This document is an introduction to an energy industry glossary published by RWE Turkey. It discusses how Turkey's economy has grown rapidly in recent years and its energy markets are transitioning to become more competitive and efficient through liberalization. As the energy sector adapts to serve Turkey's growing economy, new terminology is needed to describe the emerging liberalized energy market. RWE hopes this glossary will help establish a common language for industry participants and interested readers in Turkey.

1. Spine 6 mm
ENERGIEHANDEL
ENERGY TRADE
ENERJİ TİCARETİ
Eine Erklärung der wichtigsten Begriffe
A definition of the most important terms
Temel Kavramların Açıklamaları
RWE Turkey (Holding A.Ş.)
Emirhan Caddesi
Barbaros Plaza No: 113-C Kat 6-7
34349 Beşiktaş - İstanbul
T +90 212 396 00 00
F +90 212 236 96 91
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2. INHALTSVERZEICHNIS
TABLE OF CONTENTS
İÇİNDEKİLER
VORWORT DER HERAUSGEBER 4–5
EDITOR’S FOREWORD
YAYINCININ ÖNSÖZÜ
Having the energy to lead means we stay on top of current social, economic
and environmental challenges. VORWORT 6–7
PREFACE
ÖNSÖZ
Our aim is to supply secure, affordable and environmental friendly energy.
STICHWÖRTER 10 – 16
We want to stay ahead of the game, rather than be reactive. INDEX
We are part of the solution, not part of the problem. DİZİN
HINWEISE ZUR NUTZUNG DES GLOSSARS 20 – 21
Our corporate strategy reflects our new self belief: NOTES ON THE USE OF THE GLOSSARY
SÖZLÜĞÜN KULLANIMI İLE İLGİLİ HATIRLATMALAR
> We think ahead.
GLOSSAR 24 – 78
> We are the first to take important steps. GLOSSARY
SÖZLÜK
> We are leaders in innovation.
HÄUFIG GESTELLTE FRAGEN 82 – 95
FREQUENTLY ASKED QUESTIONS
> We rise to the challenge. SIKÇA SORULAN SORULAR
> 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!
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3. 4 VORWORT DER HERAUSGEBER/EDITOR’S FOREWORD/YAYINCININ ÖNSÖZÜ 5
VORWORT DER HERAUSGEBER
EDITOR’S FOREWORD
YAYINCININ ÖNSÖZÜ
Dr. Andreas Radmacher Dr. Ralph Jäger
Lieber Leser, Dear Reader, Sevgili Okuyucu
die Türkei hat eine rasante wirtschaftliche Entwicklung The economic development of Turkey has come a long way. Türkiye ekonomik açıdan çok büyük mesafe katetti. Ekonomi- Hochachtungsvoll,
erlebt. Trotzdem kann man sagen, dass der größte Teil der Turkey’s prospects are brighter still. Already, experts con- deki olumlu ve memnuniyet verici ivme, uzun süredir devam Yours sincerely,
wirtschaftlichen Entwicklung noch vor der Türkei liegt. sider Turkey to be among the BRIC countries, somewhere in- etmektedir. Uzmanlar Türkiye’yi, BRIC ülkelerinin gösterdiği Saygılarımızla,
Experten zufolge sollte die Türkei schon zu den sogenannten between an emerging market and a fully industrialised one. performansla kıyaslamakta; gelişmekte olan ülkeler ile geliş-
BRIC-Staaten gehören, zu derjenigen Gruppe von Staaten, To serve the strongly growing economy, the energy sector miş ülkeler arasında konumlandırmaktadır. Güçlü bir şekilde
die sich in ihrer Entwicklung zwischen einem voll entwickel- needs to follow suit. Hence, the power and gas market are in büyüyen ekonomiyi desteklemek için, enerji sektörünün de
ten Industrieland und einem Wachstumsmarkt befinden. Der the middle of a transition to become more competitive, more üzerine düşenleri yapması gerekmektedir. Elektrik ve doğal
türkische Energiemarkt muss sich ebenfalls auf die neuen resilient and more efficient. In short: the Turkish energy mar- gaz piyasalarının daha rekabetçi, daha dirençli ve daha
Gegebenheiten und Herausforderungen einstellen, die mit kets are becoming liberalised. verimli bir yapıya dönüşümünün yaşandığı bir sürecin tam Dr. Andreas Radmacher
dem rasanten Wirtschaftswachstum einhergehen. Dement- ortasında bulunmaktayız. Kısacası, Türkiye’de enerji piyasası CEO of RWE Turkey Holding A.Ş.
