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ΑΠΟΦΑΣΗ ΡΑΕ ΥΠ’ΑΡΙΘ .199/2023

Τροποποίηση του Κώδικα Διαχείρισης του αγωγού Trans Adriatic Pipeline (TAP) σύμφωνα με την κοινή Απόφαση των Ρυθμιστικών Αρχών της Ελλάδας, Ιταλίας και Αλβανίας signed by Ministry Ministry of Digital Digitally of Digital Governance, Hellenic Republic Governance, 2023.04.25 12:37:27 Hellenic Republic Date: EEST ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Reason: Location: Athens Πειραιώς 132, 118 54 Αθήνα Τηλ.: 210-3727400 E-mail: info@rae.gr Web: www.rae.gr ΑΠΟΦΑΣΗ ΡΑΕ ΥΠ’ ΑΡΙΘ. 199/2023 Τροποποίηση του Κώδικα Διαχείρισης του αγωγού Trans Adriatic Pipeline (TAP) σύμφωνα με την κοινή Απόφαση των Ρυθμιστικών Αρχών της Ελλάδας, Ιταλίας και Αλβανίας Η Ρυθμιστική Αρχή Ενέργειας Κατά την τακτική συνεδρίασή της, στην έδρα της στις 30 Μαρτίου 2023 και Λαμβάνοντας υπόψη:

  1. Τις διατάξεις του ν. 4001/2011 «Για τη λειτουργία Ενεργειακών Αγορών Ηλεκτρισμού και Φυσικού Αερίου, για Έρευνα, Παραγωγή και δίκτυα μεταφοράς Υδρογονανθράκων και άλλες ρυθμίσεις» (ΦΕΚ Α΄ 179, εφεξής ο «Νόμος»), όπως ισχύει, και ιδίως των άρθρων 16, 18-21, 61, 62 και 74-79 αυτού.
  2. Τις διατάξεις της Οδηγίας 2009/73/ΕΚ του Ευρωπαϊκού Κοινοβουλίου και του Συμβουλίου της 13ης Ιουλίου 2009 σχετικά με τους κοινούς κανόνες για την εσωτερική αγορά φυσικού αερίου και την κατάργηση της οδηγίας 2003/55/ΕΚ (εφεξής, η «Οδηγία»), και ιδίως των άρθρων 9, 32, 36 και 41 αυτής.
  3. Τις διατάξεις του ν. 4217/2013 (ΦΕΚ Α΄ 267) «Κύρωση Συμφωνίας Φιλοξενούσας Χώρας μεταξύ της Ελληνικής Δημοκρατίας και της TRANS ADRIATIC PIPELINE AG», όπως ισχύει.
  4. Τον Κανονισμό (ΕΚ) 715/2009 του Ευρωπαϊκού Κοινοβουλίου και του Συμβουλίου της 13ης Ιουλίου 2009 σχετικά με τους όρους πρόσβασης στα δίκτυα μεταφοράς φυσικού αερίου και για την κατάργηση του κανονισμού (ΕΚ) αριθμ. 1775/2005 (EE L 211/14.8.2009), καθώς και την απόφαση της Ευρωπαϊκής Επιτροπής της 24ης Αυγούστου 2012, για τροποποίηση του Παραρτήματος I του Κανονισμού (ΕΚ) αριθμ. 715/2009 του Ευρωπαϊκού Κοινοβουλίου και του Συμβουλίου, περί όρων πρόσβασης στα δίκτυα μεταφοράς φυσικού αερίου (L 231/16-20, 28.8.2012) με την οποία θεσπίζονται μέτρα διαχείρισης της συμβατικής συμφόρησης σε δίκτυα μεταφοράς φυσικού αερίου, καθώς και οι αντίστοιχες ημερομηνίες για τη θέση τους σε εφαρμογή. ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η
  5. Τον Κανονισμό (ΕΕ) 459/2017 της Επιτροπής της 16ης Μαρτίου 2017 για τη θέσπιση κώδικα δικτύου σχετικά με μηχανισμούς κατανομής δυναμικότητας στα συστήματα μεταφοράς αερίου και για την κατάργηση του κανονισμού (ΕΕ) αριθμ. 984/2013 (ΕΕ L 72/17.03.2017, εφεξής, «NC CAM»).
  6. Τον Κανονισμό (ΕΕ) 2022/2576 του Συμβουλίου της 19ης Δεκεμβρίου 2022 για την ενίσχυση της αλληλεγγύης μέσω καλύτερου συντονισμού των αγορών αερίου, αξιόπιστων δεικτών αναφοράς για τις τιμές και διασυνοριακών ανταλλαγών αερίου.
  7. Την υπ’ αριθμ. οικ. 178065/8.8.2018 Απόφαση του Υπουργού Περιβάλλοντος και Ενέργειας (ΦΕΚ Β’ 3430/17.08.2018), με θέμα «Κανονισμός Αδειών Φυσικού Αερίου».
  8. Την υπ’ αριθμ. 269/12.6.2013 Απόφαση της ΡΑΕ «Συμμόρφωση της ΡΑΕ κατά την παράγραφο 9 του άρθρου 36 της Οδηγίας 2009/73/ΕC με την από 16.05.2013 Απόφαση της Ευρωπαϊκής Επιτροπής υπ. αριθμ. C

(2013)2949 final για την εξαίρεση του αγωγού TAP AG από τις διατάξεις των άρθρων 9, 32 και 41
(6),
(8)και
(10)της Οδηγίας 2009/73/ΕΚ και τροποποίηση της υπ. αριθμ. 111/2013 απόφασης της ΡΑΕ» (ΦΕΚ Β’ 1833/29.07.2013) με την οποία εγκρίθηκε το κείμενο με τίτλο «Final Joint Opinion of the Energy Regulators on TAP AG's Exemption Application: Autorita per l'energia elettrica e il gas (Italy), Enti Rregullator I Energjise (Albania), Ρυθμιστική Αρχή Ενέργειας (Greece)» (εφεξής, η «Κοινή Απόφαση Εξαίρεσης»). 9. Την από 6 Ιουνίου 2013 υπ’ αριθμ. 249/2013/R/gas Απόφαση της Ιταλικής Ρυθμιστικής Αρχής (AEEG), την από 13 Ιουνίου 2013 υπ’ αριθμ. 64 Απόφαση της Αλβανικής Ρυθμιστικής Αρχής Ενέργειας (ERE) και την από 25 Ιουνίου απόφαση του Ιταλικού Υπουργείου Οικονομικής Ανάπτυξης (Ministero dello Sviluppo Economico), με τις οποίες επίσης εγκρίθηκε η ως άνω υπό στοιχείο
(8)αναφερόμενη Απόφαση Εξαίρεσης.
  1. Την υπ’ αριθμ. 531/2013 Απόφαση της ΡΑΕ (ΦΕΚ Β’ 3003/26.11.2013) με θέμα «Έγκριση του Κανονισμού Τιμολόγησης της εταιρείας “TAP A.G.” για τον αγωγό TAP», όπως τροποποιήθηκε με την Απόφαση 708/2018 και ισχύει.
  2. Την υπ’ αριθμ. 431/2014 Απόφαση της ΡΑΕ περί χορήγησης Άδειας Ανεξάρτητου Συστήματος Φυσικού Αερίου (εφεξής «ΑΣΦΑ») στην εταιρεία με την επωνυμία «Trans Adriatic Pipeline AG» (TAP AG), όπως αυτή τροποποιήθηκε με τις υπ’ αριθμ. 393/2015 και 470/2019 Αποφάσεις της ΡΑΕ.
  3. Την υπ’ αριθμ. 752/2020 Απόφαση της ΡΑΕ με την οποία χορηγήθηκε στην εταιρεία TAP AG Άδεια Διαχείρισης Ανεξάρτητου Συστήματος Φυσικού Αερίου (ΑΣΦΑ) για το τμήμα του αγωγού TAP που διέρχεται από την Ελλάδα.
  4. Την υπ’ αριθμ. 1036/2020 Απόφαση της ΡΑΕ με θέμα «Έγκριση του Κώδικα Διαχείρισης του αγωγού Trans Adriatic Pipeline (TAP) σύμφωνα με την κοινή Απόφαση των Ρυθμιστικών Αρχών της Ελλάδας, Ιταλίας και Αλβανίας», όπως τροποποιήθηκε με την Απόφαση 265/2022 (ΦΕΚ Β’ 1768).
  5. Τη δημόσια διαβούλευση που διενήργησε η εταιρεία TAP AG κατά το διάστημα 20.12.2022 έως 31.01.
  6. -2- ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η
  7. Το υπ’ αριθμ. LT-TAP-NRA-00049/13.03.2023 έγγραφο της εταιρείας TAP AG με τίτλο «Submission of TAP TNC revision documents – March 2023» (αριθμ. πρωτ. ΡΑΕ Ι347528/14.03.2023).
  8. Τις συναντήσεις και την εν γένει συνεργασία που έλαβαν χώρα μεταξύ των στελεχών των Ρυθμιστικών Αρχών Ελλάδας, Αλβανίας και Ιταλίας.
  9. Το γεγονός ότι από την παρούσα απόφαση δεν προκαλείται επιβάρυνση στον κρατικό προϋπολογισμό. Σκέφτηκε ως εξής: Επειδή, με το ν. 4217/2013 (σχετικό 3) κυρώθηκε η από 26 Ιουνίου 2013 Συμφωνία Φιλοξενούσας Χώρας μεταξύ της Ελληνικής Δημοκρατίας και της εταιρείας Trans Adriatic Pipeline AG, με την οποία συμφωνήθηκε η ανάπτυξη εντός της Ελληνικής επικράτειας αγωγού φυσικού αερίου που θα ξεκινά από την Ελληνική Δημοκρατία στα σύνορα μεταξύ της Ελληνικής Δημοκρατίας και της Δημοκρατίας της Τουρκίας και θα συνεχίζει, μέσω της Ελληνικής Δημοκρατίας και της Δημοκρατίας της Αλβανίας και υποθαλάσσια μέσω της Αδριατικής θάλασσας, στην Ιταλική Δημοκρατία για τη μεταφορά φυσικού αερίου που παράγεται από την φάση ΙΙ του πεδίου Shah Deniz στη Δημοκρατία του Αζερμπαϊτζάν για παράδοση στις ευρωπαϊκές αγορές. Συγκεκριμένα, η είσοδος του αγωγού είναι στο σημείο Κήποι στα σύνορα Ελλάδας-Τουρκίας, όπου το φυσικό αέριο θα παραλαμβάνεται από τον αγωγό TANAP, στην Κομοτηνή θα υπάρχει Σημείο Διασύνδεσης (ΣΔ) με τον αγωγό IGB, όταν αυτός κατασκευαστεί, στην περιοχή της Νέας Μεσημβρίας ΣΔ με το Εθνικό Σύστημα Φυσικού Αερίου (ΕΣΦΑ), δύο μελλοντικά ΣΔ στην επικράτεια της Αλβανίας, και ο αγωγός θα καταλήγει στην περιοχή Meledugno της Ιταλίας σε διασύνδεση με το εθνικό ιταλικό σύστημα που διαχειρίζεται η εταιρεία SNAM Rete Gas. Επειδή, με τις αποφάσεις των σχετικών 8 και 9 χορηγήθηκε στην εταιρεία ΤΑΡ AG (εφεξής, η «Εταιρεία»), σύμφωνα με τις διατάξεις του άρθρου 36 της Οδηγίας 2009/73/ΕΚ, εξαίρεση από την εφαρμογή των διατάξεων των άρθρων 9, 32 και 41
(6),
(8)και
(10)της εν λόγω Οδηγίας για τον αγωγό Trans Adriatic Pipeline (TAP) και για χρονικό διάστημα είκοσι πέντε
(25)ετών από την έναρξη εμπορικής λειτουργίας του αγωγού. Συγκεκριμένα, χορηγήθηκε εξαίρεση από: - τις διατάξεις του άρθρου 9 περί ιδιοκτησιακού διαχωρισμού - τις διατάξεις του άρθρου 32 περί πρόσβασης τρίτων μόνο για την αρχική δυναμικότητα του αγωγού TAP (Initial Capacity) ύψους 10 δις m3/έτος (bcma) και μόνο για την κατεύθυνση φυσικής ροής - τις διατάξεις του άρθρου 41 παρ.
