Power Futures Market Settlement


  • Power Futures Market Settlement is carried out by Market Operator (EXIST) in a fast, reliable and transparent manner.
  • Matching in the Power Futures Market takes place in the form of individual bid-based matches. Settlement calculations are made according to these matches.

PFM Monthly Settlement Process

  • After the relevant month is completed, settlement calculations are started on the first day of the next month, and the preliminary notification is announced to the market participants by the Market Operator on the 6th day of the month.
  • Objection applications to the preliminary settlement notification can be made through PYS until 17:30 on the 12th day of the month.
  • The final settlement notification is published on the 15th day of the month. If the 15th day of the month is a weekend or a public holiday, the final settlement notification is published on the next working day.

PFM Settlement Calculation

  • In the Power Futures Market, the buying and selling amounts are obtained by multiplying the matching quantity and the matching price.

Including PFM Volume in the Volume of Energy Imbalance Calculation

  • Due to the physical delivery of the forward electricity market, the traded volumes in VEP are included in the energy imbalance calculations.
  • The calculation of the Power Futures Market volumes subject to settlement is calculated by obtaining the difference between the total purchase volume and the total sales volume on the basis of the settlement period.
  • Settlement of energy imbalances is done monthly on the basis of balance responsible groups by taking into consideration the day ahead market, intraday market, power futures market and balancing power market transactions, bilateral agreements and realized meter values.

PFM Market Operating Fee

  • PFM Market Operating Fee is collected from the market participants using a method. This method is published by EMRA every year and the market operating fee is determined.
  • PFM Market Operating Fee includes transaction fee, objection fee, default management fee and annual participation fee.
  • Transaction Fee is calculated by multiplying the unit market transaction fee, quantity and contract size. The Transaction Fee is reflected to the market participants in the settlement notification where the matches are made.
  • In case the market maker is active, there is a discount according to the coefficient calculated in the transaction fee according to the market maker contribution rate.
  • Objection Fee indicates the amount incurred in case the objections made by the market participant to the matches are found to be unfair. It is calculated by multiplying the number of objections and the unit objection fee.
  • Default Management Fee is the amount which is reflected to the defaulted participants by the volume of open positions. Default Management Fee is calculated by multiplying the open position amount at the time of default and 3 times the unit transaction fee.
  • Annual Participation Fee indicates the amount demanded from market participants for participating to the Power Futures Market annually.


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