sprechend befinden sich die Energiemärkte für Strom und With the emergence of a liberal market, we have to recognise liberalleşmektedir.
Gas in einer Übergangsphase der Liberalisierung. the need for a vocabulary that can precisely describe items
that have not been there before. New vocabulary that is Liberal piyasaların oluşmasıyla birlikte hayatımıza yeni tanım-
Liberalisierte Energiemärkte benötigen neue Wörter und mainly borrowed from the financial sector. lar girmektedir. Bu tanımların kelime dağarcığımıza sorunsuz
Definitionen, die kurz und prägnant eine neue Marktrealität bir şekilde yerleşmesi gerekmektedir. Söz konusu yeni kelime
beschreiben können. Allerdings muss man hier keine ganz Some of RWE’s core markets have been liberalised for a long dağarcığı, temelde finans sektöründen alınacaktır.
neue Sprache erfinden, da viele Begriffe aus dem Finanzsek- time, therefore the company is very familiar with the new Dr. Ralph Jäger
tor übernommen werden können. environment and the terminology that comes along with it. RWE’nin yoğun olarak faaliyette bulunduğu piyasalar, uzun CFO of RWE Turkey Holding A.Ş.
We would like to put this glossary at the disposal of the süre önce liberalleşmişti. Dolayısıyla RWE, liberalleşme son-
RWEs Heimatmärkte sind vielfach schon vollständig liberali- interested reader in Turkey. If we do not have a common rası oluşacak iş ortamına ve terminolojisine aşinadır. Bu
siert, und daher sind wir mit dem nun notwendigen Vokabu- language, a common standard, communicating is hard. We amaçla Enerji sektöründe büyük bir açığı kapatacak olan Enerji
lar bestens vertraut. Dieses Wissen möchten wir gerne mit hope that this glossary helps to shed some light on the Terimleri Sözlüğü’nü, Türkiye’de konu ile ilgilenen okuyucula-
dem interessierten Leser in der Türkei teilen. Denn eines ist jungle of new phrases that will hit Turkey’s energy markets rın kullanımına sunuyoruz. Ortak bir dil ve standartların oluş-
gewiss: Wenn wir keine gemeinsame Sprache haben, wird sooner rather than later. madığı ortamlarda iletişim kurmanın oldukça güç olduğuna
Kommunikation ein schwieriges Unterfangen. Wir hoffen, inanıyoruz. Türk enerji sektöründe, yakın zamanda yeni terim-
dass dieses Glossar ein wenig Licht ins Dickicht der Begriff- ler kullanılmaya başlanacaktır. Yeni kavramları doğru anla-
lichkeiten bringt, die mit der Marktliberalisierung auf den mak, iletişimde yaşanabilecek karmaşıklıkları ortadan kaldıra-
türkischen Energiemarkt zukommen. caktır. Umut ediyoruz ki bu sözlük, aydınlatıcı ve bir yol
gösterici olarak kullanılacaktır.
