Underlying Security

The basic arithmetic average of the Unconstrained Market Clearing Prices announced by Turkey Electricity Transmission Company for each hour of the contract month.

Contract Size

Number of hours in the contract month x 0.1 MWh

Number of hours in the contract month: Number of days in the contract month x 24. The contract size shall vary depending on the number of days in the contract month and summer/winter time. For the day of transition from winter time to summer time, the number of hours shall be applied as 23. For the day of transition from summer time to winter time, the number of hours shall be applied as 25.

Example:

The contract size for 30 day contract months is 72 MWh (30x24x0.1MWh),
The contract size for 31 day contract months is 74.4 MWh (31x24x0.1MWh),
The contract size for 28 day contract months is 67.2 MWh (28x24x0.1MWh),
The contract size for 29 day contract month of February is 69.6 MWh (29x24x0.1MWh)

These contract sizes shall not be applied for contract months in transition from winter time to summer time or vice versa.

Price Quotation and Minimum Price Tick

1 MWh of electricity shall be quoted in terms of Turkish lira significant to two decimals. (Example: 121.20)
The minimum price tick is 0.10 (Example: Tick value is TRY7.2 for the contracts with size 72 MWh, TRY7.44 for the contracts with size 74,4 MWh, TRY6.72 for the contracts with size 67,2 MWh, TRY6.96 for the contracts with size 69,6 MWh)

Contract Months

7 months (The current contract month and the nearest 6 contract months shall be concurrently traded)

Settlement

Cash Settlement

Settlement Period

T+1 (first day following the expiry date) Losses are deducted from the accounts at the end of T day, profits are added to the accounts on T day as well.

Trading Hours

Continuous trading from 09:30 to 18:15 (local time).

Daily Settlement Price

The daily settlement price is calculated as follows at the end of the normal session and rounded to the nearest price tick:

a) The weighted average price of all the trades executed within the last 10 minutes of the normal session,

b) If less than 10 trades were realized in the last 10 minutes of the normal session, the weighted average price of the last 10 trades executed during the normal session,

c) If less than 10 trades were realized in the normal session, the weighted average price of all the trades executed during the normal session,

d) If no trades were done during the normal session, the previous day settlement will be determined as the daily settlement price.

If the daily settlement price cannot be calculated with the above methods by the end of the normal session, or the prices calculated do not reflect the market correctly, the daily settlement price may be determined by using one or more of the following methods

a) The average of the best buy and sell quotations at the end of the normal session,

b) Theoretical prices are calculated considering spot price of the underlying asset or the daily settlement price for other contract months of the contract.

Trade reporting will not be taken into consideration in the above calculations. The Settlement Price Committee’s right to change the daily settlement price is under reserve.

Final Settlement Price

The Last Settlement Price shall be the basic arithmetic average of the Unconstrained Market Clearing Prices announced by Turkey Electricity Transmission Company for each hour of the contract month. The Last settlement price determined with the above-mentioned methods shall be rounded to nearest price tick.

Expiry Date

Last business day of each contract month. In case domestic markets are closed for half day due to an official holiday, expiry date shall be the preceding business day.

Last Trading Day

Last business day of each contract month. In case domestic markets are closed for half day due to an official holiday, last trading day shall be the preceding business day.

Daily Price Limit

Base price is the price determined by the Settlement Price Committee on the day the relevant contract is introduced for trading, and used in calculating the daily price change limits. For the other days, base price is the settlement price of the previous day.

The daily price limit is set as +/-10% of the base price which is found by rounding the previous daily settlement price. If the price limits found by this method is not a valid price tick, for upper limit it is rounded up, while the lower limit is rounded down to the nearest price tick.