(6),
(8)και
(10)περί ρύθμισης τιμολογίων για το σύνολο της δυναμικότητας του αγωγού. Επειδή, η Κοινή Απόφαση Εξαίρεσης περιλαμβάνει ειδικότερους όρους και προϋποθέσεις, όπως περιλαμβάνονται στην Ενότητα με τίτλο «Part 4:Authorities’ Joint Opinion» του Προσαρτήματος της Απόφασης, και οι οποίοι ορίζουν ένα ειδικό ρυθμιστικό πλαίσιο για τη -3- ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η διαχείριση και εκμετάλλευση του αγωγού TAP AG αναφορικά με θέματα πιστοποίησης, ρύθμισης των τιμολογίων χρήσης του αγωγού και πρόσβασης τρίτων στην υποδομή. Επειδή, η Εταιρεία είναι κάτοχος Άδειας Ανεξάρτητου Συστήματος Φυσικού Αερίου (ΑΣΦΑ) για τον αγωγό TAP (σχετικό 11), καθώς και κάτοχος Άδειας Διαχείρισης ΑΣΦΑ (σχετικό 12). Επειδή, οι Ρυθμιστικές Αρχές ενέκριναν τον Κώδικα Διαχείρισης του αγωγού TAP σύμφωνα και με τις προβλέψεις της παραγράφου 4.7 της Απόφασης Εξαίρεσης, ο οποίος τροποποιήθηκε έπειτα από τον πρώτο χρόνο λειτουργίας του αγωγού (σχετικό 13). Επειδή, στην παράγραφο 22.1 του Κώδικα Διαχείρισης του αγωγού TAP προβλέπονται τα εξής: «This Network Code may be revised from time to time in accordance with the procedures set out in this Section 22. The circumstances in which this Network Code may be revised include, but are not limited to: (
  1. a)when the Transporter is required to or elects to make available Expansion Capacity; (
  2. b)when the Transporter intends to construct or make operational additional Interconnection Points; (
  3. c)when there is a change in the Interconnected Systems that requires a change to be made to the procedures in this Network Code for the Transporter to comply with its obligations under the Interconnection Agreements, the Operational Balancing Agreements, the Gas Transportation Agreements and this Network Code. (
  4. d)when there is a change in Law, which affects the procedures in this Network Code or requires a modification of this Network Code for the Transporter to comply with its obligations under this Network Code; (
  5. e)when an update is requested by the NRAs; or (
  6. f)any other situation which the Transporter determines, acting as a Reasonable and Prudent Operator, has resulted in it being necessary or desirable to update or modify this Network Code in order to facilitate the provision of Transportation Services (including in the circumstances set out in Section 22.8).» Επειδή, εξαιτίας των έκτακτων γεωπολιτικών συνθηκών και της απορρέουσας ενεργειακής κρίσης, το Συμβούλιο της Ευρωπαϊκής Ένωσης εξέδωσε τον Κανονισμό (ΕΕ) 2022/2576 (σχετικό 6), για την ενίσχυση της αλληλεγγύης μέσω καλύτερου συντονισμού των αγορών αερίου, αξιόπιστων δεικτών αναφοράς για τις τιμές και διασυνοριακών ανταλλαγών αερίου. Σύμφωνα με το Άρθρο 14 του Κανονισμού, οι διαχειριστές συστημάτων μεταφοράς καλούνται να εφαρμόσουν μια βραχυπρόθεσμη διαδικασία διαχείρισης δυναμικότητας, διαφορετική από τις διαδικασίες που προβλέπονται στον Κανονισμό (ΕΚ) 715/2009 (σχετικό 4). Στις παραγράφους 1 έως 6 του Άρθρου 14 περιγράφεται διαδικασία διάθεσης υποχρησιμοποιούμενης δυναμικότητας σε σημεία διασύνδεσης σε μηνιαία, ημερήσια και ενδοημερήσια βάση. Επειδή, στο άρθρο 14 του Κανονισμού 2576/2022 προβλέπονται τα εξής: «7. Πριν από την προσφορά υποχρησιμοποιούμενης αμετάβλητης δυναμικότητας σύμφωνα με το παρόν άρθρο, ο διαχειριστής του συστήματος μεταφοράς αναλύει τις πιθανές επιπτώσεις σε κάθε σημείο διασύνδεσης που διαχειρίζεται και ενημερώνει την αρμόδια εθνική ρυθμιστική αρχή. Κατά παρέκκλιση από τις παραγράφους 1 έως 6 του παρόντος άρθρου και ανεξάρτητα από το εάν τα εν λόγω σημεία διασύνδεσης υπόκεινται σε συμφόρηση ή όχι, οι εθνικές ρυθμιστικές αρχές μπορούν να αποφασίσουν να εισαγάγουν έναν από τους ακόλουθους μηχανισμούς σε όλα τα σημεία διασύνδεσης: α) μηχανισμό «χρήση-ή-απώλεια» αμετάβλητης δυναμικότητας για την επόμενη ημέρα, σύμφωνα με τον κανονισμό (ΕΕ) 2017/459 και λαμβανομένου υπόψη του -4- ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η σημείου 2.2.3 του παραρτήματος I του κανονισμού (ΕΚ) αριθ. 715/2009· β) σύστημα υπερδέσμευσης και επαναγοράς, σύμφωνα με το σημείο 2.2.2 του παραρτήματος I του κανονισμού (ΕΚ) αριθ. 715/ 2009, το οποίο προσφέρει τουλάχιστον 5 % πρόσθετης δυναμικότητας σε σχέση με την τεχνική δυναμικότητα στο σχετικό σημείο διασύνδεσης· ή γ) προσφορά, τουλάχιστον σε αρχικό επίπεδο, μη καθορισμένης δυναμικότητας σε ενδοημερήσια βάση και βάση επόμενης ημέρας, η οποία θα κατανεμηθεί ως διακοπτόμενη δυναμικότητα. Οι παράγραφοι 1 έως 6 του παρόντος άρθρου εφαρμόζονται αυτοδικαίως εάν ένας από τους εναλλακτικούς μηχανισμούς δυνάμει του πρώτου εδαφίου δεν εφαρμοστεί έως τις 31 Μαρτίου 2023. 8. Πριν λάβει την απόφαση που αναφέρεται στην παράγραφο 7, η εθνική ρυθμιστική αρχή διαβουλεύεται με την εθνική ρυθμιστική αρχή του γειτονικού κράτους μέλους και λαμβάνει υπόψη τις γνώμες της εν λόγω αρχής. Σε περίπτωση που το σύστημα εισόδου-εξόδου καλύπτει περισσότερα του ενός κράτη μέλη όπου δραστηριοποιούνται περισσότεροι του ενός διαχειριστές συστημάτων μεταφοράς, οι εθνικές ρυθμιστικές αρχές των ενδιαφερόμενων κρατών μελών αποφασίζουν από κοινού σχετικά με την εφαρμογή της παραγράφου». Επειδή, ο Κανονισμός τέθηκε σε ισχύ την 30η Δεκεμβρίου του 2022 και είναι προσωρινής φύσεως με διάρκεια ενός χρόνου, έως το τέλος του 2023. Συγκεκριμένα, οι προβλέψεις του Άρθρου 14 ισχύουν από την 31η Μαρτίου 2023 έως το τέλος του 2023. Επειδή, με την σχετική 15 επιστολή του, ο Διαχειριστής υπέβαλε, μεταξύ άλλων, στις Ρυθμιστικές Αρχές την ανάλυση των πιθανών επιπτώσεων του μηχανισμού που περιγράφεται στο Άρθρο 14 (παρ. 1-6). Η ανάλυση εστιάζεται στο σημείο διασύνδεσης του Melendugno, καθώς στα σημεία διασύνδεσης των Κήπων, της Κομοτηνής και της Νέας Μεσημβρίας τα συμβόλαια δυναμικότητας με διάρκεια μεγαλύτερη του ενός μηνός είναι μακροπρόθεσμα συμβόλαια, για τα οποία το επίπεδο χρήσης της δυναμικότητας αγγίζει το 100%. Σύμφωνα με την ανάλυση του Διαχειριστή, δεν υπάρχει υποχρησιμοποιούμενη δυναμικότητα στο Melendugno, οπότε, ακόμα και εάν ήταν σε ισχύ ο μηχανισμός των παραγράφων 1-6 του Άρθρου 14 κατά το έτος 2022, οι επιπλέον ποσότητες δυναμικότητας που θα εξασφαλίζονταν θα ήταν μηδαμινές. Επειδή, με βάση τα ανωτέρω στοιχεία, οι Ρυθμιστικές Αρχές κρίνουν εύλογη την εφαρμογή εναλλακτικού βραχυπρόθεσμου μηχανισμού διαχείρισης της συμφόρησης, σύμφωνα με τις προβλέψεις της παρ. 7 του Άρθρου 14 του Κανονισμού (ΕΕ) 2022/2576, και συγκεκριμένα την υιοθέτηση του μηχανισμού «χρήση-ή-απώλεια» αμετάβλητης δυναμικότητας για την επόμενη μέρα (Firm Day-Ahead Use-It-Or-Lose-It - FDA UIOLI) σύμφωνα με την πρόταση του Διαχειριστή. Επειδή, η Εταιρεία εκκίνησε διαδικασία τροποποίησης του Κώδικα Διαχείρισης, κατά τα προβλεπόμενα στην παράγραφο 22.1(
  7. f)αυτού, με κύριο σκοπό την εναρμόνιση με τις προβλέψεις του Κανονισμού (ΕΕ) 2022/2576, την αλλαγή στη συχνότητα με την οποία διενεργείται διαγωνιστική διαδικασία προμήθειας αερίου λειτουργίας καθώς και τη διόρθωση των αποστάσεων μεταξύ των Σημείων Διασύνδεσης Κήποι και Melendugno, τα οποία αποτελούν το πρώτο σημείο εισόδου φυσικού αερίου στον TAP εξ ανατολής και το τελευταίο σημείο εξόδου φυσικού αερίου από τον TAP δυτικά. Επειδή, το σχέδιο τροποποίησης του Κώδικα τέθηκε σε δημόσια διαβούλευση από την Εταιρεία -5- ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η από τις 20 Δεκεμβρίου 2022 έως τις 31 Ιανουαρίου 2023, σύμφωνα με τα προβλεπόμενα στην παράγραφο 22.4 του Κώδικα, στην οποία ελήφθησαν σχόλια από τρεις συμμετέχοντες. Επειδή, η εταιρεία TAP AG, με το σχετικό 15, υπέβαλε στις Ρυθμιστικές Αρχές Ελλάδας, Ιταλίας και Αλβανίας το προς έγκριση σχέδιο τροποποίησης του Κώδικα Διαχείρισης του Αγωγού TAP, κατά τα προβλεπόμενα στην παράγραφο 22.5 του Κώδικα Διαχείρισης, όπως επίσης και τις απόψεις της επί του συνόλου των σχολίων των συμμετεχόντων στη δημόσια διαβούλευση. Συνοπτικά, προτείνονται οι εξής τροποποιήσεις: α. Εφαρμογή του μηχανισμού FDA UIOLI: Αποτελεί μηχανισμό αντιμετώπισης συμβατικής συμφόρησης και περιορίζει τα δικαιώματα επαναδήλωσης των συμμετεχόντων με σημαντικά ποσά δεσμευμένης αδιάλειπτης δυναμικότητας, όταν δεν κάνουν πλήρη χρήση της εν λόγω δυναμικότητας. Οι περιορισμοί επιτρέπουν τη διάθεση επιπλέον δυναμικότητας στην αγορά. Πιο συγκεκριμένα:  Αφορά τους συμμετέχοντες με δεσμευμένη δυναμικότητα από 10% και πάνω του συνόλου της προσφερόμενης αδιάλειπτης δυναμικότητας στην κατεύθυνση φυσικής ροής κατά την περίοδο παρακολούθησης.  Η περίοδος παρακολούθησης για τον έλεγχο περιπτώσεων συμφόρησης ορίζεται στον έναν χρόνο. Ο Διαχειριστής παρέχει στους συμμετέχοντες και στις Ρυθμιστικές Αρχές αναφορά παρακολούθησης σε ετήσια βάση.  Ως συνθήκες συμφόρησης ορίζονται οι εξής: - Προσαύξηση δημοπρασιών για ετήσια αδιάλειπτη δυναμικότητα στην κατεύθυνση φυσικής ροής - Προσαύξηση δημοπρασιών για τουλάχιστον δύο προϊόντα τριμηνιαίας αδιάλειπτης δυναμικότητας στην κατεύθυνση φυσικής ροής - Προσαύξηση δημοπρασιών για τουλάχιστον τρία προϊόντα μηνιαίας αδιάλειπτης δυναμικότητας στην κατεύθυνση φυσικής ροής - Έλλειψη διαθέσιμης ετήσιας, τριμηνιαίας ή μηνιαίας αδιάλειπτης δυναμικότητας στην κατεύθυνση φυσικής ροής για δημοπρασία σε οποιαδήποτε χρονική στιγμή του Έτους Αερίου.  Σε περίπτωση συμφόρησης, τίθενται άνω και κάτω όρια στην επαναδήλωση του εν λόγω συμμετέχοντα, συναρτήσει του ποσού της δήλωσης. Ο συμμετέχων διατηρεί το δικαίωμα δήλωσης της δυναμικότητας που υφίσταται τους περιορισμούς σε διακοπτόμενη βάση. Ο Διαχειριστής δύναται να διακόψει την εφαρμογή του μηχανισμού εφόσον διαπιστώσει ότι οι ανωτέρω συνθήκες συμφόρησης είναι απίθανο να συμβούν στα επόμενα τρία Έτη Αερίου, βάσει των συμπερασμάτων της ετήσιας αναφοράς παρακολούθησης. β. Αλλαγή της συχνότητας με την οποία ο Διαχειριστής οφείλει να πραγματοποιεί διαγωνισμούς για την προμήθεια αερίου λειτουργίας και φαινόμενης ποσότητας αερίου, από ένα σε τρία έτη, ωσότου να λειτουργήσει και δεύτερο σημείο εισόδου στον TAP με φυσική αδιάλειπτη ροή. γ. Διόρθωση των αποστάσεων των σημείων διασύνδεσης από το ανατολικότερο σημείο εισόδου φυσικού αερίου στον TAP («Κήποι») και το δυτικότερο σημείο εξόδου από τον  -6- ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η TAP (Melendugno), όπως αποτυπώνονται στον Πίνακα Α του Παραρτήματος ΙΙ του Κώδικα, ώστε να αντιστοιχούν με τις πραγματικές (κατασκευασμένες). Επειδή, όπως αποτυπώνεται στις απόψεις της εταιρείας TAP AG, αρκετά από τα σχόλια της δημόσιας διαβούλευσης εστιάζουν σε θέματα που δεν αποτέλεσαν αντικείμενο της παρούσας διαβούλευσης επομένως θα εξεταστούν από την εταιρεία σε επόμενες προτάσεις τροποποίησης του Κώδικα Διαχείρισης TAP. Επειδή, οι Ρυθμιστικές Αρχές θεωρούν ότι η περίοδος παρακολούθησης του μηχανισμού FDA UIOLI θα πρέπει να μειωθεί σε ένα μήνα ή λιγότερο, προκειμένου να υπάρχει βέλτιστη διαχείριση της συμφόρησης σε βραχυπρόθεσμο ορίζοντα. Επειδή, η διόρθωση στις αποστάσεις των σημείων διασύνδεσης δεν θα έχει επίπτωση στα τιμολόγια, δεδομένου ότι η εφαρμογή τους έγινε με χρήση των πραγματικών (κατασκευασμένων) αποστάσεων εξ αρχής. Επειδή, το σχέδιο του Κώδικα Διαχείρισης υποβλήθηκε σύμφωνα με τα προβλεπόμενα στην Κοινή Απόφαση Εξαίρεσης, τις διατάξεις του Ευρωπαϊκών Κανονισμών αναφορικά με μηχανισμούς αντιμετώπισης συμφόρησης, και ιδίως του άρθρου 14 του (ΕΕ) 2022/2576, το Νόμο, τον Κανονισμό Αδειών Φυσικού Αερίου, την Άδεια ΑΣΦΑ και την Άδεια Διαχείρισης ΑΣΦΑ. Επειδή, κατόπιν συνεργασίας τους, οι Ρυθμιστικές Αρχές Ελλάδας (ΡΑΕ), Ιταλίας (ARERA), και Αλβανίας (ERE), επεξεργάστηκαν Κοινή Απόφαση επί του αιτήματος της εταιρείας TAP AG για την έγκριση της τροποποίησης του Κώδικα Διαχείρισης του αγωγού TAP. Για τους παραπάνω λόγους Αποφασίζει 1. Την έγκριση της τροποποίησης του Κώδικα Διαχείρισης του αγωγού Trans Adriatic Pipeline (TAP) σύμφωνα με την Κοινή Απόφαση των Ρυθμιστικών Αρχών της Ελλάδας, της Ιταλίας και της Αλβανίας, η οποία αποτυπώνεται στο κείμενο με τίτλο «Approval of an amendment of “TAP Network Code”» το οποίο προσαρτάται στην παρούσα Απόφαση ως «Παράρτημα Α» (Annex A) και αποτελεί αναπόσπαστο τμήμα αυτής. Στην Κοινή Απόφαση προσαρτάται ως Annex Β o Κώδικας Διαχείρισης. 2. Την εφαρμογή εναλλακτικού μηχανισμού διαχείρισης της συμφόρησης (μηχανισμός «χρήση-ή-απώλεια» αμετάβλητης δυναμικότητας για την επόμενη ημέρα) στον αγωγό TAP, σύμφωνα με τις προβλέψεις της παρ. 7 του Άρθρου 14 του Κανονισμού (ΕΕ) 2022/2576. 3. Την άμεση έναρξη εκ νέου διαδικασίας τροποποίησης του Κώδικα Διαχείρισης από τον Διαχειριστή, στην οποία θα μειώνεται η περίοδος παρακολούθησης και προσφοράς της υποχρησιμοποιούμενης δυναμικότητας του μηχανισμού σε ένα μήνα ή λιγότερο. -7- ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η 4. Την κοινοποίηση της παρούσας στην εταιρεία TAP AG και στις Ρυθμιστικές Αρχές της Ιταλίας και της Αλβανίας. 5. Τη δημοσίευση της παρούσας στην Εφημερίδα της Κυβερνήσεως. Αθήνα, 30 - 03 - 2023 Ο Πρόεδρος της ΡΑΕ Αναπλ. Καθ. Αθανάσιος Δαγούμας Παράρτη μα Α (Annex A) -8- ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Annex A Autorità di regolazione per Energia, Reti e Ambiente (ARERA, Italy) Enti Rregullator i Energjise (ERE, Albania) Ρυθμιστική Αρχή Ενέργειας (RAE, Greece) Approval of an amendment to “TAP Network Code” Proposed by TAP AG on 13 March 2023 20 March 2023 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η ANNEX A Whereas1: On August 29th 2011, TAP AG submitted to the Italian Ministry of Economic Development and on August 31st 2011 to the Regulatory Authority for Energy of Greece (RAE) an “Exemption Application for Trans Adriatic Pipeline”, as foreseen by Article 36 of the Gas Directive 2009/73/EC. On September 1st 2011, TAP AG submitted to the Energy Regulatory Entity (ERE) of Albania an “Exemption Application for Trans Adriatic Pipeline”, in accordance with Article 22 of the Gas Directive 2003/55/EC. In June 2013 the Italian Ministry, RAE and ERE took the decision on the exemption, adopting the Final Joint Opinion (hereafter: “the FJO”), a document jointly written by ARERA, ERE and RAE (hereafter: “the Authorities”) and amended to comply with the Commission Decision [C
(2013)2949 final] dated 16th of May 2013 and to take note of the Opinion 1/2013 of the Energy Community Secretariat dated 14th of May
  1. In the aforementioned document an exemption from the provisions of Articles 9 (Unbundling), 32 (TPA) for the Initial Capacity of 10bcm/y, and 41.6, 41.8, 41.10 (Regulated Tariffs) of the Gas Directive has been granted to TAP AG for a period of 25 years starting from the beginning of the Commercial Operation Date, under several conditions. Among others, according to Article 4.7.1 of the FJO, TAP AG is obliged to submit for approval to the Authorities the TAP Network Code no later than 12 months prior to its Commercial Operation Date. Following Article 4.7.1, the Network Code shall be compatible with all provisions of Regulation 715/2009 and of the European Network Codes that are not in conflict with the terms of the FJO. The TAP Network Code (TNC) shall be published on the TAP AG website and shall be applicable to all Shippers on a non-discriminatory basis, both Shippers who hold Initial Capacity and possible future Shippers of the Expansion Capacity. Following FJO obligations, after the public consultation, the Network Code was first approved by the Authorities in 2020 (ARERA Deliberation 218/2020/R/gas, ERE Decision N. 97 dated 15.06.2020) RAE (Decision 1036/2020 - Government Gazette B’ 2928/17.07.2020). The first amendment of TNC was approved by the Authorities in March
  2. The TAP Network Code was approved with the provision of future developments based on the Transporter's operational experience gained since the Commercial Operations Date. The developments foreseen from the beginning are listed in Appendix
  3. Among them, TAP AG had to include in the Network Code either an oversubscription and buy-back mechanism or, alternatively, a day-ahead use-it-or-lose-it (hereinafter: FDA UIOLI) mechanism in compliance with paragraphs 2.2.2 or 2.2.3 of Annex I to Regulation (EC) No 715/2009 (hereinafter: CMP Guidelines).Following the turmoil in the energy markets 1 Hereafter the definitions of the Final Joint Opinion and of EU Regulation 2017/459 apply. -2- ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η ANNEX A during 2022, the European Union passed emergency legislation – in the form of a Council Regulation 2022/2576 – with the purpose to enhance solidarity through better coordination of gas purchases, reliable price benchmarks and exchanges of gas across borders. Article 14 of this Regulation seeks to implement another short-term mechanism for congestion management which is different from the ones comprised in the CMP Guidelines. Article 14 (paragraphs 1-6) sets out a default short-term congestion management procedure on a monthly basis and grants the relevant National Regulatory Authorities (“NRAs”) the right to decide the implementation by TSOs of any of the alternative mechanisms listed at Article 14
