FAQ

OKTE, a.s. Operation Order is placed on the website legislation

What is the goal of the organized short-term electricity market in Europe?
The goal of the organized short-term electricity market in Europe is to create one whole-sale electricity market in the whole Europe. All producers, consumers and traders from all countries shall be entitled to offer electricity for sale and request purchase of electricity on this market, whereby it shall be short-term market, i.e. the transactions shall be realised always one day ahead before the supply of electricity.

What is the scope of activity of the short-term electricity market operator?
The short-term electricity market operator secures transparent and reliable whole-sale mechanism of creation of market prices on the electricity market. In order to achieve this purpose it operates a business platform for registration of orders for purchase and sale of electricity and for comparing these orders it uses a matching algorithm, output of which is electricity price for each trading hour and each country (trading area). In the current time it is the Czech, Slovak and Hungarian trading area. The short-term electricity market operator also financially settles the successfully matches orders. The short-term electricity market operator for Slovak republic is OKTE, a.s

What is the benefit from organizing the cross-border wholesale electricity market?
Well-functioning and liquid cross-border wholesale electricity market is a fundamental basis for good operation of wholesale markets, what is in the end of the day a benefit for end-consumer. In order to achieve liquid and competitive European cross-border wholesale electricity market the market operators in particular countries use the transmission capacities available on the cross-border profiles between the countries of the integrated market.

Is it necessary for a cross-border electricity market participant to sign also a valid Agreement on settlement of imbalances?
Yes, it is. Cross-border electricity market participant has to sign also a valid Agreement on settlement of imbalances. The reason is that successful orders from the organized short-term cross-border electricity market automatically become daily diagrams in the system of the Clearing Agent.

Look also at the answer for the question: Is the order being controlled also in relation to financial security of the clearing agent?
The muster of the Agreement on settlement of imbalances is placed on the website contracts

What agreements shall be concluded by the electricity market participant before the start of electricity trading on the organised short-term cross-border electricity market?
Organized short-term cross-border electricity market participant shall be obliged to conclude following agreements:

  • Agreement on settlement of imbalances
  • Agreement on the access to and the conditions for participation in the organized short-term cross-border electricity market

The musters of both these agreements are placed on the following websites imbalance-settlement/contracts and short-term-market/contracts

What is necessary in order to gain the access to the ISOT system?
In order to gain access to the ISOT (Information System of Market Operator) it is necessary to fill in the Request for registration/change of the user account to the XMtrade®/ISOT system and to deliver this request to the short-term cross-border electrity market operator - company OKTE, a.s. on the address indicated on the website basic-information
The request for gaining access to the ISOT is placed on the website short-term-market/documentation

What are the fees on the organized short-term cross-border electricity market?
The Fees on the organized short-term cross-border electricity market are as follows:

  • annual fixed fee for organizing and evaluation of the organized short-term cross-border electricity market,
  • tariff for organizing and evaluation of the organized short-term cross-border electricity market, applicable for electricity purchased and sold on the organized short-term cross-border electricity market

The amount of the fees is set by Decisions of RONI (Regulatory Office for Network Industries) for each relevant year. The decisions of RONI are published on the website legislation. The amount of the fees is indicated without VAT.

Is a consent with collection rights in favour of OKTE, a.s. necessary?
Yes, the Short-term market participant shall be obliged to establish on its bank account maintained in a bank on the territory of Slovak Republic a consent with collection rights for a period at least by the end of the third month following the expiration of Agreement validity with an unlimited amount of collection in order to enable settlement of concluded transactions with electricity.
In case the Short-term market participant fails to hand over the consent with collection in favour of the short-term electricity market operator, the Short-term market participant shall not be registered in the ISOT system for trading on the organized short-term cross-border electricity market.

Where can I find a description of the procedure of the organized short-term cross-border electricity market?
A description of the procedure of the organized short-term cross-border electricity market is contained in the OKTE, a.s. Operation order published on the website legislation.
The time limit for receipt of daily orders is every day at 11:00 a.m.

What is the minimum and the maximum volume of electricity possible for an order to be placed?
The minimum volume of electricity allowed for one order is 1MWh and the maximum volume is 99 999 MWh. The volume of electricity in an order may be indicated with accuracy rounded to one decimal place of MWh. For every single hour and for every offer block of the order it is also possible to indicate the volume of electricity as follows: 1,0; 1,1; 1,2 ... 99 998,9 or 99 999,0 MWh.
The volume of electricity which may be contained in a placed order is stipulated in the OKTE, a.s. Operation Order.

