3rd Mar 2023 16:31
To: Romanian Financial Supervisory Authority (FSA)
Bucharest Stock Exchange (BSE)
London Stock Exchange (LSE)
Current report in compliance with the Law 24/2017 on issuers of financial instruments and market operations, FSA Regulation no. 5/2018 on issuers of financial instruments and market operations, and the Bucharest Stock Exchange Code
Report date: 3 March 2023
Company name: Societatea Energetica Electrica S.A. (Electrica)
Headquarters: 9 Grigore Alexandrescu Street, 1st District, Bucharest, Romania
Phone/fax no.: 004-021-2085999/ 004-021-2085998
Fiscal Code: RO 13267221
Trade Register registration number: J40/7425/2000
Subscribed and paid in share capital: RON 3,464,435,970
Regulated market where the issued securities are traded: Bucharest Stock Exchange (BSE) and London Stock Exchange (LSE)
Significant events to be reported: Transactions with related parties according to Art. 108 of Law No. 24/2017 concluded by Electrica Furnizare SA (EFSA), subsidiary of Societatea Energetica Electrica SA (Electrica), with OPCOM
Electrica informs its shareholders and investors about the conclusion/execution, in the period 31 January - 28 February 2023, of some transactions between EFSA, Electrica's subsidiary, and OPCOM, whose cumulated value exceeds the threshold of 5% of Electrica's net assets, according to Electrica's individual financial statements at 30 June 2022, respectively exceeds the value of RON 199,059,726.
Details regarding these transactions, containing information about the date of execution, type of transaction, description of its scope, total value of the transaction, expiry date, mutual debts and receivables, guarantees, penalties, payment due dates and methods are presented in the Annex below.
According to the contractual conditions between EFSA and OPCOM in the conventions in the table in the annex, invoices are issued with the date of the last day of the month of delivery and are sent electronically either in the first three working banking days of the following month, or in the first 5 working days of the following month for which the services are provided/months of delivery/months in which the transactions are carried out (see the column "Terms and payment methods"). Thus, some of the invoices included in this report were received and registered after 28 February 2023 (the date when the reporting threshold was exceeded), this represents the reason for the date of this report.
CFO
Stefan Frangulea
Annex: Details regarding the transactions concluded by EFSA with OPCOM in the period 31 January - 28 February 2023 of the kind listed in Art. 108 of Law No. 24/2017
Agreement Type and No., execution date | Scope of the agreement | Value of transactions (RON th.) | Date of entry into force | Expiry date | Guarantees (RON th.) | Penalties (RON th.) | Payment due dates and payment methods |
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Buyer: EFSA Seller: OPCOM | ||||||||
1. Convention No. 38156/ 18 Aug 2021 | Sell - purchase of electricity - DAM Transaction and administration tariff - DAM | 135,960.17 | 18 August 2021 | undetermined | 65,000 | See Note 1 below | OPCOM S.A. issues the invoices with the date of the last day of the delivery month and sends them, electronically signed, by e-mail, to the DAM Participants in the first three working banking days of the month following the delivery month. The DAM participant has the obligation to ensure the necessary funds in the current account opened with the Settlement Bank, in order to debit the amounts related to the value of the net payment obligations. |
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2. Convention PC OTC, PCCB-LE-FLEX, PCCB-NC 963/28Dec.2022 | Centralized Market organization and administration services with continuous double negotiation of bilateral and forward electricity contracts | 19.46 | 17 August 2021 | undetermined | N/A | See Note 2 below | The invoice related to the bilateral T trans value (to which VAT is added, as the case may be) is sent electronically (by e-mail) in the first 3 working days of the month following the month in which the electricity sale-purchase transactions were made. Payment by bank transfer, with payment order, within a maximum of 5 working days from the date of receipt of the invoice. |
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3. Convention PCSCV/ PC ESRE CV 962/ 28Dec2022 | Centralized Market organization and administration services for electricity from renewable sources supported through green certificates | 114.68 | 17 August 2021 | undetermined | N/A | See Note 3 below |
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4. Convention NGM - long term 42679/2019 | NGM Trading tariff - REMIT tariff | 1.45 | 26 August 2019 | undetermined | N/A | See Note 4 below | The invoice is sent electronically (by e-mail), monthly, to the contractual partner, in the first 5 working days of the month following the month for which the services are provided and it will include 1/12 of the annual value of each tariff (to which VAT is added as the case may be). Payment is made in maximum 5 working days from the date of receipt of the invoice. |
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5. Convention for Participation on the Intraday Market no. 38103/ 17 Aug 2021 | Sell - purchase of electricity - IM Trading and administrative tariffs - IM | 5,938.41 | 17 August 2021 | undetermined | 17,401 | See Note 1 below | OPCOM issues invoices dated the last day of the month of delivery and sends them, electronically signed, by email to the Participants on IM in the first three working banking days of the month following the month of delivery. The IM participant has the obligation to ensure the necessary availability in the current account opened at the Settlement Bank, in order to debit the amounts related to the value of the net payment obligations. The payment of the transaction and administration fee invoice - IM is made by the participant in the respective market, in full by bank transfer, with payment order, within a maximum of 5 working days from the date of receipt of the invoice. |
