_{a s}^{} (F C R Q_{e, a s, t}^{u p}) \times T_{e, t}^{F C R, u p}$
$F C R Q_{e, t}^{d n} = \sum_{s}^{} \sum_{a s}^{} (F C R Q_{e, a s, t}^{d n}) \times T_{e, t}^{F C R, d n}$

where:

$F C R Q_{e, t}^{u p}$	the upward FCR Balancing Capacity, in MW, supplied by the Balancing Services Entity e for the Imbalance Settlement Period t.
$F C R Q_{e, a s, t}^{u p}$	the segment, as, of step, s, in MW of the upward FCR Balancing Capacity Offer validated by the Balancing Services Entity, e, for the Dispatch Period which includes the Imbalance Settlement Period, t, based on the latest execution of the ISP, the resolution time horizon of which includes the specific Imbalance Settlement Period t.
$T_{e, t}^{F C R, u p}$	the percentage of a time period within an Imbalance Settlement Period t when the Balancing Service Entity e was available for the provision of upward FCR in real time.
$F C R Q_{e, t}^{d n}$	the upward Balancing Capacity for FCR, in MW, supplied by the Balancing Services Entity e for the Imbalance Settlement Period t,
$F C R Q_{e, a s, t}^{d n}$	the segment, as, of step, s, in MW of the upward FCR Balancing Capacity Offer validated by the Balancing Services Entity, e, for the Dispatch Period which includes the Imbalance Settlement Period, t, based on the latest execution of the ISP, the resolution time horizon of which includes the specific Imbalance Settlement Period t.
$T_{e, t}^{F C R, d n}$	the percentage of time in an Imbalance Settlement Period tduring which the Balancing Service Entity e was available for the provision of downward FCR in real time.

The upward and downward Balancing Capacities for mFRR supplied by a Balancing Service Entity e for an Imbalance Settlement Period t shall be calculated as follows:
$m F R R Q_{e, t}^{u p} = \sum_{s}^{} \sum_{a s}^{} (m F R R Q_{e, a s, t}^{u p}) \times T_{e, t}^{m F R R, u p}$
$m F R R Q_{e, t}^{d n} = \sum_{s}^{} \sum_{a s}^{} (m F R R Q_{e, a s, t}^{d n}) \times T_{e, t}^{m F R R, d n}$

where:

$m F R R Q_{e, t}^{u p}$	the upward Balancing Capacity for mFRR, in MW, supplied by the Balancing Services Entity e in real time, for the Imbalance Settlement Period t.
$m F R R Q_{e, a s, t}^{u p}$	the segment, as, of step, s, in MW of the upward mFRR Balancing Capacity Offer validated by the Balancing Services Entity, e, for the Dispatch Period which includes the Imbalance Settlement Period, t, based on the latest execution of the ISP, the resolution time horizon of which includes the specific Imbalance Settlement Period t.
$T_{e, t}^{m F R R, u p}$	the percentage of time within an Imbalance Settlement Period t when the Balancing Service Entity e was available for the provision of upward mFRR in real time.
$m F R R Q_{e, t}^{d n}$	the downward Balancing Capacity for mFRR in MW, supplied by the Balancing Services Entity, e, in real time, for the Imbalance Settlement Period t.
$m F R R Q_{e, a s, t}^{d n}$	the segment, as, of step, s, in MW of the downward mFRR Balancing Capacity Offer validated by the Balancing Services Entity e, for the Dispatch Period which includes the Imbalance Settlement Period t, based on the latest execution of the ISP, the resolution time horizon of which includes the specific Imbalance Settlement Period t.
$T_{e, t}^{m F R R, d n}$	the percentage of time in an Imbalance Settlement Period t,during which the Balancing Services Entity e was available for the provision of downward mFRR in real-time.

The upward and downward Balancing Capacity for aFRR, in MW, supplied by a Balancing Service Entity e, for an Imbalance Settlement Period t, shall be calculated as follows:
$a F R R Q_{e, t}^{u p} = \sum_{s}^{} \sum_{a s}^{} (a F R R Q_{e, a s, t}^{u p}) \times T_{e, t}^{a F R R, u p}$
$a F R R Q_{e, t}^{d n} = \sum_{s}^{} \sum_{a s}^{} (a F R R Q_{e, a s, t}^{d n}) \times T_{e, t}^{a F R R, d n}$

where:

$a F R R Q_{e, t}^{u p}$	the upward Balancing Capacity for aFRR, in MW, supplied by the Balancing Services Entity e in real time, for the Imbalance Settlement Period t.
$a F R R Q_{e, a s, t}^{u p}$	the segment, as, of step, s, in MW of the upward aFRR Balancing Capacity Offer validated by the Balancing Services Entity, e, for the Dispatch Period which includes the Imbalance Settlement Period t, based on the latest execution of the ISP, the resolution time horizon of which includes the specific Imbalance Settlement Period t.
$T_{e, t}^{m F R R, u p}$	the percentage of time within an Imbalance Settlement Period t when the Balancing Service Entity e was available for the provision of upward aFRR in real time.
$a F R R Q_{e, t}^{d n}$	the downward Balancing Capacity for aFRR in MW, supplied by the Balancing Services Entity e, in real time, for the Imbalance Settlement Period t.
$a F R R Q_{e, a s, t}^{d n}$	the segment, as, of step, s, in MW of the downward aFRR Balancing Capacity Offer validated by the Balancing Services Entity e, for the Dispatch Period which includes the Imbalance Settlement Period t, based on the latest execution of the ISP, the resolution time horizon of which includes the specific Imbalance Settlement Period t.
$T_{e, t}^{a F R R, d n}$	the percentage of time in an Imbalance Settlement Period t,during which the Balancing Services Entity e, was available for the provision of downward mFRR in real-time.

Article 20.2 Calculation of Balancing Capacity Remuneration

For each Balancing Service Entity and for each Imbalance Settlement Period, remuneration for the upward and downward Balancing Capacity supplied for FCR, aFRR and mFRR shall be calculated taking into account upward or downward Balancing Capacity supplied together with the price of the respective Balancing Capacity Offer steps that were validated on the basis of the last execution of the ISP, the resolution time horizon of which includes the specific Imbalance Settlement Period.

The remuneration of a Balancing Service Entity e, for Balancing Capacity supplied for upward and downward FCR, aFRR, and mFRR in an Imbalance Settlement Period t, shall be similarly calculated as follows:
$F C R C_{e, t}^{u p} = \sum_{s}^{} \sum_{a s}^{} (F C R Q_{e, a s, t}^{u p} \times O P_{e, s, t}^{F C R, u p}) \times T_{e, t}^{F C R, u p}$
$F C R C_{e, t}^{d n} = \sum_{s}^{} \sum_{a s}^{} (F C R Q_{e, a s, t}^{d n} \times O P_{e, s, t}^{F C R, d n}) \times T_{e, t}^{F C R, d n}$
$m F R R C_{e, t}^{u p} = \sum_{s}^{} \sum_{a s}^{} (m F R R Q_{e, a s, t}^{u p} \times O P_{e, s, t}^{m F R R, u p}) \times T_{e, t}^{m F R R, u p}$
$m F R R C_{e, t}^{d n} = \sum_{s}^{} \sum_{a s}^{} (m F R R Q_{e, a s, t}^{d n} \times O P_{e, s, t}^{m F R R, d n}) \times T_{e, t}^{m F R R, d n}$
$a F R R C_{e, t}^{u p} = \sum_{s}^{} \sum_{a s}^{} (a F R R Q_{e, a s, t}^{u p} \times O P_{e, s, t}^{a F R R, u p}) \times T_{e, t}^{α F R R, u p}$
$a F R R C_{e, t}^{d n} = \sum_{s}^{} \sum_{a s}^{} (a F R R Q_{e, a s, t}^{d n} \times O P_{e, s, t}^{a F R R, d n}) \times T_{e, t}^{α F R R, d n}$

where:

$F C R C_{e, t}^{u p}$	the remuneration in € of a Balancing Services Entity e for upward FCR Balancing Capacity supplied in the Imbalance Settlement Period t.
$F C R C_{e, t}^{d n}$	the remuneration in € of a Balancing Services Entity e for downward FCR Balancing Capacity supplied during the Imbalance Settlement Period t.
$T_{e, t}^{F C R, u p}$	the percentage of a time period within an Imbalance Settlement Period t when the Balancing Service Entity e was available for the provision of upward FCR in real time.
$T_{e, t}^{F C R, d n}$	the percentage of time in an Imbalance Settlement Period tduring which the Balancing Service Entity e was available for the provision of downward FCR in real time.
$m F R R C_{e, t}^{u p}$	the remuneration in € of a Balancing Services Entity e for upward mFRR Balancing Capacity supplied in the Imbalance Settlement Period t.
$m F R R C_{e, t}^{d n}$	the remuneration in € of a Balancing Services Entity e for downward mFRR Balancing Capacity supplied during the Imbalance Settlement Period t.
$T_{e, t}^{m F R R, u p}$	the percentage of time within an Imbalance Settlement Period t when the Balancing Service Entity e was available for the provision of upward mFRR in real time.
$T_{e, t}^{m F R R, d n}$	the percentage of time in an Imbalance Settlement Period t,during which the Balancing Services Entity e was available for the provision of downward mFRR in real-time.
$a F R R C_{e, t}^{u p}$	the remuneration in € of the Balancing Services Entity e for upward aFRR Balancing Capacity supplied in the Imbalance Settlement Period t.
$a F R R C_{e, t}^{d n}$	the remuneration in € of the Balancing Services Entity e for downward aFRR Balancing Capacity supplied in the Imbalance Settlement Period t.
$T_{e, t}^{α F R R, u p}$	the percentage of time within an Imbalance Settlement Period t when the Balancing Service Entity e was available for the provision of upward aFRR in real time.
$T_{e, t}^{α F R R, d n}$	the percentage of time in an Imbalance Settlement Period t,during which the Balancing Services Entity e, was available for the provision of downward mFRR in real-time.
$O P_{e, s, t}^{F C R, u p}$	the price in €/MW-hour of step s of the upward Balancing Capacity Offer for FCR of a Balancing Service Entity e that has been validated on the basis of the last execution of the ISP, whose solution timeframe shall include that specific Imbalance Settlement Period t,
$O P_{e, s, t}^{F C R, d n}$	the price in €/MW-hour of step s of the downward Balancing Capacity Offer for FCR of a Balancing Service Entity e that has been validated on the basis of the last execution of the ISP, whose solution timeframe shall include that specific Imbalance Settlement Period t.
$O P_{e, s, t}^{a F R R, u p}$	the price in €/MW-hour of step s of an upward Balancing Capacity Offer for aFRR from a Balancing Service Entity e validated on the basis of the last execution of the ISP, the resolution time horizon of which includes the specific Imbalance Settlement Period t.
$O P_{e, s, t}^{a F R R, d n}$	the price in €/MW-hour of step s of a downward Balancing Capacity Offer for aFRR from a Balancing Service Entity e validated on the basis of the last execution of the ISP, the resolution time horizon of which includes the specific Imbalance Settlement Period t.
$O P_{e, s, t}^{m F R R, u p}$	the price in €/MW-hour of the step s of an upward Balancing Capacity Offer for mFRR from a Balancing Service Entity e validated on the basis of the last execution of the ISP, the resolution time horizon of which includes the specific Imbalance Settlement Period t.
$O P_{e, s, t}^{m F R R, d n}$	the price in €/MW-hour of step s of a downward Balancing Capacity Offer for mFRR from a Balancing Service Entity e validated on the basis of the last execution of the ISP, the resolution time horizon of which includes the specific Imbalance Settlement Period t.

The total remuneration of all Balancing Service Entities e for the Balancing Capacity supplied for upward and downward FCR, aFRR, and mFRR during an Imbalance Settlement Period t, shall be calculated as follows:
$B A L C A P_{t} = \sum_{e} F C R C_{e, t}^{u p} + \sum_{e} F C R C_{e, t}^{d n} + \sum_{e} m F R R C_{e, t}^{u p} + \sum_{e} m F R R C_{e, t}^{d n}$
$+ \sum_{e} a F R R C_{e, t}^{u p} + \sum_{e} a F R R C_{e, t}^{d n}$
where:
$B A L C A P_{t}$ The total remuneration of all Balancing Service Entities e for the Balancing Capacity supplied for upward and downward FCR, aFRR, and mFRR in an Imbalance Settlement Period t.
If calculation of the Balancing Energy Prices proves impossible, in particular due to an Emergency Situation, or the failure of the Balancing Market System or other electronic systems of the HETS Operator, the HETS Operator shall apply the procedure provided for in the ‘Rules for settlement in case of suspension of market activities’, duly approved by the RAEWW on the recommendation of the HETS Operator in accordance with the provisions laid down in paragraph 4 of Article 18 of Law 4425/2016.

CHAPTER 21 UPLIFT ACCOUNTS

Article 21.1 HETS Operator Uplift Account
The Uplift Account shall include the following individual accounts:
1) UA-1: HETS Losses Uplift Account
2) UA-2: Balancing Capacity Uplift Account
3) UA-3: Financial Neutrality Uplift Account

Article 21.2 UA-1 HETS Losses Uplift Account

The UA-1 System Losses Uplift Account shall be used to allocate the cost of HETS Losses, which is calculated as the sum of the amounts resulting from the Day-Ahead Market settlement, the Intra-Day Market settlement and the Imbalance Settlement for these Losses.

The cost of HETS Operator losses is charged to and allocated among the Balance Responsible Parties in proportion to the metered absorption of their Offtake Facilities in the Interconnected System during each Imbalance Settlement Period t, as follows:
$U P L I F T 1_{p, t}^{} = L O S S E S_{t} \times \frac{M Q_{p, t}}{\sum_{p} M Q_{p, t}}$

where:

L O S S E S_{t}

the total cost of HETS Operator Losses, in €, as this arises after settlement of the Day-Ahead Market, the Intra-Day Market, and the Imbalance Settlement for these losses in the Imbalance Settlement Period t,

M Q_{p, t}

the offtake (calculated at the Transmission System - Distribution Network Limit) in MWh that corresponds to the Offtake Facilities of the Interconnected System, per Balance Responsible Party p for an Imbalance Settlement Period t. The aforementioned absorption does not include the Electricity Supply Volume via Direct Line supplied to Demand Facilities with a Parallel Connection via Direct Lines, since this volume is calculated pursuant to Article 18.4 of this Rulebook.

Article 21.3 UA-2 Balancing Capacity Uplift Account

The UA-2 Balancing Capacity Uplift Account shall be used to allocate the cost of the Balancing Capacity supplied by the Balancing Service Providers.

The cost of Balancing Capacity supply in each Imbalance Settlement Period t, 𝐵𝐴𝐿𝐶𝐴𝑃𝑡, shall be charged to and allocated among the Balance Responsible Parties in proportion to the metered consumption of their Offtake Facilities in the Interconnected System in each Imbalance Settlement Period t, as follows:
$U P L I F T 2_{p, t}^{} = B A L C A P_{t} \times \frac{M Q_{p, t}}{\sum_{p} M Q_{p, t}}$

where:

$B A L C A P_{t}$	The total remuneration of all Balancing Service Entities e for the Balancing Capacity supplied for upward and downward FCR, aFRR, and mFRR during an Imbalance Settlement Period t.
$M Q_{p, t}$	the offtake (calculated at the Transmission System - Distribution Network Limit) in MWh that corresponds to the Offtake Facilitiesof the Interconnected System per Balance Responsible Party p for an Imbalance Settlement Period t.

Article 21.4 UA-3 Financial Neutrality Uplift Account

The UA-3 Financial Neutrality Uplift Account shall be used to allocate any remaining balance to Balance Responsible Parties after calculation of debits and credits by the HETS Operator for the Balancing Energy activated for mFRR and aFRR, as well as energy activated for purposes other than balancing and Imbalance Settlement purposes. The above account shall include income or costs resulting from the intended exchanges of energy pursuant to Article 50 of Regulation (EU) 2017/2195 and the unintended exchanges of energy pursuant to Article 51 of Regulation (EU) 2017/2195.
The UA-3 Financial Neutrality Uplift Account shall include the amount corresponding to any deficit or surplus in the coupled markets in relation to Cross-Border Physical Deliveries that correspond to imports and exports per coupled interconnection in the context of the Single Day-Ahead Market Coupling, Intraday Auctions, and Continuous Intraday Trading, as calculated in the respective market results.

