Page 1 of 23. Approved by the Resolution of the Management Board No 126/32/17 of May 23rd effective as of May 31st 2017

Transcription

1 Detailed Tradig ad Clearig Rules for CHP property rights to certificates of origi for electricity geerated i high- efficiecy combied heat ad power uits Approved by the Resolutio of the Maagemet Board No 126/32/17 of May 23rd 2017 effective as of May 31st 2017 Page 1 of 23

2 Chapter 1 Defiitios 1. Exchage Member a etity that has the status of a Exchage Member ad has bee admitted by the Exchage Maagemet Board to operate o the PRM, 2. Register Member meas a etity that holds a accout i the Register, 3. Brokerage House meas a brokerage house or a commodity brokerage house withi the meaig of the Act of 26 October 2000 o commodity exchages 4. Delivery Day meas the day o which a CHP Property Right cotracted o the PRM o a Tradig Day is registered i the COR accout, 5. Tradig Day meas the day o which a PRM sessio takes place, or the day of acceptace of the OTC Deals, 6. T Day meas the day of eterig ito a exchage trasactio, 7. market meas the Commodity Market operated by the Polish Power Exchage i accordace with the Exchage Rules, 8. Exchage meas Towarowa Giełda Eergii S.A. 9. Clearig House meas the Warsaw Commodity Clearig House which operates a settlemet ad clearig house fulfillig the fuctio of a clearig house i accordace with the Act o Tradig i Fiacial Istrumets (ustawa o obrocie istrumetami fiasowymi), 10. Caledar meas the Caledar for Order Placemet ad Quotatio of Property Rights to Certificates of Origi for electricity from reewable eergy sources, the Property Rights to CHP Certificates of Origi, the Property Rights to Certificates of Origi for electricity geerated i reewable eergy sources ad the Property Rights to Biogas Certificates of Origi established by the Exchage, 11. private web site - meas a web site accessible exclusively for a give Exchage Member ad the Exchage, 12. Eergy Law Act meas the Eergy Law Act (ustawa prawo eergetycze) of 10 April (cosolidated text i Dz.U. 2012, item 1059, as ameded), 13. CHP Property Rights or the Property Rights meas trasferable rights costitutig a commodity resultig from CHP Certificates of Origi, 14. Exchage Rules meas the Tradig Rules for the Commodities Market of Towarowa Giełda Eergii S.A., 15. Register or COR meas the Certificate of Origi Register ad the Register of the resultig Property Rights kept by the Polish Power Exchage, 16. PRM meas the Property Rights Market operated by the Towarowa Giełda Eergii i accordace with the Exchage Rules, 17. Tradig System meas the electroic commuicatios system, icludig all relevat hardware ad software, ad specifically the dedicated computer applicatio that facilitates the tradig o the PRM; Page 2 of 23

3 18. Detailed Tradig ad Clearig Rules meas the preset Detailed Tradig ad Clearig Rules for CHP Property Rights to Certificates of Origi for Electricity Geerated i High- Efficiecy Combied Heat ad Power Uits, 19. CHP Certificate of Origi a cofirmatio that electricity has bee geerated i a highefficiecy CHP uit, issued by the Presidet of the Eergy Regulatory Office, as referred to i Article 9l, paragraph 1 of the Act, 20. Order table tabulated summary of buy ad sell orders, 21. TPNR meas a o-cleared OTC Deal. 22. TPR meas a cleared OTC Deal, 23. trasactio meas a agreemet for sale of Property Rights etered ito betwee Exchage Members o the PRM, 24. OTC Deal meas a agreemet for sale of Property Rights etered ito betwee Exchage Members outside a PRM sessio, 25. ERO meas the Eergy Regulatory Office, 26. Order meas a offer to buy or sell CHP Property Rights o the PRM, made by a Exchage Member. 27. OTC Code meas a dedicated code of the Exchage Member o the basis of which a cleared OTC Deal may be reported. Page 3 of 23

4 Chapter 2 Geeral provisios 1 CHP Property Rights costitute a commodity. The Property Rights issued o the basis of the CHP Certificates of Origi issued by the Presidet of the Eergy Regulatory Office which cofirm that the electricity beig subject to such CHP Certificate of Origi has bee geerated i a highefficiecy CHP uit. 2 The Property Rights become valid at the momet of recordig the CHP Certificates of Origi i the accout of the eligible party. The umber of CHP Property Rights correspods to the electricity volume specified i the respective CHP Certificate of Origi. The CHP Property Rights are assiged to the CHP Certificates of Origi they result from Depedig o type of the source of eergy geeratio, defied i relevat CHP Certificate of Origi, there are three types of CHP Property Rights: a) Property Rights resultig from the CHP Certificates of Origi which are referred to i Article 9l paragraph 1 sectio 1 of the Eergy Law Act; b) Property Rights resultig from the CHP Certificates of Origi which are referred to i Article 9l paragraph 1 sectio 1a of the Eergy Law Act; c) Property Rights resultig from the CHP Certificates of Origi which are referred to i Article 9l paragraph 1 sectio 2 of the Eergy Law Act. 4 The preset Detailed Tradig ad Clearig Rules cocer all types of the CHP Property Rights metioed above. Each type of CHP Certificates of Origi, as well as the resultig Property Rights shall be registered separately i the Register. 5 CHP Property Rights exist i de-materialized form i form of electroic record maitaied i the COR system. 6 CHP Property Rights are a istrumet that expires i case of the redemptio of the CHP Certificate of Origi they result from. The redemptio of a CHP Certificate of Origi may be made either i full or i part. The redemptio of a CHP Certificate of Origi shall cause the expiry of all or a part of the resultig property rights. Page 4 of 23

