Turkey's mid-day electricity market will be launched on July 1, Turkey’s energy watchdog announced Friday.
An electricity market is a system enabling purchases through bids; sales through offers; and short-term trades generally in the form of financial or obligation swaps. The mid-day market will start at 6:00 PM for the following day's electricity prices which will then roll on.
The reason behind the introduction of the mid-day market is to increase competition among Turkey's electricity suppliers and to provide fair market prices to consumers.
Mustafa Yilmaz, the head of the Turkish Energy Regulatory Market (EMRA) said that the watchdog's step in operating the new market should be considered a milestone for electricity trade which plans to be an equal to the European and American electricity market in terms of market organization.
"Initially the market will be run by Turkey's state-owned electricity transmission company (TEIAS) and later the Turkish Energy Stock Market (EPIAS) will run the system when the organization gets its electricity operation license," Yilmaz added.
"The mid-day electricity market will be a constantly working market," he stated, and added that it will be supported by software experts in Turkey who have developed the $1.5 million software program to run the market.
After completing the day-ahead market, the mid-day market and power balancing market, the 36 hours difference between the markets will be decreased and problems in the electricity market will be diminished.
By Gulsen Cagatay and Muhsin Baris Tiryakioglu