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Energy traders defined road map for Turkish Energy Exchange

Press Release - 27 September 2012

Energy traders defined road map for Turkish Energy Exchange

Under the chairmanship of Metin Kilci, Undersecretary of the Turkish Ministry of Energy and Natural Resources, members of the Turkish Energy Traders Association (ETD) and other industry executives came together for the third Istanbul Trader Meeting. A concrete implementation plan for the Turkish Energy Exchange was presented and the necessity of the liberalization of the Turkish Power and Gas market was highlighted.

Since the second Istanbul Trader Meeting in November 2011, remarkable progress has been achieved. Together with the European Energy Exchange (EEX), the ETD members defined concrete proposals for the liberalization of the electricity wholesale market and discussed them with the Ministry of Energy and Natural Resources, EMRA, TEİAŞ and other relevant economy and financial authorities.

Batu Aksoy, CEO of Turcas, Member of the Board of ETD and Istanbul Meeting Coordinator, stated: “Together with the Government, we created an implementation concept for the Turkish Energy Exchange. Of course, the final decision on the shape of exchange needs to be made by the Turkish Government. But we are convinced that the proposal supports the Turkish Governmental goals of creating a liquid and competitive energy market.” The purpose of the energy exchange is to establish a transparent and well-functioning market that is determined by supply and demand. The prices quoted on the exchange will be the benchmark for all energy commodity transactions in Turkey and the surrounding regions. As soon as the legal framework is given, the implementation can proceed based upon the signed Memorandum of Understanding between TEİAŞ and EEX.

The industry initiative on gas market liberalization was the second main topic of the Trader Meeting. “Investments need to be increased to develop the infrastructure for gas transportation and competition must be ensured through the establishment of a level playing field for all market participants. Turkey should make use of its unique strategic location close to the worlds biggest proven gas reserves to ensure security of gas supply, lower the prices for natural gas and finally, become the energy hub for Central Southeastern Europe and Near East regions,” explained Arif Aktürk, Board Member of Petroleum Platform Association (PETFORM) and Managing Director of NaturGaz, and added that ETD and PETFORM will support the strategic objectives of the governmental institutions to develop the gas market by creating a road map with concrete actions.

Kiran Madisetti, Member of the Board of ETD and CEO of Enerjisa Electricity Wholesale & Trading Company underlined the importance of ETD’s efforts: “Turkey aims to become the 10th largest economy by 2023. As energy is backbone of every economy, creating liquid energy markets, for power and gas, is a crucial factor. We very much welcome the Turkish Government's willingness to consider an industry proposed solution and appreciate both the level and spirit of cooperation and mutual trust.

We, as ETD members, contribute towards the efforts for the definition of standards, in the sector, and the establishment of a liberal, transparent and competitive market. In short, we support the development of our market to improve liquidity, attract investors and, as a result, increase the security of supply for Turkey.”

About the Energy Traders Association: The Energy Traders Association (ETD), Energy Traders Association (ETD) was founded by companies holding Electricity Wholesale Licenses in 2010. The Istanbul-based Association currently has 35 members. ETD is mandated to facilitate and promote universal rules, regulations and standards enabling fair trading environment towards a liberal energy market. ETD’s functions include not only the establishment of preliminary infrastructure ensuring transparent and accessible prices and market information for all, but also introduction of a widely accepted standard contract and defining and establishment of ethical code. In order to fulfill its objectives, ETD cooperates with EFET (The European Federation of Energy Traders) and many other national and international institutions.
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