5 7 The trade i idividual types of CHP Property Rights shall be carried out o the exchage durig the exchage sessio, as well as outside the sessio i form of the OTC Deals. 8 The CHP Property Rights arisig from Certificates of Origi issued for electricity geerated i the curret caledar year i a CHP uit shall be quoted accordig to the priciples set out i these Detailed Tradig ad Clearig Rules, from the momet of beig itroduced to tradig util 30 Jue of the followig year or util they are blocked i coectio with the iteded redemptio of the respective CHP Certificate of Origi. Chapter 3 The priciples of tradig i Property Rights 9 The admissio ad itroductio of idividual CHP Property Rights to tradig o the PRM shall take place at the momet of their registratio i the accout of the Register Member. 10 The buyers ad sellers of idividual CHP Property Rights must be either Exchage Members admitted to trade o the PRM i accordace with the Exchage Regulatios or ay persos actig through the agecy of a Exchage Member. The participats to the trade o the PRM must be Register Members. 11 CHP Property Rights are traded o the Property Rights Market operated by the Exchage. The rights ad obligatios uder the trasactios etered ito o the PRM shall be established as receivables ad payables of idividual Exchage Members executig the trasactios. The Exchage Member eterig ito sell trasactios shall be obliged to deliver a appropriate umber of CHP Property Rights. The Exchage Member eterig ito a sell trasactio o a customer's accout shall be resposible for providig adequate coverage of such order i the customer's accout i the COR. The Exchage Member eterig ito a buy trasactio is obliged to pay for the delivered umber of CHP Property Rights. 12 The executio of a cotract cocluded o the Exchage shall take place through cash settlemet ad through the adjustmet of the balace the Property Rights held o the respective accout of the COR, accordig to the rules established by the Clearig House. 13 The executio of trasactios etered ito o the PRM shall take place through the adjustmet of the idividual CHP Property Rights held i the respective accouts of the Register. The Tradig Day shall be the same as the Delivery Day. Page 5 of 23

6 14 Oly the Exchage Members admitted to operate o the PRM by the Exchage Maagemet Board ad beig simultaeously the Register Members, shall have the right to eter ito trasactios. Orders may be placed i accordace with the Caledar. Chapter 4 Quoted Istrumets The quotatios of idividual types of CHP Property Rights shall be carried out for istrumets coformig to the specificatios set out i Appedices 1, 2 ad 3, respectively. 2. The istrumets coformig to the specificatios set out i Appedices 1, 2 ad 3 may be subject to tradig through the coclusio of trasactios durig the sigle auctio price phase or the cotiuous tradig phase at PRM sessios, or through the coclusio of OTC Deals The traded istrumet shall be the CHP Property Rights resultig from CHP Certificates of Origi which cofirm that the uderlyig electricity was geerated i high-efficiecy cogeeratio uits i the curret caledar year, subject to paragraph By 30 Jue of each year, the quotatios of idividual types of CHP Property Rights specified i Appedices 1, 2 ad 3 shall be carried out separately for: a) the CHP Property Rights arisig from Certificates of Origi cofirmig the geeratio of the uderlyig electricity i a high-efficiecy CHP uit durig the curret caledar year, ad b) the CHP Property Rights arisig from Certificates of Origi cofirmig the geeratio of the uderlyig electricity i a high-efficiecy CHP uit durig the previous caledar year. Chapter 5 Basic rules for the trade i CHP Property Rights at a PRM sessio uder the sigle auctio price system ad the cotiuous tradig system Sectio 1 Orgaizatio of quotatios o the PRM 17 The CHP Property Rights are quoted i the fixed auctio price system ad i the cotiuous tradig system, exclusively with use of the Tradig System. No price fluctuatio limits shall be i effect o the PRM. The price of CHP Property Rights price is fixed with accuracy of 0.01 PLN/MWh. 18 Quotatios shall be held o Tuesdays ad Thursdays the Tradig Days (except for statutory holidays) from 11:00 a.m. util 1:30 p.m., uless otherwise decided by the Exchage Maagemet Board. The quotatio periods for the respective caledar year shall be established by the Exchage Maagemet Board i the Caledar. The Caledar shall be available o the Exchage's web site 14 (fourtee) days before the begiig of the caledar year. Page 6 of 23