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4. 6 VORWORT/PREFACE/ÖNSÖZ 7
VORWORT
PREFACE
ÖNSÖZ
Lieber Leser, Dear Reader, Sevgili Okuyucu
der türkische Strommarkt hat einen gewaltigen Wandel The Turkish electricity market has undergone a significant Türkiye enerji piyasası hızlı bir büyüme ve serbestleşme Mit besten Grüßen,
durchlaufen. Einhergehend mit diesem Wandel hat Energie- change and transformation process. As a result of this pro- süreci içerisindedir. Bu serbestleşme sürecine bağlı olarak, Regards,
handel an Bedeutung gewonnen und mit ihm die ihm eigenen cess, energy trading has gained importance and new terms enerji ticaretinin önemi giderek artmakta ve yeni terimler ve Saygılarımızla,
Konzepte und Begriffe, die ihren Ursprung meistens in der and concepts are inspired by a more developed finance kavramlar, daha gelişmiş durumdaki finans dünyası ve Avrupa
Finanzwelt haben. world and the European markets. piyasalarından esinlenmektedir.
Seit dem Jahr 2010 ist die Türkei mit dem europäischen Physically connected to the electricity grid (ENSO-E) since 2010 yılında fiziksel olarak Avrupa elektrik şebekesine (ENSO-E)
Stromnetz ENTSO-E verbunden. Außerdem wird auch eine 2010, Turkey is expected to adopt and apply the EFET’s enterkonnekte olan Türkiye’de, enerji ticaretinde Avrupa stan-
baldige Etablierung des europäischen Standardstrom- (European Federation of Energy Traders) contract, a dardı olan EFET (European Federation of Energy Traders) söz-
liefervertrages (EFET-Vertrag) erwartet. Einer der nächsten European standard for energy trading and to strengthen its leşmesinin Türkçeleştirilerek uygulamaya konulması ve ülkemi-
Schritte ist die Gründung einer türkischen Strombörse. All role in regional energy trading by establishing an energy zin bölgesel enerji ticaretinde oynayacağı önemli rolü, Enerji Bakatjan Sandalkhan
diese Initiativen werden die regionale Führungsrolle der exchange. Borsası kurarak pekiştirmesi beklenmektedir. Vice President
Türkei im Energiehandel stärken. Energy Market & Sales of RWE Turkey Holding A.Ş.
In this context, the “Energy Trading Glossary”, prepared in Bu kapsamda, RWE Turkey Holding tarafından hazırlanan
Das vorliegende, von der RWE Turkey Holding A.S. in drei three languages German-English-Turkish by RWE Turkey “Enerji Ticareti Terimleri Sözlüğü”, Avrupa’nın en likit ve iyi
Sprachen zusammengestellte Energiehandelsglossar erklärt Holding A.S., is based on energy trading terms used in the işleyen piyasalarından biri olan Alman piyasasında kullanılan
Begriffe, die im deutschen Energiehandel geläufig sind. German market, one of the most liquid and well-functioning enerji ticareti terimleri esas alınarak Almanca, İngilizce ve
Erklärungen mit ausschließlich marktspezifischen Informatio- markets in Europe. If an explanation is purely country-specific, Türkçe olarak üç dilde hazırlanmıştır. Tek bir ülkeye özgü
nen werden nur in der jeweils relevanten Sprache erklärt. it is not translated into either of the other two languages. terimler, diğer iki dile çevirilmeden sunulmuştur.
Das Glossar ist ein „lebendes“ Dokument und sollte daher Our glossary is a living document and needs constant updat- Sözlüğümüzün zaman içerisinde düzeltilmesi ve güncellen-
kontinuierlich aktualisiert werden. Es ist das erste seiner Art ing in the future. It is the first on the Turkish energy market, mesi gerekecektir. Sözlüğümüz, sürekli bir gelişim içinde
für den türkischen Strommarkt, der zurzeit ja selbst einen which is constantly developing and whose needs are chang- bulunan ve değişime ihtiyacı olan Türkiye enerji piyasasında
kontinuierlichen Wandel durchläuft. Sollten Sie Anmerkun- ing. Your valuable contributions are highly appreciated in bir ilk olduğundan, geliştirilmesine yönelik her türlü görüş ve
gen oder Verbesserungsvorschläge haben, sind uns diese helping us to improve our work. önerinizi bizimle paylaşmanızdan memnuniyet duyacağız.
herzlich willkommen. The explanations of the terms and concepts given in this Enerji Ticareti Terimleri Sözlüğü’nde yer verilen kavramların
Die Erklärungen der Begriffe und Konzepte sollten als Richt- glossary should only be used as guidelines and give their açıklamalarının önemli bir yol gösterici kaynak niteliğinde
werte verstanden werden, die keinen Anspruch auf Vollstän- usage to the best of our knowledge. olduğunu ve bu sözlüğün herhangi bir kesinlik taşımadığını
digkeit erheben. da belirtmek isteriz.
