EEX and TEİAŞ sign Memorandum of Understanding for a cooperation on the establishment of a Turkish Energy Exchange
"As a bridge between Asia and Europe Turkey has the potential to develop a reference price for this region. The establishment of a Turkish Energy Exchange with liquid power spot and derivatives markets is crucial for the successful liberalization and further growth of the electricity markets", says Metin Kilci, Undersecretary for the Turkish Ministry of Energy and Natural Resources.
"Within the last ten years the European Energy Exchange has developed legal, technical and operational frameworks for trading including a secure and state of the art clearing infrastructure, international co-operations as well as transparency standards. EEX and EPEX SPOT are glad to contribute to the development of the Turkish energy market and share their expertise with their Turkish partners", says Iris Weidinger, Chief Financial Officer of EEX.
Kemal Yıldır, General Manager of TEİAŞ, concludes: "By signing this MoU, we bring together the national and technical expertise of TEİAŞ and the know-how of operating markets from EEX which will surely foster and support the development of the Turkish electricity market."
The Turkish Electricity Production Company (TEİAŞ) is a state-owned company that is licensed by the Energy Market Regulatory Authority to operate within the market structure. TEİAŞ ensures that the power network in Turkey is operated to international standards with focus on quality, affordability and reliability. TEİAŞ is also responsible for day-before and balancing markets as a market operator.
European Energy Exchange AG
The European Energy Exchange (EEX) is the leading energy exchange in Europe. It develops, operates and connects secure, liquid and transparent markets for energy and related products on which power, natural gas, CO2 emission allowances and coal are traded. Clearing and settlement of all trading transactions are provided by the clearing house European Commodity Clearing AG (ECC). EEX is a member of Eurex Group.