ENERGIEHANDEL ENERGY TRADE ENERJİ TİCARETİ“Enerji Ticareti Terimleri Sözlüğü”, Avrupa’nın en likit ve iyi işleyen piyasalarından biri olan Alman piyasasında kullanılan

RWE Turkey (Holding A.Ş.)

Emirhan Caddesi

Barbaros Plaza No: 113-C Kat 6-734349 Beşiktaş - İstanbul

T +90 212 396 00 00F +90 212 236 96 91

Spine 6 mm

Spine 6 mm

ENERGIEHANDEL ENERGY TRADEENERJİ TİCARETİ

Eine Erklärung der wichtigsten BegriffeA definition of the most important termsTemel Kavramların Açıklamaları

RWE-Turkey_glossary_FA_080411.indd 96-1 12.04.11 12:21

INHALTSVERZEICHNISTABLE OF CONTENTS İÇİNDEKİLER

VORWORT DER HERAUSGEBER 4 – 5

EDITOR’S FOREWORD

YAYINCININ ÖNSÖZÜ

VORWORT 6 – 7

PREFACE

ÖNSÖZ

STICHWÖRTER 10 – 16

INDEX

DİZİN

HINWEISE ZUR NUTZUNG DES GLOSSARS 20 – 21

NOTES ON THE USE OF THE GLOSSARY

SÖZLÜĞÜN KULLANIMI İLE İLGİLİ HATIRLATMALAR

GLOSSAR 24 – 78

GLOSSARY

SÖZLÜK

HÄUFIG GESTELLTE FRAGEN 82 – 95

FREQUENTLY ASKED QUESTIONS

SIKÇA SORULAN SORULAR

Having the energy to lead means we stay on top of current social, economic and environmental challenges.

Our aim is to supply secure, affordable and environmental friendly energy.

We want to stay ahead of the game, rather than be reactive.We are part of the solution, not part of the problem.

Our corporate strategy reflects our new self belief:

> We think ahead.

> We are the first to take important steps.

> We are leaders in innovation.

> We rise to the challenge.

> We take on responsibility and are willing to take action – especially when it comes to critical issues.

Or in short,

WE HAVE THE ENERGY TO LEAD!


Dr. Andreas Radmacher Dr. Ralph Jäger

5

Lieber Leser,

die Türkei hat eine rasante wirtschaftliche Entwicklung

erlebt. Trotzdem kann man sagen, dass der größte Teil der

wirtschaftlichen Entwicklung noch vor der Türkei liegt.

Experten zufolge sollte die Türkei schon zu den sogenannten

BRIC-Staaten gehören, zu derjenigen Gruppe von Staaten,

die sich in ihrer Entwicklung zwischen einem voll entwickel-

ten Industrieland und einem Wachstumsmarkt befinden. Der

türkische Energiemarkt muss sich ebenfalls auf die neuen

Gegebenheiten und Herausforderungen einstellen, die mit

dem rasanten Wirtschaftswachstum einhergehen. Dement-

sprechend befinden sich die Energiemärkte für Strom und

Gas in einer Übergangsphase der Liberalisierung.

Liberalisierte Energiemärkte benötigen neue Wörter und

Definitionen, die kurz und prägnant eine neue Marktrealität

beschreiben können. Allerdings muss man hier keine ganz

neue Sprache erfinden, da viele Begriffe aus dem Finanzsek-

tor übernommen werden können.

RWEs Heimatmärkte sind vielfach schon vollständig liberali-

siert, und daher sind wir mit dem nun notwendigen Vokabu-

lar bestens vertraut. Dieses Wissen möchten wir gerne mit

dem interessierten Leser in der Türkei teilen. Denn eines ist

gewiss: Wenn wir keine gemeinsame Sprache haben, wird

Kommunikation ein schwieriges Unterfangen. Wir hoffen,

dass dieses Glossar ein wenig Licht ins Dickicht der Begriff-

lichkeiten bringt, die mit der Marktliberalisierung auf den

türkischen Energiemarkt zukommen.

Dear Reader,

The economic development of Turkey has come a long way.

Turkey’s prospects are brighter still. Already, experts con-

sider Turkey to be among the BRIC countries, somewhere in-

between an emerging market and a fully industrialised one.

To serve the strongly growing economy, the energy sector

needs to follow suit. Hence, the power and gas market are in

the middle of a transition to become more competitive, more

resilient and more efficient. In short: the Turkish energy mar-

kets are becoming liberalised.

With the emergence of a liberal market, we have to recognise

the need for a vocabulary that can precisely describe items

that have not been there before. New vocabulary that is

mainly borrowed from the financial sector.

Some of RWE’s core markets have been liberalised for a long

time, therefore the company is very familiar with the new

environment and the terminology that comes along with it.

We would like to put this glossary at the disposal of the

interested reader in Turkey. If we do not have a common

language, a common standard, communicating is hard. We

hope that this glossary helps to shed some light on the

jungle of new phrases that will hit Turkey’s energy markets

sooner rather than later.

4 VORWORT DER HERAUSGEBER/EDITOR’S FOREWORD/YAYINCININ ÖNSÖZÜ

Sevgili Okuyucu

Türkiye ekonomik açıdan çok büyük mesafe katetti. Ekonomi-

deki olumlu ve memnuniyet verici ivme, uzun süredir devam

etmektedir. Uzmanlar Türkiye’yi, BRIC ülkelerinin gösterdiği

performansla kıyaslamakta; gelişmekte olan ülkeler ile geliş-

miş ülkeler arasında konumlandırmaktadır. Güçlü bir şekilde

büyüyen ekonomiyi desteklemek için, enerji sektörünün de

üzerine düşenleri yapması gerekmektedir. Elektrik ve doğal

gaz piyasalarının daha rekabetçi, daha dirençli ve daha

verimli bir yapıya dönüşümünün yaşandığı bir sürecin tam

ortasında bulunmaktayız. Kısacası, Türkiye’de enerji piyasası

liberalleşmektedir.

