Update of the procedure for access and operation at PSV

With reference to the provisions of Resolution 181/2012/R/gas of the Authority for Electricity and gas, awaiting the availability of features designed to elaborate ex-ante the compatibility check between issued transactions and the sale limit, as defined in the "Conditions for the sale and exchange of natural gas to the Virtual Trading Point (PSV)" (Conditions), Snam Rete Gas publishes the update of the procedure for access and operation for registered Shippers at PSV until August 31, 2012.

The effective date of the new transitional arrangements will be communicate as short and until such notice is in effect the procedure published on May 18, 2012. Starting from this date Users will be able to create and accept, during the gas-day G-1 (1 ^st session) daily/multy-day transactions for the gas-day G and subsequent gas-day, and during gas-day G (2 ^nd session) daily transactions for the same gas-day as following detailed:

1st session G-1 (Day and Multy-day)

06.00 - 11.00 Users will be able to create and accept sale and purchase transactions;

11.00 - 12.00  Snam Rete Gas will check the compatibility between transactions accepted and the sale limit of each User, available on Portale Capacità, determined ad the difference between term MEPSuk and term EPSuk.

For this purpose the price of transactions will be equal to the “estimated imbalance price” provided in paragraph 1.4.1 of Chapter 5 of Network Code.

Accepted transactions that exceed the sale limit, identified in chronological order, will be fully considered unacceptable, even if the transaction exceeds this limit partially, and will be communicate to the interested Users either in sale or in purchase.

2nd session (Intraday):

14.00 - 15.30 Users will be able to create and accept sale and purchase transactions;

15.30 - 16.30 Snam Rete Gas will check the compatibility between transactions accepted and the sale limit of each User, available on Portale Capacità, determined ad the difference between term MEPSuk and term EPSuk.

For this purpose the price of transactions will be equal to the “estimated imbalance price” provided in paragraph 1.4.1 of Chapter 5 of Network Code.

Accepted transactions that exceed the residual limit of the 1st session, identified in chronological order, will be fully considered unacceptable even if the transaction exceeds this limit partially, and will be communicate to the interested Users either in sale or in purchase.

Beyond the abovementioned hours the Users will be able only to read transactions.

On all occasions in which Snam Rete Gas will provide the deletion of the unacceptable transactions, the same will give notice to the Authority for Electricity and Gas. In so, User, either in sale or in purchase, will be the only responsible for any consequences occurring to third parties and/or Snam Rete Gas (as Balancing Operator).

Snam Rete Gas, in fulfillment of and pursuant to the resolution 181/2012/R/gas, declines any sort of responsibility.

Transactions involving the return of quantities emitted by LNG operators (third and fourth session) are excluded from such management.