What is the minimum and maximum electricity price admissible in an order?
The minimum price of electricity allowed for one order is 3 000, (minus 3 000, ) EUR/MWh and the maximum price is 3 000, (plus 3 000, ) EUR/MWh. It is also possible to indicate the price of 0,- (zero) EUR/MWh. The price of electricity in an order may be indicated with accuracy rounded to one cent (one hundredth of EUR). Admissible prices in an order therefore are as follows: 3 000,00; 2 999,99; 2 999,98 ... 0,02; 0,01; 0,00; 0,01; 0,02; ... 2 999,99 and 3 000,00 EUR/MWh.
Prices included in the orders are without AT and without consumption tax from electricity.
The prices of electricity which may be contained in a placed order are stipulated in the OKTE, a.s. Operation Order.

What does mean the total acceptance of the first block in the order?
The total acceptance of the first block is an attribute of the order which determines, whether the total traded volume of electricity in all hours of the first block of the order shall be traded as a whole (whether the first total block shall be traded) or whether some hours of the first block shall be traded and some others not. This attribute may be set to the value Yes only in a sale order. (Purchase order shall always have this attribute set to the value No).
In case the attribute total acceptance of the first block is set to the value Yes and if by matching the orders the electricity will not be assigned in the first bock of the order in at least one hour, then zero volume of electricity will be assigned to all hours of the first block (the whole first bock remains unmatched).
The possibility to set the attribute total acceptance of the first block is regulated in the OKTE, a.s. Operation order.

What does mean the performance divisibility in an order?
The performance divisibility is an attribute set in a sale order and that for each particular hour individually. This attribute determines whether it is possible to divide the volume of electricity when matching an order (whether the volume may be reduced, whether only a part of the offered volume may be purchased). In such hours, in which the performance divisibility is set to Yes it is possible to assign to the order also a lower volume in the matching process as the volume offered in the sale order (it is possible to divide the volume in performance). In such hours, in which the performance divisibility is set to No, either the whole volume shall be assigned or, in case the volume should be reduced, then a zero volume shall be assigned-
The attribute performance divisibility may be set only for particular hours of the first block of the sale order. This attribute is not available in blocks 2 to 25 in a sale order and all blocks of the purchase orders (blocks 1 to 25).
The possibility to set the attribute performance divisibility in particular hours is regulated in the OKTE, a.s. Operation Order.

What is the purpose of the blocks within the order?
The blocks within the order allow the possibility to offer in a single order and for the same one hour certain amount of electricity for certain price and at the same time another (different) amount of electricity for another price. There may be up to 25 blocks i.e. offers of electricity for various prices within one order.
When placing prices into the blocks of the purchase order it is necessary to put in the prices in descending order, from the highest to the lowest. E.g. if the price indicated in the 5th hour of the purchase order is 100,- EUR/MWh, then the price for this hour indicated in the second block may be maximally 99,99 EUR/MWh.
The prices indicated in the blocks of the sale order must be placed in ascending order, from the lowest to the highest. E.g. if the price indicated in the 5th hour of the sale order is 20,- EUR/MWh, then the price for this hour indicated in the second block may be al least 20,01 EUR/MWh.
The possibility to use the blocks in an order is regulated in the OKTE, a.s. Operation Order.

How many days in advance is it posible to place an order?
An order may be placed in advance for discretionary number of days. For example on Friday it is possible to place an order not only for Saturday (i.e. a day ahead) but also for Sunday and Monday.
Look also the answer on the question When is the financial security of an order controlled in case of an order placed two or more days ahead?
The possibility to place an order for discretionary number of days is regulated in the OKTE, a.s. Operation Order.

When is the financial security of an order controlled in case of an order placed two or more days ahead?
In case of an order placed in two or more days advance the financial security shall be checked only on the day before the business day, for which the order was placed and that on 9:00 a.m.
Look also the answer on the question When is the order checked for financial security?
Controls of the financial security for orders places in two or more days advance is regulated in the OKTE, a.s. Operation Order.

When is the order checked for financial security?
That depends from the fact, how many days in advance the order is being placed.
Most orders are places for the following business day, i.e. for the day after. An order placed for the day after shall be controlled in respect of the financial security immediately when placing the order.

Look also the answer on the question When is the financial security of an order controlled in case of an order placed two or more days ahead?
Performing controls of the orders in respect of the financial security is regulated in the OKTE, a.s. Operation Order.