7 Sectio 2 The schedule of the Property Rights quotatios o the PRM 19 The quotatios of the Property Rights o the PRM shall be held accordig to the schedule preseted below: Time By 6:30 p.m. 1 day before the Tradig Day From 9:30 1 day before the Tradig Day util 11:00 o the Tradig Day 11:00 a.m o the Tradig Day From 11:01 a.m. o the Tradig Day till 1:30 p.m. o the Tradig Day By 2:30 p.m. o the Tradig Day Quotatio Phase Iput of curret collaterals ad the curret umber of the CHP Property Rights held Phase precedig sigle auctio price system quotatios o the PRM Acceptace of orders; orders may be deleted ad modified. Orders are validated for the collateral status ad the balace of CHP Property Rights held. Buy orders i excess of the collateral value are deleted. Sell orders i excess of the umber of CHP Property Rights held are deleted. Quotatio phase i the sigle auctio price system o the PRM; the sigle price fixig at the PRM The determiatio of the prices for the CHP Property Rights o the PRM. Quotatio phase i the cotiuous tradig system o the PRM Acceptace of orders; orders may be cacelled ad modified; the orders are validated as regards the collateral status ad the balace of the CHP Property Rights held i the Register. Publicatio of quotatio results for the sigle auctio price system ad the cotiuous tradig system o a private website. Publicatio of quotatio results o the public web site Sectio 3 Orders Each order of the Exchage Member beig placed o the PRM should defie i particular the followig parameters: a) desigatio (ID) of the Property Right beig the object of the order, b) type of the CHP Property Right beig the object of the order, c) type of order (buy/sell), d) umber of the CHP Property Rights beig subject to the sell or buy order, e) price limit expressed i PLN/MWh, with accuracy up to PLN 0,01 or a istructio to execute the order without a predefied price limit, f) validity date, Page 7 of 23

8 g) coditios for the executio of the order, as described i detail i these Detailed Tradig ad Clearig Rules, h) desigatio (ID) of the Exchage Member issuig the order, i) date ad time of order issuace; j) order umber. 2. Orders posted for quotatio i the sigle auctio price system ad the cotiuous tradig system should cotai the terms of their executio ad the validity term. Depedig o the terms of executio ad the validity term, the followig types of orders apply: a) Good Util Expiry Order is valid util the expiry of the quotatio period for the istrumet. It may be placed durig ay phase of the market sessio. The Order, or its ot executed part, placed i oe phase of the market sessio, passes oto the subsequet phase. b) Good Util Date Order is valid util the date specified upo placig the Order. It may be placed durig ay phase of the market sessio. The Order, or its ot executed part, placed i oe phase of the market sessio, passes oto the subsequet phase. The Order, or its ot executed part, shall pass oto the subsequet market sessio for the istrumet util the date o which the specified date lapses. c) Rest of Day Order is valid o the day it is placed o the market. It may be placed durig the cotiuous tradig phase ad i the pre-quotatio phase uder the sigle price system (o Tradig Days oly). The Order, or its ot executed part, placed i oe phase of the market sessio, passes oto the subsequet phase. d) Timed order a order is valid o the day it is placed o the market util the time specified upo placig the order. The order may oly participate i the cotiuous tradig phase. e) Sessio order a order is valid util the market sessio phase durig which it has bee placed o the market. It may be placed durig the cotiuous tradig phase ad i the pre-quotatio phase uder the sigle price system (o Tradig Days oly). If ot executed, the order or a part thereof shall be cacelled followig the chage of the sessio phase. f) Fill ad Kill the order participates oly i the cotiuous tradig phase. It is valid util the first trasactio is cocluded (or first trasactios, if executed simultaeously), with the o-executed part of the order becomig cacelled. The Order may be executed i full, i part, or ot executed at all. The order may be placed without a price limit. g) Fill or Kill - the order participates oly i the cotiuous tradig phase. It is valid util the first trasactio is etered ito (or first trasactios if executed simultaeously), while the order has to be executed e block or ot to be executed at all. Whe the order structure does ot allow for the executio of the order i full, the order is cacelled. The order may be placed without a price limit. Page 8 of 23

