Electricity by Market Characteristics and Turkey’s Liberalization Path

Öz

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.

Anahtar Kelimeler

• electricity
• electricity market
• market design
• liberalization
• spot markets

PİYASA NİTELİKLERİ İLE ELEKTRİK VE TÜRKİYE’NİN SERBESTLEŞME SÜRECİ

Öz

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.

Anahtar Kelimeler

• elektrik
• elektrik piyasası
• piyasa tasarımı
• serbestleşme
• spot piyasalar

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