Is the order being controlled also in relation to financial security of the clearing agent?
Yes, it is. All orders, i.e. sale orders as well as purchase orders are being controlled in relation to the clearing agent and in the course of this control only the volume of electricity indicated in the order is being controlled, not the price indicated in the order. (Regardless of the fact, whether the prices indicated in the order are positive, zero or negative).
Control of orders in relation to financial security of the clearing agent is regulated in the OKTE, a.s. Operation Order.

Does the sale order have to be covered by the financial security?
The sale order has always to be covered by financial security in relation to the clearing agent (same case is the order for purchase which also has to be always covered in relation to the clearing agent).
The sale order must be covered by financial security in relation to the market operator only in case when this order offers electricity for negative prices. Sale order which offers electricity in all hours (and in all blocks) only for positive prices, does not have to be covered by financial security in relation to the short-term electricity market operator. (Financial security of a sale order which offers electricity only for positive prices shall not be subject of control in relation to market operator).
Controlling of orders for financial security is regulated in the OKTE, a.s. Operation Order.

What financial security is necessary for placing an order?
To place an order a financial security towards the organized short-term cross-border electricity market operator and towards the clearing agent is necessary.
In relation to the organized short-term cross-border electricity market operator, to place an order it is necessary to have a financial security equal to the highest possible payment including of VAT, which could be paid by the market participant to the short-term cross-border electricity market operator in case that this whole order would be traded. Therefrom arises that in case of a purchase order it is necessary in relation to the short-term cross-border electricity market operator to have a financial security for such hours, in which the electricity is ordered for positive prices and vice-versa, in case of a sale order it is necessary to have financial security in relation to the short-term cross-border electricity market operator for such hours, in which the electricity is offered for negative prices.
In relation to the short-term cross-border electricity market operator it is also not necessary to have a financial security fur such purchase order, in which the purchaser is willing to purchase electricity only for negative prices. Similarly, in case of a sale order it is not necessary to have a financial security in relation to the short-term cross-border electricity market operator fur such an order, in which the seller is willing to sell electricity only for positive prices.
The amount of necessary financial security in relation to the short-term cross-border electricity market operator shall be determined as a sum of products of the volume and price of electricity, whereby in case of purchase orders only the hours with positive prices are taken into consideration and in case of sale orders only hours with negative prices. VAT shall be added to the total amount in case of market participants, who are VAT payers.
In relation to the clearing agent, to place an order it is necessary to have a financial security covering the daily diagram which could arise from the placed order in case that this order would be traded in its total volume. For determination of the amount of financial security, only the volume of the electricity indicated in the order shall be taken into consideration. The prices indicated in the order shall not be taken into consideration in such a case. The market participant as a subject of settlement therefore must have such an effective volume of trades (in MWh) in relation to the clearing agent, which equals to the sum of electricity volumes indicated in all hours (and all blocks) of the order.
Calculation of the financial volume of the security is regulated in the OKTE, a.s. Operation Order.

What is the required amount of financial security of the market participant in relation to the short-term cross-border electricity market operator and in relation to the clearing agent?
In relation to the organized short-term cross-border electricity market operator, the market participant shall have such a financial security, that would cover not only orders, which the market participant plans to place on the organized short-term cross-border electricity market, but also his unsettled liabilities against the organizer of the short-term cross-border electricity market operator during the days, when the settlement of transactions from successfully matched orders shall take place. In other words, the unsettled liabilities of the market participant against the organized short-term cross-border electricity market operator lower the disposable financial security of the market participant. This is applicable also vice-versa, i.e. the unsettled liabilities of the market participant against the organized short-term cross-border electricity market operator raise his disposable financial security of this market participant.
The market participant shall arrange such a financial security in relation to the clearing agent, which would cover the volume of electricity ordered by this market participant on the organized short-term cross-border electricity market and as well as the volume of electricity ordered by this market participant as a subject of settlement in his daily diagrams directly to the clearing agent.
The calculation of the financial security of the market participant and details about settlement of trades realized on the short-term cross-border electricity market is regulated in the OKTE, a.s. Operation Order.

Is the amount of the disposable financial security being influenced by unpaid receivables and liabilitie of the market participant?
Yes, it is. The unpaid liabilities of the market participant against the short-term cross-border electricity market organizer lower the disposable financial security of this market participant and the unsettled receivables of the market participant against the short-term cross-border electricity market organizer raise the disposable financial security of this market participant.