Liberal piyasaların oluşmasıyla birlikte hayatımıza yeni tanım-

lar girmektedir. Bu tanımların kelime dağarcığımıza sorunsuz

bir şekilde yerleşmesi gerekmektedir. Söz konusu yeni kelime

dağarcığı, temelde finans sektöründen alınacaktır.

RWE’nin yoğun olarak faaliyette bulunduğu piyasalar, uzun

süre önce liberalleşmişti. Dolayısıyla RWE, liberalleşme son-

rası oluşacak iş ortamına ve terminolojisine aşinadır. Bu

amaçla Enerji sektöründe büyük bir açığı kapatacak olan Enerji

Terimleri Sözlüğü’nü, Türkiye’de konu ile ilgilenen okuyucula-

rın kullanımına sunuyoruz. Ortak bir dil ve standartların oluş-

madığı ortamlarda iletişim kurmanın oldukça güç olduğuna

inanıyoruz. Türk enerji sektöründe, yakın zamanda yeni terim-

ler kullanılmaya başlanacaktır. Yeni kavramları doğru anla-

mak, iletişimde yaşanabilecek karmaşıklıkları ortadan kaldıra-

caktır. Umut ediyoruz ki bu sözlük, aydınlatıcı ve bir yol

gösterici olarak kullanılacaktır.

Hochachtungsvoll,

Yours sincerely,

Saygılarımızla,

Dr. Andreas Radmacher

CEO of RWE Turkey Holding A.Ş.

Dr. Ralph Jäger

CFO of RWE Turkey Holding A.Ş.

VORWORT DER HERAUSGEBEREDITOR’S FOREWORD YAYINCININ ÖNSÖZÜ


76 VORWORT/PREFACE/ÖNSÖZ

Mit besten Grüßen,

Regards,

Saygılarımızla,

Bakatjan Sandalkhan

Vice President

Energy Market & Sales of RWE Turkey Holding A.Ş.

VORWORTPREFACE ÖNSÖZ

Lieber Leser,

der türkische Strommarkt hat einen gewaltigen Wandel

durchlaufen. Einhergehend mit diesem Wandel hat Energie-

handel an Bedeutung gewonnen und mit ihm die ihm eigenen

Konzepte und Begriffe, die ihren Ursprung meistens in der

Finanzwelt haben.

Seit dem Jahr 2010 ist die Türkei mit dem europäischen

Stromnetz ENTSO-E verbunden. Außerdem wird auch eine

baldige Etablierung des europäischen Standardstrom-

liefervertrages (EFET-Vertrag) erwartet. Einer der nächsten

Schritte ist die Gründung einer türkischen Strombörse. All

diese Initiativen werden die regionale Führungsrolle der

Türkei im Energiehandel stärken.

Das vorliegende, von der RWE Turkey Holding A.S. in drei

Sprachen zusammengestellte Energiehandelsglossar erklärt

Begriffe, die im deutschen Energiehandel geläufig sind.

Erklärungen mit ausschließlich marktspezifischen Informatio-

nen werden nur in der jeweils relevanten Sprache erklärt.

Das Glossar ist ein „lebendes“ Dokument und sollte daher

kontinuierlich aktualisiert werden. Es ist das erste seiner Art

für den türkischen Strommarkt, der zurzeit ja selbst einen

kontinuierlichen Wandel durchläuft. Sollten Sie Anmerkun-

gen oder Verbesserungsvorschläge haben, sind uns diese

herzlich willkommen.

Die Erklärungen der Begriffe und Konzepte sollten als Richt-

werte verstanden werden, die keinen Anspruch auf Vollstän-

digkeit erheben.

Dear Reader,

The Turkish electricity market has undergone a significant

change and transformation process. As a result of this pro-

cess, energy trading has gained importance and new terms

and concepts are inspired by a more developed finance

world and the European markets.

Physically connected to the electricity grid (ENSO-E) since

2010, Turkey is expected to adopt and apply the EFET’s

(European Federation of Energy Traders) contract, a

European standard for energy trading and to strengthen its

role in regional energy trading by establishing an energy

exchange.

In this context, the “Energy Trading Glossary”, prepared in

three languages German-English-Turkish by RWE Turkey

Holding A.S., is based on energy trading terms used in the

German market, one of the most liquid and well-functioning

markets in Europe. If an explanation is purely country-specific,

it is not translated into either of the other two languages.

Our glossary is a living document and needs constant updat-

ing in the future. It is the first on the Turkish energy market,

which is constantly developing and whose needs are chang-

ing. Your valuable contributions are highly appreciated in

helping us to improve our work.

The explanations of the terms and concepts given in this

glossary should only be used as guidelines and give their

usage to the best of our knowledge.

Sevgili Okuyucu

Türkiye enerji piyasası hızlı bir büyüme ve serbestleşme

süreci içerisindedir. Bu serbestleşme sürecine bağlı olarak,

enerji ticaretinin önemi giderek artmakta ve yeni terimler ve

kavramlar, daha gelişmiş durumdaki finans dünyası ve Avrupa

piyasalarından esinlenmektedir.

2010 yılında fiziksel olarak Avrupa elektrik şebekesine (ENSO-E)

enterkonnekte olan Türkiye’de, enerji ticaretinde Avrupa stan-

dardı olan EFET (European Federation of Energy Traders) söz-

leşmesinin Türkçeleştirilerek uygulamaya konulması ve ülkemi-

zin bölgesel enerji ticaretinde oynayacağı önemli rolü, Enerji

Borsası kurarak pekiştirmesi beklenmektedir.

