Power producers and consumers in Turkey can now certify electricity from renewable sources as the country introduced a comprehensive system that includes trading in guarantees of origin.
The Energy Exchange Istanbul (EXIST or EPİAŞ) launched the YEK-G market, which enables the verification of electricity from renewable sources in Turkey. Minister of Energy and Natural Resources Fatih Dönmez said one hundred participants with 127 power plants in total joined the system for guarantees of origin by today and that 53 members have an electricity generation license while that the remaining ones are suppliers.
He revealed 5.2 TWh of renewable electricity has been certified so far under the RES-G certification scheme, rolled out on June 1. The contracts at the exchange are for hydropower, solar, wind and geothermal power and electricity from biomass plants.
Tool for companies that have carbon targets to meet
Power consumers including companies with environmental targets can now obtain certificates at market prices through the exchange. The first transactions were for geothermal energy, Dönmez revealed.
Minister of Energy and Natural Resources Fatih Dönmez said the trading and certification scheme would make Turkey ready for the EU’s upcoming carbon border tax
The minister asserted the system would prepare Turkey for the European Union’s upcoming carbon dioxide border tax as domestic companies can prove the source of their electricity. He added it makes them more competitive.
The scheme for the guarantees of origin of electricity was developed with domestic blockchain technology, Dönmez pointed out.
Two years ahead of national plan for renewables
Turkey’s share of renewables reached 52.7% in installed capacity compared to 26% from 2002, the minister underscored and added there is 51.4 GW in the category. The country already reached its target for 2023, he said.
The government has drafted rules one year ago for guarantees of origin so that power producers can prove the source, so businesses and households in Turkey got the option to buy electricity generated exclusively from renewables.