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5. # STICHWÖRTER
INDEX
DİZİN
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6. 10 STICHWÖRTER/INDEX/DİZİN 11
A 31 Briefkurs .................................................................................. Selling Rate .......................................................................... Satış Fiyatı .............................................................................
Broker ......................................................................................... Broker ......................................................................................... Broker (Komisyoncu, Aracı) ..................................
24 ACQ (Annual Contract Quantity) .................. ACQ (Annual Contract Quantity) .................. ACQ (Yıllık Kontrat Miktarı) 32 BTU (British Thermal Unit) ................................... BTU (British Thermal Unit) ................................... BTU (British Thermal Unit) ...................................
Additional Margin ......................................................... Additional Margin ......................................................... Ek Teminat ............................................................................. Bullenmarkt .......................................................................... Bull Market ............................................................................ Boğa Piyasası ......................................................................
Karşı Tarafın Yükümlülüğünü Yerine
Adressenausfallrisiko ................................................. Counterparty Risk ......................................................... Getirmemesi Riski .......................................................... C
Amerikanische Option .............................................. American Option ............................................................ Amerikan Opsiyonu ..................................................... CAL ................................................................................................ CAL ................................................................................................ CAL ................................................................................................
Anlegbarer Preis ............................................................. Investable Price ............................................................... Bağlı Bedel (Yatırım Yapılabilir Fiyat) ....... Call Option/Kaufoption .......................................... Call Option ............................................................................ Alım Opsiyonu ..................................................................
API#2 Index (All Publications Index) ......... API#2 Index (All Publications Index) ......... API#2 Endeksi (All Publications Index) ... Call Spread ............................................................................ Call Spread ............................................................................ Alım Marjı ...............................................................................
25 API#4 Index (All Publications Index) ......... API#4 Index (All Publications Index) ......... API#4 Endeksi (All Publications Index) ... Cap ................................................................................................ Cap ................................................................................................ Üst Sınır (Cap) ....................................................................
APX (Amsterdam Power Exchange) ............ APX (Amsterdam Power Exchange) ............ APX (Amsterdam Enerji Borsası) .................... Capacity Options ........................................................... Capacity Options ........................................................... Kapasite Opsiyonu ........................................................
ARA (Amsterdam-Rotterdam- ARA (Amsterdam-Rotterdam- ARA (Amsterdam-Roterdam- 33 Carry Forward .................................................................... Carry Forward .................................................................... Nakletme ................................................................................
Antwerpen) .......................................................................... Antwerp) ................................................................................. Antwerp) ................................................................................. Cash Settlement ............................................................. Cash Settlement ............................................................. Cash Settlement (Nakit Uzlaştırma) ...........
Arbeitsgas ............................................................................. Working Gas ........................................................................ Çalışma Gazı ........................................................................ Cash-Settled Contract .............................................. Cash-Settled Contract .............................................. Nakit Uzlaştırılmış Kontrat ...................................
Arbitrage ................................................................................. Arbitrage ................................................................................. Arbitraj ...................................................................................... CCS (Carbon Capture and Storage) ............ CCS (Carbon Capture and Storage) ............ CCS (Karbon Tutma ve Depolama) ..............
Ask ................................................................................................. Ask ................................................................................................. Satım (Ask) ............................................................................ CEE (Credit Exposure Equivalent) ................ CEE (Credit Exposure Equivalent) ................ CEE (Eşdeğer Kredi Riski) ......................................
