Energy Exchange Istanbul  (EXIST) will open a spot natural gas market within the year, Hasan Huseyin Savas, EPIAS general manager said

“In consultation with Turkey’s Energy and Natural Resources Ministry, Energy Market Regulatory Authority and Capital Market Board, we will legally open the spot natural gas market close to the year end,” Savas told.

The new spot natural gas market will determine and announce natural gas prices for the day-ahead market.

EXIST employed natural gas experts from the Petroleum Pipeline Corporation (BOTAS) and from Turkey’s natural gas market to help with setting up the market system, Savas explained.

In the day-ahead market, the system price of natural gas will be determined by matching offers from suppliers with bids from market players to develop a supply and demand equilibrium price.

On March 18, Savas announced that EXIST launched Turkish produced software for the day-ahead electricity market on the stock market’s first anniversary.