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Funds Transfer FAQ 

1. How can I get SEMO bank account details?

2. How do I submit my bank details to the market as a new Participant?

3. How do I change my bank details if I am an existing Participant?

4. What/Who are Authorised Signatories?

5. What happens on a bank holiday?

6. How will SEMO use my Letter of Credit?

7. How will SEMO use my Collateral Account?

8. How can I use my Cash Collateral Account to pay invoices?

9. How can I sign up for the Standing Cash Collateral Request Facility?

10. How soon will SEMO pay me?

11. How do I make payment to SEMO?

12. What are the timescales for paying my invoices?

13. What happens if a Participant defaults on a payment?


1. How can I get SEMO Bank account details?

SEMO bank account details are included in the registration pack provided to new Market Participants as part of the registration process to the Single Electricity Market.

 

If you require the SEMO Bank details, please email the Market Helpdesk.


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2. How do I submit my bank details to the market as a new Participant?

All newly registering Participants must provide bank details to SEMO as part of the registration process. During registration, SEMO will send a template which must be completed with the Participants bank details and submitted to SEMO on company headed paper.

 

The bank details document must by signed by a member of Panel A and Panel B who will have been previously nominated on the authorised signatory form by the Participants Company Secretary and Company Director. See Question 4 for Who/What are Authorised Signatories.

 

SEMO will verify the signed bank details and submit these into the Central Market Systems through the Market Participant Interface where they can then be viewed by the Participant.

Generator Self Billing Invoice payments due from SEMO will be paid to this account.


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3. How do I change my bank details if I am an existing Participant?

SEMO bank account details can be changed in the Market Participant Interface (MPI) by the Participant. The details can be changed in the Financials tab under Registration.

 

Once the details are changed the Participant will need to inform the Market Helpdesk. SEMO will write to the Participant confirming details of old and new accounts and this must be returned to SEMO signed by two Authorised Signatories. There must be a signature from both the Panel A and Panel B authorised persons list.

SEMO will verify the signed bank details and accept them using the MPI where they can then be viewed by the Participant. The Self Billing Invoices due from SEMO will now be paid to the account that was verified.


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4. What/Who are Authorised Signatories?

These are representatives authorised to sign financial documentation on behalf of the Market Participant.

 

Two authorised signatures are required for signing purposes (Panel A and Panel B). Two Company Directors or a Company Director and  a Company Secretary will sign this form to confirm they nominate the people on Panel A and Panel B.

 

The Market Participant should provide a list of such authorised persons and submit these to SEMO.

Please click here for the authorised signatories form and instructions on how to submit these.


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5. What happens on a bank holiday?

Bank holidays are considered non-working days with payment due dates pushed back for each Bank Holiday as outlined in the Settlement Calendar.


No payments will be processed on bank holidays.


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6. How will SEMO use my Letter of Credit?

If a Participant defaults on a VMOC, Energy or Capacity payment, SEMO will draw any default payments above a value of 1000 Pounds/Euro from the Participants Letter of Credit (LOC).


The Letter of Credit draw-down process ensures that funds are in place to cover the default on an invoice payment on the due date.

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7. How will SEMO use my Collateral Account?

Similar to the LOC process, a Participant’s Cash Collateral Account will be used to provide funds for Defaults on Energy, Capacity or VMOC Invoices.

 

SEMO will draw default payments from the Participants Cash Collateral account after 3pm on the due date should the invoice payment not be received by this time.

 

The funds from the Cash Collateral Account will be made available to be paid out the following working day to Generators and any Resettlement amounts to Suppliers.

 

A Participant’s Cash Collateral Account cannot be used to cover defaults on FMOC invoices. It is the responsibility of the Market Participant to remedy any default on a FMOC invoice.

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8. How can I use my Cash Collateral Account to pay invoices?

Market Participants may use their excess cash collateral to pay invoices of value equal to/less than 50 Euro/Pounds for Initial settlement invoices and of value equal to/less than 200 Euro/Pounds for Resettlement invoices.

 

The Participant must request the use of their excess cash collateral to cover invoices at least 2 Working Days prior to the Invoice payment due date. The request should be sent to the Market Helpdesk.

 

FMOC invoices can also been paid using the Participants excess cash collateral. FMOC is treated as an Initial settlement invoice, therefore, the invoice value should be equal to/less than 50 Euro/Pounds to allow for the draw-down request to be processed.

 

In addition to this, Participants can sign up to the Standing Cash Collateral Drawdown Request facility. This facility allows for Energy, VMOC, Capacity and FMOC invoices to be automatically paid by SEMO on the due date using the Participants excess cash collateral.


Please see Question/Answer 9 below for further information on the Standing Cash Collateral Drawdown Request scheme.

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9. How can I sign up for the Standing Cash Collateral Request Facility?

Standing Cash Collateral Drawdown Requests allow for Energy, VMOC, Capacity and FMOC invoices to be automatically paid by SEMO on the due date using the Participants excess cash collateral.


By signing for standing requests, the Participant is no longer required to contact the Market Helpdesk at least 2 working days prior to invoice due date to request that drawdowns be processed. They are automatically processed by SEMO.


Note that the Standing Cash Collateral facility can only be utilised for Initial settlement invoices equal to or less than 50 euro/pounds or for Resettlement invoices equal to or less than 200 euro/pounds.

It is the responsibility of the Market Participant to ensure the payment of invoices where values are above these limits. 

Any invoices above the relevant threshold amounts that are not paid by the Participant by the due date and time will be a default.

In order to sign up, Market Participants should send their request to the Market Helpdesk. The Funds Transfer team will respond to the request, attaching a standard template which must be completed by the Market Participant on letter headed paper and signed by two authorised signatories.

Alternatively, please use the following links to open the Standing Cash Collateral Drawdown Request forms which sets out in detail the procedure to be followed should you wish to avail of this service -Existing Participant or New Participant

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10. How soon will SEMO pay me?

SEMO will pay Self Billing invoices according to the timetable outlined in the Settlement Calendar.


Energy and Capacity Self Billing invoices are paid 4 days after the date of invoice. VMOC invoices are paid 6 days after the date of invoice.


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11. How do I make payment to SEMO?

SEMO bank account details are available from Market Helpdesk


Payments to SEMO must reference the Invoice number followed by the PT number and be made via Electronic Funds Transfer.


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12. What are the timescales for paying my invoices?

Invoices are due for payment according to the schedule outlined in the Settlement Calendar.


Energy and Capacity Invoices are due 3 working days after the date of Invoice by 12:00 noon.


VMOC and FMOC Invoices are due 5 working days after the date of invoice by 17:00.


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13. What happens if a Participant defaults on a payment?

Defaults on payment of an Energy, VMOC or Capacity invoice will result in the payment being drawn from the Participants Letter of Credit and/or Cash Collateral Account. A default notice will then be issued to the Participant.


Any Participant who defaults 3 times or more in a 20 Working Day period will be reported to the Regulatory Authorities and may face suspension from the Market as outlined in the Trading & Settlement Code. Details of any defaults by Market Participants will be published in the Market Operator Report on a Monthly Basis.


Defaults on payment of a FMOC invoice will also result in the issuance of a default notice. As SEMO is unable to use the Participants Letter of Credit and/or Cash Collateral Account to cover the FMOC payment default, it is the responsibility of the Participant to remedy the default accordingly.

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SEMO is a joint venture between EirGrid PLC and SONI Limited