Auktionshandel/geschlossene Auktion . Auction Trade/Closed Auction ........................ Arttırma/Kapalı Arttırma ....................................... CER (Certified Emission Reductions) ........ CER (Certified Emission Reductions) ........ CER (Sertifikalı Emisyon Azaltımları) ........
Ödenmeme Riski/Karşı Tarafın Yüküm- 34 CFR (Cost and Freight; named port CFR (Cost and Freight; named port CFR (Maliyet ve Naklıye; Belirtilen
Ausfallrisiko/Adressenausfallrisiko ............. Default Risk/Counterparty Risk ...................... lülüğünü Yerine Getirmemesi Riski ............. of destination) .................................................................. of destination) .................................................................. Varış Limanında Teslim) ..........................................
26 Ausgleichsenergie ........................................................ Balancing Energy ........................................................... Dengeleme Enerjisi ...................................................... Chefhändlerverfahren .............................................. Chief Trader Procedure ............................................ Baş İşlemci Yöntemi ....................................................
Außerbörslicher Handel .......................................... Off-Exchange Trade .................................................... Borsa Dışı İşlem ............................................................... Churn Rate ............................................................................ Churn Rate ............................................................................ Churn Rate (Ticari Hareketlilik) .......................
Ausspeiseleistung ......................................................... Withdrawal Rate ............................................................. Çekme Derecesi ............................................................... CIF (Cost, Insurance Freight; CIF (Cost, Insurance and Freight; CIF (Varış limanında belirlenen Maliyet,
Ausspeisepunkt ............................................................... Exit Point ................................................................................. Çıkış Noktası ....................................................................... named port of destination) ................................ named port of destination) ................................ Sigorta ve Nakliye) .......................................................
35 Clean Spread ...................................................................... Clean Spread ...................................................................... Clean Spread ......................................................................
B Clearing .................................................................................... Clearing .................................................................................... Clearing (Kliring, Takas) ..........................................
Back Office ............................................................................ Back Office ............................................................................ Arka Büro (Back Office) ........................................... Clearing House ................................................................. Clearing House ................................................................. Clearing House (Takas Merkezi) .....................
Backwardation .................................................................. Backwardation .................................................................. Backwardation (Depor) ............................................ Close-of-Day ....................................................................... Close-of-Day ....................................................................... Close-of-Day (Gün Sonu) .......................................
27 BaFin (Bundesanstalt für BAFin (German Federal Financial BAFin (Alman Finans Hizmetleri Closing Price ....................................................................... Closing Price ....................................................................... Kapanış Fiyatı .....................................................................
Finanzdienstleistungsaufsicht) ....................... Supervisory Authority) ............................................. Üst Denetim Kurulu) ................................................... Collar (Preiskorridor) .................................................. Collar (Price Corridor) ................................................ Collar (Fiyat Koridoru) ...............................................
Baisse .......................................................................................... Slump .......................................................................................... Düşüş Trendi ....................................................................... 36 Compliance .......................................................................... Compliance .......................................................................... Uyum (Compliance ) ....................................................
Bandlieferung .................................................................... Fixed Capacity Supply .............................................. Sabit Kapasite Tedariği ............................................ Confirmation ...................................................................... Confirmation ...................................................................... Konfirmasyon (Teyit Etme) ...................................
Barrel (bbl oder bl) ....................................................... Barrel (bbl or bl) .............................................................. Varil (bbl veya bl) ........................................................... Contango ................................................................................ Contango ................................................................................ Contango (Prim) ..............................................................
Base (Base-Load) ............................................................ Base (Baseload) ............................................................... Baz (Baz Yük) ....................................................................... Counterparty Limit ....................................................... Counterparty Limit ....................................................... Karşı Tarafın Limiti ........................................................
28 Basisrisiko (Korrelationsrisiko, Basis Risk Baz Riski Mevcut Likidite Teminatı
Basic Risk) .............................................................................. (Correlation Risk) ............................................................ (Korelasyon Riski, Basis Risk) ............................. Current Liquidating Margin ................................ Current Liquidating Margin ................................ (Current Liquidating Margin) .............................
