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Electricity by Market Characteristics and Turkey’s Liberalization Path

Year 2023, , 363 - 392, 31.01.2023
https://doi.org/10.21550/sosbilder.1084943

Abstract

Recent economic conjuncture has brought electricity and its liberalized markets to center stage again. Electricity, through its idiosyncrasies which were not in sight prior to liberalization, requires a particular market structure. Moreover, market designs may diverge. This paper addresses electricity market structure in view of the Turkish Market by focusing on electricity’s features and supply chain, and the spot markets where majority of trades take place. Turkish Market has taken significant distance in liberalization by broadly adopting Europe’s market structure in a prudent approach which extends over a considerable time. Day-Ahead Market, where pay-as-cleared pricing method applies, has been accepted by her participants and succeeded to convey short-term price signals. On the other hand, Intraday Market, which was introduced following the developed markets to serve supplemental balancing needs, has also reinforced the process. Nevertheless, as discussed in literature targets expected from liberalization have not been achieved yet and is likely to proceed sporadically with some “re-regulation” steps. In this respect, we highlight some dilemmas faced by the regulator, system/market operator.

References

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  • Barouti, M. & Hoang, D. (2011). Electricity as a Commodity. Essec Business School. http://www.essectransac.com/wp-content/themes/arthemia/images/2011/04/Electricity-as-a-Commodity-M.Barouti-and-D.Hoang_.pdf
  • Belyaev, L. (2011). Electricity market reforms: Economics and policy challenges. Springer Science+Business Media.
  • Biggar, D. R. & Hesamzadeh, M. R. (2014). The Economics of electricity markets. John Wiley & Sons Ltd.
  • Blume, S. W. (2017). Electric power system basics for the nonelectrical professional. John Wiley & Sons, Inc.
  • Borenstein, S. (2002). The trouble with electricity markets: Understanding California’s restructuring disaster. Journal of Economic Perspectives, 16(1), 191-211.
  • Borenstein, S. & Bushnell, J. (2015). The U.S. Electricity Industry after 20 Years of Restructuring. Energy Institute at Haas. https://ei.haas.berkeley.edu/research/papers/WP252.pdf
  • Bunn, D. (2004). Structural and behavioural foundations of competitive electricity prices. D. Bunn (Ed.), Modelling Prices in Competitive Electricity Markets içinde (1-17. ss.), John Wiley & Sons Ltd.
  • Burger, M., Graeber, B., Schindlmayr, G. (2014). Managing energy risk: A Practical guide for risk management in power, gas and other energy markets (2nd ed.). John Wiley & Sons Ltd.
  • Caldana, R., Fusai, G., Roncoroni, A. (2015). How to build electricity forward curves. A. Roncoroni, G. Fusai, M. Cummins (Ed.), Handbook of Multi-Commodity Markets and Products: Structuring, Trading and Risk Management içinde (673-685. ss.), John Wiley & Sons Ltd.
  • Casazza, J. & Delea, F. (2010). Understanding electric power systems: An overview of the technology, the marketplace, and government regulation. John Wiley & Sons, Inc.
  • Chao, H., Oren, S., Wilson, R. (2008). Reevaluation of vertical integration and unbundling in restructured electricity markets. F. Sioshansi (Ed.), Competitive Electricity Markets: Design, Implementation, Performance içinde (27-64. ss.), Elsevier Ltd.
  • Cheung, K., Rosenwald, G., Wang, X., Sun, D. I. (2010). Restructured electric power systems and electricity markets. X. Zhang (Ed.), Restructured Electric Power Systems: Analysis of Electricity Markets with Equilibrium Models içinde (53-97. ss.), John Wiley & Sons, Inc.
  • Deryugina, T., MacKay, A., Reif, J. (2017, Mayıs 2). The long-run elasticity of electricity demand: Evidence from municipal electric aggregation. https://www.econ.pitt.edu/sites/default/files/Deryugina.Electricity%20Aggregation.pdf
  • Dilaver, Z. & Hunt, L. (2011). Turkish aggregate electricity demand: An outlook to 2020. Energy, 36(11), 6686-6696.
  • Edwards, D. (2010). Energy trading and ınvesting: Trading, risk management and structuring deals in the energy markets. McGraw-Hill.
