NEWSLETTER-2020-metin

437 MISCELLANEOUS Changes Brought to the Energy Market through Law Numbered 7257* Att. Ecem Süsoy Uygun Introduction The Law on the Amendment to the Electricity Market Law and Other Laws (“Law No. 7257”), which brought important regulations to the energy market, was published in the Official Gazette dated 02.12.2020 and numbered 31322, and entered into force on the same day. With these new regulations that have raised important discussions in the General Assembly of the Turkish Grand National Assembly, very comprehensive and thorough changes were brought to the natural gas, electricity, renewable energy, and mining industries. Some of the major regulations introduced through Law No. 7257 are briefly dis- cussed in this article. Major Amendments Regarding the Natural Gas Market Organized Wholesale Natural Gas Sales Market and Last Resource Supply Some definitions of Natural Gas Market Law numbered 4646 (“Natural Gas Market Law”) were changed and, as well, new defi- nitions were added to this law. The term of ‘organized natural gas wholesale market ’ (“OTSP ”) is one of the newly introduced defini- tions. The OTSP refers to the markets regulated by the Energy Market Regulatory Board (“Board”) where natural gas trading and balancing are carried out by license holders utilizing the natural gas system, nat- ural gas markets requiring post-dated physical delivery, and markets in which other natural gas-related transactions determined by the Board are carried out. The OTSP, which was previously regulated by the * Article of December, 2020