Financial security
- You are required to independently calculate the value of the financial security and maintain it at the required level.
- Submit your financial security no later than 5 business days prior to the day on which we start providing the transmission service.
- The financial security must be maintained for at least 3 months after the period for which the capacity (PP) or the transmission ability (PZ) has been allocated.
- Renew your financial security at least 14 business days before the expiry of the existing financial security.
- If you have entered into more than one transmission contract, submit financial security for each contract independently.
- If your financial security is too low, we will call on you to supplement it.
- If you do not supplement the financial security by the specified deadline, we will suspend providing transmission services under your transmission contract.
Forms of financial security for the transmission contract
Transfer the financial security in the form of a cash deposit into our bank account specified in the transmission contract.
Enter "financial security" in the title of the deposit and provide:
- name of the organisation for which the security is provided,
- number of the transmission contract for which the financial security is being established.
On returning your cash deposit including the bank interest, we will reduce the amount by the costs of maintaining the bank account and the cost of the transfer.
The bank guarantee must be:
- irrevocable and unconditional,
- payable on first demand,
- accepted by us,
- issued by a bank established in the territory of a Member State of the European Union or an EFTA Member State being a party to the EEA Agreement, provided that such bank meets the following criteria:
- is not covered by restrictive measures in respect of the provision of financial, banking or investment services [1],
- holds an appropriate credit rating:
- Agency Moody’s - minimum rating Baa2
- Agency Standard & Poor’s - minimum rating BBB
- Agency Fitch - minimum rating BBB
The bank guarantee shall be submitted together with powers of attorney issued for the persons signing the document on behalf of the bank.
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[1] including assistance in issues or any other activity relating to transferable securities and money market instruments on the basis of legislation, including EU legislation adopted pursuant to Article 215 of the Treaty on the Functioning of the European Union (OJ EU C 326/47 of 26.10.2012)
The surety must be:
- irrevocable and unconditional,
- governed by the laws of Poland,
- payable on first demand,
- accepted by us,
- not exceeding 10% of the parent company’s share capital,
- issued by the system user's parent company established in the territory of a Member State of the European Union or an EFTA Member State being a party to the EEA Agreement, provided that it meets the following criteria:
- is not covered by restrictive measures in respect of the provision of financial, banking or investment services[1],
- holds an appropriate credit rating:
- Agency Moody’s - minimum rating Baa2
- Agency Standard & Poor’s - minimum rating BBB
- Agency Fitch - minimum rating BBB
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- provided a declaration of submission to enforcement in the form of a notarial deed[2]
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[1] including assistance in issues or any other activity relating to transferable securities and money market instruments on the basis of legislation, including EU legislation adopted pursuant to Article 215 of the Treaty on the Functioning of the European Union (OJ EU C 326/47 of 26.10.2012)
[2] the enforcement includes an obligation to pay a sum of money up to the amount specified in the declaration pursuant to Article 777 of the Code of Civil Procedure (Journal of Laws of 2019, item1460 consolidated text of 05.08.2019, as amended)
The promissory note must be:
- submitted together with the declaration of submission to enforcement in the form of a notarial deed [1],
- issued by a system user, which:
- is established in the territory of a Member State of the European Union or an EFTA Member State being a party to the EEA Agreement,
- for the last four years has continuously used capacity,
- has paid its obligations to GAZ-SYSTEM on time.
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[1] the enforcement includes an obligation to pay a sum of money up to the amount specified in the declaration pursuant to Article 777 of the Code of Civil Procedure (Journal of Laws of 2019, item1460 consolidated text of 05.08.2019, as amended)
- you are established in the territory of a Member State of the European Union or an EFTA Member State being a party to the EEA Agreement, and
- you hold an appropriate credit rating:
| agency | Moody’s | Standard & Poor’s | Fitch |
| minimum rating | Baa2 | BBB | BBB |
If you decide to become a participant in an existing balancing group, you may be exempted from the financial security for the balancing transmission contract. Details of how to join an existing balancing group can be found under the balancing groups tab.
The increased financial security amount remains effective for 3 months after the resumption of the transmission service.
[1] point 2.20 of the TNC
GAZ-SYSTEM may not profit or incur losses from balancing activities.
We have incorporated the detailed rules on financial securities set out in the Mechanism into the General Terms and Conditions (GTC).
[1] Mechanism ensuring the financial neutrality of the balancing actions of Operator Gazociągów Przesyłowych GAZ-SYSTEM S.A. in accordance with Commission Regulation (EU) 312/2014 of 26 March 2014 establishing a network code on gas balancing of transmission networks