  • Ehrhardt, M. & Brigham, E. (2011). Financial management theory and practice (13th ed.). South-Western Cengage Learning.
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  • Enerji Piyasası Düzenleme Kurumu (2017). Elektrik piyasası 2016 yılı piyasa gelişim raporu.
  • Enerji Piyasası Düzenleme Kurumu (2018). Elektrik piyasası 2017 yılı piyasa gelişim raporu.
  • Enerji Piyasası Düzenleme Kurumu. (2019). Elektrik piyasası 2018 yılı piyasa gelişim raporu.
  • Enerji Piyasası Düzenleme Kurumu (2020, Mayıs 11). Dengeleme güç piyasası kapsamında etiket değerlerinin belirlenmesi ve sistem marjinal fiyatının hesaplanması prosedürü. https://www.epdk.gov.tr/Detay/Icerik/2-8129/-dengeleme-guc-piyasasi-kapsaminda-etiket-degerle
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  • Erdoğdu, E. (2005). Energy market reforms in Turkey: An economic analysis. (Yayımlanmamış yüksek lisans tezi). Surrey: University of Surrey School of Human Sciences.
  • Erdoğdu, E. (2007). Electricity demand analysis using cointegration and ARIMA modelling: A case study of Turkey. Energy Policy, 35(2), 1129-1146.
  • European Commission (2021, Ekim). Tackling rising energy prices: A toolbox for action and support.
  • European Network of Transmission System Operators for Electricity. (2019, Haziran 5). Statistical factsheet 2018. https://eepublicdownloads.entsoe.eu/clean-documents/Publications/Statistics/Factsheet/entsoe_sfs2018_web.pdf
  • Güvenek, B. (2009). Enerji piyasası reformları ve bu reformların elektrik enerjisi piyasası üzerine etkisi: Elektrik enerjisi üreten kuruluşlar üzerine bir uygulama. (Yayımlanmamış doktora tezi). Konya: Selçuk Üniversitesi Sosyal Bilimler Enstitüsü.
  • Halıcıoğlu, F. (2007). Residential electricity demand dynamics in Turkey. Energy Economics, 29(2), 199-210.
  • Harris, C. (2006). Electricity markets: Pricing, structures and economics. John Wiley & Sons Ltd. International Energy Agency (2005, Aralık). Lessons from liberalised electricity markets. https://www.iea.org/reports/lessons-from-liberalised-electricity-markets
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  • Ito, K. (2014). Do consumers respond to marginal or average price? Evidence from nonlinear electricity pricing. American Economic Review, 104(2), 537-563.
  • Joskow, P. (2008). Lessons learned from electricity market liberalization. The Energy Journal, 29(Special Issue), 9-42.
  • Kahn, A., Cramton, P., Porter, R., Tabors, R. (2001, January). Pricing in the California power exchange electricity market: Should California switch from uniform pricing to pay-as-bid pricing. Blue Ribbon Panel Report, California Power Exchange. https://works.bepress.com/cramton/52/
  • Kaminski, V. (2012). Energy markets. Incisive Media.
  • Kavulla, T. (2017). There ıs no free market for electricity: Can there ever be? American Affairs Journal, 1(2). https://americanaffairsjournal.org/2017/05/no-free-market-electricity-can-ever/
  • Kopsakangas-Savolainen, M. & Svento, R. (2012). Modern energy markets: Real-time pricing, renewable resources and efficient distribution. Springer-Verlag.
  • Kwoka, J. (2008). Restructuring the U.S. electric power sector: A review of recent studies. Review of Industrial Organization, (32), 165-196.
  • Madlaner, R., Bernstein, R., González, M. (2011). Econometric estimation of energy demand elasticities. E.ON Energy Research Center Series, 3(8). https://d-nb.info/1133265413/34
  • Mishkin, F. (2004). The Economics of money, banking and financial markets (7th ed.). Pearson Education, Inc.
  • Nazarian, D. (2012, Temmuz 21). Introduction to U.S. electricity markets. NARUC/CAMPUT Bilateral Roundtable. Portland. http://www.camput.org/wp-content/uploads/2013/09/2012-07-21_-Nazarian_US_Electricity_Markets.pdf
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  • Shahidehpour, M., Yamin, H., Li, Z. (2002). Market operations in electric power systems: Forecasting, scheduling, and risk management. John Wiley & Sons, Inc.
  • Soytaş, U. & Sarı, R. (2007). The relationship between energy and production: Evidence from Turkish manufacturing industry. Energy Economics, 29(6), 1151-1165.
  • Stoft, S. (2002). Power system economics: Designing markets for electricity. IEEE Press.
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PİYASA NİTELİKLERİ İLE ELEKTRİK VE TÜRKİYE’NİN SERBESTLEŞME SÜRECİ

