ABSTRACT
In 1982, Chile reorganized its electricity markets, followed by England and Norway in the 1990s (Hogan, 2002), which speeded up the liberalization politics around the world and also led to fundamental changes to the Turkish markets. Turkish electricity markets have, recently, evolved into a complex competitive business environment with an ever-increasing role of the private sector in production, consumption, and retailing of electricity. Nevertheless, electricity is a unique commodity due to its nonstorability, and hence the demand
3.1 Introduction 51 3.1.1 Electricity Market Designs 52 3.1.2 History of Turkish Electricity Markets 55 3.1.3 Turkish Electricity Production 57
3.2 DAMs 58 3.2.1 Bid Types and Market Organization 60 3.2.2 Practice and Research on DAM Price Optimization 60
3.2.2.1 Academic Research on DAM Optimization 61 3.2.2.2 Commercial Products on DAM
Optimization 61 3.3 Future Trends and Open Problems 63 3.4 Conclusions 64 References 65
and supply of electricity have to be kept in balance in real time, implying a need for a central regulator. In Turkey, Turkish Electricity Transmission Company (TEİAŞ) manages the physical and financial trade of electricity through the Center for Market Financial Settlement (PMUM) and the Directorate of National Load Dispatch (MYTM).