Look also the answer on the question What is the required amount of financial security of the market participant in relation to the short-term cross-border electricity market operator and in relation to the clearing agent?
Calculation of the disposable financial security is regulated in the OKTE, a.s. Operation Order.

What is the formula for calculation of the actual amount of the disposable financial security of the market participant?
Market participant's disposable financial security is calculated according to the following formula:

DFZ = DÚ + ?BZ + ?KÚ - NP + NZ - FOO, whereby:

DFZ -is market participant's disposable financial security (EUR),
-is balance of market participant´s funds placed on deposit account as a financial security of orders against the short-term cross-border electricity market organizer (EUR),
?BZ -is a sum of bank guarantees (EUR) (bank guarantee valid for less than 30 days not continuously followed by another bank guarantee shall not be taken into consideration),
?KÚ -is the balance on the current account with authorized overdraft, serving as a financial security of orders against the short-term cross-border electricity market organizer (EUR),
NP -are unpaid receivables of the short-term cross-border electricity market organizer towards the market participant (EUR) (receivables of the short-term cross-border electricity market organizer towards the market participant not paid in the time of calculation of the DFZ),
NZ -are unpaid obligations of the short-term cross-border electricity market organizer towards the market participant (EUR) (obligations of the short-term cross-border electricity market organizer towards the market participant not paid in the time of calculation of the DFZ),
FOO -is financial amount of the market participant's orders placed for the following business day (EUR).

The formula for calculation of the disposable financial security is regulated in the OKTE, a.s. Operation Order.
When is the disposable financial security recalculated?
The amount of the disposable financial security is re-calculated in the event of any change of items, from which the disposable financial securities are calculated:

  • in the event of a cash deposit to the bank account of the short-term electricity market organizer in order to provide financial security,
  • in the event of a hand over of an document stating the bank guarantee of an electricity market participant towards the short-term electricity market organizer,
  • in the event of a deposit of an financial security to the current account with authorized overdraft,
  • in the event of a balance change of unpaid receivables or obligations of the organized short-term electricity market organizer towards the electricity market participant (every business day at 7:00 after the access to the bank statement of executed payments for purchased and sold electricity on the organized short-term electricity market is gained)
  • in the event of control of the financial security order (by the order placed for tomorrow immediately by its placement and by the orders placed 2 or more days in advance by its control for financial security, i.e. on the day before the trading day of an order at 9:00 a.m.).

The reasons for re-calculation of the amount of disposable financial security result from the formula for calculation of disposable financial security of an electricity market participant. This formula is specified in the OKTE, a.s. Operation Order.

Is it possible to claim an order at the time of its annulment? What is possible to claim?
To place a claim in case of annulment of an order is not possible, because the electricity market participant is responsible himself for the reasons of such annulment. (If the electricity market participant places the claim by the order annulment, it will be examined whether the error of information system has occurred and if it is proved that the order was annulled rightfully, the claim will not be accepted.
The order can be annulled immediately by its placement or, if the order was placed two or more days in advance, it can be annulled subsequently when it will be controlled for the financial security on the day prior the business day of an order.
By the placement of an order the order can be annulled on the ground of the unpermitted amount and price for electricity in this order or the insufficient financial security. The electricity market participant is responsible for the amount and price for the electricity stated in the order and at the same time for the amount of his financial security deposited by clearing agent and by organized short-term electricity market organizer.
The order placed two or more days in advance can be annulled on the day before the business day of the order when it will be controlled for the financial security. Again, if the order was annulled, the annulment is due to the insufficient financial security, for the amount of which the electricity market participant is responsible by himself.
It is possible to claim results of organized short-term electricity market in terms of clearing, invoicing and settlement.
It is not possible to claim the price specified by matching of orders at particular hours, nor the amount of electricity, which was assigned to the particular order by the order matching.
The details of claims are specified in the OKTE, a.s. Operation Order.

Is the bank guarantee valid as financial security until the last day of its validity?
No, it is not. The validity of the bank guarantee as financial security ends 30 days prior to the end of the bank account validity. If the bank guarantee is continuously followed by another one, the first bank guarantee is valid until the last day of its validity.
The period of validity of the bank guarantee is specified in the OKTE, a.s. Operation Order.