(7), including FDA UIOLI from 1st April 2023 onwards. Before offering underutilised firm capacity in accordance with Article 14 (paragraphs 1-6), the transmission system operator shall analyse the potential effects at every interconnection point it operates and shall inform the competent national regulatory authority. The Council Regulation 2022/2576 entered into force on 30 December 2022, has a temporary nature and applies for one year, until end of
  1. Article 14 applies from 31 March 2023 until the end of
  2. With letter dated 13 March 2023, (TAP’s reference: LT-TAP-NRA-00049) TAP AG requested to the Authorities the approval of amendments to the TAP Network Code (TNC) as set out in the attached Transporter’s Final Decision and its annexes. The outcomes of the public consultation were also provided, including a TAP assessment of Public Consultation responses. An overview of intended revisions is summarised hereafter: a. Implementation of firm day-ahead use-it-or-lose-it: a mechanism that restricts the renomination rights of shippers with significant firm capacity holdings who have not made use of all their capacity. The restrictions allow additional firm capacity to be offered to the market. More in detail, the proposed mechanism foresees:  affected shippers: holders of 10% or more of maximum Forward Firm Capacity offered by the TSO during the monitoring period;  a monitoring period of one year to check if “congestion conditions” occurred;  congestion conditions defined as (alternatively): o an Auction Premium for Forward Firm Yearly Capacity; o an Auction Premium for at least two Capacity Products for Forward Firm Quarterly Capacity; o an Auction Premium for at least three Capacity Products for Forward Firm Monthly Capacity; o no Forward Firm Yearly Capacity, Forward Firm Quarterly Capacity or Forward Firm Monthly Capacity was available to be offered at auction at any time during that Gas Year;  restriction of increasing or decreasing renomination: in case a condition of congestion is identified, the renomination of the affected shipper is restricted upwards and downwards by a certain amount depending on the -3- ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η ANNEX A amount of the nomination; the capacity subject to restriction can still be nominated by the affected shipper as interruptible;  withdrawal of the application of FDA UIOLI: the mechanism can be interrupted if TAP AG it deems that the situation defined in Section 13.3(b) is unlikely to reoccur in the following three Gas Years, based on findings in the Transporter's annual monitoring report; b. Update of the fuel gas procurement procedure: the procedure set out in par. 14.1 is extended for a period of three years (instead of one); c. Update of the unaccounted for gas procurement procedure: the same procedure set out in par. 14.1 for fuel gas applies for buying and selling UFG; With the same letter, TAP AG also sent to the NRAs the analysis required pursuant to Article 14
(7)of Regulation 2022/2576 of the potential effects of the introduction of the mechanism set out in Article 14 (paragraphs 1-6). The assessment has been undertaken for IP Melendugno, being the IP where auction premium has been registered in primary market auctions in 2022 (at the IP of Kipoi, Komotini and Nea Mesimvria the capacity contracts with duration longer than one month are the Long-Term contracts for which the utilisation rate is approx. 100%). This assessment demonstrates that there is no capacity hoarding, and that negligible additional capacity would be made available to the market. In short, Melendugno capacity is not underutilized and, had paragraphs 1-6 been in force during 2022, it would have released negligible amounts of additional capacity. As far as the adjacent TSOs are concerned, TAP AG described how the implementation of the FDA UIOLI will work at its IPs. Whereas: The proposed TAP Network Code is compliant with the FJO, with general EU Regulation concerning Capacity Management Procedures (CMP) and with Article 14 of EU Council Regulation 2022/2576; However, the Authorities are of the opinion that the monitoring period for the FDA UIOLI should be reduced to a month or shorter in order to be more effective in solving potential contractual congestions showing up on a short-term horizon. As far as Regulation 2022/2576 is concerned, the implementation of Article 14 (paragraphs 1-6) in TAP’s system could not be expected to have benefits. In light of the above, the derogation pursuant to Article 14
(7)(
  1. a)of Regulation 2022/2576 could be applied at TAP’s IPs. the Authorities jointly 1. approve, to the extent applicable, the “TAP Network Code” submitted document proposed by TAP AG with letter 13th March 2023 and attached as Annex B; -4- ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η ANNEX A 2. 3. require TAP to start a revision process of the FDA UIOLI TNC to reduce to one month or shorter the monitoring period and the subsequent availability of withdrawn capacity; decide to grant TAP AG a derogation from the provisions of paragraphs 1-6 of Article 14 of Council Regulation (EU) 2022/2576. -5- ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η TRANS ADRIATIC PIPELINE NETWORK CODE MARCH 2023 0086072-0000001 UKO1: 2010000775.1 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η CONTENTS Section 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. Page Introduction ..................................................................................................................................... 1 Definitions ....................................................................................................................................... 2 Registered Parties........................................................................................................................... 22 Credit Limits .................................................................................................................................. 26 Capacity Products .......................................................................................................................... 31 Capacity Booking........................................................................................................................... 33 Secondary Market .......................................................................................................................... 37 Nominations................................................................................................................................... 42 Matching and Confirmations .......................................................................................................... 47 Balancing and Allocation ............................................................................................................... 50 Planned Maintenance ..................................................................................................................... 54 Capacity Reductions....................................................................................................................... 57 Congestion Management ................................................................................................................ 61 Fuel Gas ......................................................................................................................................... 68 Electric Power ................................................................................................................................ 72 UFG ............................................................................................................................................... 75 Metering ........................................................................................................................................ 78 Redistribution................................................................................................................................. 82 Invoicing ........................................................................................................................................ 85 Suspension ..................................................................................................................................... 88 Communications ............................................................................................................................ 89 Revision ......................................................................................................................................... 91 Governing Law and Dispute Resolution ......................................................................................... 96 Appendix 1. 2. 3. 4. 5. The TAP Transportation System..................................................................................................... 97 Part 1 System Description...................................................................................................... 97 Part 2 Metering Equipment .................................................................................................... 98 Interconnection Points .................................................................................................................. 100 Registration Form ........................................................................................................................ 102 Natural Gas Specifications ........................................................................................................... 110 Future Developments ................................................................................................................... 111 0086072-0000001 UKO1: 2010000775.1 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η 1. INTRODUCTION 1.1 Introduction This Network Code relates to the TAP Transportation System, contains the rules and procedures for the operation of the TAP Transportation System and details the rights and obligations of the Transporter, Registered Parties and Shippers in respect of the booking and use of Capacity Products. This Network Code applies to all Registered Parties and Shippers and is an integral part of each Gas Transportation Agreement. 1.2 Background to the TAP Transportation System The Transporter has obtained an exemption from provisions on third party access, regulated tariff and ownership unbundling, subject to the terms of the Final Joint Opinion of the Energy Regulators on TAP AG's Exemption Application dated 6 June 2013, granted by the NRAs pursuant to Directive 2009/73/EC. The NRAs have subsequently approved the Transporter’s tariff methodology, incorporated in the Gas Transportation Agreement as schedule 5 of the General Terms and Conditions, and, as required by section 4.1.3 of the Final Joint Opinion, a legal process approved by the NRAs for the allocation and reallocation of initial capacity (the Initial Capacity Allocation Mechanism). Reserved Capacity has already been made available in accordance with the Initial Capacity Allocation Mechanism and in the first Market Test, conducted prior to the start of construction of the pipeline. The Transporter will, for the whole 25 year duration of the exemption, make an amount of the technical capacity at each Entry Point and Exit Point available for products with duration of up to one year in accordance with the terms of the Final Joint Opinion. The capacity in the TAP Transportation System can be expanded up to a total capacity of 20 bcma through pre-defined incremental steps. The Transporter will offer this Expansion Capacity to the market by means of Market Tests, to be conducted on a bi-annual basis. The rules and procedures by which Shippers or Registered Parties can request Expansion Capacity are set out in Section 6.9. 1.3 Operations Code and Final Joint Opinion This Network Code: (
  2. a)constitutes the "Operations Code" as referred to in the Gas Transportation Agreements entered into by the Transporter prior to the date this Network Code is published; and (
  3. b)is the "TAP Network Code" referred to in section 4.7.1 of the Final Joint Opinion. 1 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η 2. DEFINITIONS 2.1 Definitions Accepting Party means a Registered Party that has accepted a Transfer of Reserved Capacity. Active Shipper means, in respect of Single-Sided Nominations, the Shipper who sends a nomination as determined in accordance with Section 8.1. Active TSO means, in respect of Single-Sided Nominations, the TSO who receives a nomination from the Active Shipper in accordance with Section 8.1. Actual Electric Power Cost has the meaning given to it in Section 15.4. Actual Monthly Charge means, in respect of a particular Shipper, the "Actual Monthly Charge" calculated for specific Reserved Capacity in accordance with the relevant Gas Transportation Agreement. Adjacent TSO means a TSO operating an Interconnected System. Affiliate has the meaning given to it in the General Terms and Conditions. Allocated Quantities means the quantity of Natural Gas allocated to a Shipper in respect of the delivery by or redelivery to (as applicable) that Shipper at an Interconnection Point or the Virtual Trading Point for a Gas Day, expressed in kWh. Allocated Quantities at Entry Points or for trades where gas is received at the Virtual Trading Point will be expressed as a positive number and Allocated Quantities at Exit Points or for trades where gas is delivered at the Virtual Trading Point will be expressed as negative numbers. Alternative Credit Support Capacity means any of: (
  4. a)a Capacity Product booked before the Initial Effective Date; or (
  5. b)a Capacity Product booked as part of a Market Test, and in each case includes such Reserved Capacity where it has been subject to an Assignment. Annual Statement means the statement to be sent to Registered Parties in March in each Gas Year in accordance with Section 19.2. Application Documents has the meaning given to it in Section 3.1(b). Approved Credit Rating Agency means S&P, Moody's, Fitch or another credit rating agency (if any) that is included in a list, which may be published on the Transporter's website and updated from time to time, of credit rating agencies that are, in the sole discretion of the Transporter, acceptable to the Transporter for the purposes of assigning a Credit Limit to Registered Parties. Assigned Capacity means any Reserved Capacity (or part thereof) that is subject to an Assignment. Assignment means a transfer by a Shipper of all or a part of its Reserved Capacity to another Registered Party, which is effected by way of an assignment of all of its rights to that Reserved Capacity (or part thereof), and an assumption of all of the related obligations by, that Registered Party under the relevant Gas Transportation Agreement. An Assignment of part of the Reserved Capacity under a Gas Transportation Agreement may consist of (
  6. a)an assignment of some but not all of the Reserved Capacity for each Gas Day, (
  7. b)an assignment of all of the Reserved Capacity during a specified period of time only, or (
  8. c)a combination of the above. 2 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Assignment Form means a form to be submitted by an Offering Shipper and a Registered Party who wish to trade the rights and obligations to Reserved Capacity by way of an Assignment, which form will be made available by the Transporter on its website. Auction Premium means any premium above the Reserve Price that results from an auction of any Capacity Product. Available Capacity means, in relation to a particular Interconnection Point in a particular direction over a particular time period, the capacity to transport Natural Gas that can be made available by the Transporter to Registered Parties to purchase as Capacity Products over that period because it has not been booked as Reserved Capacity or because it has been released for booking as Surrendered Capacity or Withdrawn Capacity. To ensure alignment with Adjacent TSOs, the Transporter will exclude the minimum requirement for short term products under section 4.1.10 of the Final Joint Opinion when determining the Available Capacity for Forward Firm Yearly Capacity and for Commercial Reverse Yearly Capacity with capacity at an Interconnection Point with a Forward IP Direction. Available Credit means in respect of a Registered Party, an amount in Euro that represents the further Indebtedness that it can assume, calculated in accordance with Section 4.4. Average Utilisation has the meaning given to it in Section 13.6. Balanced means, in respect of a particular Shipper and its Nominated Quantities and Traded Quantities (or, following the end of a Matching Process, its Provisional Quantities) for a particular Gas Day that: (