The amount ensuring the financial neutrality of the HETS Operator in each Imbalance Settlement Period t, NEUTRt, shall be calculated as follows:

$N E U T R_{t}^{} = \sum_{e} A B E C_{e, t}^{m F R R, u p} + \sum_{e} A B E C_{e, t}^{a F R R, u p} + \sum_{e} A O E C_{e, t}^{m F R R, u p}$
$+ \sum_{e} A B E C_{e, t}^{m F R R, d n} + \sum_{e} A B E C_{e, t}^{a F R R, d n} + \sum_{e} A O E C_{e, t}^{m F R R, d n} + \sum_{p} I M B C_{p, t}$
$\underset{}{+ \sum} I D E V_{t} + U D E V_{t} + S A g C_{t}$

where:

$N E U T R_{t}$	the amount ensuring the financial neutrality of the HETS Operator for the Imbalance Settlement Period t,
$A B E C_{e, t}^{m F R R, u p}$	the charging or crediting of the Balancing Services Entity e, for the Imbalance Settlement Period t, for activated upward mFRR Balancing Energy.
$A B E C_{e, t}^{a F R R, u p}$	the charging or crediting of the Balancing Services Entity e, for the Imbalances Settlement Period t, for activated upward aFRR Balancing Energy.
$A O E C_{e, t}^{m F R R, u p}$	the charging or crediting of the Balancing Services Entity e, for the Imbalance Settlement Period t, for activated upward energy supplied for purposes other than balancing.
$A B E C_{e, t}^{m F R R, d n}$	the charging or crediting of the Balancing Services Entity e, for the Imbalance Settlement Period t, for activated downward mFRR Balancing Energy.
$A B E C_{e, t}^{a F R R, d n}$	the charging or crediting of the Balancing Services Entity e, for the Imbalance Settlement Period t, for activated downward aFRR Balancing Energy.
$A O E C_{e, t}^{m F R R, d n}$	the charging or crediting of the Balancing Services Entity e, for the Imbalance Settlement Period t, for activated downward energy supplied for purposes other than balancing.
$I M B C_{p, t}$	the debit or credit to a Balance Responsible Entity, p, for its Imbalances in an Imbalance Settlement Period, t. The Imbalances for the HETS Losses are included.
$I D E V_{t}$	the debit or credit for intended exchanges of energy pursuant to Article 50 of Regulation (EU) 2017/2195 for an Imbalance Settlement Period, t.
$U D E V_{t}$	the debit or credit for unintended exchanges of energy pursuant to Article 51 of Regulation (EU) 2017/2195 for an Imbalance Settlement Period, t.
$S A g C_{t}$	the credit or charge for any deficit or surplus arising in relation to the Cross-Border Physical Deliveries that correspond to imports and exports per coupled interconnection in the context of Single Day-Ahead Market Coupling, Intra-Day Auctions, and Continuous Intra-Day Trading, conducted after execution of the provisions regarding deficit or surplus management by the HETS Operator, in accordance with the provisions of 𝑆𝐴𝑔𝐶𝑡 this Rulebook, for the Imbalance Settlement Period t.

4. The cost for ensuring the financial neutrality of the HETS Operator, NEUTRt, for each Imbalance Settlement Period t, shall be allocated to and borne by the Balance Responsible Parties p, in accordance with the metered consumption of their Offtake Facilities in the Interconnected System in each Imbalance Settlement Period t, as follows:
$U P L I F T 3_{p, t}^{} = N E U T R_{t} \times \frac{M Q_{p, t}}{\sum_{p} M Q_{p, t}}$

where:

N E U T R_{t}

the amount ensuring the financial neutrality of the HETS Operator in each Imbalance Settlement Period t.

M Q_{p, t}

the offtake (calculated at the Transmission System - Distribution Network Limit) in MWh that corresponds to the Offtake Facilitiesof the Interconnected System per Balance Responsible Party p for an Imbalance Settlement Period t. The aforementioned offtake does not include the Electricity Supply Volume via Direct Line supplied to Demand Facilities with a Parallel Connection via Direct Lines, as this volume is calculated pursuant to Article 18.4 of this Rulebook.

CHAPTER 22 NON-COMPLIANCE CHARGES

Article 22.1 Consequences of non-timely commitment

In the event that a delay of more than 30 minutes is detected by the HETS Operator during the commitment of a Balancing Service Entity, e, after receiving a relevant Dispatch Instruction, the HETS Operator shall impose a charge, 𝑁𝐶𝐷𝑆𝑒,𝑚 on the respective Balancing Service Provider. For purposes of calculating the above charge, a Balancing Service Entity shall be deemed to be committed when its generation is at least equal to the Entity's Technically Minimum Generation for at least two consecutive Balancing Service Periods, taking into account a tolerance limit, $T O L_{c o m m i t}$ . The delay in commitment is calculated based on the synchronization time, the soak time declared in the Registered Characteristics and the thermal state of the Entity.

In case the commitment delay is longer than 30 minutes, the monthly 𝑁𝐶𝐷𝑆𝑒,𝑚 charge to the Balancing Service Entity, e, for month m is calculated as follows:

$N C D S_{e, m} = \sum_{n = 1}^{N} [U N C D S \times N C A P_{e} \times {(N P_{e})}^{k_{N P}} \times k_{B C}]$

where:

$U N C D S$	the unitary Non-Compliance Charge for non-timely commitment in €/MW,
$N C A P_{e}$	value in MW, corresponding to (a) the Maximum Net Capacity of Dispatchable Generation Units and (b) the dispatchable capacity of Dispatchable Controlled Generation RES Units Portfolios,
$N P_{e}$	the integer number of Imbalance Settlement Periods, rounded upwards, corresponding to the entity's commitment delay time per Dispatch Instruction. The coefficient 𝑁𝑃𝑒 can be assigned a maximum value of 16,
$k_{N P}$	exponential coefficient,
$k_{B C}$	an increment factor greater than one, which depends on whether the Balancing Service Entity provides Balancing Capacity within the Dispatch Day, according to the results of the ISP, for the operation cycle after the synchronization being tested; and
$N$	the number of violations for the Entity during month m.

The numerical values of the unitary charge 𝑈𝑁𝐶𝐷𝑆C, the coefficients $k_{N P}$ and $k_{B C}$ the tolerance limit $T O L_{c o m m i t}$ are determined by decision of the RAEWW, subsequent to the recommendations of the HETS Operator. This decision shall be published at least two months prior to the implementation of the new values of the above parameters.

Article 22.2 Consequences of significant deviation from the Registered Characteristics
1. In the event of deviations from the permitted activation profile, the HETS Operator shall impose a charge, on the respective Balancing Services Provider for the Imbalance Settlement Period t, which shall be equal to $N C N P A P_{e, t}$ and calculated as follows:
  $N C N A P_{e, t} = U N C N P A P \times | D E V A P_{e, t} |$
  where
  $U N C N P A P$ the unitary Non-Compliance Charge for significant deviation from the permitted activation profile in €/MWh,
  $D E V A P_{e, t}$ the energy in MWh corresponding to the deviation from the permitted activation profile throughout the Imbalance Settlement Period t,
2. The numerical value the unitary charge $U N C N P A P$ , shall be determined by decision of the RAEWW, on the recommendations of HETS Operator. This decision shall be published at least two months prior to the implementation of the new values of the above parameters.

Article 22.3 Consequences of non-compliance with manual FRR Test Instructions

In the event of a significant deviation during performance of a mFRR Test Instruction by a Balancing Service Entity 𝑒, that is, if the energy supplied by the Balancing Service Entity 𝑒 diverges significantly from the mFRR Test Instruction, the HETS Operator shall impose on the Balancing Service Entity e for the Imbalance Settlement Period, a 𝑡, monthly charge, which shall equal $N C T D I N S T_{e, m}$ .
A significant deviation is considered to be a deviation from the Test Dispatch Instruction for mFRR, taking into account the tolerance limits $T O L U D_{T D I N S T}$ and $T O L O D_{T D I N S T}$ . The deviation $T D I D E V_{e, t}$ is calculated as follows:
1) For Dispatchable Generation Units and Non-Intermittent Dispatchable RES Units Portfolios:
1. If the Test Instruction involves activation of the Maximum Available Capacity or the awarded Balancing Capacity for upward mFRR, then:
  $T D I D E V_{e, t} = T D I N S T_{e, t} - M Q_{e, t}$
2. If the Test Instruction involves activation of the Minimum Available Capacity or the awarded Balancing Capacity for downward mFRR, then:
  $T D I D E V_{e, t} = M Q_{e, t} - T D I N S T_{e, t}$
2) For Dispatchable Load Portfolios:
1. If the Test Instruction involves activation of the allocated Balancing Capacity for upward mFRR:
  $T D I D E V_{e, t} = | T D I N S T_{e, t} | - (b l_{e, t} - M Q_{e, t})$
2. If the Test Instruction involves activation of the allocated Balancing Capacity for downward mFRR:
  $T D I D E V_{e, t} = | T D I N S T_{e, t} | - (M Q_{e, t} - b l_{e, t})$
3) For Dispatchable Intermittent RES Units Portfolios:
1. If the Test Instruction involves activation of the allocated Balancing Capacity for upward mFRR:
  $T D I D E V_{e, t} = | T D I N S T_{e, t} | - (M Q_{e, t} - b l_{e, t})$
2. If the Test Instruction involves activation of the allocated Balancing Capacity for downward mFRR:
  $T D I D E V_{e, t} = | T D I N S T_{e, t} | - (b l_{e, t} - M Q_{e, t})$

The monthly charge to the Balancing Service Entity, e, for month m shall be calculated as follows:
Αν $T D I D E V_{e, t} > 0$ και $| T D I D E V_{e, t} | > T O L U D_{T D I N S T} \times T D I N S T_{e, t}$ , ή
Αν $T D I D E V_{e, t} < 0$ και $| T D I D E V_{e, t} | > T O L O D_{T D I N S T} \times T D I N S T_{e, t}$ , τότε

