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Akenerji and RWE mark the first use of the EFET Agreement for energy sales in Turkey
09.09.2011 + + + The two companies signed the EFET General Agreement Concerning the Delivery and Acceptance of Electricity for electricity sold to RWE. This makes Akenerji and RWE the first two companies in Turkey to implement the general agreement prepared by the European Federation of Energy Traders (EFET), founded to stimulate and promote energy trading throughout Europe.
The electricity sales transaction between Akenerji, one of Turkey’s largest private power generation companies , the wholesale company RWE&Turcas, JV of German RWE, Europe’s leading electricity and gas company and Turcas, leading player in the Turkish oil and energy sector, was concluded with the implementation of the EFET agreement. Founded to promote a liquid and sustainable energy market in Europe, the EFET received initial support from Turkey through Akenerji and RWE The agreement is the most widespread standard document in use across Europe for transactions that involve the physical delivery of electricity. The agreement was translated and adapted to Turkish law last month. The transaction between Akenerji and RWE will set an example to other private traders in Turkey, and constitutes an important step for a more transparent and liberal market in the country.
The first steps for integration with EFET contracts had been taken at the first “Istanbul Energy Trading Meeting” held in June this year, where matters surrounding the issue were discussed. In the aftermath of the workshop, Akenerji and RWE became the first two companies to accept the norms for facilitating operational processes and boosting wholesale electricity trade with a standardized and more reliable legal structure. Speaking on the subject, Akenerji General Manager Ahmet Ümit Danisman said, “As Akenerji, we are proud to be pioneering the EFET Agreement, an instrument of widespread adoption among European energy traders, in Turkey. Our intent is to make the energy market in Turkey more liberal, more transparent and more reliable. We believe our efforts are important steps in this
direction.”
Dr. Andreas Radmacher, CEO of RWE Turkey, said that Akenerji and RWE set an example to the sector by signing this agreement, and continued, “As RWE, we have been saying that we are prepared to share the experience we gained in Europe concerning liberalization and energy exchanges with Turkey at every opportunity. The Istanbul Trader Meeting, which will have its second session in November and the EFET Agreements are two important indicators. As one of the parties pioneering the EFET Agreement in Turkey, we believe we are on the right path in shaping the energy markets in Turkey.”
By taking this pioneering step in the private sector, Akenerji and RWE intend to provide a boost to the electricity market in Turkey, and to contribute to a more liquid and transparent environment for the wholesale trade of electricity.
Source: www.rwe.com
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