  9. a)in respect of Forward Capacity: (
  10. i)the aggregate of all Nominated Quantities (or, if applicable Provisional Quantities) for Forward Capacity for delivery by that Shipper at Entry Points and the aggregate Traded Quantities (or, if applicable Provisional Quantities) to be received by that Shipper from another Shipper at the Virtual Trading Point, in each case on that Gas Day; is equal to: (
  11. ii)(
  12. b)the absolute value of the aggregate of all Nominated Quantities (or, if applicable Provisional Quantities) for Forward Capacity for re-delivery to that Shipper at Exit Points and the aggregate Traded Quantities (or, if applicable Provisional Quantities) to be transferred from that Shipper to another Shipper at the Virtual Trading Point, in each case on that Gas Day; and in respect of Commercial Reverse Capacity: (
  13. i)the aggregate of all Nominated Quantities (or, if applicable Provisional Quantities) for Commercial Reverse Capacity for delivery by that Shipper at Entry Points on that Gas Day; is equal to: (
  14. ii)the absolute value of the aggregate of all Nominated Quantities (or, if applicable Provisional Quantities) for Commercial Reverse Capacity for re-delivery to that Shipper at Exit Points on that Gas Day. Bundled Capacity means a Capacity Product for Forward Firm Capacity that, when offered to Registered Parties, is offered as a combination of both entry and exit capacity at a particular Interconnection Point in each of the TAP Transportation System and the relevant Interconnected System. 3 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Business Day means any Day (other than a Saturday, Sunday or public holiday) on which banks in the Canton of Zug are generally open for business. Calibration has the meaning given to it in the International Vocabulary of Metrology – Basic and General Concepts and Associated Terms (VIM 3rd edition) - JCGM 200:2012 and the terms Calibrate and Calibrated will have equivalent meanings. CAM Network Code means EU Regulation (EC) 2017/459. Capacity Booking Platform means the internet platform for the booking and trading of Capacity Products that has been selected by the Transporter to be used at each Interconnection Point, which at the Initial Effective Date, is intended to be provided by PRISMA European Capacity Platform GmbH. Capacity Products means each of the products for the transportation of Natural Gas in the TAP Transportation System that are offered for purchase by Registered Parties from the Transporter, consisting of each of the different products that constitute Forward Firm Capacity, Forward Interruptible Capacity and Commercial Reverse Capacity. Capacity Restriction means the occurrence of any event, except for Planned Maintenance, which reduces the ability of the Transporter to provide Reserved Capacity at an Interconnection Point. Capacity Restriction Notice means a notice of the occurrence of a Capacity Restriction that requires Reserved Capacity to be reduced by the Transporter at an Interconnection Point and which specifies: (
  15. a)the date and time at which the Capacity Restriction begins; (
  16. b)the date and time (rounded to the nearest hour) at which the Transporter expects the Capacity Restriction to end; (
  17. c)the affected Interconnection Point; (
  18. d)the cause of the Capacity Restriction; and (
  19. e)the remaining Forward Firm Capacity that the Transporter can make available at that Interconnection Point. Capacity Restriction Termination Notice means a notice that is sent to all Registered Parties, to inform Registered Parties that a Capacity Restriction that required Forward Firm Capacity to be reduced by the Transporter at an Interconnection Point has terminated and which specifies: (
  20. a)the time and date at which each Shipper's full Reserved Capacity at that Interconnection Point will be made available to it; and (
  21. b)any other information that the Transporter believes is necessary regarding the removal of that Capacity Restriction. Cash Collateral means an amount deposited by a Registered Party or a Person applying to be a Registered Party into the Cash Collateral Account which the Transporter can apply against amounts due and payable from that Registered Party which remain unpaid. Cash Collateral Account means a Euro-denominated account of the Transporter into which Registered Parties or Persons applying to be a Registered Party can deposit funds to act as collateral against their payment obligations to the Transporter and to contribute towards their Credit Limit.. Any interest or fees applying to the Cash Collateral Account will be credited to or debited to or from that account. 4 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Cash Collateral Balance means, in respect of a Registered Party or a Person applying to be a Registered Party, the aggregate amount of Cash Collateral deposited by that Registered Party or Person: (
  22. a)plus the amount of any interest credited to the Cash Collateral Account and which can be attributed to that Cash Collateral Balance as determined by the Transporter; (
  23. b)less the amount of any fees or negative interest debited from the Cash Collateral Account and which can be attributed to that Cash Collateral Balance as determined by the Transporter; and (
  24. c)less any amounts debited from the Cash Collateral Account to (
  25. i)pay an amount due and payable from that Registered Party that remains unpaid or (
  26. ii)be returned to that Registered Party or Person. CET means Central European Time which is one hour ahead of UTC. CEST means Central European Summer Time which is one hour ahead of CET and two hours ahead of UTC. Commercial Operations Date means the Gas Day that the Transporter notifies to each Registered Party (as at the date of that notification) as being the date on which it is ready to commence commercial operation of the TAP Transportation System and which thereafter will be published on the Transporter's website. Commercial Reverse Capacity means transportation capacity in the TAP Transportation System for the Eastward (Commercial) Flow transportation of Natural Gas that is made available to Shippers under a Gas Transportation Agreement at a particular Interconnection Point and that Transporter is permitted to interrupt in accordance with Section 12.4. Commercial Reverse Capacity at a particular Interconnection Point can be in the Forward IP Direction or in the Reverse IP Direction but must result in an overall Eastward (Commercial) Flow. Commercial Reverse Capacity consists of: (
  27. a)Commercial Reverse Yearly Capacity; (
  28. b)Commercial Reverse Quarterly Capacity; (
  29. c)Commercial Reverse Monthly Capacity; and (
  30. d)Commercial Reverse Daily Capacity. Commercial Reverse Daily Capacity means Commercial Reverse Capacity made available on a DayAhead basis. Commercial Reverse Monthly Capacity means Commercial Reverse Capacity made available on every Gas Day in a particular Gas Month. Commercial Reverse Quarterly Capacity means Commercial Reverse Capacity made available on every Gas Day in a particular Gas Quarter. Commercial Reverse Route means each combination of an Entry Point and an Exit Point for Commercial Reverse Capacity that is permitted in accordance with Table B in Appendix 2. Commercial Reverse Yearly Capacity means Commercial Reverse Capacity made available on every Gas Day in a particular Gas Year. 5 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Compressor Station means a facility that forms part of the TAP Transportation System that has the purpose of compressing the Natural Gas in the TAP Transportation System to assist the flow of that Natural Gas. Confidentiality Agreement means a confidentiality agreement to be entered into by a Person who is applying to be a Registered Party and which will govern the treatment of confidential information in respect of the application process and, if successful, that Person's relationship with the Transporter as a Registered Party. The most recent form of confidentiality agreement will be published by the Transporter on its website. A Confidentiality Agreement will not apply to information exchanged pursuant to a Gas Transportation Agreement, to which the terms of the relevant Gas Transportation Agreement will apply. Confirmed Quantities means the quantity of Natural Gas to be delivered by or redelivered to a particular Shipper at a particular Interconnection Point or the Virtual Trading Point after the end of all the Matching Processes expressed in kWh per Gas Day. Confirmed Quantities at Entry Points will be expressed as a positive number and Confirmed Quantities at Exit Points will be expressed as negative numbers. Confirmed Quantity Notice means a notice sent by the Transporter to each Shipper following calculation of the Confirmed Quantities setting out that Shipper's Confirmed Quantities at each Interconnection Point. Congestion Notice has the meaning given to it in Section 13.7(a). Contractual Timestamp means the exact time at which a Shipper has contracted a Capacity Product with the Transporter. Credit Limit means in relation to each Registered Party, the amount in Euro that represents the maximum Indebtedness that it can assume, as determined under Section 4.3. Credit Limit Criteria has the meaning given to it in Section 4.1(b). Credit Limit Criterion means an individual element of the Credit Limit Criteria. Credit Limit Percentage means: (
  31. a)(
  32. b)in relation to a Registered Party or a Person applying to be a Registered Party: (
  33. i)where that Registered Party or a Person applying to be a Registered Party has a Credit Rating equal to the Minimum Credit Rating, 5%; or (
  34. ii)where that Registered Party or a Person applying to be a Registered Party has a Credit Rating higher than the Minimum Credit Rating, 10%; and in relation to a Rated Entity Guarantor that is not a recognised reputable financial institution: (
  35. i)where that Rated Entity Guarantor has a Credit Rating equal to the Minimum Credit Rating, 1.25%; and (
  36. ii)where that Rated Entity Guarantor has a Credit Rating higher than the Minimum Credit Rating, 2.50%, and for these purposes if any such Person has more than one Credit Rating, the highest such Credit Rating will be taken into account for determining the Credit Limit Percentage. 6 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Credit Rating means, in respect of any Person, a rating for its long-term unsecured and non-creditenhanced (foreign, where applicable) debt obligations from an Approved Credit Rating Agency. Current GTA means a Gas Transportation Agreement which is on the same terms as set out in the most recent General Terms and Conditions and Transportation Confirmation published on the Transporter's website (except that for these purposes, newly published General Terms and Conditions and Transportation Confirmations will only form part of a Current GTA following the date specified by the Transporter as the date on which such revised documents will take effect being not less than 30 days after the date of publication). Daily Imbalance Charge means, in respect of a particular Shipper on a particular Gas Day, an amount calculated in accordance with Section 10.3. Day means a calendar day. Day-Ahead means, in respect of a Capacity Product, that the capacity is made available for the transportation of Natural Gas for one Gas Day, being the Gas Day immediately following the booking of that Capacity Product. Double-Sided Nomination means, in respect of the nomination of Natural Gas quantities at a particular Interconnection Point, that shippers on each side of that Interconnection Point submit their own nominations to the relevant TSO independently of each other. Eastward (Commercial) Flow means the virtual (but not physical) direction of flow of Natural Gas in the TAP Transportation System from the Interconnection Point at Melendugno to the Interconnection Point at Kipoi. Edig@s means the electronic messaging standards developed by EASEE-gas, the latest version of which can be downloaded from http://www.edigas.org. Effective Date means in respect of a Gas Transportation Agreement, the date that such agreement is entered into by each of the Transporter and the relevant Shipper unless a different date is specified in that Gas Transportation Agreement. Electric Power means the electricity used at Compressor Stations and the other facilities and equipment comprising the TAP Transportation System, including those facilities and equipment set out in Appendix 1. Electric Power Cost Estimate has the meaning given to it in Section 15.2. Entry Point means: (
  37. a)in relation to Forward Capacity other than Forward Interruptible Capacity that is provided in the Reverse IP Direction, an Interconnection Point that is specified as an "Entry Point" in Table A in Appendix 2; (
  38. b)in relation to Forward Interruptible Capacity that is provided in the Reverse IP Direction, each of the Interconnection Points at Komotini and Nea Mesimvria; and (
  39. c)in relation to Commercial Reverse Capacity and a particular Commercial Reverse Route, an Interconnection Point that is specified as an "Entry Point" in Table B in Appendix 2 for that Commercial Reverse Route. ENTSOG Auction Calendar means the auction calendar published by the European Network of Transmission System Operators for Gas. 7 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Environmental Tax means all forms of taxation, duties, imposts and levies which relate to protection of the environment or which are levied under any environmental law, including tradable emission allowances and all forms of taxation, duties, imposts and levies in respect of carbon emissions, emissions of any greenhouse gases or other emissions or energy consumption or usage. Euro or € means the single currency of those member states of the European Union that have adopted or adopt such currency as their lawful currency in accordance with the legislation of the European Community relating to Economic and Monetary Union. Exemption means any exemptions granted in relation to any tariff and/or the exemptions from third party access, and/or unbundling obligations and/or any other relevant regulatory requirements, in each case related to the TAP Transportation System and includes the exemptions granted in the Final Joint Opinion. Exit Point means: (
  40. a)in relation to Forward Capacity other than Forward Interruptible Capacity that is provided in the Reverse IP Direction, an Interconnection Point that is specified as an "Exit Point" in Table A in Appendix 2; and (