What is the second auction and when it is announced?
The second auction is re-opening of order acceptance and repeated order matching and it is announced, when by the first order matching (by the first auction) originated at least at one hour the clearing price outside of the range -150, up to 500,- (minus 150,- up to plus 500,-) EUR/MWh. The second auction is announced only for hours, in which the price outside of the specified range originated. The results of the second auction matching are always final, even if the prices are still not in the specified range (another auction is not announced).
The details of the second auction are specified in the OKTE, a.s. Operation Order

How is the clearing price determined?
The clearing price is determined by matching of orders to buy and sell, whereas the intersection of purchase and sale curves shall be found. The purchase and sale curves are created from amounts and prices of electricity stated in orders from all countries, in which the organized short-term electricity market is organized. The method to create the purchase and sale curves and to determine the intersection is called matching algorithm. The orders and the volume of the cross-border profile determined for the organized short-term electricity market provide the base for an input to this matching algorithm and the clearing prices at particular hours and in particular countries and electricity amounts matched to the particular orders create the output of this algorithm. If the profile congestion between particular countries of integrated electricity markets did not occur by order matching, the clearing prices at particular hours are same in all countries of the integrated electricity markets. If the profile congestion occurs, the clearing price at given hour can vary in particular countries.

Look at the answer provided for the question: What is the profile congestion?
The details of creating the clearing (marginal) price (the details of matching algorithm) are specified in the OKTE, a.s. Operation Order.

What is the profile congestion?
The profile congestion is the situation, in which it is required to transmit through the cross-border lines more electricity than these lines are able to transmit. By the order matching on the organized short-term electricity market the profile congestion occurs, when, in the course of the order matching from all countries of an integrated market it is found out that the electricity market participants request to transmit through the cross-border profile more electricity than the amount of this profile specified for the organized short-term electricity market. In such a case the whole available amount of profile is used by the order matching, even though some of orders will remain unmatched. The different clearing prices can be created in particular countries, between which the profile congestion occurred.
The details of order matching are specified in the OKTE, a.s. Operation order.

Is the clearing price always same in all countries of integrated markets?
No, the price doesn't need to be always same. If the profile congestion occurs by the order matching, different price can originate in particular countries.
Look at the answer of question What is the profile congestion? for more details.
The details of matching algorithm for the calculation of clearing (marginal) price at particular hours and in particular countries are specified in the OKTE, a.s. Operation Order.

Which rules are applicable to the rounding of payment for purchased or sold electricity on the organized short-term electricity market?
The price for the payment of electricity purchased and sold on the organized short-term electricity market will be first rounded down (to whole cents) for all electricity market participants and it will be compared whether the sum of payments for purchase of all electricity market participants is equal to the sum of payments for sale of all electricity market participants. In case of an imbalance between these sums the electricity market participants are selected upon some rules and their payments are increased by one cent, so the equation of these sums is acquired and the organized short-term electricity market organizer remains cent-balanced.
The price, which the electricity market participant shall pay or receive for electricity purchased or sold on the organized short-term electricity market, can vary from the price, which would originate by arithmetical rounding, but at maximum by one cent.
The details of the payment rounding are specified in the OKTE, a.s. Operation Order.

When is the payment for electricity purchased or sold on organized short-term electricity market carried out?
The payment for electricity purchased on organized short-term electricity market (for electricity purchased for positive prices) is carried out on first business day after the trading day of an order. This payment is executed by collection order of an organized short-term electricity market organizer.
The payment for sold electricity (sold for positive prices) is carried out on the fifth business day after the trading day of an order. This payment is executed by payment order of an organized short-term electricity market organizer.
The details of transaction settlement executed on the organized short-term electricity market are specified in OKTE, a.s. Operation Order.

How to place an order by the transition from the Central European Time to the Central European Summer Time and back?
By the transition to the Central European Summer time (in March) the amount and price of electricity is placed for 23 trading hours:
- the trading hour 1 represents the interval from 0:00- 1:00,
- the trading hour 2 represents the interval from 1:00- 2:00,
(the interval 2:00 -3:00 does not exist, it is not placed),
- the trading hour 3 represents the interval from 3:00- 4:00,
- the trading hour 4 represents the interval from 4:00- 5:00,
etc,
-the trading hour 23 represents the interval from 23:00- 24:00,

By the transition to the Central European time (in October) the amount and price of electricity is placed for 25 trading hours:
- the trading hour 1 represents the interval from 0:00- 1:00,
- the trading hour 2 represents the interval from 1:00- 2:00,
- the trading hour 3 represents the interval from 2:00- 3:00,
- the trading hour 4 represents the interval from 2:00- 3:00,
(the interval 2:00-3:00 is repeated, it is placed two times, whereas the trading hours 3 and 4 are individual, independent hours, each of them can contain different amount and price of electricity
- the trading hour 5 represents the interval from 3:00- 4:00
etc,
-the trading hour 25 represents the interval from 23:00- 24:00,