Basisswap ............................................................................... Basis Swap ............................................................................. Baz Takası ............................................................................... 37 Curtailment .......................................................................... Curtailment .......................................................................... Kısma ...........................................................................................
BBL BBL ................................................................................................. BBL .................................................................................................
Bärenmarkt ........................................................................... Bear Market .......................................................................... Ayı Piyasası ........................................................................... D
Benutzungsstunden/Benutzungstage .... Hours of Use/Days of Use .................................... Kullanım Saatleri/Kullanım Günleri ............. Dark Spread ......................................................................... Dark Spread ......................................................................... Kömür-Elektrik Marjı ...................................................
Best Buy ................................................................................... Best Buy ................................................................................... Eni İyi Fiyattan Al ........................................................... Day-Ahead (Heute-für-morgen-
29 Best Execution .................................................................. Best Execution .................................................................. En İyi Uygulama ............................................................... Geschäft) ................................................................................ Day-Ahead ............................................................................ Gün Öncesi ...........................................................................
Bid .................................................................................................. Bid .................................................................................................. Alım (Bid) ................................................................................ Derivat ....................................................................................... Derivative ............................................................................... Türev ...........................................................................................
Bid-Ask-Spread ................................................................. Bid-Ask Spread ................................................................. Alım-Satım Farkı .............................................................. Druck- und Regelanlage ......................................... Pressure and Regulation System ................... Basınç ve Regülasyon Sistemi ...........................
Bilanzkreis .............................................................................. Balancing Group ............................................................. Dengeleme Grubu .........................................................
Balancing Group Dengeleme Grubu Sistem E
Bilanzkreisnetzbetreiber (BKN) ....................... Grid Operator ..................................................................... İşletmecisi .............................................................................. 38 ECC (European Commodities ECC (European Commodities ECC (European Commodities
30 Bilanzkreisverantwortlicher (BKV) ............... Balancing Group Responsible Party ........... Dengeleme Grubu Sorumlusu .......................... Clearing AG) ........................................................................ Clearing AG) ........................................................................ Clearing AG) ........................................................................
Bilateraler Handel .......................................................... Bilateral Trading .............................................................. İkili Ticaret ............................................................................ ECX (European Climate Echange) ................. ECX (European Climate Exchange) .............. ECX (Avrupa İklim Borsası) ...................................
Blindleistung ....................................................................... Reactive Power ................................................................. Reaktif Güç ........................................................................... EEX (European Energy Exchange) ................ EEX (European Energy Exchange) ................ EEX (Avrupa Enerji Borsası) .................................
Bonitätsrisiko ..................................................................... Credit Risk ............................................................................. Kredi Riski .............................................................................. 39 EFET (European Federation of EFET (European Federation of EFET (Avrupa Enerji Ticaret
Börse ........................................................................................... Exchange ................................................................................ Borsa ........................................................................................... Energy Traders) ................................................................ Energy Traders) ................................................................ Federasyonu) ......................................................................
bpd (Barrel per Day) .................................................... Bpd (Barrel per Day) .................................................... Bpd (Günlük Varil Adedi) ....................................... EFET-Händlerrahmenvertrag ............................. EFET Trader Framecontract ................................. EFET Ticaret Çerçeve Sözleşmesi ..................
31 Brennwert von Erdgas .............................................. Calorific Value of Natural Gas .......................... Doğalgazın Isıl Değeri .............................................. Eigengeschäft ................................................................... Proprietary Business ................................................... Mal Sahibine Özgü İşlem .......................................
Brent-Öl .................................................................................... Brent Oil .................................................................................. Brent petrol .......................................................................... Eigenhandel ........................................................................ Proprietary Trade ........................................................... Mal Sahibine Özgü Ticaret ...................................
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7. 12 STICHWÖRTER/INDEX/DİZİN 13
40 Einspeiseleistung ........................................................... Feed-in Rate ........................................................................ Besleme Performansı ................................................. 48 Hub ............................................................................................... Hub ............................................................................................... Hub ...............................................................................................