  41. b)in relation to Commercial Reverse Capacity and a particular Commercial Reverse Route, an Interconnection Point that is specified as an "Exit Point" in Table B in Appendix 2 for that Commercial Reverse Route. Expansion Capacity means the aggregate capacity in the TAP Transportation System that may be made available in addition to initial capacity following a Market Test in accordance with the terms of the Exemption. FDA UIOLI means the process by which the Transporter can limit a Shipper's ability to re-nominate a part of its Reserved Capacity and to offer that capacity as Available Capacity at auctions of Forward Firm Daily Capacity when certain criteria set out in Section 13.4 are met. FDA UIOLI Contractual Congestion Event has the meaning given to it in Section 13.3(b). Final Joint Opinion means the "Joint Opinion of the Energy Regulators on TAP AG's Exemption Application" dated 6 June 2013, granted by the NRAs pursuant to Directive 2009/73/EC. Firm Capacity means Natural Gas transportation capacity in the TAP Transportation System that the Transporter undertakes to provide to a Shipper, that the Transporter is not permitted to interrupt during normal commercial operations. Fitch means Fitch Ratings, Inc., Fitch Ratings Limited or any subsidiary of either of them, or any successor to their ratings business. Force Majeure means the occurrence of a "Force Majeure Event" under and as defined in any Gas Transportation Agreement. Forward Capacity means Forward Firm Capacity and Forward Interruptible Capacity. Forward Day-Ahead Interruptible Capacity means Forward Interruptible Capacity made available on a Day-Ahead basis. Forward Firm Capacity means each of Forward Firm Long Term Capacity and Forward Firm Short Term Capacity. 8 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Forward Firm Daily Capacity means Firm Capacity in the TAP Transportation System for the transportation of Natural Gas in the Forward IP Direction that is made available to Shippers under a Gas Transportation Agreement at a particular Interconnection Point on a Day-Ahead basis. Forward Firm Long Term Capacity means Firm Capacity in the TAP Transportation System for the transportation of Natural Gas in the Forward IP Direction that is made available to Shippers under a Gas Transportation Agreement at a particular Interconnection Point on every Gas Day for a period of more than one Gas Year. Forward Firm Monthly Capacity means Firm Capacity in the TAP Transportation System for the transportation of Natural Gas in the Forward IP Direction that is made available to Shippers under a Gas Transportation Agreement at a particular Interconnection Point on every Gas Day in a particular Gas Month. Forward Firm Quarterly Capacity means Firm Capacity in the TAP Transportation System for the transportation of Natural Gas in the Forward IP Direction that is made available to Shippers under a Gas Transportation Agreement at a particular Interconnection Point on every Gas Day in a particular Gas Quarter. Forward Firm Short Term Capacity means each of: (
  42. a)Forward Firm Yearly Capacity; (
  43. b)Forward Firm Quarterly Capacity; (
  44. c)Forward Firm Monthly Capacity; and (
  45. d)Forward Firm Daily Capacity. Forward Firm Yearly Capacity means Firm Capacity in the TAP Transportation System for the transportation of Natural Gas in the Forward IP Direction that is made available to Shippers under a Gas Transportation Agreement at a particular Interconnection Point on every Gas Day in a particular Gas Year. Forward Interruptible Capacity means the transportation capacity in the TAP Transportation System for the transportation of Natural Gas: (
  46. a)in the Forward IP Direction that is made available to Shippers under a Gas Transportation Agreement at a particular Interconnection Point and that the Transporter is permitted to interrupt at any time for Planned Maintenance, Force Majeure or any of the reasons specified in Section 12.5; or (
  47. b)in the Reverse IP Direction that is made available to Shippers under a Gas Transportation Agreement at the Interconnection Points of Komotini and Nea Mesimvria and that the Transporter is permitted to interrupt at any time for Planned Maintenance, Force Majeure or any of the reasons specified in Section 12.5. Forward IP Direction means, in respect of an Interconnection Point: (
  48. a)that is specified as an Entry Point in the column "Forward IP Direction" in Table A in Appendix 2, the direction of flow of Natural Gas at that Interconnection Point from the relevant Interconnected System to the TAP Transportation System; and 9 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η (
  49. b)that is specified as an Exit Point in the column "Forward IP Direction" in Table A in Appendix 2, the direction of flow of Natural Gas at that Interconnection Point from the TAP Transportation System to the relevant Interconnected System. Fuel Gas means the quantity of Natural Gas in kWh that is required for the Transporter to provide the Transportation Services, as calculated in accordance with Section 14. Fuel Gas Facility means each Compressor Station and the Pipeline Receiving Terminal. Fuel Gas Price means, in respect of a Gas Month, all costs and expenses (including Taxes) (in Euro) incurred by the Transporter in relation to the purchase of the Fuel Gas used in that Gas Month and procured in accordance with Section 14.1(
  50. a)divided by the total quantity of Fuel Gas used in that Gas Month to give a price in €/kWh. Gas Day means, on and from the Commercial Operations Date, the period from: (
  51. a)05:00 UTC on a particular Day until 05:00 UTC (06:00 until 06:00 CET) the following Day, during periods when daylight saving time is not applied; and (
  52. b)04:00 UTC on a particular Day until 04:00 UTC (06:00 until 06:00 CEST) the following Day, during periods when daylight saving time is applied in the European Union, and a Gas Day during which the European Union changes to or from daylight saving time will have 23 or 25 hours (as applicable). For the purpose of this Network Code, a reference to (
  53. i)the last Gas Day in a particular month means that last Gas Day that begins in that month and ends at 06:00 CET or CEST (as applicable) at the start of the first Day of the following month and (
  54. ii)the first Gas Day in a particular month means the first Gas Day beginning within that month at 06:00 CET or CEST (as applicable) on the first Day of that month. Gas Month means the period commencing at the start of the first Gas Day in each calendar month and ending at the end of the last Gas Day in the same calendar month, except that the first Gas Month will start at the start of the Commercial Operations Date. Gas Transportation Agreement means an agreement for the transportation of Natural Gas in the TAP Transportation System between the Transporter and a Registered Party for the provision of Transportation Services in respect of one or more Capacity Products, consisting of: (
  55. a)a Transportation Confirmation; (
  56. b)the General Terms and Conditions (together with the schedules of the General Terms and Conditions that are applicable to the relevant Capacity Products); and (
  57. c)this Network Code. Gas Quarter means a period beginning at the start of: (
  58. a)the first Gas Day in a Gas Year and ending at the end of the last Gas Day in December of that Gas Year; (
  59. b)the first Gas Day in January of a Gas Year and ending at the end of the last Gas Day in March of that Gas Year; (
  60. c)the first Gas Day in April of a Gas Year and ending at the end of the last Gas Day in June of that Gas Year; or 10 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η (
  61. d)the first Gas Day in July of a Gas Year and ending at the end of the last Gas Day in September of that Gas Year, except that the first Gas Quarter will start at the start of the Commercial Operations Date. Gas Year means a period beginning at the start of the first Gas Day in October of each calendar year and ending at the end of the last Gas Day in September of the following calendar year, except that the first Gas Year will start at the start of the Commercial Operations Date. GCV means the amount of heat that would be released by the complete combustion of one Nm3 of Natural Gas in air, in such a way that the pressure (1.01325 bar absolute) at which the reaction takes place remains constant, and all products of the combustion are returned to the same specified temperature (25°C) as that of the reactants, all of these products being in the gaseous state except for water formed by combustion, which is condensed to the liquid state at 25°C. General Terms and Conditions means the "General Terms and Conditions for the Transportation of Gas" which form part of the Gas Transportation Agreements entered into by the Transporter with Registered Parties. The General Terms and Conditions contain different schedules with specific terms applying to Forward Firm Long Term Capacity, Forward Firm Short Term Capacity, Forward Interruptible Capacity and Commercial Reverse Capacity. The most recent version of the General Terms and Conditions which form part of a Current GTA can be found on the Transporter's website. Governmental Authority means any national or local government, regulatory or administrative agency, commission, body or other authority and any court or governmental tribunal, in each case, lawfully exercising jurisdiction over this Network Code, any Gas Transportation Agreement or the TAP Transportation System or (as applicable in the context) the Transporter or a Registered Party. Indebtedness has the meaning given to it in Section 4.5. Initial Effective Date means the date on which this Network Code, in its final form as approved by the NRAs, is first published on the Transporter's website following such approval. Interconnected System means a Natural Gas pipeline transportation system that is directly connected to the TAP Transportation System. Interconnection Agreement means an agreement between the Transporter and an Adjacent TSO relating to the management and coordination of the transportation of Natural Gas between the relevant Interconnected System and the TAP Transportation System. Interconnection Point means a physical interconnection point between the TAP Transportation System and an Interconnected System as specified in Appendix 2, except that the interconnection points at Kuçovë and Fier will only be treated as Interconnection Points for the purpose of this Network Code from the date on which the Transporter notifies Registered Parties that those interconnection points are operational (which will not be before the date on which the intended Interconnected Systems at those interconnection points have been constructed and have become operational). Interruption means an interruption of a Shipper's use of Commercial Reverse Capacity in accordance with Section 12.4(
  62. a)or Forward Interruptible Capacity in accordance with Section 12.5(a). Interruption Notice means a notice that is sent to all affected Shippers, to inform those Shippers of an interruption to Forward Interruptible Capacity under Section 12.5 or an interruption to Commercial Reverse Capacity under Section 12.4, which, in each case, specifies: (
  63. a)the date and time at which the interruption begins; 11 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η (
  64. b)the date and time (rounded to the nearest hour) at which the Transporter expects the interruption to end; (
  65. c)the cause of the interruption; (
  66. d)whether the interruption affects Forward Interruptible Capacity or Commercial Reverse Capacity; and (
  67. e)the remaining Forward Interruptible Capacity or Commercial Reverse Daily Capacity (split into its constituent Capacity Products), as the case may be, at that Interconnection Point. Interruption Termination Notice means a notice that is sent to all affected Shippers, to inform those Shippers that an interruption to Forward Interruptible Capacity or Commercial Reverse Capacity at an Interconnection Point has terminated and which specifies the time and date at which each Shipper's full Reserved Capacity at that Interconnection Point will be made available to it. Joint Nomination Declaration Notice means, in respect of Single-Sided Nominations, an electronic notification sent from the Passive Shipper to the Passive TSO declaring the agreement of a Pair of Shippers to perform Single-Sided Nominations at a Single-Sided Interconnection Point, for a certain period (which may be an indefinite period) from a start date that is specified in that notice. kWh means a kilowatt-hour. Law means any national, local or European constitution, charter, act, statute, law, ordinance, code, rule, regulation or order, or other applicable legislative or administrative action of a Governmental Authority or a final decree, judgment, or order of a court. Local Losses means unintentional losses of Natural Gas from the TAP Transportation System (except for those losses of Natural Gas that result from the occurrence of Force Majeure or the performance of Planned Maintenance or Unplanned Maintenance in relation to the TAP Transportation System). Location means, where used in any Gas Transportation Agreement entered into before the Initial Effective Date, an Interconnection Point. Lost Gas means, where used in any Gas Transportation Agreement entered into before the Initial Effective Date, UFG. Lost Gas Price means, where used in any Gas Transportation Agreement entered into before the Initial Effective Date, the UFG Price per kWh and the UFG Cost per kWh. LT UIOLI means the process by which the Transporter fully or partially withdraws systematically underutilised capacity in the TAP Transportation System from a LT UIOLI Affected Shipper in accordance with the procedure set out in Section 13.6. LT UIOLI Affected Capacity Product means each of Forward Firm Yearly Capacity and Forward Firm Long Term Capacity. LT UIOLI Affected Shipper means, where a LT UIOLI Contractual Congestion Event has been observed during a Monitoring Period, a Shipper in respect of which systematic under-utilisation has been observed. LT UIOLI Contractual Congestion Event has the meaning given to it in Section 13.6(d). LT UIOLI Decision Process means a procedure jointly agreed by the NRAs in respect of making decisions on the withdrawal of capacity following a LT UIOLI referral. 12 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Maintenance Notification means a notification sent by the Transporter to all Registered Parties, detailing the schedule of Planned Maintenance that the Transporter intends to complete in a particular Gas Year, and which includes the information set out in Section 11.1(c). Market Test means a procedure conducted by the Transporter, in accordance with Section 6.9, to assess whether there is interest among market participants for Capacity Products that would require the Transporter to provide Expansion Capacity. Master Statement means the statement to be sent to Registered Parties in respect of each Gas Month in accordance with Section 19.1. Matching Process means: (
  68. a)in respect of an Interconnection Point, the matching and confirmation processes to be carried out between the Transporter and an Adjacent TSO in which each Shipper's Provisional Quantities at that Interconnection Point are calculated from the Nominated Quantities and the quantities nominated to the Adjacent TSO; and (
  69. b)in respect of the Virtual Trading Point, the matching and confirmation processes to be carried out by the Transporter in which each Shipper's Provisional Quantities at the Virtual Trading Point are calculated from the Traded Quantities notified by each Shipper in the relevant Pair of Shippers. Metering Data means the Metered Quantities and the other data collected by the Metering Equipment, including analysis and chromatography results. Metering Equipment means the equipment that is required to be installed in respect of each Interconnection Point and the other facilities comprising the TAP Transportation System in order to identify the Measured Quantities and quality of Natural Gas at each relevant location for the purposes of this Network Code and the Gas Transportation Agreements. Metering Equipment Technical Specifications means, in relation to an item of Metering Equipment, the technical specifications for the installation and operation of that item of Metering Equipment that have been developed by the Transporter acting as a Reasonable and Prudent Operator consistent with applicable Law and the technical recommendations of the manufacturer of that item. Metered Quantities means the quantity of Natural Gas measured over a specified period of time at an Interconnection Point or a Compressor Station, as determined by the Metering Equipment at that Interconnection Point or that Compressor Station, expressed in kWh. Minimum Credit Limit means the minimum credit limit in Euro published from time to time on the Transporter's website. Minimum Credit Rating means: (
  70. a)in respect of S&P or Fitch, BBB-; (
  71. b)in respect of Moody's, Baa3; and (
