Announcements

Regarding the Electricity Market Payment Procedure

Coronavirus Pandemic, which emerged in China and took over the whole world is continuing to affect economies.  Since the early days of Covid-19, Turkey has been continuously taking precautions in various fields including health and economy to minimize the effects of the pandemic. 

As it is well known, the payments to be made by the Market Operator according to the results of the settlement to be declared are made pursuant to sub-paragraph 9 of article 132-Ç of the Electricity Market Balancing and Settlement Regulation. In this regard, the payment of the net receivable amounts of market participants are made in full, according to the dates and the order of the invoices submitted to EXIST. This method was known to lead to situations where no payments were being made to certain Market Participants who are creditors that happened to be last in line, in case of possible defaults by Market Participants who are Debtors.

Pursuant to the amendment on the Electricity Market Balancing and Settlement Regulation published on today’s Official Gazette (dated 21.04.2020), a Provisional article 38 entitled “Payment Procedure” was included in the Regulation. According to this article, for a period of three months after this article’s entry into force, the payments to be made to the creditor market participants by the Market Operator under sub-paragraph nine of article 132/Ç are made notwithstanding the dates and order of the invoices, and according to the ratio of all amounts collected from the market participants during the relevant invoicing period to the amount of net receivables. If a new collection is made until the publication of the next preliminary settlement notice following such payments, these are also distributed to the creditor market participants according to the method described in the first sentence.  The board is authorized to extend the period of this practice up to six months.

Following this regulation; if our debtor market participants make their debt payments in full within 6 business days following the date on which the settlement was performed, all of the receivables of our creditor market participants will be paid in full. As before, the creditor market participants who submitted their invoice to EXIST will receive payment.

However, these payments will be made notwithstanding the dates and order of the invoices, and according to the ratio of all amounts collected from the market participants to the amount of net receivables. The amount of receivables for the creditor market participants who have not submitted their invoices will be retained in the EXIST Invoice Escrow account until such invoices are submitted to EXIST. 

In case of possible defaults by Market Participants who are Debtors; amounts collected later (including Securities) will be distributed to creditor market participants on the same pro rata basis to complete the payments.

 

Kindly submitted for your information.

ELECTRICITY MARKET ANNOUNCEMENTS

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