Announcements

The Green Certificate Market will be online in 2021

Yenilenebilir Enerji Kaynak Garanti (YEK-G) system, which guarantees that the electricity used by end customer is produced from renewable energy sources, has been approved by the Energy Market Regulatory Authority’s (EMRA) Board.Preparations for the national green certification system, studies of which began this year, have been completed.

As a result of studies conducted by examining international examples in order to develop a certification system that complies with EU standards, draft legislation for the operation of the YEK-G system and market by Energy Exchange Istanbul (EXIST)was opened for discussion, whereby YEK-G rules and regulations were approved by the Board.

EXIST will be handling operations

In this context, the YEK-G system and market to be operated by EXIST will guarantee that the electricity used by consumers is generated from renewable sources with a certificate.

Every megawatt-hour of electricity generated from renewable sources with the designed system will be certified. EXIST will issue an electronic YEK-Gcertificate on behalf of producers who request it. EXIST will also operate a continuous trading platform for market participants in order to create a reference price for each type of contract.

While there will be licensed renewable power plants on the supply side of the market to be set up by EXIST, electricity suppliers will be on the demand side. While electricity suppliers will be able to obtain their YEK-G certificates from the organized market or through bilateral agreements, they will also be obliged to notify EXIST regarding bilateral agreements.

Thus, duplicate certification of every megawatt-hour of renewable energy generated will be prevented.

By disclosing YEK-Gdocuments to end users through their own communication channels or invoices, suppliers will be able to prove that the electricity they offer is generated from renewable sources.

While the YEK-G system and market is slated to come online in June, 2021, a new product and revenue item will be created for investors who generate electricity from renewable sources thanks to this market.

Exporters will be provided with a cost advantage

In recalling that the process regarding the implementation of the European Green Deal and as well as carbon border adjustment mechanism was discussed in the EU public opinion, EMRA President Mustafa Yılmaz explained that depending on their carbon emissions, the EU could subject imported products to extra taxation.

In stating that it will be important to document that consumed electricity was supplied from from renewable sources in this context, Yılmaz went on to say:

“YEK-G documents that will be issued in compliance with European standards will be able to offer our exporters a solution for tax exemption EU would normally apply according to their carbon emissions, or that would least lessen the effect of such taxes. These documents will be decisive especially for our companies and manufacturers that export to EU and have high electricity consumption. With these documents, our exporters will be able to prove with transparency that they consume renewable energy in their production processes. Moreover, an additional revenue item shall be created for investors who generate electricity from renewable sources, thus allowing those who invest in this field to earn even more. ”

On the other hand, Yılmaz added that every consumer who wishes to utilize green electricity shall be able to prove that they use green energy through their suppliers with a YEK-G certificate.

Source: Anadolu Agency

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