9 21 The fill ad kill ad fill or kill orders shall ot be icluded i the order table. Upo the placemet of such Orders, the respective trasactios are cocluded, or the Orders are deleted. 22 Orders may be placed either o the market (market Orders) or locally (local Orders). The local Orders shall ot take part i quotatios The local Orders may be placed o the market through their activatio. 2. The market Order may become a local Order through its suspesio. 3. Orders may be activated ad suspeded durig the quotatio phase o the PRM. 24 Local Orders shall be validated for the order validity term upo their activatio. Local Orders which expire shall be removed. 25 Orders may be placed i accordace with the Caledar o ay busiess day betwee 9:30 a.m. ad 1:30 p.m., subject to The Order may iclude a additioal coditio beig displayed o the market, i.e. may be a order with a trigger coditio (Stop Loss), subject to the terms set forth i this paragraph. 2. The Order trigger (Stop Loss) is defied by the followig parameters: a) trigger istrumet ame of the istrumet the trigger refers to, b) trigger limit the price or the price limit for the trigger istrumet, c) trigger type idicatio whether the trigger coditio is met whe: i) the last trasactio price is equal to or lower tha the trigger limit, ii) the last trasactio price is equal to or higher tha the trigger limit, iii) a market Order of a certai type (buy / sell), with a price limit equal to or lower tha the trigger limit, is displayed i the order table, provided that a market Order beig subject to immediate executio shall ot trigger the coditio iv) a market Order of a certai type (buy / sell), with a price limit equal to or higher tha the trigger limit, is displayed i the order table, provided that a Page 9 of 23

10 market Order beig subject to immediate executio shall ot trigger the coditio. 3. Orders may ot be modified with respect to the trigger coditio. Util triggered, a Order with a trigger coditio (Stop Loss) shall be a local Order valid uder the ed of the tradig sessio. A o-triggered (local) Order shall ot pass o to the ext market sessio. Orders shall be placed o the market (triggered) oce the trigger coditio is fulfilled, ad ay modificatio, suspesio, cacellatio or executio of such order shall take place i accordace the priciples applicable to orders without a trigger coditio. 4. The sequece of triggerig Orders with a trigger coditio shall be determied by the time of their acceptace. Orders may be placed ad triggered solely durig the cotiuous tradig phase. Upo beig triggered, Orders with a trigger coditio shall be verified for the curret collaterals accordig to Each buy Order which is placed o the PRM shall be validated for fiacial cover by comparig the required collateral value correspodig to the values of the Order beig curretly placed ad buy Orders previously placed o the market by the Exchage Member as well as the cocluded value of buy trasactios, decreased by the value of the cocluded sell trasactios, agaist the trasactio limit determied by the Clearig House ad accordig to the priciples set out by it. 2. Should the order validatio reveal that the required collateral amout exceeds the level of the trasactio limit of the Exchage Member, the orders of such Exchage Member shall ot be executed by the Exchage. 3. Each sell Order which is placed o the PRM shall be validated for the umber of Property Rights, by comparig the required collateral value correspodig to the total umber of Property Rights uder the Order beig curretly placed, the Orders already placed o the market by the Exchage Member ad the umber of Property Rights uder the cocluded sell trasactios, decreased by the umber of Property Rights uder the cocluded buy trasactios, agaist the umber of the Property Rights held, which is established by the Clearig House. 4. Should the order validatio reveal that the required umber of Property Rights exceeds the umber of the Property Rights held by the Exchage Member, which is established by the Clearig House, the sell orders of such Exchage Member shall ot be executed by the Exchage. 5. O each day prior to a Tradig Day, the trasactio limits ad the umber of Property Rights shall be updated based o iformatio provided by the Clearig House. 6. Oly local orders shall ot be validated for their collateral status Exchage Members shall have the right to modify their orders. 2. The followig elemets may be modified: a) umber of Property Rights offered, Page 10 of 23

11 b) price limit. 3. Orders may be modified durig the quotatio phase o the PRM. If the volume is reduced durig the modificatio, the time for placig of the order shall remai uchaged. I other cases of modificatio (icrease of the volume ad chage of the price), ew placemet time shall be assiged to the order. 4. A order placed o the market shall remai active util the modificatio or cacellatio process is completed. 5. I the case whe quotatios for a give istrumet have bee suspeded, the modificatio of orders shall ot be allowed. 6. A order may be cacelled by the Exchage Member that has placed the order, prior to the expiry of the order validity period. The cacellatio of orders beig the subject of cocluded trasactios shall ot be allowed. Sectio 4 The priciples of price determiatio, the executio of orders ad trasactios i the sigle auctio price system The sigle auctio price of CHP Property Rights shall be determied by applyig the followig priciples i the order of priority set out below: a) maximizig the trade volume, b) miimizig the differece betwee the cumulative volume of CHP Property Rights i sell orders ad i buy orders executable at a specified price Orders o the PRM uder the sigle auctio price system shall be executed i accordace with the followig priciples: a) sell orders with a price limit below the sigle auctio price of CHP Property Rights shall be executed i full; o sell order placed with a price limit above the sigle auctio price of CHP Property Rights shall be executed, b) buy orders with a price limit above the sigle auctio price of CHP Property Rights shall be executed i full; o buy order placed with a price limit below the sigle auctio price of CHP Property Rights shall be executed, c) buy ad sell orders with a price limit equal to the sigle auctio price of CHP Property Rights may be executed i part, i full, or ot be executed at all. 31 The priority for the executio of orders with a price limit equal to the sigle auctio price of CHP Property Rights shall be determied based o the time of order acceptace to the Tradig System. 32 Orders ca be executed i part, with every partial trasactio cocerig at least oe CHP Property Right. Page 11 of 23

