TR ETS market operating rules published: EPİAŞ named market operator

What happened

The Regulation on the Operation of the Turkish Emissions Trading System Market, prepared by the Energy Market Regulatory Authority (EPDK), was published in the Official Gazette on 21 October 2026 (No. 33407) and entered into force. Its legal basis is Article 11 of Electricity Market Law No. 6446 and Article 10 of Climate Law No. 7552.

The TR ETS Regulation published in August set the monitoring, reporting and allocation rules for the Turkish Emissions Trading System (TR ETS) and left the procedures for running the market to EPDK. The new regulation fills that gap. Key provisions:

• Market operator: Energy Markets Operation Inc. (EPİAŞ). EPİAŞ will run the primary market, where allowances are distributed by auction, and the spot secondary market, where allowances are bought and sold.
• Auctions: Primary market auctions will follow a calendar set by the Climate Change Presidency (İklim Değişikliği Başkanlığı).
• Transaction Registry System (İşlem Kayıt Sistemi): Issuance, holding, transfer, cancellation and surrender of allowances will be tracked in this system through installation-based accounts. Free allocation will also be transferred to operator accounts, installation by installation, through the registry.
• Account opening: Operators covered by the TR ETS must open an account in the registry. This requires an electronic application to EPİAŞ and participation agreements; separate market agreements must be signed to take part in the primary and spot markets.
• Transition: Under a provisional article, a virtual implementation will run until the registry, primary market and spot market begin operating. No delivery, invoicing or payment obligations arise in this phase.

The regulation does not set a fixed price per tonne for allowances.

Who is affected

Companies operating installations in the pilot period in electricity generation, cement, iron and steel, aluminium and fertilisers. Under the pilot period decisions, 2026 is a reporting-only year and the obligation to surrender allowances starts with 2027 emissions. This regulation defines the accounts and the market through which that obligation will be met.

What companies should do

• Identify now the authorised signatories for the EPİAŞ application and the participation agreements needed to open an account.
• Agree who owns allowance management across treasury, energy trading and sustainability teams; quick decisions will be needed once the Presidency announces the auction calendar.
• Use the virtual phase to test your internal approval and trading processes.
• Estimate your expected allowance shortfall or surplus for 2027 now, based on your free allocation and emissions forecasts.

Alalëa supports companies in preparing for TR ETS obligations and planning their allowance position: ETS readiness.