  72. c)in respect of any other Approved Credit Rating Agency, the minimum credit rating published from time to time on the Transporter's website from that Approved Credit Rating Agency, that is, in the sole discretion of the Transporter, acceptable to the Transporter for the purposes of assigning a Credit Limit to Registered Parties. 13 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Minimum Flow Rate means the minimum quantity of Natural Gas that is required at a particular Interconnection Point in order for the Transporter to provide Transportation Services at that Interconnection Point in accordance with the technical limitations of the TAP Transportation System and the applicable Interconnected System expressed in Nm3 per Gas Day. The Minimum Flow Rate for each Interconnection Point is the quantity set out on the Transporter's website from time to time which will not be higher than those set out in Table A in Appendix 2. Minimum Input Volume means, where used in any Gas Transportation Agreement entered into before the Initial Effective Date, the Minimum Flow Rate. Monitoring Period means each period in respect of which the Transporter will monitor whether LT UIOLI should be applied to any Shipper, being each full Gas Year. Monthly Charge means, in respect of a particular Shipper, Gas Transportation Agreement and Reserved Capacity, the "Monthly Charge" for that Reserved Capacity under and as defined in that Gas Transportation Agreement. Monthly Statement means, in respect of a particular Shipper and Gas Transportation Agreement, the "Monthly Statement" to be delivered by the Transporter to that Shipper under and as defined in that Gas Transportation Agreement. Moody's means Moody's Investors Service Limited or any successor to its rating business. Natural Gas means any hydrocarbons or mixture of hydrocarbons and non-combustible gases, consisting primarily of methane, which are predominantly in a gaseous state. Net Worth means, in respect of a Registered Party or Rated Entity Guarantor that is not a recognised reputable financial institution, the net worth of such Person calculated from its most recent audited financial statements, as reduced by the minimum net worth that is demonstrated by that Person in order to satisfy the credit support requirements of any Gas Transportation Agreement that relates to Alternative Credit Support Capacity. If a Registered Party has, at any time in the preceding 12 month period, failed to pay any amount due and payable to the Transporter on its due date then the Transporter may, at its sole discretion and by notice to that Registered Party, set that Registered Party's (or, if applicable, its Rated Entity Guarantor'
  73. s)Net Worth to zero for the purposes of this Network Code. Network Code means this document (including its appendices), as it may be revised from time to time in accordance with Section 22. Neutrality Account has the meaning given to it in Section 10.7. Neutrality Payment Amount has the meaning given to it in Section 10.8. Nm3 means a normal cubic metre, being one cubic metre of gas at reference conditions of 0°C and 1.01325 bar absolute. Nominated Quantities means the aggregate quantity of Natural Gas in kWh per Gas Day that has been nominated or is deemed to have been nominated by a Shipper either: (
  74. a)for delivery by that Shipper to the Transporter at an Entry Point; or (
  75. b)for redelivery by the Transporter at an Exit Point, in each case in respect of a specified Pair of Shippers and in accordance with the procedures set out in this Network Code and the relevant Gas Transportation Agreement. Nominated Quantities at Entry 14 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Points will be expressed as a positive number and Nominated Quantities at Exit Points will be expressed as negative numbers. Nomination means the prior notification by a Shipper to the Transporter (which, in the case of a SingleSided Nomination, may be made by the Active Shipper to the Active TSO on behalf of the relevant Pair of Shippers) of its Nominated Quantities. NRA means each of the Albanian energy regulatory authority, the Greek energy regulatory authority and the Italian energy regulatory authority, in each case designated as a national regulatory authority under Directive EC 2009/73 or any successor or equivalent Law. NRA Decision has the meaning given to it in Section 13.7(d). Offering Shipper means a Shipper that has offered Reserved Capacity for sale to another Registered Party. Operational Balancing Agreement means an agreement between the Transporter and an Adjacent TSO (which may be documented in an Interconnection Agreement) regarding the treatment of the difference between the Metered Quantities and Confirmed Quantities at a particular Interconnection Point so that Allocated Quantities at that Interconnection Point are, as far as possible and subject to the terms of that Operational Balancing Agreement, equal to Confirmed Quantities. Pair of Shippers means a pair of shippers who transfer title to Natural Gas at the Virtual Trading Point or an Interconnection Point (who, for the avoidance of doubt, may be the same shipper at an Interconnection Point). Passive Shipper means, in respect of Single-Sided Nominations, the Shipper that is not the Active Shipper. Passive TSO means, in respect of Single-Sided Nominations, the TSO that is not the Active TSO. Person means any individual, partnership, corporation, association, trust, Governmental Authority, or other legal entity. Physical Reverse Flow means the physical flow of Natural Gas in the TAP Transportation System from the Interconnection Point at Melendugno to the Interconnection Point at Kipoi. Pipeline Receiving Terminal has the meaning given to it in Appendix 1. Planned Maintenance means any maintenance of the TAP Transportation System, notified and carried out by the Transporter in accordance with Section 11, which requires a reduction in a Shipper's ability to use its Reserved Capacity while that maintenance is carried out. Potential Assignee has the meaning given to it Section 7.3. Provisional Quantities means the quantity of Natural Gas at a particular Interconnection Point or the Virtual Trading Point that results from each Matching Process expressed in kWh per Gas Day and calculated in accordance with Section 9.3. Rated Entity Guarantee means a guarantee (which may have a fixed monetary limit in Euros), issued to the Transporter on behalf of a Registered Party by a Rated Entity Guarantor in substantially the form set out on the Transporter's website or such other form as may be accepted by the Transporter. Rated Entity Guarantor means a recognised reputable financial institution or an Affiliate or other related entity of the Registered Party on behalf of whom the Rated Entity Guarantee is being provided, 15 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η in each case that has a credit rating from an Approved Credit Rating Agency that is equal to or greater than the Minimum Credit Rating. Reasonable and Prudent Operator means a Person exercising the degree of skill, diligence, prudence, and foresight that would reasonably and ordinarily be expected of a skilled and experienced Person complying with all applicable Law and engaged in the same type of undertaking as that Person under the same or similar circumstances. Reasonable Efforts means, for any action required to be taken by a Person, the efforts that a Reasonable and Prudent Operator would make to take that action, taking into account the conditions affecting that action, provided that a Person will not be required to expend funds in order to take that action that are more than amounts that it determines in its sole discretion to be appropriate. Redistribution Period means each period of twelve Gas Months commencing with the first Gas Day in January and ending at the end of last Gas Day in December in each calendar year, except that the first Redistribution Period will start at the start of the Commercial Operations Date. Reference Price means the Transporter's reference price for gas, determined in a market based, transparent manner using the methodology published on the Transporter's website and expressed in €/kWh. Registry means the database of all Registered Parties that is held and managed by the Transporter. Registered Party means any Person that has satisfied the conditions to becoming a Registered Party specified in Section 3.1 and has received confirmation from the Transporter of its status as a Registered Party. Registration Confirmation has the meaning given to it in Section 3.1(f). Registration Fee means the registration fee of €5,000 payable in the manner specified on the Transporter's website from time to time. Registration Form means the application form that a Person must submit, together with the other documents referred to in Section 3.1(b), in order to apply to become a Registered Party, the form of which is set out in Appendix 3 (Registration Form) and can, from time to time, be updated by the Transporter by publishing a revised form on its website. Renomination means a Nomination submitted by a Shipper for a particular Gas Day after the deadline for the confirmation of the initial Nomination for that Gas Day. Renomination Limitation means the restrictions that a Shipper's Renominations or Updated Trade Notifications may not be greater than an amount calculated in accordance with Section 8.8(
  76. c)or less than an amount calculated in accordance with Section 8.8(d). Reserved Capacity means, in respect of a Shipper under a Gas Transportation Agreement, the maximum capacity (expressed in kWh per Gas Day) at a specified Interconnection Point that the Transporter is required to make available to that Shipper for the transportation of Natural Gas, in accordance with the provisions of the relevant Gas Transportation Agreement. A Shipper's Reserved Capacity when applied to a specific Gas Day of 23 or 25 hours shall be equal to its Reserved Capacity divided by 24 and multiplied by 23 or 25 (as applicable). Reserve Price means the starting price for the auction of any Capacity Product, which will be the TAP Reserve Price unless the auction is for Bundled Capacity in which case it will be the aggregate of the TAP Reserve Price and the reserve price for the relevant capacity product offered by the Adjacent TSO in accordance with the tariff rules of that Adjacent TSO. 16 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Restricted Party has the meaning given to it in the General Terms and Conditions. Revenue Receipt Period means each twelve-month period starting one month later than the start of a Redistribution Period, and ending one month later than the end of that Redistribution Period. Reverse IP Direction means, in respect of any Interconnection Point, the direction of flow of Natural Gas that is the opposite to the Forward IP Direction and is the direction in which the Transporter intends to provide virtual (but not physical) reverse flow Transportation Services at certain Interconnection Points. Revision means the procedure by which this Network Code is amended in accordance with Section 22. Revision Request means a proposal for the amendment of this Network Code that is submitted to the Transporter to evaluate, in accordance with Section 22. Revision Proposal means a written proposal prepared by the Transporter for public consultation, recommending an amendment to this Network Code, in accordance with Section 22. S&P means S&P Global Ratings, a division of S&P Global Inc. or any successor to its rating business. Sanctions Warranty means any representation or warranty as to the compliance of the Transporter or a Shipper with sanctions that is contained in a Gas Transportation Agreement. Secondary Market has the meaning given to it in Section 7.1(a). Semi-Annual Period means, in respect of a Monitoring Period, each of (
  77. a)the period from 1 October to 31 March and (
  78. b)the period from 1 April to 30 September, in that Monitoring Period. Schedule GTC 5 means Schedule GTC 5 to the General Terms and Conditions which sets out, amongst other things, the calculation of the Tariffs applicable to Capacity Products, as approved by the NRAs. Shipper means any Registered Party that has purchased one or more Capacity Products by entering into a Gas Transportation Agreement with the Transporter for so long as such Gas Transportation Agreement continues to be in effect. Shipper Account Code means the representation by a code defined by one TSO to identify a specific Shipper's account with that TSO. Single-Sided Interconnection Point has the meaning given to it in Section 8.1(b). Single-Sided Nomination means a nomination of Natural Gas quantities at a Single-Sided Interconnection Point, following the delivery of a Joint Nomination Declaration by an Active Shipper to an Active TSO, that will be deemed to constitute the nominations of each shipper in a Pair of Shippers to its applicable TSO at that Single-Sided Interconnection Point. Stakeholder Forum means the forum established by the Transporter in accordance with Section 22.7. Statement means an Annual Statement, a Master Statement or a Monthly Statement. Submitting Person has the meaning given to it in Section 22.3(a). Surrender means the release by a Shipper of all or part of its Forward Firm Capacity (other than Forward Firm Daily Capacity) or Commercial Reverse Capacity (other than Commercial Reverse Daily Capacity) at an Interconnection Point so that the Transporter can offer such Reserved Capacity as Available Capacity at auctions and Surrendered will have an equivalent meaning. 17 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Surrendered Capacity means any Reserved Capacity that is the subject of a Surrender Request. Surrender Request means a request by a Shipper to the Transporter for the Surrender of all or part of that Shipper's Forward Firm Capacity (other than Forward Firm Daily Capacity) or Commercial Reverse Capacity (other than Commercial Reverse Daily Capacity). TAP Electronic Data Platform means the internet application made available by the Transporter to all Registered Parties. TAP Reserve Price means the starting price for the auctions of any Capacity Product in the TAP Transportation System which is determined in accordance with Schedule GTC 5. TAP Transportation System means the Natural Gas pipeline system, including pipes above and below ground and all other related equipment owned, or used and operated, by the Transporter in order to provide the Transportation Services in accordance with this Network Code and any Gas Transportation Agreement. Tariff means the tariff applicable to Capacity Products calculated in accordance with Schedule GTC 5 (and includes any Auction Premium). Tax means any tax, charge, fee, levy, or other assessment imposed by any Governmental Authority, whether federal, state, local, or otherwise, including all income, withholding, windfall profits, gross receipts, business, Environmental Tax, value added, capital gain, duties, capital stock, registration, excise, ad valorem, real property, personal property, land, local development, licence, sales, production, occupation, use, service, service use, transfer, payroll, employment, social security (or similar), unemployment, travel, franchise, severance, bonus, or other tax of any kind, as well as any charges and assessments (including any interest, penalties or additions to tax due to or imposed on or regarding any assessment, whether disputed or not, but excluding any royalties, over-riding royalties and like charges), and all stamp or documentary taxes and fees. Trade means a transfer of Natural Gas between Shippers at the Virtual Trading Point. Trade Notification means the prior notification by a Shipper to the Transporter of its Traded Quantities. Traded Quantities means the aggregate quantity of Natural Gas in kWh per Gas Day that has been nominated by a Shipper either: (
  79. a)for transfer from it to another Shipper at the Virtual Trading Point; or (
  80. b)for transfer to it from another Shipper at the Virtual Trading Point, in each case in respect of a specified Pair of Shippers and in accordance with the procedures set out in this Network Code. Transfer means an arrangement between a Shipper and a Registered Party under which the Shipper permits the Registered Party to use some or all of the Shipper's Reserved Capacity and pursuant to which: (
  81. a)the Registered Party is able to submit Nominations in place of the Shipper in respect of the Reserved Capacity which is subject to the Transfer in accordance with this Network Code; and (
