Deferred Payment of Obligations Invoiced by the ASIC and LAC
The CREG granted the possibility to defer the payment obligations of the marketers invoiced by XM S.A. E.S.P in their ASIC and LAC functions.
Taking into account the difficulties that have arisen due to remote working (as a consequence of Covid-19) for the collection of payments by energy service providers and the effects of the reduction in users' income, the Energy and Gas Regulatory Commision ("CREG") considered it necessary to temporarily adjust the payment conditions of traders in respect of obligations settled by the ASIC and LAC for market transactions and network usage charges.
Thus, through Resolution 061 of 2020 (the "Resolution"), the CREG established a mechanism to defer the payment obligations of traders invoiced by XM S.A. E.S.P., in its role as Administrator of the Commercial Exchange System -ASIC- and as Liquidator and Account Administrator -LAC.
By means of this Resolution, during the months of April and May 2020, the marketing agents that have collection problems in the months of April and May 2020, and that were serving demand at the time of the issuance of Legislative Decree 457 of March 22, 2020 (with the exception of the marketing agents that served exclusively unregulated users), may defer up to 20% the payment of the obligations invoiced by the ASIC and the LAC, and the obligations arising from the settlements made by the LAC.
The foregoing, with the purpose to facilitate compliance with the obligations of marketers serving end users, in such a way as to protect the stability of the service provision scheme and to ensure continuity of supply.
On the other hand, Article 2 of the Resolution establishes the conditions that must exist in order to modify by mutual agreement the Power Purchase Agreements (“PPAs”) executed during the confinement period covered by Legislative Decrees 457 and 531 of 2020. For this possibility such PPAs must be in force, registered and in execution.
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