12 33 1. I case whe clear determiatio of the sigle auctio price for the CHP Property Rights proves impossible, it shall be determied i the followig maer: a) i case whe there is more tha oe price that meets the coditios referred to i 29 ad whe the differece betwee the cumulative buy volume ad the cumulative sell volume is zero, the price shall be determied at radom out of the extreme prices that meet the coditios referred to i 29. b) i case whe there is more tha oe price that meets the coditios referred to i 29 ad whe the differece betwee the cumulative buy volume ad the cumulative sell volume has the same sig (plus or mius) for each price, the price shall be determied at such a level so as to be closer to the price for which the differece betwee the cumulative buy volume ad the cumulative sell volume has the opposite sig, c) i case whe there is more tha oe price that meets the coditios referred to i 29 ad whe the differece betwee the cumulative buy volume ad the cumulative sell volume has differet sigs (plus or mius) for differet prices, the price shall be determied at radom out of the extreme prices that meet the coditios referred to i 29. Sectio 5 The priciples of price determiatio, the executio of orders ad trasactios cocluded durig the cotiuous tradig phase I the cotiuous tradig system, trasactios shall be cocluded at a price equal to the price limit specified i a previously posted Order, queued i the order table for executio, i accordace with to the followig priciples: a) first, orders with the highest price limit i case of buy orders, ad with the lowest price limit i case of sell orders; b) Orders with equal price limits are executed accordig to the time of Order acceptace (Orders accepted earlier are executed first); Sectio 6 The procedure ad time frame for public disclosure of the iformatio cocerig the CHP Property Rights prices 35 The iformatio o the volume, prices ad value of cocluded trasactios shall be disclosed to Exchage Members o a private website i the Tradig System idicated by the Exchage. 36 Immediately upo the closig of a exchage sessio, the iformatio o the volume ad quotatios shall be published by the Exchage o its publicly available website. Page 12 of 23

13 Chapter 6 The priciples of tradig i the CHP Property Rights o the PRM by the meas of OTC Deals. 37 Orders cocerig OTC Deals shall be posted exclusively by the meas of the Tradig System. 38 The orders cocerig OTC Deals may be posted o Modays ad Wedesdays the Tradig Days for OTC Deals (excludig the statutory holidays), uless the Exchage Maagemet Board decides otherwise. The deadlies for order postig ad trasactio executio i respect of OTC Deals for a give caledar year shall be established by the Exchage Maagemet Board i the Caledar Orders cocerig OTC Deals shall be posted by the seller of CHP Property Rights through idicatig the couterparty. For Orders cocerig a cleared OTC Deal, the idicatio of the couterparty shall take place through the provisio of its OTC code. 2. The OTC Deal shall be cofirmed by the party buyig the Property Rights. 3. Sell Orders cocerig OTC Deals shall be validated through the Tradig System i terms of the umber of Property Rights. 4. Buy Orders cocerig cleared OTC Deals shall be verified by the Tradig System for the curret collateral value. 5. Oly posted ad cofirmed OTC Deals shall be verified by the Exchage. Orders cocerig OTC Deals, which have ot bee cofirmed by the buyer shall be deleted upo the completio of the acceptace of OTC Deals. 40 A OTC Deal shall be formed if at least oe Exchage Member places the sell order ad a matchig buy order cotaiig the same parameters, ad specifically the price ad volume, ad the Exchage shall cofirm the formatio of such trasactio. 41 The schedule for order postig ad executio of OTC Deals. Page 13 of 23

14 Time By 6:30 p.m. 1 day before the Tradig Day Quotatio Phase Iput of curret collaterals ad the curret umber of the CHP Property Rights held. Order postig From 9:30 a.m. o the Tradig Day util 1:30 p.m. o the Tradig Day By 1:30 p.m. o the Tradig Day 2:00 p.m. 3:00 p.m. o the Tradig Day By 2:30 p.m. o the ext Tradig Day for sessio trasactios The positig ad cofirmatio of OTC Deals; Orders may be deleted or modified. A cofirmed cleared OTC Deal may be withdraw from. Orders cocerig OTC Deals shall be verified for the balace of Property Rights holdigs. Orders cocerig cleared OTC Deals shall ot be validated for the collateral status. Order validatio ad acceptace a) for o-cleared OTC Deals: The validatio of the posted ad cofirmed orders with respect the umber of Property Rights held i the Register. Acceptace of the orders. The orders shall be deleted if the buyer has ot cofirmed the order or the seller does ot hold a sufficiet umber of Property Rights. Buy Orders cocerig o-cleared OTC Deals shall ot be validated for the collateral status. b) for cleared OTC Deals: The validatio of the posted ad cofirmed orders with respect to the collateral status ad the umber of Property Rights held i the Register. Acceptace of the orders. The orders shall be deleted if the buyer fails to provide sufficiet collateral amout, or the seller does ot hold a sufficiet umber of Property Rights. The priority order for the acceptace of Orders for cleared OTC Deals shall be determied based o the time of Order placemet. Orders etered first shall be accepted first. Disclosure of quotatio results o a o-public website. Publicatio of quotatio results o the public web site. 42 The OTC Deal price shall be determied separately betwee the parties of the trasactio. The price of CHP Property Rights price is fixed with accuracy of 0.01 PLN/MWh. 43 The iformatio o the volume, prices ad value of cocluded OTC Deals shall be made available to Exchage Members that are a party to the relevat trasactios o a private Page 14 of 23