Bu kapsamda, RWE Turkey Holding tarafından hazırlanan

“Enerji Ticareti Terimleri Sözlüğü”, Avrupa’nın en likit ve iyi

işleyen piyasalarından biri olan Alman piyasasında kullanılan

enerji ticareti terimleri esas alınarak Almanca, İngilizce ve

Türkçe olarak üç dilde hazırlanmıştır. Tek bir ülkeye özgü

terimler, diğer iki dile çevirilmeden sunulmuştur.

Sözlüğümüzün zaman içerisinde düzeltilmesi ve güncellen-

mesi gerekecektir. Sözlüğümüz, sürekli bir gelişim içinde

bulunan ve değişime ihtiyacı olan Türkiye enerji piyasasında

bir ilk olduğundan, geliştirilmesine yönelik her türlü görüş ve

önerinizi bizimle paylaşmanızdan memnuniyet duyacağız.

Enerji Ticareti Terimleri Sözlüğü’nde yer verilen kavramların

açıklamalarının önemli bir yol gösterici kaynak niteliğinde

olduğunu ve bu sözlüğün herhangi bir kesinlik taşımadığını

da belirtmek isteriz.


##

##

# STICHWÖRTERINDEXDİZİN


10 STICHWÖRTER/INDEX/DİZİN 11

31

32

33

34

35

36

37

38

39

24

25

26

27

28

29

30

31

ACQ (Yıllık Kontrat Miktarı)

Ek Teminat .............................................................................

Karşı Tarafın Yükümlülüğünü Yerine

Getirmemesi Riski ..........................................................

Amerikan Opsiyonu .....................................................

Bağlı Bedel (Yatırım Yapılabilir Fiyat) .......

API#2 Endeksi (All Publications Index) ...

API#4 Endeksi (All Publications Index) ...

APX (Amsterdam Enerji Borsası) ....................

ARA (Amsterdam-Roterdam-

Antwerp) .................................................................................

Çalışma Gazı ........................................................................

Arbitraj ......................................................................................

Satım (Ask) ............................................................................

Arttırma/Kapalı Arttırma .......................................

Ödenmeme Riski/Karşı Tarafın Yüküm-

lülüğünü Yerine Getirmemesi Riski .............

Dengeleme Enerjisi ......................................................

Borsa Dışı İşlem ...............................................................

Çekme Derecesi ...............................................................

Çıkış Noktası .......................................................................

Arka Büro (Back Office) ...........................................

Backwardation (Depor) ............................................

BAFin (Alman Finans Hizmetleri

Üst Denetim Kurulu) ...................................................

Düşüş Trendi .......................................................................

Sabit Kapasite Tedariği ............................................

Varil (bbl veya bl) ...........................................................

Baz (Baz Yük) .......................................................................

Baz Riski

(Korelasyon Riski, Basis Risk) .............................

Baz Takası ...............................................................................

BBL .................................................................................................

Ayı Piyasası ...........................................................................

Kullanım Saatleri/Kullanım Günleri .............

Eni İyi Fiyattan Al ...........................................................

En İyi Uygulama ...............................................................

Alım (Bid) ................................................................................

Alım-Satım Farkı ..............................................................

Dengeleme Grubu .........................................................

Dengeleme Grubu Sistem

İşletmecisi ..............................................................................

Dengeleme Grubu Sorumlusu ..........................

İkili Ticaret ............................................................................

Reaktif Güç ...........................................................................

Kredi Riski ..............................................................................

Borsa ...........................................................................................

Bpd (Günlük Varil Adedi) .......................................

Doğalgazın Isıl Değeri ..............................................

Brent petrol ..........................................................................

Satış Fiyatı .............................................................................

Broker (Komisyoncu, Aracı) ..................................

BTU (British Thermal Unit) ...................................

Boğa Piyasası ......................................................................

CAL ................................................................................................

Alım Opsiyonu ..................................................................

Alım Marjı ...............................................................................

Üst Sınır (Cap) ....................................................................

Kapasite Opsiyonu ........................................................

Nakletme ................................................................................

Cash Settlement (Nakit Uzlaştırma) ...........

Nakit Uzlaştırılmış Kontrat ...................................

CCS (Karbon Tutma ve Depolama) ..............

CEE (Eşdeğer Kredi Riski) ......................................

CER (Sertifikalı Emisyon Azaltımları) ........

CFR (Maliyet ve Naklıye; Belirtilen

Varış Limanında Teslim) ..........................................

Baş İşlemci Yöntemi ....................................................

Churn Rate (Ticari Hareketlilik) .......................

CIF (Varış limanında belirlenen Maliyet,

Sigorta ve Nakliye) .......................................................

Clean Spread ......................................................................

Clearing (Kliring, Takas) ..........................................

Clearing House (Takas Merkezi) .....................

Close-of-Day (Gün Sonu) .......................................

Kapanış Fiyatı .....................................................................

Collar (Fiyat Koridoru) ...............................................

Uyum (Compliance ) ....................................................

Konfirmasyon (Teyit Etme) ...................................

Contango (Prim) ..............................................................

Karşı Tarafın Limiti ........................................................

Mevcut Likidite Teminatı

(Current Liquidating Margin) .............................

Kısma ...........................................................................................

Kömür-Elektrik Marjı ...................................................

Gün Öncesi ...........................................................................

Türev ...........................................................................................

Basınç ve Regülasyon Sistemi ...........................

ECC (European Commodities

Clearing AG) ........................................................................

ECX (Avrupa İklim Borsası) ...................................

EEX (Avrupa Enerji Borsası) .................................

EFET (Avrupa Enerji Ticaret

Federasyonu) ......................................................................

EFET Ticaret Çerçeve Sözleşmesi ..................

Mal Sahibine Özgü İşlem .......................................

Mal Sahibine Özgü Ticaret ...................................

ACQ (Annual Contract Quantity) ..................

Additional Margin .........................................................

Counterparty Risk .........................................................

American Option ............................................................

Investable Price ...............................................................

API#2 Index (All Publications Index) .........


APX (Amsterdam Power Exchange) ............

ARA (Amsterdam-Rotterdam-

Antwerp) .................................................................................

