EPIAS, Energy Stock Exchange Istanbul, launched its spot natural gas trade system on the energy stock exchange on Saturday with the attendance of Fatih Donmez, Turkey's Energy and Natural Resources Minister.
As part of Turkey's efforts to become a natural gas trading hub, EPIAS developed a software system to allow natural gas trading via an electronic platform.
After the successful completion of a five-month testing phase, the system officially went online.
Donmez said during the opening ceremony that the new system will bring competition, supply diversification and high quality to the natural gas market.
He noted that Turkey has the cheapest gas and electricity prices compared to the European Union countries.
The new spot natural gas market system will determine the natural gas prices for the day-ahead market. The system price will be set by matching offers from suppliers with corresponding bids from market players to develop a supply and demand equilibrium price.
Participants will be able to trade at least 1,000 cubic meters of natural gas per day.
On July 27, EPIAS began to publish natural gas transmission data through its online transparency platform. It also started to share transport nomination, virtual trade, capacity, reserve, actualization and stock amounts, on a daily basis.
Previously, on April 1, EPIAS launched online testing of its spot natural gas trade system on the energy stock exchange to improve the electronic system, before it goes officially online.
Turkey aims to take concrete steps to utilize its geopolitical position near oil and gas-rich countries in the Middle East, Caspian and Central Asia to become an energy-trading hub.
Former Turkish Energy Minister Berat Albayrak said late last year that Turkey's geopolitical position could play a crucial role in projects to diversify energy resources and transportation routes and fill the gap in the inactive energy market in southeastern Europe.