Einspeisepunkt ................................................................. Feed-in Point ...................................................................... Giriş Noktası ........................................................................
Endex (European Energy Endex (European Energy Endex I
Derivatives Exchange) .............................................. Derivatives Exchange) .............................................. (Avrupa Vadeli Enerji Borsası) .......................... ICE (Intercontinental Exchange) .................... ICE (InterContinental Exchange) ................... ICE (InterContinental Exchange) ...................
Energiehandel ................................................................... Energy Trading ................................................................. Enerji Ticareti ..................................................................... Implizite Volatilität (Implied Volatility) .. Implied Volatility ............................................................ Kullanılan Volatilite (Implied Volatility)
EPEX (European Power Exchange) ............... EPEX (European Power Exchange) ............... EPEX (Avrupa Elektrik Borsası) ......................... 49 INCOTERMS (International Commercial INCOTERMS (International Commercial INCOTERMS (Uluslararası Ticari
Erdgas ........................................................................................ Natural Gas ........................................................................... Doğalgaz ................................................................................. Terms) ........................................................................................ Terms) ........................................................................................ Terimler) ..................................................................................
41 ERGEG (European Regulators’ Group ERGEG (European Regulators’ Group ERGEG (Avrupa Elektrik ve Gaz Indexierung/Indexkopplung ............................. Indexation ............................................................................. Endeksleme/Endekse Bağlama ......................
for Electricity and Gas) ............................................. for Electricity and Gas) ............................................. Regülatörleri Topluluğu) ........................................ 50 Initial Margin ...................................................................... Initial Margin ...................................................................... Başlangıç Teminatı .......................................................
ERU (Emission Reduction Units) .................... ERU (Emission Reduction Units) .................... ERU (Emisyon Azaltım Birimleri) .................... Interconnector UK (IUK) .......................................... Interconnector UK (IUK) .......................................... Interconnector UK (IUK) ..........................................
ETS (Emissions Trading Scheme) .................. ETS (Emissions Trading Scheme) .................. ETS (Emisyon Ticareti Sistemi) ........................ Im Geld ...................................................................................... In-the-money ..................................................................... In-the-money (Asli Değer) ...................................
ETSO (Association of European Trans- ETSO (Association of European Trans- ETSO (Avrupa İletim Sistem Intra-Day Margin ............................................................ Intra-Day Margin ............................................................ Gün İçi Teminat ................................................................
mission Systems Operators) ............................... mission Systems Operators) ............................... İşletmecileri Birliği) ...................................................... Intra-Day Trading ........................................................... Intra-Day Trading ........................................................... Gün İçi Ticaret ...................................................................
Europäische Option Avrupa Tipi Opsiyon 51 IPE (International Petroleum Exchange) IPE (International Petroleum Exchange) IPE (Uluslararası Petrol Borsası) ......................
(European Style Option) ......................................... European Style Option ............................................ (European Style Option) .........................................
42 EXAA (Energy Exchange Austria) .................. EXAA (Energy Exchange Austria) .................. EXAA (Avusturya Enerji Borsası) .................... J
JAGAL (Jamal-Gas-Anbindungs- JAGAL (Jamal-Gas-Anbindungs- JAGAL
F Leitung) .................................................................................... Leitung, Jamal Gas Link) ........................................ (Jamal-Gaz Boru Hattı) .............................................
Fahrplan ................................................................................... Schedule .................................................................................. Program ...................................................................................
Fair Value ................................................................................ Fair Value ................................................................................ Fair Value ................................................................................ K
Fälligkeit .................................................................................. Maturity ................................................................................... Vade Tarihi ............................................................................ Kapazitätsbuchung ...................................................... Capacity Booking ........................................................... Kapasite Rezervasyonu ............................................
Ferngasunternehmen ................................................ Long-Distance Gas Company ............................ Uzak Mesafe Gaz Hattı İşletmeleri ............... 52 Kaskadierung ...................................................................... Cascading .............................................................................. Basamaklandırma ..........................................................