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6. Agreement 81670/1 Oct 2011 AD3/1274/7Jul2021 | Data access and reporting for compliance with the provisions on the integrity and transparency of the wholesale energy market (REMIT) | 11.85 | 7 July 2021 | undetermined | N/A | See Note 4 below | The invoice will be issued and sent electronically (by e-mail) by OPCOM within no more than 5 working days from the date of receipt of the invoice from ACER and will contain the breakdown of the fee charged by ACER in 2021 by component. The Market Participant undertakes to pay the invoice in full by bank transfer, with a payment order, within a maximum of 5 working days from the date of its receipt. |
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7. Agreement 55659/27Dec2022 MACEE | Sale/purchase of electricity through The annual mechanism for the centralized purchase of electricity (MACEE) | 115,883.06 | 1 Jan 2023 | 31 Jan 2023 | 25,250 | The Seller issues the invoice for the value of the electricity sold, with the date of the last day of the month of delivery for which it is issued, and sends it to the Buyer, signed electronically, by email, in the first 4 bank working days of the month following the month of delivery. The invoice is issued by the Seller in accordance with the provisions imposed under the Procedure regarding the receipts and payments related to the quantities of electricity sold/bought through MACEE. The payment obligations of the Buyer, for each day of delivery, are paid by direct debit instructions issued by the Seller on bank working days. |
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AD1/27.Jan2023 | 1 Feb 2023 | 28 Feb 2023 |
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8. Convention 52627/12Dec2022 MACEE | Organization and administration services of the Centralized Electricity Purchase Mechanism (MACEE) | 32.65 | 12 Dec 2022 | 31 Dec 2023 | 115,000 | The invoice related to the bilateral T trans value (to which VAT is added, as the case may be) is sent electronically (by e-mail) in the first 3 working days of the month following the month in which the electricity sale-purchase transactions were made. Payment by bank transfer, with payment order, within a maximum of 5 working days from the date of receipt of the invoice. |
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Seller: EFSA Buyer: OPCOM | ||||||||
9. Convention No. 38156/ 18 Aug 2021 | Sell - purchase of electricity - DAM | 3,429.31 | 18 August 2021 | undetermined | N/A | See Note 1 below | The invoice related to the bilateral T trans value (to which VAT is added, as the case may be) is sent electronically (by e-mail) in the first 3 working days of the month following the month in which the electricity sale-purchase transactions were made. Payment by bank transfer, with payment order, within a maximum of 5 working days from the date of receipt of the invoice. |
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10. Convention for Participation on the Intraday Market no. 38103/ 17 Aug 2021 | Sell - purchase of electricity - IM | 5,708.77 | 17 August 2021 | undetermined | N/A | See Note 1 below | IM Participants issue the invoices, with the date of the last day of the delivery month and send them to OPCOM S.A. by e-mail / fax, in the first three working banking days of the month following the month of delivery and in original or with electronic signature, at the latest by the 10th of the month following the month of delivery. Payment is made by the 10th calendar day of the following month. |
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Total executed amount during 31 January - 28 February 2023: RON 267,099.79 th.
Due and not due mutual receivables of EFSA from OPCOM at 27 Feb 2023: RON -199.95 th.
Due and not due mutual debts of EFSA to OPCOM at 27 Feb 2023: RON -124,881.96 th.
Note 1: Major non-fulfillment of the payment obligation entitles OPCOM to suspend the DAM/IM Participant's right to trade for a maximum of one month. The suspension is lifted after the payment has been made. It constitutes a situation of non-fulfillment of the obligations by a DAM/IM Participant, the situation in which the DAM/IM participant's account does not have sufficient availability related to the payment obligation, having as a consequence the Bank's refusal to execute the direct debit instruction and the issuance by OPCOM of the request of payment in execution for the amount owed.
Note 2: To pay, within five (5) working days from the date of transmission of the request by OPCOM, the penalty provided by the Procedure.
Note 3: To pay the equivalent of the penalty, if, due to his fault, a transaction on PCSCV is canceled.
Note 4: OPCOM has the right to suspend the execution of the obligations assumed by the Agreement if the Beneficiary of the Services does not fulfill his payment obligation in full, within a maximum of 5 (five) working days from the date of receipt of the invoice, without prior notification being necessary. During the suspension period, i.e. starting with the date immediately following the deadline of maximum 5 (five) working days (offer/transaction day, as the case may be) for the fulfillment of the payment obligations, OPCOM is exonerated from any responsibility for the non-execution of the obligations assumed by the Agreement. The suspension of the execution of OPCOM's obligations will last until the moment when the Beneficiary of the Services fully pays the outstanding amounts due to OPCOM.
Related Shares:
Electrica Regs