Working Gas ........................................................................

Arbitrage .................................................................................

Ask .................................................................................................

Auction Trade/Closed Auction ........................

Default Risk/Counterparty Risk ......................

Balancing Energy ...........................................................

Off-Exchange Trade ....................................................

Withdrawal Rate .............................................................

Exit Point .................................................................................

Back Office ............................................................................

Backwardation ..................................................................

BAFin (German Federal Financial

Supervisory Authority) .............................................

Slump ..........................................................................................

Fixed Capacity Supply ..............................................

Barrel (bbl or bl) ..............................................................

Base (Baseload) ...............................................................

Basis Risk

(Correlation Risk) ............................................................

Basis Swap .............................................................................

BBL .................................................................................................

Bear Market ..........................................................................

Hours of Use/Days of Use ....................................

Best Buy ...................................................................................

Best Execution ..................................................................

Bid ..................................................................................................

Bid-Ask Spread .................................................................

Balancing Group .............................................................

Balancing Group

Grid Operator .....................................................................

Balancing Group Responsible Party ...........

Bilateral Trading ..............................................................

Reactive Power .................................................................

Credit Risk .............................................................................

Exchange ................................................................................

Bpd (Barrel per Day) ....................................................

Calorific Value of Natural Gas ..........................

Brent Oil ..................................................................................

Selling Rate ..........................................................................

Broker .........................................................................................


Bull Market ............................................................................

CAL ................................................................................................

Call Option ............................................................................

Call Spread ............................................................................

Cap ................................................................................................

Capacity Options ...........................................................

Carry Forward ....................................................................

Cash Settlement .............................................................

Cash-Settled Contract ..............................................

CCS (Carbon Capture and Storage) ............

CEE (Credit Exposure Equivalent) ................

CER (Certified Emission Reductions) ........

CFR (Cost and Freight; named port

of destination) ..................................................................

Chief Trader Procedure ............................................

Churn Rate ............................................................................

CIF (Cost, Insurance and Freight;

named port of destination) ................................

Clean Spread ......................................................................

Clearing ....................................................................................

Clearing House .................................................................

Close-of-Day .......................................................................

Closing Price .......................................................................

Collar (Price Corridor) ................................................

Compliance ..........................................................................

Confirmation ......................................................................

Contango ................................................................................

Counterparty Limit .......................................................

Current Liquidating Margin ................................

Curtailment ..........................................................................

Dark Spread .........................................................................

Day-Ahead ............................................................................

Derivative ...............................................................................

Pressure and Regulation System ...................


Clearing AG) ........................................................................

ECX (European Climate Exchange) ..............

EEX (European Energy Exchange) ................

EFET (European Federation of

Energy Traders) ................................................................

EFET Trader Framecontract .................................

Proprietary Business ...................................................

Proprietary Trade ...........................................................

ACQ (Annual Contract Quantity) ..................

Additional Margin .........................................................

Adressenausfallrisiko .................................................

Amerikanische Option ..............................................

Anlegbarer Preis .............................................................



APX (Amsterdam Power Exchange) ............

ARA (Amsterdam-Rotterdam-

Antwerpen) ..........................................................................

Arbeitsgas .............................................................................

Arbitrage .................................................................................

Ask .................................................................................................

Auktionshandel/geschlossene Auktion .

Ausfallrisiko/Adressenausfallrisiko .............

Ausgleichsenergie ........................................................

Außerbörslicher Handel ..........................................

Ausspeiseleistung .........................................................

Ausspeisepunkt ...............................................................

Back Office ............................................................................

Backwardation ..................................................................

BaFin (Bundesanstalt für

Finanzdienstleistungsaufsicht) .......................

Baisse ..........................................................................................

Bandlieferung ....................................................................

Barrel (bbl oder bl) .......................................................

Base (Base-Load) ............................................................

Basisrisiko (Korrelationsrisiko,

Basic Risk) ..............................................................................

Basisswap ...............................................................................

BBL

Bärenmarkt ...........................................................................

Benutzungsstunden/Benutzungstage ....

Best Buy ...................................................................................

Best Execution ..................................................................

Bid ..................................................................................................

Bid-Ask-Spread .................................................................

Bilanzkreis ..............................................................................

Bilanzkreisnetzbetreiber (BKN) .......................

Bilanzkreisverantwortlicher (BKV) ...............

Bilateraler Handel ..........................................................

Blindleistung .......................................................................

Bonitätsrisiko .....................................................................

Börse ...........................................................................................

bpd (Barrel per Day) ....................................................

Brennwert von Erdgas ..............................................

Brent-Öl ....................................................................................

Briefkurs ..................................................................................

Broker .........................................................................................


Bullenmarkt ..........................................................................

CAL ................................................................................................

Call Option/Kaufoption ..........................................

Call Spread ............................................................................

Cap ................................................................................................

Capacity Options ...........................................................

Carry Forward ....................................................................

Cash Settlement .............................................................

Cash-Settled Contract ..............................................

CCS (Carbon Capture and Storage) ............

CEE (Credit Exposure Equivalent) ................

CER (Certified Emission Reductions) ........

CFR (Cost and Freight; named port

of destination) ..................................................................

Chefhändlerverfahren ..............................................

Churn Rate ............................................................................

CIF (Cost, Insurance Freight;

named port of destination) ................................

Clean Spread ......................................................................

Clearing ....................................................................................

Clearing House .................................................................

Close-of-Day .......................................................................

Closing Price .......................................................................

Collar (Preiskorridor) ..................................................

Compliance ..........................................................................

Confirmation ......................................................................

Contango ................................................................................

Counterparty Limit .......................................................

Current Liquidating Margin ................................

Curtailment ..........................................................................

Dark Spread .........................................................................

Day-Ahead (Heute-für-morgen-

Geschäft) ................................................................................

Derivat .......................................................................................

Druck- und Regelanlage .........................................