15 website i the Tradig System. Chapter 7 The procedure i case of lack of sufficiet umber of the Property Rights i the Register Member s accout. Part 1 Regular procedure 44 A buy trasactio for the shortfall umber of Property Rights may be cocluded as a OTC Deal or a trasactio at the PRM sessio. 45 I case whe it is ecessary to susped the clearig of trasactio due to the isufficiet umber of CHP Property Rights, the Clearig House shall cotact the parties to the trasactio without udue delay ad i ay case ot later tha o T Day + 1 by 9.00 hours. 46 I case whe the trasactig party obliged to repurchase the Property Rights is a brokerage house, it shall execute the order for the beefit of the customer o whose accout the sale was made. 47 I case whe the trasactig party obliged to repurchase CHP Property Rights is a Exchage Member other tha a brokerage house, such party shall execute the order o its ow accout The Clearig House, i accordace with the priciples set out by it, shall block the moies paid by the buyer towards the settlemet of the trasactio, which is subject to suspesio. 2. The moies metioed sectio 1 above shall be used for the clearig of the buy trasactio for the shortfall umber of CHP Property Rights accordig to the rules defied by the Clearig House. The party obliged to repurchase the shortfall umber CHP Property Rights shall keep the Exchage ad the Clearig House iformed about actios take ad results of the actios without delay. 49 The shortfall umber of Property Rights shall be supplemeted through placig a buy order ad eterig ito a sessio trasactio or ito a OTC Deal to be settled at the earest date laid dow i the schedule. The obliged party shall otify the Exchage ad the Clearig House without udue delay about the order placemet, ad shall sed a writte cofirmatio of the order placed via the Tradig System. 50 The shortfall umber of Property Rights should be supplemeted durig the ext Tradig Day. Part 2 Supplemetary procedure The Exchage Maagemet Board, actig i cosultatio with the Clearig House, may permit a additioal OTC Deal to be etered i order to supplemet the shortfall umber of Property Rights i the accout of the Register Member. Page 15 of 23

16 2. The additioal OTC Deal shall be etered ito ad settled uder a TPR procedure, outside the Tradig Days established i the Detailed Tradig ad Clearig Rules The Exchage Maagemet Board, actig i cosultatio with the Clearig House, may permit a additioal OTC Deal to be etered upo a writte request of the etity obliged to buy the shortfall umber of Property Rights. 2. The request referred to i sectio 1 shall iclude specifically the followig: a) trasactio volume, b) price, c) relevat parties to the trasactio the seller, d) proposed trasactio date. Chapter 8 PRM idices The Exchage shall publish iformatio cocerig the idices for trasactios etered ito o the Property Rights Market ad cocerig the istrumets specified i Appedices 1, 2 ad 3. a) The idex for sessio trasactios cocerig Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit a), KGMX i1 P GMi V V GMi GM, where: KGMX the idex for the sessio trasactios cocerig Property Rights to Certificates of Origi which cofirm that electricity has bee geerated i a high-efficiecy CHP uit fuelled with gaseous fuels or with aggregate istalled electricity geeratio capacity of less tha 1 MW. the umber of sessio trasactios o the Tradig Day for the respective istrumets which are cocered with the Property Rights to the Certificates of Origi referred to i 3 sectio 1 poit a), PGM i the price fixed for the i th trasactio, VGMi the volume of the i th trasactio, VGM the total volume of sessio trasactios o the Tradig Day for the respective istrumets which are cocered with Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit a). b) The idex for OTC Deals cocerig Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit a). KGMX _ TP i1 P GMi V V GMi GM, where: Page 16 of 23