$N C T D I N S T_{e, m} = \sum_{t \in m} A_{T D I} \times B_{T D I} \times [| T D I D E V_{e, t} | \times U N C T D I N S T]$

where,

$T D I N S T_{e, t}$	the mFRR Test Dispatch Instruction received by the Balancing Service Entity e for an Imbalance Settlement Period t,
$b l_{e, t}$	the Baseline Load for each Imbalance Settlement Period t, for Dispatchable Load Portfolios and Dispatchable Intermittent RES Units Portfolios,
$M Q_{e, t}$	the metered energy of the Balancing Service Entity e reported at the Transmission System/ Distribution Network Boundary for an Imbalance Settlement Period t,
$T D I D E V_{e, t}$	the deviation from the mFRR Test Dispatch Instruction received by the Balancing Service Entity e for an Imbalance Settlement Period t,
$T O L U D_{T D I N S T}$	the tolerance limit for imposing Non-Compliance Charges on Balancing Service Providers for non-compliance with a mFRR Test Dispatch Instruction, in the event of a positive deviation $T D I D E V_{e, t}$ , as a percentage (%). The above limit may vary per Balancing Service Entity technology,
$T O L O D_{T D I N S T}$	the tolerance limit for imposing Non-Compliance Charges on Balancing Service Providers for non-compliance with a mFRR Test Dispatch Instruction, in the event of a negative deviation $T D I D E V_{e, t}$ , as a percentage (%). The above limit may vary per Balancing Service Entity technology,
$U N C T D I N S T$	the unitary Non-Compliance Charge for non-compliance with mFRR Test Dispatch Instructions, in €/MWh,
$A_{T D I}$	an increment factor, the value of which depends on the number of Test Instructions in which a significant imbalance was found within the last six months,
$B_{T D I}$	coefficient, the value of which depends on whether the Balancing Service Entity e has awarded Balancing Capacity for the Imbalance Settlement Period, t,

The numerical values of the unitary charge $U N C T D I N S T$ , the coefficients $A_{T D I}$ and $B_{T D I}$ and the tolerance limits $T O L U D_{T D I N S T}$ and $T O L O D_{T D I N S T}$ are determined by decision of the RAEWW, subsequent to a recommendation from the HETS Operator. This decision shall be published at least two months prior to the implementation of the new values of the above parameters.

Article 22.4 Consequences of significant deviation from the Dispatch Instructions

In the event of a significant deviation from a Dispatch Instruction for upward or downward Balancing Energy or Energy for purposes other than balancing when this is executed by a Balancing Service Entity 𝑒, that is, if the energy supplied by the Balancing Service Entity 𝑒 diverges significantly from the Dispatch Instruction, the HETS Operator shall impose a charge on the respective Balancing Service Provider for the Imbalance Settlement Period t, which shall be equal to $N C N P B E_{e, t}^{}$ and shall be calculated as follows:

If $|D I N S T_{e, t} - M Q_{e, t}| > \frac{1}{4} T O L_{B E, e} \times N C A P_{e, t}$ then:

$N C N P B E_{e, t}^{} = U N C N P B E_{}^{} \times Α_{N P B E} \times |D I N S T_{e, t} - M Q_{e, t}|$

where:

$U N C N P B E_{}^{}$	the unitary Non-Compliance Charge for significant imbalance in the supply of Upward or Downward Balancing Energy or Energy for Non-Balancing purposes by a Balancing Services Entity they represent in €/MWh,
$Α_{N P B E}$	a coefficient, the value of which depends on the number of Imbalance Settlement Periods t, in which the significant deviation was observed, within the calendar month,
$M Q_{e, t}$	the metered energy of the Balancing Services Entity e for an Imbalance Settlement Period t, reported at the Transmission System/ Distribution Network Boundary, in MWh,
$T O L_{b e}$	the margin of tolerance for imposing Non-Compliance Charges on Balancing Service Providers for a significant deviation during the supply of upward or downward Balancing Energy or Energy for purposes other than balancing, expressed as a percentage (%). The above tolerance margin may vary by Balancing Service Entity,
$N C A P_{e, t}$	value, in MW, corresponding to (a) the Maximum Net Capacity of Dispatchable Generation Units and (b) the dispatchable capacity in respect of Dispatchable RES Unit Portfolios and Dispatchable Load Portfolios. If the Balancing Service Entity is a Multi-Shaft Combined Cycle Generating Unit, the Maximum Net Capacity corresponding to the operating configuration running during the Imbalance Settlement Period t shall be taken into account,
$D I N S T_{e, t}$	the Dispatch Instruction received by the Balancing Services Entity e for an Imbalance Settlement Period t.

A significant deviation is considered to be a deviation exceeding the applicable tolerance margin $T O L_{b e}$ .
The numerical values of the unit charge $U N C N P B E_{}^{}$ , the coefficient $Α_{N P B E}$ and the tolerance margin $T O L_{b e}$ , shall be determined by decision of the RAEWW, subsequent to a recommendation from the HETS Operator. This decision shall be published at least two months prior to the implementation of the new values of the above parameters.

Article 22.5 Consequences of significant systematic demand imbalances

If during a month m, significant imbalances between the amount of energy measured at the energy meters represented by a Supplier p as a whole within a Market Time Unit and the corresponding Market Schedules of the same Supplier occur systematically, the HETS Operator shall impose a charge on the Supplier, which shall be equal to and shall be calculated on the basis of the total absolute deviation within month m $N B A L_{p, m}$ and the RMS value of deviations within month m.
A significant imbalance is considered to be the normalized absolute deviation in month m, which exceeds the tolerance margin $T O L_{l d, A D E V}$ or the normalized RMS value of deviations in month m, which exceeds the tolerance margin $T O L_{l d, R M S D E V}$ .

The deviation $D E V_{p, t}$ in each Market Time Unit t, the monthly absolute deviation $A D E V_{p, m}$ in month m, the normalized absolute deviation $N A D E V_{p, m}$ in month m, the monthly RMS value of deviations $R M S D E V_{p, m}$ and the normalized RMS value in month m $N R M S D E V_{p, m}$ , for Supplier p shall be determined as follows:

$D E V_{p, t} = M S_{p t} - M Q_{p t}$

$A D E V_{p, m} = \sum_{t \in m} |D E V_{p, t}|$

$N A D E V_{p, m} = \frac{A D E V_{p, m}}{\sum_{t \in m} M Q_{p, t}}$

$R M S D E V_{p, m} = \sqrt{\sum_{t \in m} D E {V_{p, t}}^{2}}$

$N R M S D E V_{p, m} = \frac{R M S D E V_{p, m}}{\sum_{t \in m} [{(M Q_{p t})}^{2}]}$

where:

$D E V_{p, t}$	the deviation of the metered offtake from the Market Schedule, for the Supplier p for the Market Time Unit t,
$M S_{p t}$	the Market Schedule of Supplier p for the Market Time Unit t,
$M Q_{p t}$	the offtake (calculated at the Transmission System/ Distribution Network Boundary) in MWh which corresponds to the Offtake Facilities of the Interconnected System per Supplier p for the Market Time Unit t.

The monthly charge to the Supplier p for the month m shall be calculated as the maximum amount of sanctions resulting from the monthly absolute deviation and the RMS values of deviations:

$N C B A L_{p, m} =$

$m a x (\begin{matrix} (U N C B A L R_{A D E V} \cdot A D E V_{p, m}) \cdot (N A D E V_{p, m} - T O L_{l d, A D E V}), \\ (U N C B A L R_{R M S D E V} \cdot R M S D E V_{p, m}) \cdot (N R M S D E V_{p, m} - T O L_{l d, R M S D E V}), \\ 0 \end{matrix})$

where:

$U N C B A L_{A D E V}$	the unitary charge corresponding to non-Compliance Charges to Suppliers for the normalized monthly absolute deviation,
$U N C B A L_{R M S D E V}$	the unitary charge corresponding to non-Compliance Charges to Suppliers for the normalized monthly RMS value of deviations,
$T O L_{l d, A D E V}$	the tolerance margin for imposing non-Compliance Charges on Suppliers for the normalized monthly absolute deviation, and
$T O L_{l d, R M S D E V}$	the tolerance margin for imposing non-Compliance Charges on Suppliers for the normalized monthly RMS value of deviations.

The numerical values of the unitary charges $U N C B A L_{A D E V}$ and $U N C B A L_{R M D E V}$ , and the tolerance limits $T O L_{l d, A D E V}$ and $T O L_{l d, R M S D E V}$ , shall be determined by decision of the RAEWW, subject to a recommendation from the HETS Operator. The above tolerance limits may be expressed on the basis of the offtake $M Q_{p t}$ (calculated at the Transmission System/Distribution Network Boundary) in MWh corresponding to the Offtake Facilities of the Interconnected System per Supplier p for the Market Time Unit t. This decision shall be published at least two months prior to the implementation of the new values of the above parameters.
Non-Compliance Charges shall not be imposed on the Last Resort Provider and the Default Provider for significant systematic imbalances in demand and only for the demand they represent in this capacity.
The Market Time Units corresponding to Imbalance Settlement Periods during which a Dispatch Instruction was issued for Balancing Energy supply from a Dispatchable Load Portfolio shall be excluded from the above calculation, with the exception of Dispatchable Load Portfolios with pumped storage capability.