Clearing AG) ........................................................................

ECX (European Climate Echange) .................

EEX (European Energy Exchange) ................

EFET (European Federation of

Energy Traders) ................................................................

EFET-Händlerrahmenvertrag .............................

Eigengeschäft ...................................................................

Eigenhandel ........................................................................

A

B

C

D

E



48

49

50

51

52

53

54

55

56

57

40

41

42

43

44

45

46

47

48

Besleme Performansı .................................................

Giriş Noktası ........................................................................

Endex

(Avrupa Vadeli Enerji Borsası) ..........................

Enerji Ticareti .....................................................................

EPEX (Avrupa Elektrik Borsası) .........................

Doğalgaz .................................................................................

ERGEG (Avrupa Elektrik ve Gaz

Regülatörleri Topluluğu) ........................................

ERU (Emisyon Azaltım Birimleri) ....................

ETS (Emisyon Ticareti Sistemi) ........................

ETSO (Avrupa İletim Sistem

İşletmecileri Birliği) ......................................................

Avrupa Tipi Opsiyon

(European Style Option) .........................................

EXAA (Avusturya Enerji Borsası) ....................

Program ...................................................................................

Fair Value ................................................................................

Vade Tarihi ............................................................................

Uzak Mesafe Gaz Hattı İşletmeleri ...............

Floor (Taban) .......................................................................

FOB (Araç üstünde teslim; nakliyenin

yapılacağı limanın belirlenmesi) ....................

Forward ....................................................................................

Forward Curve (Forward Eğrisi) ......................

Front Office (Ön Büro) ..............................................

Temel Analiz ........................................................................

Future .........................................................................................

Gaz Serbest Bırakma ...................................................

Gaz Deposu ..........................................................................

Gaz İşlem Yılı .......................................................................

Alım ..............................................................................................

Kapalı Pozisyon ................................................................

GPI (Alman Elektrik Endeksi) ..............................

Enterkonneksiyon ..........................................................

Brüt Riskler Toplamı

(Brüt Risk Pozisyonu) ..................................................

Brüt Limit (Gross Limit) ............................................

Toptan Satış Piyasası .................................................

Baz Yük ......................................................................................

İşlemci ........................................................................................

Hausse/Yükseliş Trendi ...........................................

Hedge Fonları ....................................................................

Hedging ...................................................................................

Fueloil EL .................................................................................

Doğalgaz Isıl Değeri ...................................................

H-Gaz ..........................................................................................

HPFC (Hourly Price Forward Curve) ............

Hub ...............................................................................................

ICE (InterContinental Exchange) ...................

Kullanılan Volatilite (Implied Volatility)

INCOTERMS (Uluslararası Ticari

Terimler) ..................................................................................

Endeksleme/Endekse Bağlama ......................

Başlangıç Teminatı .......................................................

Interconnector UK (IUK) ..........................................

In-the-money (Asli Değer) ...................................

Gün İçi Teminat ................................................................

Gün İçi Ticaret ...................................................................

IPE (Uluslararası Petrol Borsası) ......................

JAGAL

(Jamal-Gaz Boru Hattı) .............................................

Kapasite Rezervasyonu ............................................

Basamaklandırma ..........................................................

Kaviteli Depolar ...............................................................

Tampon Gaz .........................................................................

Karşı Tarafın Riski ...........................................................

Kontrat ......................................................................................

Kontrat Oluşumu ............................................................

Kredi Riski ..............................................................................

Yük Profili ...............................................................................

Açıktan Satış .......................................................................

Enerji Frekans Kontrolü ............................................

L-Gaz ............................................................................................

Teslimat Dönemi .............................................................

Likidite .......................................................................................

LNG (Liquefied Natural Gas,

Sıvılaştırılmış Doğalgaz) .........................................

LNG Tesisi/Sıvılaştırma Tesisi ............................

Yük Faktörü/Kullanım Miktarı ...........................

Long/Long Position (Pozisyon Fazlası) ....

Long Hedge .........................................................................

LPG (Sıvılaştırılmış Petrol Gazı) ........................

Make-or-Buy (Yap veya Satın al) ....................

Make-up ...................................................................................

Teminat/Teminat Alım .............................................

Teminat Hesabı ................................................................

MaRisk .......................................................................................

Piyasa Birleşmesi ............................................................

Market Maker (Piyasa Oluşturan) ..................

Market Taker (Piyasayı Takip Eden) .............

Piyasa Bölgesi ....................................................................

Feed-in Rate ........................................................................

Feed-in Point ......................................................................

Endex (European Energy

Derivatives Exchange) ..............................................

Energy Trading .................................................................

EPEX (European Power Exchange) ...............

Natural Gas ...........................................................................

ERGEG (European Regulators’ Group

for Electricity and Gas) .............................................

ERU (Emission Reduction Units) ....................

ETS (Emissions Trading Scheme) ..................

ETSO (Association of European Trans-

mission Systems Operators) ...............................

European Style Option ............................................

EXAA (Energy Exchange Austria) ..................

Schedule ..................................................................................

Fair Value ................................................................................

Maturity ...................................................................................

Long-Distance Gas Company ............................

Floor .............................................................................................

FOB (Free on Board; named port of

shipment) ...............................................................................

Forward ....................................................................................

Forward Curve ...................................................................

Front Office ..........................................................................

Fundamental Analysis ...............................................

Future .........................................................................................

Gas Release ..........................................................................

Gas Storage Facilities ................................................

Gas Fiscal Year ..................................................................

Bid ..................................................................................................

Closed Position ................................................................

GPI (German Power Index) ....................................

Interconnection Point ...............................................

Gross Exposure

(Gross Risk Position) ....................................................

Gross Limit ............................................................................

Wholesale Market ..........................................................

Baseload ..................................................................................

Trader .........................................................................................

Rise ...............................................................................................

Hedge Funds .......................................................................

