Underlying Security
The basic arithmetic average of the Unconstrained Market Clearing Prices announced by the spot market operator 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.
Settlement
Cash settlement.
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 final settlement price shall be the basic arithmetic average of the Unconstrained Market Clearing Prices announced by the spot market operator for each hour of the contract month. The final settlement price determined with the above-mentioned methods shall be rounded to nearest price tick.
Contract Months
7 months (The current contract month and the nearest 6 contract months shall be concurrently traded)
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.
Expiry Date and Last Trading Day
Last business day of each contract month. In case domestic markets are closed for half day due to an official holiday, expiry date and last trading day shall be the preceding business day. If domestic markets are closed for half day due to an official holiday or the last calendar day of the month is a public holiday, positions are closed on the first following business day.
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)
Base Price and 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 ±20% 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 down, while the lower limit is rounded up to the nearest price tick.
Trading Hours
Continuous trading from 09:20 to 18:10.
Margins
Clearing legislation shall be applied.
Related Files
Underlying Security
The basic arithmetic average of the Unconstrained Market Clearing Prices announced by the spot market operator for each hour of the contract term.
Contract Size
Number of hours in the contract term x 0.1 MWh
Number of hours in the contract term: Number of days in the contract term x 24.
The contract size shall vary depending on the number of days in the contract term 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 first quarter is 216 MWh (90x24x0.1MWh), for leap years is 218.4 MWh,
- The contract size for second quarter is 218.4 MWh’dir (91x24x0.1MWh),
- The contract size for third quarter is 220.8 MWh’dir (92x24x0.1MWh)
- The contract size for fourth quarter is 220.8 MWh’dir (92x24x0.1MWh),
These contract sizes shall not be applied for contracts in transition from winter time to summer time or vice versa.
Settlement
Cash settlement.
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 volume 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
Since Quarterly contracts are subject to the cascading procedures, final settlement price is not calculated
Contract Terms
The current contract year’s and the nearest 2 year’s quarterly contracts shall be concurrently traded.
Q1 (Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) ve Q4 (Oct-Dec).
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.
Last Trading Day and Cascading
Last business day before the maturity period starts. In case domestic markets are closed for half day due to an official holiday, last trading day shall be the preceding business day.
Positions in quarterly contracts are automatically transferred to monthly contracts on the last trading day, based on the Daily settlement price. For example, the positions in the F_ELCBASQ325 contract are transferred to the F_ELCBAS0725, F_ELCBAS0825, F_ELCBAS0925 contracts on the last trading day of the contract in June, 2025.
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 TRY 21.6 for the contracts with size 216 MWh, TRY 21.84 for the contracts with size 218.4 MWh, TRY 22.08 for the contracts with size 220.8 MWh.
Base Price and 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 ±20% 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 down, while the lower limit is rounded up to the nearest price tick.
Trading Hours
Continuous trading from 09:20 to 18:10
Margins
Clearing legislation shall be applied.
Related Files
Underlying Security
The basic arithmetic average of the Unconstrained Market Clearing Prices announced by the spot market operator for each hour of the contract term.
Contract Size
Number of hours in the contract term x 0.1 MWh
Number of hours in the contract term: Number of days in the contract term x 24.
The contract size shall vary depending on the number of days in the contract term and summer/winter time.
Example:
The contract size for normal years is 876 MWh (365x24x0.1MWh), for leap years is 878.4 MWh (366x24x0.1MWh).
Settlement
Cash settlement.
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 volume 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 volume 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 volume weighted average price of all the trades executed during the normal session,
d) If no trades were realized during the normal session, the previous day settlement price is determined as the daily settlement price.
If the daily settlement price cannot be calculated with the methods above 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.
Trades executed by trade reports 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
Since Yearly contracts are subject to the cascading procedures, final settlement price is not calculated.
Contract Terms
The nearest 2 year’s (following the current year) contracts shall be concurrently traded.
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.
Last Trading Day and Cascading
Third business day before the maturity period starts. In case domestic markets are closed for half day due to an official holiday, last trading day shall be the preceding business day.
Positions in yearly contracts are automatically transferred to quarterly contracts on the last trading day, based on the Daily settlement price. For example, the positions in the F_ELCBASY25 contract are transferred to the F_ELCBASQ125, F_ELCBASQ225, F_ELCBASQ325, F_ELCBASQ425 contracts on the last trading day of the contract in December, 2024.
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 TRY 87.6 for the contracts with size 876 MWh, TRY 87.84 for the contracts with size 878.4 MWh.
Base Price and 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.
Daily price limit is equal to ±20% of the base price determined for each contract. If the upper or lower limit so calculated does not correspond to a price tick, the upper limit will be rounded to the lower price tick; and the lower limit, to the upper price tick.
Trading Hours
Continuous trading from 09:20 to 18:10
Margins
Clearing legislation shall be applied.