Article 22.6 Consequences of significant systematic imbalances in the production of RES Units Portfolios

If significant imbalances occur in a Market Time Unit of month m between the amount of energy generated by Non-Dispatchable RES Units Portfolios and $N C B A L R_{p, m}$ Dispatchable Intermittent RES Units Portfolios and the corresponding Market Schedule of the Balance Responsible Party p, the HETS Operator shall impose a charge, which shall be equal to.
A significant imbalance is considered to have occurred in month m when the normalized absolute deviation of RES Units Portfolios in normal operation exceeds the tolerance margin $T O L_{r, A D E V}$ or the normalized RMS value of deviations of RES Units Portfolios in normal operation exceeds the tolerance margin $T O L_{r, R M S D E V}$ , or the absolute normalized deviation of RES Units Portfolios in normal operation exceeds the tolerance margin $T O L_{r, D E V_N O R M}$ .

The calculation of the monthly charge presupposes the definition of the following quantities:

$D E V_{p, t}^{N O R M} = M Q_{p, t}^{N O R M} - M S_{p, t}^{N O R M}$

$A D E V_{p, m}^{N O R M} = \sum_{t \in m} |D E V_{p, t}^{N O R M}|$

$N A D E V_{p, m}^{N O R M} = \frac{A D E V_{p, m}^{N O R M}}{\sum_{t \in m} M Q_{p, t}^{N O R M}}$

$R M S D E V_{p, m}^{N O R M} = \sqrt{\sum_{t \in m} [{(D E V_{p, t}^{N O R M})}^{2}]}$

$N R M S D E V_{p, m}^{N O R M} = \frac{R M S D E V_{p, m}^{N O R M}}{\sqrt{\sum_{t \in m} [{(M Q_{p, t}^{N O R M})}^{2}]}}$

$D E V_{p, m}^{N O R M} = |\sum_{t \in m} D E V_{p, t}^{N O R M}|$

$A N D E V_{p, m}^{N O R M} = \frac{D E V_{p, m}^{N O R M}}{\sum_{t \in m} M Q_{p, t}^{N O R M}}$

where:

$D E V_{p, t}^{N O R M}$	the deviation from the Market Schedule of Portfolios of RES Units in normal operation represented by the Balance Responsible Party p for Market Time Unit t,
$M S_{p, t}^{N O R M}$	the Market Schedule of Portfolios of RES Units in normal operation represented by the Balance Responsible Party p for Market Time Unit t,
$M Q_{p, t}^{N O R M}$	the metered energy produced for Portfolios of RES Units in normal operation represented by the Balance Responsible Party p for Imbalance Settlement Period t,
$A D E V_{p, m}^{N O R M}$	the monthly absolute deviation of Portfolios of RES Units in normal operation represented by the Balance Responsible Party p, for month m,
$D E V_{p, m}^{N O R M}$	the absolute monthly deviation of Portfolios of RES Units in normal operation represented by the Balance Responsible Party p for month m,
$N A D E V_{p, m}^{N O R M}$	the normalized monthly absolute deviation of RES Units Portfolios in normal operation represented by the Balance Responsible Party p for month m,
$R M S D E V_{p, m}^{N O R M}$	the monthly RMS value of deviations of RES Units Portfolios in normal operation represented by the Balance Responsible Party p for month m,
$N R M S D E V_{p, m}^{N O R M}$	the normalized monthly RMS value of deviations of RES Units Portfolios in normal operation represented by the Balance Responsible Party p for month m and
$A N D E V_{p, m}^{N O R M}$	the normalized absolute monthly deviation of RES Units Portfolios in normal operation represented by the Balance Responsible Party p for month m.

The monthly charge $N C B A L R_{p, m}$ , corresponding to the Balance Responsible Party p for month m is calculated as follows:

$N C B A L R_{p, m} = N C B A L R_C 1_{p, m}^{N O R M} + N C B A L R_C 2_{p, m}^{N O R M}$

$N C B A L R_C 1_{p, m}^{N O R M} =$

$m a x (\begin{matrix} (U N C B A L R_{A D E V} \cdot A D E V_{p, m}^{N O R M}) \cdot (N A D E V_{p, m}^{N O R M} - T O L_{r, A D E V}), \\ (U N C B A L R_{R M S D E V} \cdot R M S D E V_{p, m}^{N O R M}) \cdot (N R M S D E V_{p, m}^{N O R M} - T O L_{r, R M S D E V}), \\ 0 \end{matrix})$

$N C B A L R_C 2_{p, m}^{N O R M} =$

$m a x (\begin{matrix} (U N C B A L R_{D E V} \cdot D E V_{p, m}^{N O R M}) \times (1 - T O L_{r, D E V_N O R M}) \\ ε α ν A N D E V_{p, m}^{N O R M} > T O L_{r, D E V_N O R M} \\ 0 ε α ν A N D E V_{p, m}^{N O R M} \leq T O L_{r, D E V_N O R M} \end{matrix})$

where:

$U N C B A L R_{A D E V}$	the unitary charge corresponding to non-Compliance Charges to the RES Units Portfolios in normal operation for the normalized monthly absolute deviation,
$U N C B A L R_{R M S D E V}$	the unitary charge corresponding to non-Compliance Charges to the RES Units Portfolios in normal operation for the normalized monthly RMS value of deviations,
$U N C B A L R_{D E V}$	the unitary charge corresponding to non-Compliance Charges to the RES Units Portfolios for the normalized absolute monthly deviation,
$T O L_{r, A D E V}$	the tolerance margin for imposing non-Compliance Charges to the RES Units Portfolios in normal operation for the normalized monthly absolute deviation,
$T O L_{r, R M S D E V}$	the tolerance margin for imposing non-Compliance Charges to the RES Units Portfolios in normal operation for the normalized monthly RMS value of deviations, and
$T O L_{r, D E V_N O R M}$	the tolerance margin for imposing non-Compliance Charges to the RES Units Portfolios in normal operation for the normalized absolute monthly deviation.

The numerical values of the unitary charges $U N C B A L R_{A D E V}$ , $U N C B A L R_{R M S D E V}$ and $U N C B A L R_{D E V}$ , as well as the numerical values of the tolerance limits $T O L_{r, A D E V}$ , $T O L_{r, R M S D E V}$ , and $T O L_{r, D E V_N O R M}$ shall be determined by decision of the RAEWW, following a proposal by the HETS Operator and public consultation. The application of these values becomes effective two (2) months after the publication of the relevant RAEWW decision, unless otherwise stated therein.
For the Market Time Units that include Imbalance Settlement Periods during which a Dispatch Instruction was issued for Balancing Energy supply from Dispatchable Intermittent RES Units Portfolios, those Dispatchable Intermittent RES Units Portfolios shall be excluded from the calculation of Non-Compliance Charges for the corresponding Balance Responsible Party p.
No Non-Compliance Charges shall be imposed under this Article for production imbalances of RES Units Portfolios in Test Commissioning Operation or Test Operating Status or RES Units Portfolios without Market Participation Obligation represented in the Market by the Operator of Renewable Energy Sources & Guarantees of Origin (DAPEEP).
Until the date specified in the first paragraph of Article 2 of Ministerial Decision Ref. No YPEN/DAPEEK/25512/883 (Government Gazette, Series II, No 1020/27.03.2019), Non-Compliance Charges under this Article shall not be imposed on the Last Resort Aggregator exclusively for the RES Units it represents in this capacity.