Hedging ...................................................................................

Fueloil EL .................................................................................

Heating Value of Natural Gas ...........................

H-Gas ..........................................................................................


Hub ...............................................................................................

ICE (InterContinental Exchange) ...................

Implied Volatility ............................................................

INCOTERMS (International Commercial

Terms) ........................................................................................

Indexation .............................................................................

Initial Margin ......................................................................


In-the-money .....................................................................

Intra-Day Margin ............................................................

Intra-Day Trading ...........................................................

IPE (International Petroleum Exchange)

JAGAL (Jamal-Gas-Anbindungs-

Leitung, Jamal Gas Link) ........................................

Capacity Booking ...........................................................

Cascading ..............................................................................

Cavern Storage Facility ............................................

Cushion Gas .........................................................................

Counterparty Risk .........................................................

Contract ...................................................................................

Contract Path .....................................................................

Credit Risk .............................................................................

Load Profile ..........................................................................

Short Selling .......................................................................

Power Frequency Control ......................................

L-Gas ............................................................................................

Supply Period .....................................................................

Liquidity ...................................................................................

LNG

(Liquefied Natural Gas) ............................................

LNG Plant/Liquefaction Plant ...........................

Load Factor/Degree of Utilisation ...............

Long/Long Position .....................................................

Long Hedge .........................................................................

LPG (Liquefied Petroleum Gas) ........................

Make-or-Buy ........................................................................

Make-up ...................................................................................

Margin/Margin Call ......................................................

Margin Account ................................................................

MaRisk .......................................................................................

Market Coupling .............................................................

Market Maker ......................................................................

Market Taker ........................................................................

Market Area ..........................................................................

Einspeiseleistung ...........................................................

Einspeisepunkt .................................................................

Endex (European Energy

Derivatives Exchange) ..............................................

Energiehandel ...................................................................

EPEX (European Power Exchange) ...............

Erdgas ........................................................................................

ERGEG (European Regulators’ Group

for Electricity and Gas) .............................................

ERU (Emission Reduction Units) ....................

ETS (Emissions Trading Scheme) ..................

ETSO (Association of European Trans-

mission Systems Operators) ...............................

Europäische Option

(European Style Option) .........................................

EXAA (Energy Exchange Austria) ..................

Fahrplan ...................................................................................

Fair Value ................................................................................

Fälligkeit ..................................................................................

Ferngasunternehmen ................................................

Floor .............................................................................................

FOB (Free on Board; named port of

shipment .................................................................................

Forward ....................................................................................

Forward Curve (Forwardkurve) .......................

Front Office ..........................................................................

Fundamentalanalyse ..................................................

Future .........................................................................................

Gas-Release .........................................................................

Gasspeicher .........................................................................

Gaswirtschaftsjahr .......................................................

Geldkurs (Bid) ....................................................................

Geschlossene Position .............................................

GPI (German Power Index) ....................................

Grenzübergabepunkt ................................................

Gross Exposure

(Brutto-Risikoposition) .............................................

Gross Limit ............................................................................

Großhandelsmarkt ........................................................

Grundlast ................................................................................

Händler .....................................................................................

Hausse .......................................................................................

Hedge-Fonds ......................................................................

Hedging ...................................................................................

Heizöl EL ..................................................................................

Heizwert von Erdgas ..................................................

H-Gas ..........................................................................................


Hub ...............................................................................................

ICE (Intercontinental Exchange) ....................

Implizite Volatilität (Implied Volatility) ..

INCOTERMS (International Commercial

Terms) ........................................................................................

Indexierung/Indexkopplung .............................

Initial Margin ......................................................................


Im Geld ......................................................................................

Intra-Day Margin ............................................................

Intra-Day Trading ...........................................................

IPE (International Petroleum Exchange)

JAGAL (Jamal-Gas-Anbindungs-

Leitung) ....................................................................................

Kapazitätsbuchung ......................................................

Kaskadierung ......................................................................

Kavernenspeicher ..........................................................

Kissengas ................................................................................

Kontrahentenrisiko .......................................................

Kontrakt ...................................................................................

Kontraktpfad .......................................................................

Kreditrisiko ...........................................................................

Lastprofil/Lastgang ....................................................

Leerverkauf ..........................................................................

Leistungs-Frequenz-Regelung .........................

L-Gas ............................................................................................

Lieferperiode ......................................................................

Liquidität ................................................................................

LNG

(Liquefied Natural Gas) ............................................

LNG-Anlage/Verflüssigungsanlage ...........

Loadfaktor/Auslastungsgrad ............................

Long/Long Position .....................................................

Long Hedge .........................................................................

LPG (Liquefied Petroleum Gas) ........................

Make-or-Buy ........................................................................

Make-up ...................................................................................

Margin/Margin Call ......................................................

Margin Account ................................................................

MaRisk .......................................................................................

Market Coupling .............................................................

Market Maker ......................................................................

Market Taker ........................................................................

Marktgebiet .........................................................................

F

G

H

J

K

I

L

M



66

67

68

69

70

71

72

73

74

57

58

59

60

61

62

63

64

65

Yük Tevzi Merkezi ..........................................................

Mark-to-Market ................................................................

Max Take (Maksimum Alış) ...................................

MCP (Piyasa Takas Fiyatı) .......................................

MIDAL

(Orta Almanya Boru Hattı) ....................................

Middle Office (Orta Büro) .....................................

Min Take (Minimum Alış) ........................................

Dakikalık Rezerv ..............................................................

Nabucco ...................................................................................

NBP (Ulusal Dengeleme Noktası) ..................

NCG (Net Connect Germany) .............................

Net Risk Konumu ............................................................

Netting ......................................................................................

Şebeke Kullanım Koşulları/

Şebeke Kodu .......................................................................

Şebeke Tamponu ............................................................

Nominasyon .........................................................................

Kesinleştirilmemiş Kontrat ...................................

Nord Stream ........................................................................

