Announcements

Minister Dönmez: “EXIST (Energy Exchange Istanbul) will be among the top energy exchanges in the world thanks to power futures market.”

The Minister of Energy and Natural Resources of Turkey, Mr. Fatih Dönmez has stated that with power futures market, Turkish energy market has entered into a period of maturity, and added “With the futures market, we enable the purchase and sale of electricity in a more transparent, stable and competitive environment with future transactions that create a physical delivery obligation. By increasing predictability, our investors will be freed from financial uncertainty and this will contribute to the development of a sustainable investing environment.”

Mr. Dönmez, in his speech at the opening ceremony of The EXIST Power Futures Market, expressed that the depth of the market has increased compared to previous years due to confidence in Turkey’s energy markets.

Mr. Dönmez stated that the Turkish electricity market has matured into a place where everyone manages their own trading risk, and added: “Therefore, there will be all kinds of products in this market place. Today, we conclude a 3-year process. With the power futures market, we are turning a new page that will take us one step further ahead in our last 20-year journey. With the futures market, we enable the purchase and sale of electricity in a more transparent, stable and competitive environment with future transactions that create a physical delivery obligation. In this way, we will further increase the transparency of the market, protecting participants from price risks.”

Mr. Dönmez said that participants will be able to see price expectations for the future and position themselves accordingly.

Due to the fact that the contracts to be processed are standardized, the participants of the market will easily position themselves clearly and bank guarantee calculations will be made easier than ever. Mr. Dönmez also added the following:

“Thanks to our future electricity market, we eliminate all risks that may arise from transactions which happen in what we call over-the-counter markets, which are not organized or regulated through a stock market. In such cases, price expectations for the future are also not fully realized, as risks exist for the counterparty and the lack of transparency. The most important feature that distinguishes the futures market from over-the-counter markets is the central counterparty role assumed by EXIST. With this model, EXIST possibly enters among the most important energy exchanges in the world. EXIST has offered a platform that brings the demand side and the supply side together without the necessity to bring them face to face and offers assurances for both sides. In this way, we also eliminate the counterparty risk that is involved in over-the-counter markets. Thanks to transparent market conditions, we will also protect participants from market risks.”

In futures transactions, participants will be able to fix their costs

Mr. Dönmez emphasized that by doing so, investors will have the opportunity to see price expectations for the future.

According to Mr. Dönmez, the prices that will be formed in the futures market will also be a reference for over-the-counter market transactions, and the reference prices that will be formed in the future will create a predictability.

Mr. Dönmez, pointing out that market participants will be able to make long-term trading with fixed prices, said: “Our Investor will have the opportunity to find financing on more comfortable terms. By increasing predictability, our investors will be freed from financial uncertainty and this will contribute to the development of a sustainable investment environment. In fact, with this tool, we allowed the market participants to see further ahead.”

Mr. Dönmez stated that with futures transactions, participants will fix their costs and will also be protected from price fluctuations in the spot market, and even arbitrage can be performed if market conditions are appropriate.

Mr. Dönmez stressed that at the end of each session, EXIST will share daily indicator prices and thus create a pricing signal to participants for subsequent pricings, also added: “the future price references will increase predictability, reliability and transparency. We expect power futures market to achieve high volume and liquidity in the medium and long term.

Mr. Dönmez, who said that EXIST is the fourth largest electricity market in Europe with its current volume, expressed his desire for EXIST to be in a better position with the volume of transactions that will occur thanks to the futures market.

Mr. Dönmez reported that this year, as the market will be opened for trading, market participants will not be charged for futures transactions.

Mr. Dönmez also stated that as of June 1st, six monthly and two quarterly load contracts were opened for processing and added, “in accordance with the demands of the market, annual contracts together with peak and non-peak contracts will be activated in the futures electricity market. With futures electricity market as an instrument in developed energy markets, we can say that our energy exchange has entered into a period of maturity as of today.”

Mr. Dönmez stated that the futures gas market will also be put into operation later this year.

After his speech, Energy and Natural Resources Minister Fatih Dönmez, The President of Energy Market Regulatory Authority Mr. Mustafa Yılmaz, The Chairman of the board of Directors of EXIST Mr. Abdullah Tancan and the General Manager of EXIST Mr. Ahmet Türkoğlu pressed the transparent button to signal the opening of the futures market.

Later on, Mr. Dönmez said the following regarding the first transaction realized in the market “Our first match in futures electricity market was realized on June the 1st 2021 at 13:00:12, for an October base contract, as in 1 lot, with the fixed price of 405 Turkis Liras per megawatt hour.”