Article 22.7 Consequences of systematic failure to attain a feasible Market Schedule
1. In the event of systematic failure to attain a feasible Market Schedule, the HETS Operator shall impose a charge on the respective Participant for each Balancing Service Entity it represents, which shall be equal to $N C N A M S_{e, m}$ and shall be calculated as follows:
  $N C N A M S_{e, m} = (1 + A_{N A M S}) \times \sum_{r} \sum_{d \in m} (U N C N A M S_{r} \times V Q_{e, r, d})$
  where:
  $U N C N A M S_{r}$ the unitary non-Compliance Charge for infeasible Market Schedule in €/MWh, which may vary depending on the cause of the infringement, r.
  $A_{N A M S}$ a premium coefficient for the charge, which depends on the number of days within a month, when an infeasible Market Schedule is observed.
  $V Q_{e, r, d}$ the quantity corresponding to the said infringement by the Balancing Service Entity, e, in MWh, the reason for the infringement, r, and the Dispatch Day d of the month m.
2. When calculating the quantity of the infringement, $V Q_{e, r, d}$ , tolerance margins may be applied, $T O L_{r, e}$ , which may vary depending on the cause of the infringement and the Balancing Service Entity category.
3. The numerical values of the unitary charges $U N C N A M S_{r}$ , the charge increase adjustment factor $A_{N A M S}$ and the tolerance margins, $T O L_{r, e}$ , shall be determined by decision of the RAEWW, subject to a recommendation from the HETS Operator. This decision shall be published at least two months prior to the implementation of the new values of the above parameters.
4. Details regarding the calculation of the infringement quantity $V Q_{e, r, d}$ for each Dispatch Day d are described in the “Infeasible Market Schedule Calculation Methodology”.
Article 22.8 Management of the amount of non-Compliance Charges
1. The balance of the Non-Compliance Charges Account, the proceeds of which are derived from the imposition of Non-Compliance Charges in accordance with this CHAPTER 22 Rulebook,is made available in accordance with the provisions of the HETS Grid Code and this Article, Article 18.7, CHAPTER 23,and CHAPTER 24 of this Rulebook CHAPTER 23 and the Rulebook on the Clearing of Balancing Market Positions or, where there is no Clearing House operating on the Balancing Market, in accordance with this Article, Article 18.7, CHAPTER 21, and CHAPTER 27, shall be used in order to cover:
  a) any arrears of Clearing Members in accordance with paragraph 2 of this Article,
  b) any deficit in coupled markets in relation to Cross-Border Physical Deliveries that correspond to imports and exports per coupled interconnection under the Single Day-Ahead Market Coupling, Intra-Day Auctions and Continuous Intra-Day Trading, as such deficit has been calculated in the results of the Single Day-Ahead Market Coupling, Intra-Day Auctions and Continuous Intra-Day Trading respectively, pursuant to paragraph 6 of this Article, and
  c) any defaults of entities registered with the HETS Operator Registry in accordance to subsection 11.6 of the HETS Grid Code.
2. The part of the non-Compliance Charges Account that is used to cover Clearing Member defaults shall be the Pre-Funded Financial Resources, as defined in Article 14(3) of Law 4425/2016 and the Clearing Rulebook for Balancing Market Positions. The initial amount of Pre-Funded Financial Resources is set as a percentage (a%) of the available balance of the non-Compliance Charges Account and recalculated on a quarterly basis or ad hoc in cases where the resources have been used due to a Clearing Member's default. At the time of recalculation, the Pre-Funded Financial Resources shall be increased by a% of the total non-Compliance Charges which have been collected during the period since the previous calculation, taking also into account any income or costs for their management as well as any debits or credits arising from the management of the Clearing Member's default. The Pre-Funded Financial Resources as calculated above cannot be less than a% of the available balance of the non-Compliance Charges Account as the latter stands on the second (2nd) business day prior to the day of calculation. If they are less, the Pre-Funded Financial Resources shall be set at α% of the funds available on the non-Compliance Charges Account. The HETS Operator shall notify the Clearing House of the available balance of the non-Compliance Charges Account one (1) day prior to the day of recalculation. The Prefunded Financial Resources, as recalculated each time, shall be at the disposal of the Clearing House and shall be kept in an account held by the Clearing House with the Bank of Greece, with the HETS Operator named as beneficiary.
3. The percentage a% shall be initially set at 50%, which may be updated annually by decision of the RAEWW following a recommendation from the Clearing House and the HETS Operator.
4. The above shall apply accordingly even when no Clearing House operates in the Balancing Market.
5. Part of the non-Compliance Charges Account, which is defined as a percentage (b%) of the available balance of the non-Compliance Charges Account, is used to cover any deficit in coupled markets in relation to the Cross-Border Physical Deliveries that correspond to the imports and exports per coupled interconnection in the context of the Single Day-Ahead Market Coupling, the Intra-Day Auctions, and the Continuous Intra-Day Trading, as such deficit has been calculated in the results of the Single Day-Ahead Market Coupling, Intra-Day Auctions and Continuous Intra-Day Trading respectively, provided that any deficit cannot be sufficiently covered by the credit arising by any remuneration due to a failure of obligation fulfilment, as set out in the contract between the Shipping Agent and the HETS Operator, and the credit arising from the remaining balance in the Non-Compliance Charges Account held by the Energy Exchange, in accordance with the Day-Ahead & Intra-Day Markets Trading Rulebook. This percentage is re-calculated on a quarterly basis, or on an ad hoc basis, if it is used to cover any deficit. During re-calculation, the part of the non-Compliance Charges Account used to cover the aforementioned deficit may be increased by b% of the total non-Compliance Charges collected during the time period following the previous calculation, and possible income or management costs, as well as possible charges or credits arising from any imbalance management, are also taken into account.
6. Any surplus arising in accordance with the provisions of Article 18.7, paragraph 2 of this Rulebook is also considered Revenue attributable to the Non-Compliance Charges Account.
7. The percentage b% is initially set at 20%, and may be updated by decision of the RAEWW, subject to a recommendation from the HETS Operator and the Shipping Agent.
8. The remaining amount after the deduction of the a% and b% mentioned above is used to cover any defaults of entities registered with the HETS Operator Registry in accordance with subsection 11.6 of the HETS Grid Code.

CHAPTER 23 BALANCING MARKET SETTLEMENT PROCEDURE

Article 23.1 Balancing Market Settlement Procedure

The Balancing Market Settlement Procedure shall be implemented on a weekly basis. The Settlement Week W shall be defined as the time period between Monday, at 00:00 CET and the following Monday at 00:00 CET.
The Initial Settlement for Settlement Week W shall be carried out according to the following timeline:
a) By Thursday of week W+1, at 12:00 ΕΕΤ, the HETS Operator shall notify the Participants and Participants Subject to Deletion, as well as the Clearing House, regarding performance of their responsibilities pursuant to Article 18.5 of this Rulebook and Part 10 of Chapter 2 of the Rulebook on the Clearing of Balancing Market Positions, regarding the detailed results of the Initial Settlement.
b) In cases where the Thursday referred to in point (a) of this paragraph is not the fourth business day of week W+1, the Participants and Participants subject to Deletion and the Clearing House shall be informed on the fourth business day.
The Corrective Settlement for Settlement Week W shall be carried out according to the following timeline:
a) By Monday of week W+8, at 12:00 CET, the HETS Operator shall inform the Participants and Participants Subject to Deletion of the results of the Corrective Settlement.
b) The Participants and the Participants Subject to Deletion shall send any reasoned objections to the results of the Corrective Settlement to the HETS Operator within two working days of the date of their notification under point a).
c) By Thursday of week W+8, at 12:00 ΕΕΤ, the HETS Operator shall inform the Participants, Participants Subject to Deletion and the Clearing House regarding the performance of their responsibilities pursuant to Article 18.5 of this Rulebook and Part 10 of Chapter 2 of the Rulebook on the Clearing of Balancing Market Positions, of the results of the Corrective Settlement, having taken into account the objections raised by the Participants and the Participants Subject to Deletion, and having made the necessary corrections.
d) In cases where the Thursday referred to in point (c) of this paragraph is not the fourth business day of week W+8, the Participants and Participants subject to Deletion and the Clearing House shall be informed, every time, on the fourth business day.
For the purposes of the Final Settlement, each year Y shall be divided into two “Half-Year Settlement Periods” as follows: The first Settlement Semester shall consist of twenty-six (26) Settlement Weeks starting from the first Monday, 00:00 CET, of year Y. The second Settlement Semester shall consist of the Settlement Weeks starting from the twenty-seventh (27th) Monday, 00:00 CET of year Y until the last Sunday of year Y, in the event that December 31 of year Y is a Sunday or the first Sunday of year Y+1, in the remaining cases 24:00 CET of year Y.
The Final Settlement for the twenty-six (26) Settlement Weeks of the first Settlement Semester of Year Y shall be conducted in accordance with the following schedule:
a) By the twenty-sixth (26th) Tuesday of year Υ+3, the Network Operators shall submit the final metered readings for Low Voltage Offtake Facilities and any corrections in metered readings for Medium Voltage Offtake Facilities they may have for the first Settlement Semester of year Υ to the HETS Operator.
b) Between the twenty-seventh (27th) Thursday and the thirty-ninth (39th) Thursday of year Y+3, the HETS Operator shall notify the Participants and Participants Subject to Deletion of the Final Settlement results for the two Settlement Weeks of the first Settlement Semester of year Y, as appropriate.
c) Within five (5) working days of the date of dispatch of the Final Settlement results specified in point (b) of this paragraph, the Participants and Participants Subject to Deletion shall send any reasoned objections to the Final Settlement for the Settlement Weeks of the first Settlement Semester of year Y for which it has been notified, to the HETS Operator in accordance with point (b) of this paragraph.
d) From the twenty-ninth (29th) Thursday until the forty-second (42nd) Thursday of year Y+3, at 12:00 ΕΕΤ, the HETS Operator shall inform the Participants, the Participants Subject to Deletion, and the Clearing House regarding the performance of their responsibilities pursuant to Article 18.5 of this Rulebook and Part 10 of Chapter 2 of the Rulebook on the Clearing of Balancing Market Positions, of the results of the Final Settlement for the two Settlement Weeks of the first Settlement Semester of year Y as appropriate, after taking into account the objections of the Participants and the Participants Subject to Deletion and having made the necessary corrections.
e) In cases where the Thursday referred to in point (d) of this paragraph is not the fourth business day of the week, the Participants and Participants subject to Deletion and the Clearing House shall be informed on the fourth business day.
The Final Settlement for the twenty-six (26) or, if applicable, twenty-seven (27) Settlement Weeks of the second Settlement Semester of year Y, shall be conducted in accordance with the following schedule:
a) By the fifty-second (52nd) Tuesday of year Υ+3, the Network Operators shall submit the final metered readings for Low Voltage Offtake Facilities and any corrections in metered readings for Medium Voltage Offtake Facilities they may have for the second Settlement Semester of year Υ to the HETS Operator.
b) From the second (2nd) Thursday to the fourteenth (14th) Thursday of year Y+4, the HETS Operator shall inform the Participants and Participants Subject to Deletion of the Final Settlement results for the two Settlement Weeks of the second Settlement Semester of year Y as appropriate. In cases where the second Settlement Semester of year Y consists of twenty-seven (27) Settlement Weeks, on the fifteenth (15th) Thursday of year Y+4, the HETS Operator shall notify the Participants and the Participants Subject to Deletion of the results of the Final Settlement of the twenty-seventh (27th) Settlement Week of the second Settlement Semester of year Y.
c) Within five (5) working days from the dates of dispatch of the Final Settlement results specified in point (b) of this paragraph, the Participants and Participants subject to Deletion shall send to the HETS Operator any reasoned objections to the Final Settlement for the Settlement Weeks of the second Settlement Semester of year Y for which it has been notified in accordance with point (b) of this paragraph.
d) From the fourth (4th) Thursday until the sixteenth (16th) Thursday of year Y+4, at 12:00 EET, the HETS Operator shall inform the Participants and Participants subject to Deletion and the Clearing House about the execution of their responsibilities pursuant to Article 18.5 of this Rulebook and Part 10 of Chapter 2 of the Rulebook on the Clearing of Balancing Market Positions, of the results of the Final Settlement for two Settlement Weeks of the second Settlement Semester of year Y as appropriate, after taking into account the objections of the Participants and the Participants Subject to Deletion and having made the necessary corrections.
In cases where the second Settlement Semester of year Y consists of twenty seven (27) Settlement Weeks, on the seventeenth (17th) Thursday of year Y+4, the HETS Operator shall inform the Participants, the Participants Subject to Deletion and the Clearing House regarding the performance of their responsibilities pursuant to Article 18.5 of this Rulebook and Part 10 of Chapter 2 of the Rulebook on the Clearing of Balancing Market Positions, of the results of the Final Settlement of the twenty-seventh (27th) Settlement Week of the second Settlement Semester of year Y, after taking into account the objections of the Participants and the Participants Subject to Deletion, and having made the necessary corrections.
e) In cases where the Thursday referred to in point (d) of this paragraph is not the fourth business day of the week, the Participants and Participants subject to Deletion and the Clearing House shall be informed on the fourth business day.
As part of the performance of Supplementary Settlements, the HETS Operator shall:
a) make any necessary adjustment to or revision of the measurement data,
b) make any necessary adjustment to or revision of the data resulting from any Dispute settlement,
c) use updated or revised data submitted by the Energy Exchange or the Distribution Network Operators,
d) use revised Balancing Service data.
After the Final Settlement has been performed pursuant to the timetable of paragraphs 5 and 6 of this Article, corrections to settlement data or results may only be made if this is demanded for the purpose of enforcing a judicial decision or an arbitration award.
Execution of a Corrective Settlement for a period and on a date not provided for in the time schedule of this Article, or in any case before the execution of the Final Settlement, or execution of another Settlement after the Final Settlement has been conducted, may only be carried out following a decision of the RAEWW subject to a duly justified application from a Participant or Participant Subject to Deletion, or Participants or Participants Subject to Deletion with a legitimate interest, if it is demonstrated that non-execution of the additional Corrective Settlement threatens the viability of the applicant. The request shall be submitted to the RAEWW and settlement shall be reiterated only after a decision is reached, and it shall be subject to the terms of thereof.