Nordpool .................................................................................

Standart Mekreküp Vn .............................................

NWE (North West Europe) ....................................

Nymex (New York Mercantile Exchange) .....

Açık Gaz Teslimatı ..........................................................

Açık Pozisyon ......................................................................

Teklif ............................................................................................

Off-Peak ...................................................................................

OMEL/OMIE (Operador del Mercado

Ibérico de Energia) .......................................................

OPEC Sepeti ........................................................................

Açık Sezon .............................................................................

Opsiyon ....................................................................................

Opsiyon Primi .....................................................................

OTC Piyasası (Tezgahüstü Piyasası) ...........

Out-of-the-Money (Asli Değersiz) ................

Puant/Puant Yük (Peak/Peakload) ..............

Phelix® (Fiziksel Elektrik Ticareti) .................

Fiziksel Elektrik Ticareti ..........................................

Boru Hattı Projeleri .......................................................

Poroz Depo ...........................................................................

Portföy/

Portföy Yönetimi ............................................................

Powernext ..............................................................................

Fiyat Uyarlama/

Fiyat Kaydırma Koşulu ...............................................

Fiyat Revizyonu ................................................................

Satım Opsiyonu ...............................................................

Yeniden Gazlaştırma Tankeri .............................

Yeniden Gazlaştırma Terminalı ........................

Gaz Dengeleme Enerjisi ..........................................

Elektrik Dengeleme Enerjisi ................................

Yük Tevzi Bölgesi ............................................................

Bölgesel Gaz Tedarikçisi .........................................

Kalan Operasyonel Süre .........................................

RLM ...............................................................................................

Boru Depolama Tesisleri .........................................

Gemiden Gemiye Aktarma/

Ship-to-Ship Transfer .................................................

Ağır Fueloil/HS .................................................................

Sezonlar ...................................................................................

Uzlaştırma ..............................................................................

Uzlaştırma Fiyatı .............................................................

Nakliyeci ..................................................................................

Short/Pozisyon Açığı (Short Position) .....

Short Hedge ........................................................................

SLP .................................................................................................

Güney Akım (South Stream) ...............................

Spark-Spread ......................................................................

Spekülasyon ........................................................................

Spekülasyon Balonu ....................................................

Spot Piyasa

(Spot Borsa, Nakit Piyasa) .....................................

Spread .......................................................................................

STEGAL (Sachsen-Thüringen

Doğalgaz Boru Hattı) .................................................

Strike (Uygulama Fiyati) ..........................................

Yapılandırılmış Tedarik .............................................

İkame Enerjisi (Alternatif Enerji) ....................

Takas (Swap) ........................................................................

Swing Opsiyonu ..............................................................

Al veya Öde/Take-or-Pay (Kontrat) .............

Teknik Analiz .......................................................................

Future ........................................................................................

Future Piyasa ......................................................................

Therm .........................................................................................

Tick ...............................................................................................

Gecikme ...................................................................................

Trading Floor ......................................................................

Trading Limit (Ticaret Limiti) .............................

TTF (Title Transfer Facility) .................................

İletim Şebekesi .................................................................

İletim Şebekesi İşletmecisi ...................................

Dayanak (Underlying) ................................................

Market Area Responsible Party .......................

Mark-to-Market ................................................................

Max Take .................................................................................

MCP (Market Clearing Price) ...............................

MIDAL

(Central Germany Connecting Pipeline)

Middle Office .....................................................................

Min Take ...................................................................................

Minutes Reserve ..............................................................

Nabucco ...................................................................................

NBP (National Balancing Point) .......................


Net Exposure (Net Risk Position) ..................

Netting ......................................................................................

Conditions for Using the Grid/

Network Code ....................................................................

Network Buffer .................................................................

Nomination ..........................................................................

Non-firm Contract .........................................................

Nord Stream ........................................................................

Nordpool .................................................................................

Standard Cubic Metre Vn ......................................


Nymex (New York Mercantile Exchange)

Open Gas Supply ............................................................

Open Position ....................................................................

Offer ............................................................................................

Off-Peak ...................................................................................



OPEC Basket ........................................................................

Open Season ......................................................................

Option .......................................................................................

Option Premium ..............................................................

OTC market (Over-the-Counter-Market)

Out-of-the-Money .........................................................

Peak/Peakload ..................................................................

Phelix® (Physical Electricity Index) .............

Physical Electricity Trade .......................................

Pipeline Projects .............................................................

Porous Reservoir .............................................................

Portfolio/Portfolio

Management ......................................................................

Powernext ..............................................................................

Price Adjustment/

Price Adjustment Clause ........................................

Price Revision .....................................................................

Put Option .............................................................................

Re-gasification Tanker ..............................................

Re-gasification Terminal .......................................

Balancing Power Gas ..................................................

Balancing Power

Control Zone .......................................................................

Regional Gas Suppliers ............................................

Remaining Operational Term ............................

RLM

Pipe Storage Facilities ..............................................

Ship-to-Ship Transfer .................................................

Heavy Heating Oil/HS ...............................................

Seasons ....................................................................................

Settlement ............................................................................

Settlement Price .............................................................

Shipper .....................................................................................

Short/Short position ..................................................

Short Hedge ........................................................................

SLP .................................................................................................

South Stream ......................................................................

Spark Spread .......................................................................

Speculation ..........................................................................

Speculation Bubble .....................................................

Spot Market

(Spot Exchange, Cash Market) .........................

Spread .......................................................................................

STEGAL

(Saxony-Thuringia Natural Gas Line) .........

Strike ...........................................................................................

Structured Procurement .........................................

Substitution Energy ....................................................

Swap ............................................................................................

Swing Option .....................................................................

Take or Pay (Contract) ...............................................

Technical Analysis .........................................................

Future .........................................................................................

Futures Market ..................................................................

Therm .........................................................................................

Tick ................................................................................................

Time lag ...................................................................................