Year 2023, , 363 - 392, 31.01.2023
https://doi.org/10.21550/sosbilder.1084943

Abstract

Son günlerin ekonomik konjonktürü elektriği ve serbestleşen piyasalarını tekrar ilgi odağı haline getirmiştir. Serbestleşme süreci öncesinde görünür olmayan kendine has özellikleri ile elektrik, farklı bir piyasa yapısını gerektirmektedir. Ayrıca, piyasa tasarımları ayrışabilmektedir. Bu çalışma, nitelikleri ve tedarik zincirine odaklanarak Türkiye Piyasası özelinde elektrik piyasalarının yapısını ve ticaretin büyük kısmının gerçekleştiği spot piyasaları ele almaktadır. Türkiye Piyasası, uzun bir zamana yayılan, ihtiyatlı bir yaklaşımla ve genel itibariyle Avrupa’nın yapılanma biçimini benimseyerek serbestleşme yolunda önemli merhale kat etmiştir. Marjinal fiyatlandırmanın geçerli olduğu Gün Öncesi Piyasası, katılımcıları tarafından kabul görmüş ve hacimde ikili anlaşmalar piyasasını aşarak beklenen kısa vadeli fiyat sinyali sağlama görevini yerine getirir hale gelmiştir. Diğer yandan, gelişmiş piyasaları takiben devreye alınan, piyasa katılımcılarına ilave dengeleme fırsatı sunan Gün İçi Piyasası da serbestleşme sürecini perçinlemiştir. Ancak, literatürde tartışılageldiği gibi serbestleşmeden beklenen hedeflere henüz ulaşılamamıştır. Sürecin “yeniden düzenleme” biçiminde inkıtalarla ilerleyeceği öngörülmektedir. Bu bağlamda düzenleyici, sistem/piyasa işletmecisinin açmazları öne çıkarılmaktadır.