In the cases referred to in paragraph 9 of this Article and if any amounts for debits or credits to persons who are no longer registered in the HETS Operator Registry arise, either as Participants or as Participants Subject to Deletion, then these amounts shall be allocated to the Balance Responsible Parties and Participants Subject to Deletion according to their former status as Balance Responsible Parties, pdepending on the metered absorption of their Offtake Facilities in the Interconnected System for Settlement Weeks W-11 to W-8 as of the Settlement Week when this settlement takes place:

$C H A R G E_{p} = A M O U N T \times \frac{M Q_{p, W S}}{\sum_{p} (M Q_{p, W S})}$

where:

$W S$	The period between W-11 and W-8 starting from the Settlement Week when the settlement of these amounts takes place
$A M O U N T$	the amount of debits or credits to persons who are no longer registered in the HETS Operator Registry, either as Participants or as Participants subject to Deletion
$M Q_{p, W S}$	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 WS

No corrections shall be made to the monetary sums allocated to the Balancing Responsible Parties and Participants Subject to Deletion in their former capacity as Balance Responsible Parties by reason of any revised data regarding the metered consumption 𝑀𝑄𝑝,𝑊𝑆 of their Offtake Facilities which was calculated in the execution of Final Settlements.

Where amounts of debits or credits arise due to corrective settlements for voluntary energy exchanges under Article 50 of Regulation (EU) 2017/2195 and/or for involuntary energy exchanges under Article 51 of Regulation (EU) 2017/2195 for a period and on a date not provided for in the timeline of this Article, then the amounts of debits or credits shall be taken into account in the determination of the Required Balancing Market Revenue of the following calendar years.
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.

Article 23.2 Procedure for Settlement of Non-Compliance Charges
1. 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.
2. 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.
3. 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.
4. 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.
Article 23.3 Balancing Market Fee Settlement Procedure
1. Settlement of the Balancing Market Fee is carried out on a monthly basis. Settlement months correspond to calendar months 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.
2. The initial Settlement of month M shall be carried out according to the following timeline:
  a) Within one week following the final Settlement of all weeks of month M, the HETS of Operator shall inform the registered Participants in the HETS registry as well as the participants under Deletion with regards to the Balancing Market Fee.
  b) Within the deadline of two (2) working days following the publication of the results with regards to the Balancing Market Fee from the HETS Operator the Participants and the Participants subject to Deletion shall submit to the HETS Operator any reasoned objections.
  c) Until the Thursday following the second item, the HETS shall inform the Participants, the Participants subject to Deletion and the Clearing House of the results of the Settlement of the Balancing Market Fee after having taken into account the objections of the Participants or the Participants subject to Deletion and has made the necessary corrections.
  d) The above results of the Settlement for each Participant and Participant subject to Deletion shall include the following:
  Amount corresponding to the Balancing Market Fee transactions relating to month M+2, which is equal to the settlement amount resulting for month M.
  The difference of the following:
  The amount settled for the Balancing Market Fee relating to month M, as calculated on the Thursday of month M+2 in point (c) of this paragraph; and
  The amount corresponding to the transactions of the Balancing Market Fee for month M, which was included in the Settlement Results issued in month M for the transactions of month M-2 in accordance to the timeline in items (a) to (c) of this paragraph.
  In cases where the Thursday referred to in point (c) of this paragraph is not the fourth business day of the week, the Participants and Participants subject to Deletion and the Clearing House shall be informed on the fourth business day, pursuant to the Clearing Rulebook for Balancing Market Positions.
3. The final Settlement of month M is realized in accordance with the following timeline:
  a) Within one week of the end of the Final Settlement of all weeks of month M, the HETS Operator shall notify the Participants registered in the HETS Operator’s Registry and the Participants subject to Deletion regarding the Balancing Market Fee,
  b) Within a deadline of two (2) working days following the publication of the results regarding the Balancing Market Fee by the HETS Operator, the Participants and the Participants Subject to Deletion shall submit any duly justified objections to the HETS Operator.
  c) Until the Thursday following item (b), the HETS Operator shall inform the Participants, the Participants subject to Deletion as well as the Clearing House of the Settlement results for the Balancing Market Fee, taking into account the objections raised by the Participants or Participants subject to Deletion and having made the necessary corrections.
4. 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.
Article 23.4 Content of Settlement results notified to the Participants
1. Settlement results notified to the Balancing Service Providers and the Participants subject to Deletion shall include, where applicable, the following information:
  a) The ID of the Balancing Service Provider,
  b) The Market Schedules of each Balancing Service Entity,
  c) The Baseline for each Dispatchable Load Portfolio in case a Dispatch Instruction is issued for the provision of Balancing Energy,
  d) The Baseline for each Dispatchable Intermittent RES Units Portfolio in case a Dispatch Instruction is issued for the provision of Balancing Energy,
  e) The Dispatch Instruction for each Balancing Service Entity per mFRR Unit of Time,
  f) The metered amount of energy of the Balancing Service Entity per Imbalance Settlement Period,
  g) The activated Balancing Energy for aFRR and mFRR of the Balancing Service Entity per Imbalance Settlement Period,
  h) The Balancing Capacity supplied by the Balancing Service Entity per Imbalance Settlement Period and per Balancing Capacity Type,
  i) The Imbalance and Imbalance Adjustment Quantities for the Balancing Service Entity per Imbalance Settlement Period,
  j) The debit or credit for Balancing Energy and Balancing Capacity to the Balancing Service Provider for the Balancing Service Entity per Imbalance Settlement Period,
  k) The debit or credit to the Balancing Service Provider for Imbalances of the Balancing Service Entity per Imbalance Settlement Period,
  l) Any non-compliance Charge imposed on the Balancing Service Provider per sanction type and Imbalance Settlement Period.
2. The Settlement results notified to the Balance Responsible Parties shall include the following details:
  a) The ID of the Balance Responsible Party,
  b) The Market Schedule of each Balance Responsible Entity represented by the Participant per Imbalance Settlement Period,
  c) The total amount of metered energy for all Balance Responsible Entities represented by the Balance Responsible Party per Imbalance Settlement Period,
  d) The Imbalance quantity of all Balance Responsible Entities represented by the Balance Responsible Party per Imbalance Settlement Period, and
  e) The debit or credit to the Balance Responsible Party for each Imbalance Settlement Period.
Article 23.5 Pricing of non-Compliance Charges
1. The HETS Operator shall issue Participants and Participants Subject to Deletion with the necessary supporting invoice statements based on the results of Non-Compliance Charge Settlements for each month M, in accordance with 12 paragraph 2(c) and paragraph 3(c) of this Rulebook. The documents shall become overdue five (5) calendar days after the expiry of the deadline for their issue.
2. In the event that a Participant or a Participant subject to Deletion defaults on its cash obligations for non-Compliance Charges, the HETS Operator shall take any action needed to collect the due payment with interest.
3. Unless it is part of its responsibilities under this Article, the HETS Operator shall not be liable to the Participants, the Clearing Members or the Clearing House for covering any deficit in the non-Compliance Charges Account that is created due to a defaulting Participant or Participant subject to Deletion.