Trading Floor ......................................................................

Trading Limit ......................................................................


Transmission Grid ..........................................................

Transmission Grid Operator ...............................

Underlying ............................................................................

Marktgebietsverantworticher ..........................

Mark-to-Market ................................................................

Max Take .................................................................................

MCP (Market Clearing Price) ...............................

MIDAL

(Mitteldeutsche Anbindungsleitung) .......

Middle Office .....................................................................

Min Take ...................................................................................

Minutenreserve ................................................................

Nabucco ...................................................................................

NBP (National Balancing Point) .......................


Net Exposure (Netto-Risikoposition) ........

Netting ......................................................................................

Netznutzungsbedingungen/

Network Code ....................................................................

Netzpuffer .............................................................................

Nominierung .......................................................................

Non-Firm-Contract .......................................................

Nord Stream ........................................................................

Nordpool .................................................................................

Normkubikmeter Vn ....................................................


Nymex (New York Mercantile Exchange)

Offene Gaslieferung ...................................................

Offene Position ................................................................

Offer ............................................................................................

Off-Peak ...................................................................................



OPEC-Korb .............................................................................

Open Season ......................................................................

Option .......................................................................................

Optionsprämie ..................................................................

OTC-Markt (Over-the-Counter-Markt) .....

Out-of-the-Money (Aus dem Geld) .............

Peak/Peakload ..................................................................

Phelix® (Physical Electricity Index) .............

Physischer Stromhandel .........................................

Pipeline-Projekte ............................................................

Porenspeicher ....................................................................

Portfolio/Portefeuille

(Portfoliomanagement) ..........................................

Powernext ..............................................................................

Preisanpassungs-/

Preisgleitklausel ..............................................................

Preisrevision ........................................................................

Put-Option/Verkaufsoption ...............................

Regasifizierungs-Tanker ..........................................

Regasifizierungs-Terminal ....................................

Regelenergie Gas ...........................................................

Regelenergie Strom ....................................................

Regelzone ..............................................................................

Regionale Gasversorger ..........................................

Restlaufzeit ..........................................................................

RLM (registrierte Leistungsmessung) ......

Röhrenspeicher ................................................................

Schiff-zu-Schiff-Transfer .........................................

Schweres Heizöl/HS ....................................................

Seasons ....................................................................................

Settlement ............................................................................

Settlementpreis ...............................................................

Shipper .....................................................................................

Short/Short Position ..................................................

Short Hedge ........................................................................

SLP .................................................................................................

South Stream ......................................................................

Spark-Spread ......................................................................

Spekulation ..........................................................................

Spekulationsblase .........................................................

Spotmarkt

(Spotbörse, Kassamarkt) ........................................

Spread .......................................................................................

STEGAL

(Sachsen-Thüringen-Erdgas-Leitung) ......

Strike ...........................................................................................

Strukturierte Beschaffung ....................................

Substitutionsenergie .................................................

Swap ............................................................................................

Swing Option .....................................................................

Take-or-Pay (Contract) .............................................

Technische Analyse .....................................................

Termingeschäft ................................................................

Terminmarkt ........................................................................

Therm .........................................................................................

Tick ................................................................................................

Timelag .....................................................................................

Trading Floor ......................................................................

Trading Limit ......................................................................


Übertragungsnetz ........................................................

ÜNB (Übertragungsnetzbetreiber) ..............

Underlying (Basiswert) .............................................

N

O

P

R

S

T

U



75

76

77

78

Kesilebilir Tedarik ...........................................................

VaR (Riske Maruz Değer) ........................................

Varyasyon Teminatı .....................................................

Kompresör İstasyonu .................................................

Dağıtım Şebekesi ...........................................................

Sanal Ticaret Noktası .................................................

Volatilite ..................................................................................

Volatilite Riski ....................................................................

Tam Yük Saatleri .............................................................

Tam Tedarik Sözleşmesi ..........................................

Hava Türevi ...........................................................................

Wobbe Endeksi ................................................................

WTI (Western Texas Intermediate) ..............

İkili Sözleşme Modeli .................................................

Interruptible Supply ....................................................

VaR (Value at Risk) .......................................................

Variation Margin .............................................................

Compressor Station .....................................................

Distribution Network .................................................

Virtual Trading Point ..................................................

Volatility ..................................................................................

Volatility Risk .....................................................................

Full Load Hours ................................................................

Full Supply Contract ...................................................

Weather Derivative ......................................................

Wobbe Index ......................................................................


Dual Contract Model ..................................................

Unterbrechbare Lieferung ....................................

VaR (Value at Risk) .......................................................

Variation Margin .............................................................

Verdichterstation ...........................................................

Verteilnetz/Verteilungsnetz ..............................

Virtueller Handelspunkt .........................................

Volatilität ................................................................................

Volatilitätsrisiko ..............................................................

Volllaststunden ...............................................................

Vollversorgungsvertrag ..........................................

Wetterderivat .....................................................................

Wobbe-Index ......................................................................


Zweivertragsmodell ....................................................

V

Z

W

Eines der Finanzzentren von Istanbul. One of the financial centers of Istanbul. İstanbul'daki finans merkezlerinden biri.


RWE Turkey (Holding A.Ş.)

Emirhan Caddesi

Barbaros Plaza No: 113-C Kat 6-734349 Beşiktaş - İstanbul

T +90 212 396 00 00F +90 212 236 96 91

Spine 6 mm

Spine 6 mm

ENERGIEHANDEL ENERGY TRADEENERJİ TİCARETİ

Eine Erklärung der wichtigsten BegriffeA definition of the most important termsTemel Kavramların Açıklamaları


Documents

ENERGIEHANDEL ENERGY TRADE ENERJİ TİCARETİ“Enerji Ticareti Terimleri Sözlüğü”, Avrupa’nın en likit ve iyi işleyen piyasalarından biri olan Alman piyasasında kullanılan