References

  • Akarsu, G. (2017). Analysis of regional electricity demand for Turkey. Regional Studies, Regional Science, 4(1), 32-41.
  • Arısoy, İ. & Öztürk, İ. (2014). Estimating industrial and residential electricity demand in Turkey. Energy, 66, 959-964.
  • Atiyas, I., Çetin, T., Gülen, G. (2012). Reforming Turkish Energy Markets - Political Economy, Regulation and Competition in the Search for Energy Policy. Springer Science+Business Media.
  • Barouti, M. & Hoang, D. (2011). Electricity as a Commodity. Essec Business School. http://www.essectransac.com/wp-content/themes/arthemia/images/2011/04/Electricity-as-a-Commodity-M.Barouti-and-D.Hoang_.pdf
  • Belyaev, L. (2011). Electricity market reforms: Economics and policy challenges. Springer Science+Business Media.
  • Biggar, D. R. & Hesamzadeh, M. R. (2014). The Economics of electricity markets. John Wiley & Sons Ltd.
  • Blume, S. W. (2017). Electric power system basics for the nonelectrical professional. John Wiley & Sons, Inc.
  • Borenstein, S. (2002). The trouble with electricity markets: Understanding California’s restructuring disaster. Journal of Economic Perspectives, 16(1), 191-211.
  • Borenstein, S. & Bushnell, J. (2015). The U.S. Electricity Industry after 20 Years of Restructuring. Energy Institute at Haas. https://ei.haas.berkeley.edu/research/papers/WP252.pdf
  • Bunn, D. (2004). Structural and behavioural foundations of competitive electricity prices. D. Bunn (Ed.), Modelling Prices in Competitive Electricity Markets içinde (1-17. ss.), John Wiley & Sons Ltd.
  • Burger, M., Graeber, B., Schindlmayr, G. (2014). Managing energy risk: A Practical guide for risk management in power, gas and other energy markets (2nd ed.). John Wiley & Sons Ltd.
  • Caldana, R., Fusai, G., Roncoroni, A. (2015). How to build electricity forward curves. A. Roncoroni, G. Fusai, M. Cummins (Ed.), Handbook of Multi-Commodity Markets and Products: Structuring, Trading and Risk Management içinde (673-685. ss.), John Wiley & Sons Ltd.
  • Casazza, J. & Delea, F. (2010). Understanding electric power systems: An overview of the technology, the marketplace, and government regulation. John Wiley & Sons, Inc.
  • Chao, H., Oren, S., Wilson, R. (2008). Reevaluation of vertical integration and unbundling in restructured electricity markets. F. Sioshansi (Ed.), Competitive Electricity Markets: Design, Implementation, Performance içinde (27-64. ss.), Elsevier Ltd.
  • Cheung, K., Rosenwald, G., Wang, X., Sun, D. I. (2010). Restructured electric power systems and electricity markets. X. Zhang (Ed.), Restructured Electric Power Systems: Analysis of Electricity Markets with Equilibrium Models içinde (53-97. ss.), John Wiley & Sons, Inc.
  • Deryugina, T., MacKay, A., Reif, J. (2017, Mayıs 2). The long-run elasticity of electricity demand: Evidence from municipal electric aggregation. https://www.econ.pitt.edu/sites/default/files/Deryugina.Electricity%20Aggregation.pdf
  • Dilaver, Z. & Hunt, L. (2011). Turkish aggregate electricity demand: An outlook to 2020. Energy, 36(11), 6686-6696.
  • Edwards, D. (2010). Energy trading and ınvesting: Trading, risk management and structuring deals in the energy markets. McGraw-Hill.
  • Ehrhardt, M. & Brigham, E. (2011). Financial management theory and practice (13th ed.). South-Western Cengage Learning.
  • Elektrik Piyasası Dengeleme ve Uzlaştırma Yönetmeliği (2009, 14 Nisan). Resmi Gazete (Sayı: 27200).
  • Elektrik Piyasası Kanunu (2013, 30 Mart). Resmi Gazete (Sayı: 28603). Kanun No: 6446.
  • Elektrik Şebeke Yönetmeliği (2014, 28 Mayıs). Resmi Gazete (Sayı: 29013 Mükerrer).
  • Energy Initiative. (2015). Future of solar energy. Massachusetts Institute of Technology. http://energy.mit.edu/research/future-solar-energy/
  • Enerji Piyasaları İşletme AŞ (2016). Gün öncesi elektrik piyasası piyasa takas fiyatı belirleme yöntemi. https://www.epias.com.tr/wp-content/uploads/2016/03/public_document_v4_released.pdf
  • Enerji Piyasaları İşletme AŞ (2019a). Gün içi piyasası kullanıcı kılavuzu (1.8-05.04.2019). https://www.epias.com.tr/wp-content/uploads/2022/02/GIP-Kullanici-Klavuzu_25.01.2022.pdf
  • Enerji Piyasaları İşletme AŞ (2019b). Yeni gün öncesi piyasası kullanıcı kılavuzu (1.8-01.10.2019). https://www.epias.com.tr/wp-content/uploads/2020/01/G%C3%96P-KULLANICI-KILAVUZU-KOP%C4%B0-1.pdf
  • Enerji Piyasası Düzenleme Kurumu (2015). Elektrik piyasası 2014 yılı piyasa gelişim raporu.
  • Enerji Piyasası Düzenleme Kurumu (2016). Elektrik piyasası 2015 yılı piyasa gelişim raporu.
  • Enerji Piyasası Düzenleme Kurumu (2017). Elektrik piyasası 2016 yılı piyasa gelişim raporu.
  • Enerji Piyasası Düzenleme Kurumu (2018). Elektrik piyasası 2017 yılı piyasa gelişim raporu.
  • Enerji Piyasası Düzenleme Kurumu. (2019). Elektrik piyasası 2018 yılı piyasa gelişim raporu.
  • Enerji Piyasası Düzenleme Kurumu (2020, Mayıs 11). Dengeleme güç piyasası kapsamında etiket değerlerinin belirlenmesi ve sistem marjinal fiyatının hesaplanması prosedürü. https://www.epdk.gov.tr/Detay/Icerik/2-8129/-dengeleme-guc-piyasasi-kapsaminda-etiket-degerle