  82. b)all other rights and obligations of the Shipper and the Transporter towards each other in respect of that Reserved Capacity are unaffected. A Transfer is also referred to as a "sublet" in the General Terms and Conditions of Gas Transportation Agreements entered into before the Initial Effective Date. Transferred Capacity means any Reserved Capacity (or part thereof) that is subject to a Transfer. Transporter means Trans Adriatic Pipeline AG. 18 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Transporter's Final Decision has the meaning given to it in Section 22.5(a). Transmission Imbalance means, in respect of a particular Shipper on a particular Gas Day: (
  83. a)in respect of Forward Capacity, an amount calculated in accordance with Section 10.1; and (
  84. b)in respect of Commercial Reverse Capacity, an amount calculated in accordance with Section 10.2. Transportation Confirmation means the "Transportation Confirmation" which forms part of the Gas Transportation Agreements entered into by the Transporter with Registered Parties. The most recent version of the Transportation Confirmation that applies to new Gas Transportation Agreements can be found on the Transporter's website. Transportation Services means the Natural Gas transportation services to be provided by the Transporter to a Shipper under a Gas Transportation Agreement. TSO means any operator of a gas transmission system, including the Transporter. UFG means unaccounted for gas, being the positive or negative quantity of Natural Gas in kWh which results from Local Losses and inaccuracies in the Metering Equipment, as calculated in accordance with Section 16.3. UFG Cost per kWh means, in respect of a Gas Month all costs and expenses (including Taxes but excluding the UFG Price per kWh) (in Euro) incurred by the Transporter in relation to the purchase or sale of the UFG calculated in relation to that Gas Month in accordance with Section 16.1(
  85. a)divided by the total quantity of UFG calculated in relation to that Gas Month to give a cost in €/kWh. UFG Price per kWh means, in respect of a Gas month the total aggregate that is paid or received by the Transporter in respect of the purchase or sale of the UFG calculated in relation to that Gas Month in accordance with Section 16.1(
  86. a)divided by the total quantity of UFG calculated in relation to that Gas Month to give a cost in €/kWh. Unplanned Maintenance means any maintenance of the TAP Transportation System carried out by the Transporter, other than Planned Maintenance, which requires restrictions to be placed on the use of Reserved Capacity while that maintenance is carried out. Updated Trade Notification means a Trade Notification submitted by a Shipper for a particular Gas Day after the deadline for the submission of the initial Trade Notification for that Gas Day. UTC means Coordinated Universal Time, as defined from time to time by the International Telecommunications Union agency of the United Nations. Validation has the meaning given to it in the International Vocabulary of Metrology – Basic and General Concepts and Associated Terms (VIM 3rd edition) - JCGM 200:2012 and the terms Validate and Validated will have equivalent meanings. Verification has the meaning given to it in the International Vocabulary of Metrology – Basic and General Concepts and Associated Terms (VIM 3rd edition) - JCGM 200:2012 and the terms Verify and Verified will have equivalent meanings. Virtual Trading Point means a notional location at which Shippers can register Trades of Natural Gas. Westward (Physical) Flow means the direction of flow of Natural Gas in the TAP Transportation System from the Interconnection Point at Kipoi to the Interconnection Point at Melendugno. 19 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Withdrawn Capacity means Reserved Capacity that has been withdrawn by Transporter in accordance with the LT UIOLI procedures specified in Section 13.6 and 13.7. 2.2 Naming conventions (
  87. a)The variables and parameters used in this document are named according to the following naming conventions, unless indicated otherwise: (
  88. i)indices to sum function (e.g. Σ ), max and min functions: indice (
  89. b)(A) d = sum of values of each hour in Gas Day d (B) m = sum of values of each Gas Day in Gas Month m (
  90. ii)indices: h = hourly; d = daily; m = monthly; y = yearly; s = Shipper (iii) prefix: E = Entry Point; X = Exit Point (
  91. iv)suffix prime (') = monthly (allocation); no quote means provisional (allocation) In this Network Code: (
  92. i)words denoting the singular include the plural and vice versa, unless the context requires otherwise; (
  93. ii)words denoting individuals or persons include all types of Persons, unless the context requires otherwise; (iii) words denoting any gender include all genders, unless the context requires otherwise; (
  94. iv)headings are for ease of reference only and do not affect interpretation and are of no legal effect; (
  95. v)references to paragraphs, Sections and Appendices mean paragraphs of, Sections of and the Appendices to this Network Code; (
  96. vi)references to this Network Code include any revision to this Network Code in accordance with Section 22; (vii) references to any other agreements or to any law, statute, rule, or regulation mean the same as amended, modified, or replaced from time to time; (viii) references to a Party or any Person include its successors and permitted assigns; (
  97. ix)the words "include" and "including" are deemed to be qualified by a reference to "without limitation"; (
  98. x)a reduction of a Nominated Quantity, Confirmed Quantity or Allocated Quantity will mean a reduction of the absolute value of such quantity and in comparing any such quantities, the lesser of such quantities will mean the lesser of the absolute values of such quantities; (
  99. xi)a reference to the Transporter's website means the Transporter's corporate website located at http://www.tap-ag.com/; and (xii) words, phrases, or expressions that are not defined in this Network Code but that have a generally accepted meaning in the practice of measurement and metering in the international 20 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η businesses of production, transportation, distribution, and sale of Natural Gas have that meaning. 21 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η 3. REGISTERED PARTIES 3.1 Application to become a Registered Party (
  100. a)Any Person that wishes to become a Registered Party must apply to become a Registered Party by submitting the Application Documents to the Transporter and paying the Registration Fee to the Transporter. A Person will only become a Registered Party following receipt of a Registration Confirmation from the Transporter. (
  101. b)Any Person applying to become a Registered Party must first complete the online "Onboarding Form" found on the Transporter's website, including the name, address and contact details of that Person, and subsequently complete an online integrity due diligence (IDD) questionnaire, a link to which will be provided by the Transporter to the applicant through the Transporter's IDD tool upon the completion of the Onboarding Form by the applicant. Following the submission of the Onboarding Form and the response to the online IDD questionnaire to the Transporter, the Person applying to become a Registered Party must then deliver the following documents to the Transporter's address (or, if signed electronically in a manner acceptable to the Transporter, to the Transporter's e-mail address), which will be set out in the Registration Form: (
  102. i)a completed and signed Registration Form; (
  103. ii)all supporting documents specified in the Registration Form, including a duly executed Confidentiality Agreement, confirmation of completion of the online integrity due diligence questionnaire and evidence that such Person satisfies one or more of the Credit Limit Criteria specified in Section 4.1(b); and (iii) written confirmation in the form provided by the Transporter, signed by an authorised signatory, that such Person acknowledges the terms of, and agrees that upon booking any Reserved Capacity will be bound by, the General Terms and Conditions and the Transportation Confirmation that form part of a Current GTA, together (and including the response to the IDD questionnaire), the Application Documents. (
  104. c)The Transporter will notify any Person that has submitted the Application Documents of the completeness or incompleteness of those documents by no later than five Business Days after the Transporter's receipt of those documents. (
  105. d)If the notification referred to in paragraph (
  106. c)above: (
  107. i)contains confirmation from the Transporter that the Application Documents are incomplete, then the application will be rejected but the relevant Person may, at any time, complete and resubmit those documents without the need to pay the Registration Fee; or (
  108. ii)contains confirmation from the Transporter that the Application Documents are complete, the Transporter will (acting in its sole discretion) assess whether the relevant Person has met all of the requirements to become a Registered Party. (
  109. e)Following receipt of a notification of completeness referred to in paragraph (
  110. c)above, the relevant Person must ensure that the Person nominated by it in the Registration Form to manage that Person's communications (which may be a third party professional services firm) passes a communication test to be arranged by the Transporter as part of the application process. (
  111. f)If the Transporter determines that the relevant Person has met all of the requirements to become a Registered Party, the Transporter will, provide written confirmation to the relevant Person (the 22 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η Registration Confirmation), within 30 Business Days (or such shorter period as the Transporter may determine at its discretion) of a notification of completeness referred to in paragraph (
  112. c)above, stating: (
  113. i)that such Person has been accepted as a Registered Party and entered into the Registry and its name has been published in the list of Registered Parties on the Transporter's website; (
  114. ii)the Credit Limit that is applicable to that Person; (iii) a Shipper Account Code to be used by that Person with respect to any purchase of Forward Firm Capacity or Forward Interruptible Capacity; and (
  115. iv)separate Shipper Account Codes for each Commercial Reverse Route to be used by that Person with respect to any purchase of Commercial Reverse Capacity. (
  116. g)Persons that hold Reserved Capacity under a Gas Transportation Agreement entered into before the Initial Effective Date will automatically be entered into the Registry as a Registered Party without the need to submit a Registration Form. However, until such time as those Persons provide the supporting documents that are specified in the Registration Form as being required to evidence that Person's achievement of one or more Credit Limit Criteria the Credit Limit applicable to those Persons as Registered Parties will be zero. 3.2 Updates to information (
  117. a)Each Registered Party must, upon the request of the Transporter (which is anticipated to occur approximately 15 Business Days before the start of each Gas Year), provide a notice in writing to the Transporter: (
  118. i)confirming that no information provided by that Registered Party in the Application Documents has changed since the last confirmation given by that Registered Party (which, in the case of the IDD questionnaire may require that Registered Party to resubmit the response to the IDD questionnaire if requested by the Transporter); or (
  119. ii)identifying the information provided by that Registered Party in the Application Documents that has changed. (
  120. b)Each Registered Party must, in addition to the obligations set out in paragraph (
  121. a)above, provide a notice in writing to the Transporter identifying any material change to the information provided by that Registered Party in the Application Documents, promptly upon becoming aware of any such material change. (
  122. c)Each Registered Party that notifies the Transporter of a change to any of the information provided by that Registered Party in the Application Documents must submit revised versions of the Application Documents that are affected by that change within five Business Days' of that notification and must cooperate with any request that the Transporter may make for further information or documentation relating to that change. (
  123. d)Upon receipt of revised Application Documents (or if no notice is submitted under paragraph (
  124. a)above), the Transporter will assess if the relevant Registered Party still meets its requirements to be a Registered Party and if it does not may take the action specified in Section 3.4. 23 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η 3.3 Rights and obligations of Registered Parties (
  125. a)Only Registered Parties have the right to: (
  126. i)participate in auctions and purchase Capacity Products in accordance with the procedures set out in Section 6; (
  127. ii)trade Capacity Products with other Registered Parties in accordance with Section 7; and (iii) access the TAP Electronic Data Platform and, subject to Section 6.1(a), the Capacity Booking Platform. (
  128. b)Each Registered Party must at all times maintain a Credit Limit of not less than the Minimum Credit Limit by continuously meeting one or more of the Credit Limit Criteria unless that Registered Party holds Alternative Credit Support Capacity. (
  129. c)A Registered Party that becomes a Shipper will, as well as being a Shipper, remain a Registered Party for the purpose of this Network Code. 3.4 Removal from the Registry (
  130. a)A Registered Party that wishes to cease being a Registered Party may notify the Transporter in writing of its intention to cease being a Registered Party if it no longer has any Reserved Capacity. The Transporter will, no later than ten Business Days after receipt of such notice, remove that Registered Party from the Registry and confirm in writing to that Registered Party that it is no longer a Registered Party. (
  131. b)The Transporter may remove a Registered Party from the Registry and confirm in writing to that Registered Party that it is no longer a Registered Party if: (
  132. i)that Registered Party ceases to maintain a Credit Limit of at least the Minimum Credit Limit unless such Person holds any Alternative Credit Support Capacity; (
  133. ii)a Gas Transportation Agreement that such Registered Party is a party to is terminated by the Transporter before the end of its term and that Registered Party is not party to any other Gas Transportation Agreements; (iii) such Registered Party fails to submit a response to the Transporter within 15 Business Days of the Transporters' notice pursuant to Section 3.2(
  134. a)or, following submission by a Registered Party of any revised Application Documents, the Transporter (acting in its sole discretion) determines that the revised versions of those documents demonstrate that such Registered Party no longer meets its requirements to be a Registered Party as set out above; or (
  135. iv)if that Registered Party is not a party to a Gas Transportation Agreement, then in relation to that Registered Party: (A) that Registered Party voluntarily commences any proceeding or files any petition seeking its liquidation, reorganisation, dissolution, winding-up, composition, or other relief (including any petition seeking the postponement of such proceedings or the grant of a moratorium) under any bankruptcy, insolvency, receivership, or similar Laws applicable to that Registered Party or consents to the commencement of any proceeding or the filing of any petition against it under any similar Law; (B) any corporate action, legal proceeding or other procedure or step is taken in relation to assignment for the benefit of that Registered Party's creditors in the context of 24 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η insolvency or it admits in writing its inability to pay its debts generally as they become due, it ceases to make payments on account of its debts generally as they become due or it becomes over-indebted within the meaning of any applicable Laws; (
