Turkey’s PMUM move to EPIAS within six months - source

13 August 2013 15:41 Source:ICIS

Turkey's anticipated energy exchange EPIAS will be established by the end of September, but the transfer of operations from the current bourse PMUM will take place within the following six months, an inside source told ICIS.

The watchdog EPDK is expected to publish the regulations governing EPIAS within a few weeks, ensuring that EPIAS will be established from a legal point of view by the end of September. This will be in line with stipulations in the recently amended electricity market law.

However, the transfer of operations including the relevant software and hardware from the PMUM exchange will take place within the six months following the legal establishment of EPIAS, the source said.

ICIS understands the shareholder structure of EPIAS is also likely to be published shortly. Under this structure, 30% of shares will be allocated to the electricity grid operator TEIAS, and 30% to private electricity and gas companies. The remaining 40% will be allocated to the Borsa Istanbul Fund.

ICIS also understands that each group will be represented by three members on the board of EPIAS. However, the information could not be officially confirmed.

Another source from the private sector said EPIAS would also include a platform for Day-ahead gas trading, but noted the gas incumbent BOTAS would not be included in the shareholder structure of EPIAS. This, he said, was because BOTAS remains a vertically integrated company in which the transmission and the trading arms are bundled together. Under the shareholder structure of the exchange, only the transmission branch would be allowed to have shares in EPIAS. Aura Sabadus

By Aura Sabadus