Turkey’s Energy Market Regulatory Authority, EPDK, has published board decisions in the Official Gazette amending the operating procedures of the forward natural gas market and the organized wholesale natural gas sales market.
Forward market changes
Under the revised forward market procedures, the market operator may cancel pending offers or executed trades in specific circumstances. These include errors in information technology, software or technological infrastructure attributable to the operator, material factors that halt trading by participants or on particular contracts, and a failure by a party to meet its financial obligations to the market operator.
The cancellation rules, along with provisions on market access suspension and data reporting, take effect on 1 January 2027. Other provisions in the amended procedures take effect on publication.
Wholesale market mechanics
The changes to the organized wholesale natural gas sales market are aimed at preserving system balance. They set out the methodology for calculating the daily reference price, known as the GRF, along with offer limits, the transmission company’s additional balancing trades, and market access restrictions.
Trades can be excluded from the GRF calculation if they fall outside a margin of 50 percent around the previously published daily reference price. On the Continuous Trading Platform, offers must carry a minimum volume of 1,000 standard cubic meters and a maximum of 500,000 standard cubic meters, except during the 12:00-14:05 window on each gas day. When the transmission company carries out balancing trades on the platform, same-direction offers are suspended for 10 minutes, a period that begins five minutes before the trade is executed.
The weighted average price draws on trades from 08:00 the day before the gas day to 08:00 the day after, with the resulting figure announced at 08:30 the following day. By MacroHerald’s own measurement, natural gas stood at $2.600 as of 31 October 2026, 12:47 GMT, its lowest level in 31 days.
Source: EPDK | Data: FRED — St. Louis Fed