  136. c)(C) that Registered Party consents to the appointment of a receiver, trustee, or liquidator over its or any part of its assets or undertakings; (D) a person files a petition seeking the liquidation, reorganisation, dissolution, windingup, composition, or other relief for that Registered Party or the granting of a moratorium with respect to that Registered Party under the provisions of any bankruptcy, insolvency, receivership, or similar Laws applicable to it, and the petition is not dismissed within 60 Days after the filing; (E) a court of competent jurisdiction enters an order or decree appointing a receiver, liquidator, or trustee for that Registered Party or any of its assets and the receiver, liquidator, or trustee is not discharged within 60 Days after the date of the order or decree; (F) a court of competent jurisdiction enters an order or decree adjudicating that Registered Party to be bankrupt or insolvent or granting a moratorium with respect to that Registered Party, and the order or decree is not stayed or discharged within 60 Days after the date of the order or decree; (G) that Registered Party causes or is subject to any event with respect to it which, under the applicable Laws of any jurisdiction, has the analogous effect to any of the events specified in paragraphs (A) to (F) above; or (H) any of the circumstances set out in Section 20.2(a). The removal of a Person from the Registry is without prejudice to any rights and obligations of that Person as a Shipper or a Registered Party that accrued prior to such removal including its rights to return of any Rated Entity Guarantee or its Cash Collateral Balance in accordance with Section 4.6. 25 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η 4. CREDIT LIMITS 4.1 Assigning an initial Credit Limit (
  137. a)The Transporter will, in respect of each Person that applies to become a Registered Party pursuant to Section 3.4(
  138. a)and that meets one or more of the Credit Limit Criteria, set a Credit Limit for that Person in accordance with Section 4.3 and notify that Person of its Credit Limit in the Registration Confirmation. (
  139. b)Persons applying to become a Registered Party must satisfy one or more of the following criteria (together, the Credit Limit Criteria) before being assigned a Credit Limit by the Transporter in accordance with Section 4.3: (
  140. i)that Person has a credit rating that is equal to or higher than the Minimum Credit Rating; (
  141. ii)that Person has procured a Rated Entity Guarantee; or (iii) that Person has paid at least the Minimum Credit Limit as Cash Collateral. (
  142. c)A Person that has satisfied net worth based credit criteria for the provision by it of a guarantee for Alternative Credit Support Capacity will be deemed to have a Minimum Credit Rating for the purpose of this Network Code if required for such Person to satisfy the criteria to be a Rated Entity Guarantor. 4.2 Updating Credit Limits (
  143. a)The Credit Limit of a Registered Party may be retested and revised, either upwards or downwards: (
  144. i)(
  145. b)at any time, at the request of that Registered Party, if that Registered Party: (A) has put or intends to put new credit support in place that meets one or more of the Credit Limit Criteria; or (B) wishes to reduce the credit support it has in place, provided that such reduction does not reduce the Credit Limit below the Minimum Credit Limit or result in an Available Credit of less than zero; (
  146. ii)at any time, by the Transporter, if it reasonably believes that a retesting of the Credit Limit currently assigned to a Registered Party would result in a decrease to that Credit Limit; and (iii) as part of an annual retesting of the Credit Limits assigned to all Registered Parties that the Transporter will conduct on or before 30 June in each Gas Year. If the Credit Limit of a Registered Party is to be retested and revised, as described in paragraph (a)(
  147. i)above: (
  148. i)the Registered Party that is seeking to have its Credit Limit revised must notify the Transporter in writing that it is seeking to have its Credit Limit revised and detail in that notification the new credit support that meets one or more the Credit Limit Criteria that is already in place or that the Registered Party intends to put in place; (
  149. ii)the Transporter shall, by no later than ten Business Days after receipt of the notification referred to in paragraph (
  150. i)above, notify the Registered Party of: (A) in the case of new credit support that is already in place that meets one or more of the Credit Limit Criteria, the revised Credit Limit that is applied to that Registered Party by the Transporter; or 26 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η (B) (iii) (
  151. c)in the case of new credit support that the Registered Party intends to put in place that would meet the Credit Limit Criteria once it is put in place, the revised Credit Limit that will be applied to that Registered Party by the Transporter if the proposed new credit support is put in place; after receipt of the notification referred to in paragraph (ii)(B) above, the Registered Party must take all steps that are required to effect the new credit support and once all such steps have been taken, must notify the Transporter that all such steps have been taken, after which the Transporter must, within ten Business Days, notify the Registered Party of the revised Credit Limit that is applied to that Registered Party by the Transporter. If the Credit Limit of a Registered Party is to be retested, as described in paragraph (a)(
  152. ii)above: (
  153. i)the Registered Party must co-operate with the Transporter and provide such information within its control as the Transporter may reasonably request for the purpose of retesting that Credit Limit; and (
  154. ii)if such testing results in a revision to the Credit Limit, the Transporter must notify the relevant Registered Party of: (A) the reasons why the Transporter has decided to retest the Registered Party's Credit Limit; and (B) the revised Credit Limit that has resulted from that retesting. (
  155. d)If the Credit Limit of a Registered Party is to be retested and revised, as described in paragraph (a)(iii) above, the Transporter must notify each Registered Party that has had its Credit Limit revised following that retesting of the revised Credit Limit that has resulted from that retesting. (
  156. e)Without prejudice to any other rights or remedies available to the Transporter under the relevant Gas Transportation Agreements, if a Registered Party has its Credit Limit revised and, as a result of that revised Credit Limit, its Available Credit is less than zero then such Registered Party must promptly take such steps as are necessary to increase its Credit Limit such that its Available Credit is at least zero. 4.3 Determining the Credit Limit (
  157. a)If a Registered Party or a Person that is applying to become a Registered Party satisfies the Credit Limit Criterion by demonstrating a Minimum Credit Rating, the Credit Limit that will be applied to that Registered Party or Person (or, if applicable, the portion of the Credit Limit that will be attributable to that Credit Limit Criterion) will be the lesser of: (
  158. b)(
  159. i)the Credit Limit Percentage of the Net Worth of that Registered Party; (
  160. ii)€50,000,000 (or such higher amount as the Transporter may expressly agree in writing with that Registered Party or Person); and (iii) the amount (if any) notified by that Registered Party or Person to the Transporter as the maximum Credit Limit that it wishes to have. If a Registered Party or a Person that is applying to become a Registered Party satisfies the Credit Limit Criterion by providing one or more Rated Entity Guarantees, the Credit Limit that will be applied to that Registered Party or Person (or, if applicable, the portion of the Credit Limit that will be attributable to that Credit Limit Criterion) in respect of each such Rated Entity Guarantee will be: 27 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η (
  161. i)if that Rated Entity Guarantor is a recognised reputable financial institution, any limit on the amount in Euros that can be demanded under that Rated Entity Guarantee; or (
  162. ii)if that Rated Entity Guarantor is not a recognised reputable financial institution, the lesser of: (A) any limit on the amount in Euros that can be demanded under that Rated Entity Guarantee; (B) the Credit Limit Percentage of the Net Worth of that Rated Entity Guarantor; (C) €50,000,000 (or such higher amount as the Transporter may expressly agree in writing with that Registered Party or Person); and (D) the amount (if any) notified by that Registered Party or Person to the Transporter as the maximum Credit Limit that it wishes to have. (
  163. c)If a Registered Party or a Person that is applying to become a Registered Party satisfies the Credit Limit Criterion using Cash Collateral, the Credit Limit that will be applied to that Registered Party or Person (or, if applicable, the portion of the Credit Limit that will be attributable to that Credit Limit Criterion) will be the Cash Collateral Balance of that Registered Party or Person. Unless expressly agreed otherwise by the Transporter in writing, a Registered Party or a Person that is applying to become a Registered Party may not deposit Cash Collateral that would result in the Cash Collateral Balance of that Registered Party or Person exceeding €500,000. (
  164. d)If a Registered Party or a Person that is applying to become a Registered Party satisfies more than one Credit Limit Criteria, the Credit Limit that will be applied to that Registered Party or Person will be the aggregate of the portions of the Credit Limit that are applied to that Registered Party under paragraphs (a), (
  165. b)and (
  166. c)above (as applicable). 4.4 Available Credit (
  167. a)A Registered Party that does not have any Reserved Capacity or only has Alternative Credit Support Capacity will have Available Credit equal to its Credit Limit. (
  168. b)A Registered Party's Available Credit will be reduced by each quantity of Reserved Capacity (except for Alternative Credit Support Capacity) that such Registered Party books through auction or acquires by way of Assignment in accordance with the calculation set out in Section 4.5. (
  169. c)No Registered Party may book through auction or acquire by Assignment any Reserved Capacity that would reduce its Available Credit to less than zero following the calculation set out in Section 4.5 being made. (
  170. d)If a Registered Party is booking Reserved Capacity for a full Gas Quarter or the immediately following full Gas Year, the calculation of that Registered Party's Indebtedness for the purpose of determining whether the condition in paragraph (
  171. c)above is met for that auction will be calculated on the following basis: (
  172. i)the Indebtedness will be calculated in accordance with Section 4.5 without taking into account the Reserved Capacity being booked; and (
  173. ii)the Indebtedness will be increased by an amount equal to the Indebtedness calculated in accordance with Section 4.5 but where: (A) M is the Gas Month immediately preceding the start of that booking; and 28 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η (B) the only Monthly Charges taken into account are the Monthly Charges for the Reserved Capacity being booked. For the avoidance of doubt, the above adjustments will only apply in respect of the auction in which the Reserved Capacity is being booked and for the purposes of the calculation in paragraph (
  174. c)above. Following that auction, any Reserved Capacity will be taken into account in the calculation of Indebtedness in accordance with Section 4.5 without adjustment. 4.5 Calculation of Available Credit (
  175. a)The Available Credit of a Registered Party will be updated each Gas Day and immediately following (
  176. i)that Registered Party booking through auction or acquiring by Assignment a Capacity Product (except for Alternative Credit Support Capacity) or (
  177. ii)the update of that Registered Party's Credit limit in accordance with Section 4.2 in accordance with the following formulae: Available Credit = Credit Limit – Indebtedness where: Indebtedness means the aggregate (without double-counting) of: (A) all unpaid amounts set out in a Monthly Statement that the Transporter has issued to the Shipper; and (B) all Monthly Charges for all Reserved Capacity that the Shipper holds for any prior Gas Month (for which a Monthly Statement has not been issued), the current Gas Month and each of the following 12 Gas Months, with a Credit Multiplier applying to each Monthly Charge in respect of Gas Months up to the third Gas Month following the current Gas Month, in each case excluding any Monthly Charges for Alternative Credit Support Capacity. (
  178. b)For the purpose of calculating a Shipper's Indebtedness, following formula will apply: Indebtedness = + × Credit Multiplier + where: (
  179. c)(
  180. i)M is the current Gas Month; (
  181. ii)X is the earliest Gas Month for which there are unpaid Monthly Charges; (iii) UIm is the aggregate unpaid amount in respect of any Monthly Statement issued for Reserved Capacity booked in month m (other than Alternative Credit Support Capacity); (
  182. iv)MCm is the aggregate of all Monthly Charges for the Shipper in respect of month m for all Reserved Capacity (other than Alternative Credit Support Capacity) which has not yet been included in a Monthly Statement issued to the Shipper; and (
  183. v)Credit Multiplier means the credit multiplier that must be applied to the Monthly Charges for each Capacity Product up to Gas Month M+3 determined as specified below. The Credit Multiplier reflects costs in addition to the Monthly Charges that Shippers will incur when using Capacity Products, including the cost of Fuel Gas, UFG, Electric Power and balancing. 29 ΑΔΑ: 6ΖΔΝΙΔΞ-Α0Η (
  184. d)The Credit Multiplier will be the latest figure published on the Transporter's website from time to time. (
  185. e)The value of the Credit Multiplier will be updated periodically and at least annually to reflect actual costs and will be published on the Transporter's website. 4.6 Release of credit support If a Person ceases to be a Registered Party, the Transporter will return to such Person any Rated Entity Guarantee procured by such Person and any Cash Collateral Balance relating to that Person within 30 days of being satisfied that all amounts due and payable by such Person have been irrevocably discharged in full and no further amounts are likely to become due. 4.7 Rated Entity Guarantees with an expiry date (
  186. a)In this Clause 4.7: Replacement Amount means, in respect of a Rated Entity Guarantee, the lesser of: (
  187. b)(
  188. c)(
  189. d)(
  190. i)the remaining undrawn amount of the Rated Entity Guarantee; and (
  191. ii)the amount required to ensure that following the expiry date of that Rated Entity Guarantee the relevant Registered Party’s Credit Limit is maintained as in effect on that expiry date (where relevant as decreased in compliance with Section 4.2(a)(i)(B)) taking into consideration any other credit support in place at such time. Except with the prior written agreement of the Transporter, a Rated Entity Guarantee may only contain an expiry date if: (
  192. i)the relevant Rated Entity Guarantor is a recognised reputable financial institution; (
  193. ii)the expiry date is no earlier than 364 days after the date of issue of the Rated Entity Guarantee; and (iii) such Rated Entity Guarantee permits the making of a demand in accordance with paragraph (
  194. d)below and complies with the other requirements of this Network Code. If a Registered Party provides and the Transporter accepts a Rated Entity Guarantee with an expiry date then no later than 20 days before the expiry date of such Rated Entity Guarantee, the relevant Registered Party must provide to the Transporter a replacement Rated Entity Guarantee: (
  195. i)which is consistent with the requirements of the Network Code; (
  196. ii)which has a face value at least equal to the Replacement Amount; and (iii) which becomes effective no later than the expiry of the expiring Rated Entity Guarantee. If a Registered Party fails to replace any Rated Entity Guarantee when required in accordance with par

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