17 KGMX_TP the idex for OTC Deals cocerig Property Rights to Certificates of Origi which cofirm that electricity has bee geerated i a high-efficiecy CHP uit fuelled with gaseous fuels or with aggregate istalled electricity geeratio capacity of less tha 1 MW. the umber of OTC Deals o the Tradig Day for the respective istrumets which are cocered with the Property Rights to the Certificates of Origi referred to i 3 sectio 1 poit a), PGM i the price fixed for the i th trasactio, VGMi the volume of the i th trasactio, VGM the total volume of OTC Deals o the Tradig Day for the respective istrumets which are cocered with Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit a) c) The idex for sessio trasactios ad OTC Deals cocerig Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit a). KGMX _ POLPX i1 P GMi V V GMi GM, where: KGMX_POLPX the idex for the sessio trasactios ad OTC Deals cocerig Property Rights to Certificates of Origi which cofirm that electricity has bee geerated i a high-efficiecy CHP uit fuelled with gaseous fuels or with aggregate istalled electricity geeratio capacity of less tha 1 MW, the umber of sessio trasactios ad OTC Deals o the Tradig Day for the respective istrumets which are cocered with the Property Rights to the Certificates of Origi referred to i 3 sectio 1 poit a), PGM i the price fixed for the i th trasactio, VGMi the volume of the i th trasactio, VGM the total volume of sessio trasactios ad OTC Deals o the Tradig Day for the respective istrumets which are cocered with Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit a). d) The idex for sessio trasactios cocerig Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit b), KMETX i1 P METi V V METi MET, where: KMETX the idex for sessio trasactios cocerig Property Rights to the Certificates of Origi which cofirm the geeratio of electricity i high-efficiecy CHP uits fuelled with Page 17 of 23

18 methae released ad captured durig udergroud workigs i coal mies, whether curretly i operatio, uder abadomet or abadoed, or with gas produced durig the processig of biomass withi the meaig of Article 2 paragraph 1 sub-paragraph 2 of the Bio-Compoet Ad Liquid Biofuels Act, the umber of sessio trasactios o the Tradig Day for the respective istrumets which are cocered with the Property Rights to the Certificates of Origi referred to i 3 sectio 1 poit b), PMETi the price fixed for the i th trasactio, V METi the volume of the i th trasactio, VGM the total volume of sessio trasactios o the Tradig Day for the respective istrumets which are cocered with Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit b). e) The idex for OTC Deals cocerig Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit b), KM ETX_TP i1 P METi V V METi MET, where: KMETX_TP the idex for OTC Deals cocerig Property Rights to the Certificates of Origi which cofirm the geeratio of electricity i high-efficiecy CHP uits fuelled with methae released ad captured durig udergroud workigs i coal mies, whether curretly i operatio, uder abadomet or abadoed, or with gas produced durig the processig of biomass withi the meaig of Article 2 paragraph 1 sub-paragraph 2 of the Bio-Compoet Ad Liquid Biofuels Act, the umber of OTC Deals o the Tradig Day for the respective istrumets which are cocered with the Property Rights to the Certificates of Origi referred to i 3 sectio 1 poit b), PMETi the price fixed for the i th trasactio, V METi the volume of the i th trasactio, VGM the total volume of OTC Deals o the Tradig Day for the respective istrumets which are cocered with Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit b). f) The idex for sessio trasactios ad OTC Deals cocerig Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit b). Page 18 of 23

19 KM ETX_ POLPX i1 P METi V V METi MET, where: KMETX_POLPX the idex for sessio trasactios ad OTC Deals cocerig Property Rights to the Certificates of Origi which cofirm the geeratio of electricity i high-efficiecy CHP uits fuelled with methae released ad captured durig udergroud workigs i coal mies, whether curretly i operatio, uder abadomet or abadoed, or with gas produced durig the processig of biomass withi the meaig of Article 2 paragraph 1 sub-paragraph 2 of the Bio-Compoet Ad Liquid Biofuels Act, the umber of sessio trasactios ad OTC Deals o the Tradig Day for the respective istrumets which are cocered with the Property Rights to the Certificates of Origi referred to i 3 sectio 1 poit b), PMETi the price fixed for the i th trasactio, V METi the volume of the i th trasactio, VGM the total volume of sessio trasactios ad OTC Deals o the Tradig Day for the respective istrumets which are cocered with Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit b). g) The idex for sessio trasactios cocerig Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit c), KECX i1 P ECi V V ECi EC, where: KECX the idex for sessio trasactios cocerig Property Rights to Certificates of Origi which cofirm the geeratio of electricity i high-efficiecy CHP uits, the umber of sessio trasactios o the Tradig Day for the respective istrumets which are cocered with the Property Rights to the Certificates of Origi referred to i 3 sectio 1 poit c), PECi the price fixed for the ith trasactio, VECi trade volume of the ith trasactio, VEC the total volume of sessio trasactios o the Tradig Day for the respective istrumets which are cocered with Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit c). h) The idex for OTC Deals cocerig Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit c). KECX_TP i1 P ECi V V ECi EC, where: Page 19 of 23