CHAPTER 24 DEFAULT MANAGEMENT
Article 24.1 Actions of the HETS Operator and the Clearing House in case of default
In the event of default of Clearing Members on their cash obligations pursuant to this Rulebook, the provisions of this Chapter and the Clearing Rulebook for Balancing Market Positions shall apply.
If a Clearing Member defaults on the performance of its cash obligations pursuant to this Rulebook:
a) the Clearing House shall be obliged to notify the HETS Operator immediately.
b) If the losses caused by the default are in excess of the collaterals provided for the relevant Clearing Account, of the share of the defaulting Clearing Member in the Clearing Capital and even of those of the other Clearing Members according to the Clearing Rulebook for Balancing Market Positions, the Clearing House shall notify the HETS Operator of the remaining portion of the loss and shall cover the said amount by using the balance in the Prefunded Financial Resources account, as specified in the Clearing Rulebook for Balancing Market Positions.
c) If the balance of the Prefunded Financial Resources is insufficient to cover the loss, the Clearing House shall notify the HETS Operator immediately. The remaining portion of the loss shall be borne by the Balance Responsible Parties and to Participants Subject to Deletion in their former capacity as Balance Responsible Parties (p) prior to becoming subject to Deletion and allocated among them according to the metered consumption of their Offtake Facilities from the Interconnected System for Settlement Weeks W-11 to W-8 starting from the Settlement Week when the default was ascertained by the Clearing House:
$C H A R G E_D E F A U L T_{p, W S} = D E F A U L T_{W} \times \frac{M Q_{p, W S}}{\sum_{p} M Q_{p, W S}}$
where:
$W S$ The period between W-11 and W-8 starting from Settlement Week W when the default was ascertained by the Clearing House
$D E F A U L T_{W}$ the remaining portion of loss for Settlement Week W when the default was ascertained by the Clearing House
$M Q_{p, W S}$ 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 WS
No corrections shall be made to the cash amounts burdening and allocated to Balancing Responsible Parties and Participants Subject to Deletion in their former capacity as Balance Responsible Parties by reason of any revised data regarding metered consumption𝑀𝑄𝑝,𝑤𝑠 by their Offtake Facilities which were calculated in the Final Settlements after default, with the exception of any corrections made by the Clearing House regarding the remainder of the loss.
d) The HETS Operator shall notify the Clearing House of the amount apportioned to each Balancing Responsible Party and to each Participant subject to Deletion in their capacity prior to becoming Participants subject to Deletion as Balance Responsible Parties, so that the Clearing House can proceed with the Cash Settlement according to the provisions of the Clearing Rulebook for Balancing Market Positions.
e) If the amounts of money settled by the Clearing House 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 and 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) being followed in all other cases. The Clearing House shall notify the HETS Operator of the relevant default and the defaulting Balancing Responsible Parties, in each apportionment cycle processand the Participants subject to Deletion in their capacity prior to becoming Participants subject to Deletion as Balance Responsible Parties, so that the HETS Operator can activate the subsequent cycle of the apportionment process as set out in paragraph 2 of this Article.
f) The collection of the relevant cash obligations of the defaulting Clearing Member shall be carried out on the basis of the Vouchers/Invoices issued by the Clearing House, which serve as proof in favour of beneficiary Clearing Members and Participants and against the defaulting Clearing Member or Participant. The above Vouchers/Invoices, including the initial Invoice shall not serve as proof, neither in favour nor against the Clearing House or the HETS Operator. Details regarding the above Vouchers/Invoices are provided in the Clearing Rulebook for Balancing Market Positions.
g) The Balancing Responsible Parties or the Participants subject to Deletion in their capacity prior to becoming Participants subject to Deletion as Balance Responsible Parties that have paid the cash amounts apportioned to them in accordance with the procedures specified in items (e) and (f), paragraph 1, section 4.6 of the Clearing Rulebook for Balancing Market Positions may, by virtue of the Apportionment Procedure Non-Collection Voucher of item c), paragraph 2, section 4.6 of the Clearing Rulebook for Balancing Market Positions 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 their capacity prior to becoming Participants subject to Deletion as Balance Responsible Parties 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 cash settlement procedure of the Clearing House. 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.
h) 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.
In particular, as regards covering a Clearing Member defaulting on amounts owed for supplementary settlements from a previous period prior to the default of the Clearing Member, but calculated after the default:
a) If the balance of collateral or the share account balance of the defaulting Clearing Member that may have been withheld by the Clearing House in accordance with the provisions of the Clearing Rulebook for Balancing Market Positions is not sufficient to cover any Supplementary Settlements that may arise in respect of the Positions of the above defaulting party or if no such balance exists, the Clearing House shall notify the HETS Operator of the remaining portion of loss and shall cover it from the balance of the Pre-Funded Financial Resources as specified in the Clearing Rulebook for Balancing Market Positions.
b) If the balance of the Prefunded Financial Resources is insufficient to cover the above loss, the Clearing House shall notify the HETS Operator immediately. In this case, the process of allocations and reallocations for cases (c), (d), and (e) of paragraph 2 of this Article shall be activated until these are fully addressed.
The HETS Operator shall not be exposed to any credit risk for the cash transactions pertaining to this Rulebook and the HETS Grid Code, and shall not be liable to the Participants, the Participant subject to Deletion or the Clearing Members or the Clearing House for covering any remaining loss that is created against the Participants due to default of another Participant or Participant subject to Deletion registered with the HETS Operator Registry or another Clearing Member, over and above the performance of its duties, in accordance to this Chapter and the Clearing Rulebook for Balancing Market Positions. This also applies to the Clearing House.
The funds from the Non-Compliance Charges Account, including the Pre-Funded Financial Resources, which were used by the HETS Operator or the Clearing House to cover defaults, shall be restored only if the amount due and covered by the Account is collected from the debtor in default. The HETS Operator and the Clearing House 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.

CHAPTER 25 SPECIAL PROVISIONS FOR THE BALANCING MARKET SETTLEMENT IF NO CLEARING HOUSE OPERATES

Article 25.1 Application of Special Provisions
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.
Article 25.2 HETS Operator Accounts
The HETS Operator shall keep accounts for accounting purposes in accordance with Article 18.3 of this Rulebook.
Article 25.3 Invoicing and Settlement
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.

Article 25.4 Actions of the Operator in case of Participant default

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:

$C H A R G E_D E F A U L T_{p, M S} = D E F A U L T_{M} \times \frac{M Q_{p, M S}}{\sum_{p} M Q_{p, M S}}$

where:

$M S$	The period between Μ-3 and Μ-2 starting from Settlement Month M when the default was ascertained by HETS Operator
$D E F A U L T_{M}$	the remaining portion of loss for Settlement Month M when the default was ascertained by HETS Operator
$M Q_{p, M S}$	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 $M Q_{p, M S}$ 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.

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.
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.
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.
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.

Article 25.5 Provision of Guarantees
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.

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