What forms of disposable financial security ("DFZ") can be used? It is possible to replace the DFZ with other security tool?
It is possible to create the disposable financial security by

  • depositing a cash to the bank account of the short-term electricity market organizer,
  • handing over the bank guarantee to the organized short-term electricity market organizer,
  • depositing a cash to the current account with authorized overdraft

The disposable financial securities used for financial cover of orders cannot be replaced by other financial security tool except from the above mentioned. It needs to be said that the disposable financial security of electricity market participant used for financial cover of orders toward the organized short-term electricity market organizer increase unpaid claims of this electricity market participant toward the organized short-term electricity market organizer.
Look at the answer for the question What amount of financial security should the electricity market participant deposit by the organized short-term electricity market organizer and by the clearing agent?
The details of possible forms of creating disposable financial security are specified in the OKTE, a.s Operation Order in the Chapter 4.3 Depositing the financial security and an STM Participant's Access to the Organized Short-Term Cross-Border Electricity Market

Is the amount of DFZ same for the whole period of an agreement's duration?
The amount of DFZ does not need to be the same for the whole duration of the Agreement on the Access to and the Conditions for Participation on the Organized Short-Term Cross-Border Electricity Market, because the electricity market participant can modify the amount of his DFZ during the duration of this agreement accordingly to the trading position he wants to take on the organized short-term electricity market. The electricity market participant can increase the DFZ by submitting a new bank guarantee.
The possibilities, which lead to the change of DFZ's amount of electricity market participant are specified in OKTE, a.s. Operation Order.

In case that the DFZ is lower, will we get automatically the difference back?
If the electricity market participant has deposited DFZ by the market organizer and the electricity market participant is not using the DFZ (or he is not using it in the whole amount), he will not get the DFZ automatically back. If the electricity market participant decides to decrease his DFZ towards the organized short-term electricity market organizer, he shall request from the organized short-term electricity market organizer the part of his financial security from his deposit account to be returned.
The details of the possibility to decrease disposable financial security are specified in the OKTE, a.s. Operation Order.

What is the relation between the financial security of clearing subject and DFZ necessary for the organized short-term electricity market participant? Are these two separate securities or the DFZ shall take into consideration also the sum of financial security of the subject of settlement?
These are two separate financial securities.
The financial security of subject of settlement towards the clearing agent serves as a financial cover for daily diagrams, which the subject of settlement places by the clearing agent (to the system XMtrade®/ISZO) and as a financial cover for daily diagrams, which automatically originate from successfully matched orders (placed to the system XMtrade®/ISOT).
The disposable financial security of electricity market participant toward the organized short-term electricity market organizer serves as the financial cover for orders placed on organized short-term electricity market (to the system XMtrade®/ISOT).

Look at the answer for the question What amount of financial security is required to place an order?
The control of orders for financial security toward organized short-term electricity market organizer and toward clearing agent is specified in the OKTE, a.s. Operation Order.

When and for what purpose is OKTE, a.s. entitled to use the financial security of electricity market participant and how is the electricity market participant informed about it?
OKTE, a.s is entitled to use the financial security of an electricity market participant in case that this electricity market participant fails to fulfill his obligations towards OKTE, a. s., which result from orders traded on the organized short-term electricity market. In such case OKTE, a.s. will use the disposable financial security of this participant.
The electricity market participant will be informed per e-mail and registered letter about the use of his financial security within the first business day following after the day, on which the financial security of electricity market participant was used.
The right to use financial security of electricity market participant is specified in the OKTE, a.s. Operation Order.

Is OKTE, a.s. entitled not to accept bank's financial tools (Bank guarantee)?
Yes, it is. For instance due to insufficient long-term rating of the bank, which has issued a bank guarantee for the organized short-term electricity market organizer. The long term rating of the bank, which has issued a bank guarantee for the organized short-term electricity market organizer, must be at least BBB+ (S&P) resp. Baa1 (Moody's). Another reason for not accepting the bank guarantee can be the insufficient validity period of the submitted bank guarantee. When submitted to the organized short-term electricity market organizer, the bank guarantee must be valid at least for 40 days.
The details of depositing a financial security to the organized short-term electricity market organizer are specified in the OKTE, a.s. Operation Order.