20 KECX_TP the idex for OTC Deals cocerig Property Rights to Certificates of Origi which cofirm the geeratio of electricity i high-efficiecy CHP uits, the umber of OTC Deals o the Tradig Day for the respective istrumets which are cocered with the Property Rights to the Certificates of Origi referred to i 3 sectio 1 poit c), PECi the price fixed for the ith trasactio, VECi trade volume of the ith trasactio, VEC the total volume of OTC Deals o the Tradig Day for the respective istrumets which are cocered with Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit c). i) The idex for sessio trasactios ad OTC Deals cocerig Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit c). KECX_ POLPX i1 P ECi V V ECi EC, where: KECX_POLPX the idex for sessio trasactios ad OTC Deals cocerig Property Rights to Certificates of Origi which cofirm the geeratio of electricity i high-efficiecy CHP uits, the umber of sessio trasactios ad OTC Deals o the Tradig Day for the respective istrumets which are cocered with the Property Rights to the Certificates of Origi referred to i 3 sectio 1 poit c), PECi the price fixed for the ith trasactio, VECi trade volume of the ith trasactio, VEC the total volume of sessio trasactios ad OTC Deals o the Tradig Day for the respective istrumets which are cocered with Property Rights to the Certificates of Origi referred to i 3 paragraph 1 poit c). 2. The followig iformatio shall be made public by the Exchage for each istrumet: the miimum ad maximum price, aggregate trasactios volume, ad additioally, with respect to OTC Deals, the umber of OTC Deals cleared ad o-cleared by the Exchage. Chapter 9 The terms of CHP Property Rights clearig ad the method of securig trasactios. 54 The trasactios cocluded o the Commodity Market shall be cleared ad secured accordig to the priciples defied by the Clearig House. Page 20 of 23

21 Appedix No. 1. Specificatio of the istrumet carryig Property Rights to CHP Certificates of Origi which cofirm the geeratio of the uderlyig electricity i high-efficiecy CHP uits referred to i Article 9l paragraph 1 sub-paragraph 1 of the Eergy Law Act. ID PMGM-XXXX, Where XXXX meas the year of productio of electricity geerated i a co-ge uit Commodity traded Nomial volume A CHP Property Right that is established upo eterig the Certificate of Origi ito the Register. 1 CHP Property Right correspods to 1 kwh of electricity uder a Certificate of Origi recorded i the Register. Price Expressed i PLN/MWh, with accuracy of PLN 0,01. Value Quotatio term Quotatio uit Settlemet method The product of the Price ad the omial volume. The period from the momet of itroducig a CHP Property Right arisig from a Certificate of Origi issued for electricity geerated i a CHP uit i the curret year to exchage tradig util 30 Jue of the followig year or util the momet of blockig such CHP Property Right i coectio with the iteded redemptio of the CHP Certificate of Origi such CHP Property Right arises from. 1 CHP Property Right Adjustmet of the balace of the CHP Property Rights holdigs i the accout kept i the Register. Page 21 of 23

22 Appedix No. 2 Specificatio of the istrumet carryig Property Rights to CHP Certificates of Origi which cofirm the geeratio of the uderlyig electricity i high-efficiecy CHP uits referred to i Article 9l paragraph 1 sub-paragraph 1a) of the Eergy Law Act. ID PMMET-XXXX, Where XXXX meas the year of productio of electricity geerated i a co-ge uit Commodity traded Nomial volume A CHP Property Right that is established upo eterig the Certificate of Origi ito the Register 1 (oe) Property Right correspods to 1 kwh of electricity uder a Certificate of Origi recorded i the Register. Price Expressed i PLN/MWh, with accuracy of PLN 0,01. Value Quotatio term Quotatio uit Settlemet method The product of the Price ad the Nomial volume. The period from the momet of itroducig a CHP Property Right arisig from a Certificate of Origi issued for electricity geerated i a CHP uit i the curret year to exchage tradig util 30 Jue of the followig year or util the momet of blockig such CHP Property Right i coectio with the iteded redemptio of the CHP Certificate of Origi such CHP Property Right arises from. 1 CHP Property Right Adjustmet of the balace of the CHP Property Rights holdigs i the accout kept i the Register Page 22 of 23

23 Appedix No 3. Specificatio of the istrumet carryig Property Rights to CHP Certificates of Origi which cofirm the geeratio of the uderlyig electricity i high-efficiecy CHP uits referred to i Article 9l paragraph 1 sub-paragraph 2 of the Eergy Law Act. ID PMEC-XXXX, Where XXXX meas the year of productio of electricity geerated i a co-ge uit Commodity traded Nomial volume A CHP Property Right that is established upo eterig the Certificate of Origi ito the Register. 1 (oe) Property Right correspods to 1 kwh of electricity uder a Certificate of Origi recorded i the Register. Price Expressed i PLN/MWh, with accuracy of PLN 0,01. Value Quotatio term Quotatio uit Settlemet method The product of the Price ad the omial volume. The period from the momet of itroducig a CHP Property Right arisig from a Certificate of Origi issued for electricity geerated i a CHP uit i the curret year to exchage tradig util 30 Jue of the followig year or util the momet of blockig such CHP Property Right i coectio with the iteded redemptio of the CHP Certificate of Origi such CHP Property Right arises from. 1 CHP Property Right Adjustmet of the balace of the CHP Property Rights holdigs i the accout kept i the Register Page 23 of 23