Finance

Displayed are the frequently asked questions regarding "Finance".

What are the accepted methods of payment?

Participants of the day auctions must have a business account with TSO Auction BV with an positive balance taking the outstanding amount that have not yet been deducted into account. Participant can bid on the month and year auction without business account. As soon as an auction price is formed and the participant has bid successfully a business account should be requested for and opened by TSO Auction BV.

As a Program Responsible Party in The Netherlands we have already a bank account with TenneT. Is it necessary to open another one with TSO Auction BV?

Yes, TSO Auction BV is a separate organisation, acting independent of TenneT although having residence at the TenneT premises.

What are the steps to take for opening a business account?

To open a business account please send TSO Auction BV a letter including a formal question for TSO Auction BV to open a business account on behalf of Company…… and stating the full companies name, address (street, no PO Box) and the name of an authorised person on financial issues. The letter has to be signed by a person mentioned in the declaration of the Chamber of Commerce.

When will participants be charged?

When capacity is obtained and when a price is formed in a Day, Month or Year Auction and in case of Transfer or Resell or use of the emergency procedure day auction CPS. Day Auction and Transfer and Resell will invoiced every week. The participant must have a positive balance on the business account to be allowed to participate at the Day Auction. Month and Year Auction will be invoiced once a month. The amount due must be paid for 5 working days after the Month and 10 working days after the Year Auction on the participants business account. The amount spent will be deducted the last working day of the month.