President of Energy Market Regulatory Authority, Mr. Yılmaz: “Futures electricity market will be a turning point on the way to becoming Turkey’s Energy Trade Center

The President of Energy Market Regulatory Authority Mr. Mustafa Yılmaz reported that the Power Futures Market which started its operations as of today and the futures natural gas market which will be activated in October, will play an important role in making Turkey a global energy trade center.

Mr. Yılmaz, in his speech at the opening ceremony of the EXIST power futures market, stated that Turkey has undergone a transformation in recent years on its way to becoming a global Trade Center of energy.

Mr. Yılmaz stated that this transformation should not be considered separate from global energy markets and should be considered in line with regional dynamics, and added “many countries in our region have the intention and effort to establish an energy exchange, but the size of our energy market gives us an advantage in economic scale. Recently, our energy demand has increased at such high speed that it became incomparable to other countries in our region. And that strengthens our dynamism.”

Mr. Yılmaz noted that they aim to become a center of attraction for other markets in the region with the increasing attraction of Turkish electricity and natural gas markets.

Mr. Yılmaz emphasized that they will continue to introduce the instruments already available in the developed countries and reported that the Power Futures Market which started its operations as of today and the futures natural gas market which will be activated in October, will play an important role in making Turkey a global energy trade center.

Power Futures Market will not collect a market operating fee until the end of this year

EXIST CEO, Ahmet Türkoğlu also stated that EXIST has improved its diversity and service quality with new futures products developed and said:

“With our increasing trade volume, our company, which is the fourth largest energy exchange in Europe, is trying to contribute to our country’s goal of becoming an energy exchange center in the region, with new products that it has developed and commissioned. If we look at the trading volumes we have achieved in recent years, the Day-Ahead Market trading volume in 2020 increased by 17% and reached 181 TWh. In the same way, the trading volume in the intraday market increased by 20% and reached 7 TWh. If we look at the data for the first 4 months of this year, we can see that the growth continues. The intraday market increased by 20% and the Day-Ahead Market by 23%. The amount of invoices and collections deducted from our transactions last year reached 105 billion TRY. In the first 4 months of this year, we reached 39 billion TRY.”

Mr. Türkoğlu said that with futures markets that will be opened, the increasing market participants will develop and deepen markets by creating more trade volume.

Noting that market participants will have the opportunity to protect themselves against price risks and be able to see price expectations for the future thanks to futures markets, Mr. Türkoğlu added: “EXIST will ensure the operation of a secure market by providing counterparty services in futures. With the reference price that will be formed in futures market, the possibility of making feasibility will be established for domestic and foreign investors without investment support and purchase guarantee.”

Pointing out that in addition to the current spot electricity and natural gas markets, the physical delivery futures market and the physical delivery gas market which will be taken into operation, Mr. Türkoğlu heralded new advantages for the stock market in terms of depth and liquidity. Our businesses, whose main input is energy, will be able to easily obtain the competitive price for futures sales in foreign markets from our stock market by observing and buying the energy cost in their products in advance. Finally, I would like to remind you that there will be no market operating fee until the end of this year in our market” he added.

EEX Managing Director Peter Reitz: “We are very happy about our cooperation with EXIST”

European Energy Exchange (EEX) CEO, Peter Reitz, who attended the opening ceremony online, congratulated EXIST and said: “I know how difficult it is and how much dedication is required to build a new market from scratch. EXIST already operates spot electricity markets smoothly, which are the basis of the Power Futures Markets. Based on my own experience, I would like to express that futures markets are game-changing markets. Having such potential means creating a new economic volume. “We are very happy about our cooperation with EXIST” .

High participation of European energy exchanges in the ceremony

CEOs and senior executives of EUROPEX member European energy exchanges attended the ceremony online. Administrators who participated in the ceremony were; General Director of ALPEX, Sokol Dishnica, General Manager of BORZEN Matjaz Gerden, CEO of CROPEX Silvio Brkic, ESCO International Investment Relations Leader Tamar Tsurtsumia, General Secretary of EUROPEX Chiristian Baer, President and General Manager of GME Andrea Peruzy, General Director of HENEX George Ioannou, General Directors of IBEX Konstantin Konstantinov and Nicola Gabrovski, ICE ENDEX President and General Manager Pieter Schuurs, President of MIBGAS Raul Yunta Huete and General Directors of SPIMEX Alexey Rybnikov and Alexey Gerasyuk.

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