  • Enerji Piyasası Düzenleme Kurumu (2020). Elektrik piyasası 2019 yılı piyasa gelişim raporu.
  • Enerji Piyasası Düzenleme Kurumu (2021). Elektrik piyasası 2020 yılı piyasa gelişim raporu.
  • Erdoğdu, E. (2005). Energy market reforms in Turkey: An economic analysis. (Yayımlanmamış yüksek lisans tezi). Surrey: University of Surrey School of Human Sciences.
  • Erdoğdu, E. (2007). Electricity demand analysis using cointegration and ARIMA modelling: A case study of Turkey. Energy Policy, 35(2), 1129-1146.
  • European Commission (2021, Ekim). Tackling rising energy prices: A toolbox for action and support.
  • European Network of Transmission System Operators for Electricity. (2019, Haziran 5). Statistical factsheet 2018. https://eepublicdownloads.entsoe.eu/clean-documents/Publications/Statistics/Factsheet/entsoe_sfs2018_web.pdf
  • Güvenek, B. (2009). Enerji piyasası reformları ve bu reformların elektrik enerjisi piyasası üzerine etkisi: Elektrik enerjisi üreten kuruluşlar üzerine bir uygulama. (Yayımlanmamış doktora tezi). Konya: Selçuk Üniversitesi Sosyal Bilimler Enstitüsü.
  • Halıcıoğlu, F. (2007). Residential electricity demand dynamics in Turkey. Energy Economics, 29(2), 199-210.
  • Harris, C. (2006). Electricity markets: Pricing, structures and economics. John Wiley & Sons Ltd. International Energy Agency (2005, Aralık). Lessons from liberalised electricity markets. https://www.iea.org/reports/lessons-from-liberalised-electricity-markets
  • International Energy Agency (2021, Ekim). World energy balances (database). https://www.iea.org/data-and-statistics/data-product/world-energy-balances-highlights
  • International Monetary Fund (2021, Ekim). World economic outlook database. https://www.imf.org/en/Publications/WEO/weo-database/2021/October
  • Ito, K. (2014). Do consumers respond to marginal or average price? Evidence from nonlinear electricity pricing. American Economic Review, 104(2), 537-563.
  • Joskow, P. (2008). Lessons learned from electricity market liberalization. The Energy Journal, 29(Special Issue), 9-42.
  • Kahn, A., Cramton, P., Porter, R., Tabors, R. (2001, January). Pricing in the California power exchange electricity market: Should California switch from uniform pricing to pay-as-bid pricing. Blue Ribbon Panel Report, California Power Exchange. https://works.bepress.com/cramton/52/
  • Kaminski, V. (2012). Energy markets. Incisive Media.
  • Kavulla, T. (2017). There ıs no free market for electricity: Can there ever be? American Affairs Journal, 1(2). https://americanaffairsjournal.org/2017/05/no-free-market-electricity-can-ever/
  • Kopsakangas-Savolainen, M. & Svento, R. (2012). Modern energy markets: Real-time pricing, renewable resources and efficient distribution. Springer-Verlag.
  • Kwoka, J. (2008). Restructuring the U.S. electric power sector: A review of recent studies. Review of Industrial Organization, (32), 165-196.
  • Madlaner, R., Bernstein, R., González, M. (2011). Econometric estimation of energy demand elasticities. E.ON Energy Research Center Series, 3(8). https://d-nb.info/1133265413/34
  • Mishkin, F. (2004). The Economics of money, banking and financial markets (7th ed.). Pearson Education, Inc.
  • Nazarian, D. (2012, Temmuz 21). Introduction to U.S. electricity markets. NARUC/CAMPUT Bilateral Roundtable. Portland. http://www.camput.org/wp-content/uploads/2013/09/2012-07-21_-Nazarian_US_Electricity_Markets.pdf
  • Øvergaard, S. (2009, Şubat 2-9). Definition of primary and secondary energy. 4th meeting of the Oslo Group on Energy Statistics. Ottawa. https://www.google.com/url?sa=t&rct=j&q =&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=2ahUKEwjb_LXVg-LcAhUGZVAKHRHZCLAQFjAAegQICBAC&url=https%3A %2F%2Funstats.un.org%2Foslogroup%2Fmeetings%2Fog-04%2Fdocs%2Foslo-group-meeting-04--presentation-definition-of-primary-and-secondary-energy.ppt&usg= AOvVaw116SuA-yQKgHwA07raTF_u
  • Pototschnig, A., Glachant, J., Meeus, L., Ortigosa, P. R. (2022). Recent energy price dynamics and market enhancements for the future energy transition. European University Institute.
  • Shahidehpour, M., Yamin, H., Li, Z. (2002). Market operations in electric power systems: Forecasting, scheduling, and risk management. John Wiley & Sons, Inc.
  • Soytaş, U. & Sarı, R. (2007). The relationship between energy and production: Evidence from Turkish manufacturing industry. Energy Economics, 29(6), 1151-1165.
  • Stoft, S. (2002). Power system economics: Designing markets for electricity. IEEE Press.
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There are 67 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Articles
Authors

Ali Ulvi Özgül 0000-0002-1082-2652

Publication Date January 31, 2023
Published in Issue Year 2023

Cite

APA Özgül, A. U. (2023). PİYASA NİTELİKLERİ İLE ELEKTRİK VE TÜRKİYE’NİN SERBESTLEŞME SÜRECİ. Uludağ Üniversitesi Fen-Edebiyat Fakültesi Sosyal Bilimler Dergisi, 24(44), 363-392. https://doi.org/10.21550/sosbilder.1084943