Floor ............................................................................................. Floor ............................................................................................. Floor (Taban) ....................................................................... Kavernenspeicher .......................................................... Cavern Storage Facility ............................................ Kaviteli Depolar ...............................................................
FOB (Free on Board; named port of FOB (Free on Board; named port of FOB (Araç üstünde teslim; nakliyenin Kissengas ................................................................................ Cushion Gas ......................................................................... Tampon Gaz .........................................................................
shipment ................................................................................. shipment) ............................................................................... yapılacağı limanın belirlenmesi) .................... Kontrahentenrisiko ....................................................... Counterparty Risk ......................................................... Karşı Tarafın Riski ...........................................................
43 Forward .................................................................................... Forward .................................................................................... Forward .................................................................................... Kontrakt ................................................................................... Contract ................................................................................... Kontrat ......................................................................................
Forward Curve (Forwardkurve) ....................... Forward Curve ................................................................... Forward Curve (Forward Eğrisi) ...................... Kontraktpfad ....................................................................... Contract Path ..................................................................... Kontrat Oluşumu ............................................................
Front Office .......................................................................... Front Office .......................................................................... Front Office (Ön Büro) .............................................. 53 Kreditrisiko ........................................................................... Credit Risk ............................................................................. Kredi Riski ..............................................................................
Fundamentalanalyse .................................................. Fundamental Analysis ............................................... Temel Analiz ........................................................................
44 Future ......................................................................................... Future ......................................................................................... Future ......................................................................................... L
Lastprofil/Lastgang .................................................... Load Profile .......................................................................... Yük Profili ...............................................................................
G Leerverkauf .......................................................................... Short Selling ....................................................................... Açıktan Satış .......................................................................
Gas-Release ......................................................................... Gas Release .......................................................................... Gaz Serbest Bırakma ................................................... 54 Leistungs-Frequenz-Regelung ......................... Power Frequency Control ...................................... Enerji Frekans Kontrolü ............................................
Gasspeicher ......................................................................... Gas Storage Facilities ................................................ Gaz Deposu .......................................................................... L-Gas ............................................................................................ L-Gas ............................................................................................ L-Gaz ............................................................................................
Gaswirtschaftsjahr ....................................................... Gas Fiscal Year .................................................................. Gaz İşlem Yılı ....................................................................... Lieferperiode ...................................................................... Supply Period ..................................................................... Teslimat Dönemi .............................................................
Geldkurs (Bid) .................................................................... Bid .................................................................................................. Alım .............................................................................................. Liquidität ................................................................................ Liquidity ................................................................................... Likidite .......................................................................................
45 Geschlossene Position ............................................. Closed Position ................................................................ Kapalı Pozisyon ................................................................ LNG LNG LNG (Liquefied Natural Gas,
GPI (German Power Index) .................................... GPI (German Power Index) .................................... GPI (Alman Elektrik Endeksi) .............................. (Liquefied Natural Gas) ............................................ (Liquefied Natural Gas) ............................................ Sıvılaştırılmış Doğalgaz) .........................................
Grenzübergabepunkt ................................................ Interconnection Point ............................................... Enterkonneksiyon .......................................................... 55 LNG-Anlage/Verflüssigungsanlage ........... LNG Plant/Liquefaction Plant ........................... LNG Tesisi/Sıvılaştırma Tesisi ............................
Gross Exposure Gross Exposure Brüt Riskler Toplamı Loadfaktor/Auslastungsgrad ............................ Load Factor/Degree of Utilisation ............... Yük Faktörü/Kullanım Miktarı ...........................
(Brutto-Risikoposition) ............................................. (Gross Risk Position) .................................................... (Brüt Risk Pozisyonu) .................................................. Long/Long Position ..................................................... Long/Long Position ..................................................... Long/Long Position (Pozisyon Fazlası) ....
46 Gross Limit ............................................................................ Gross Limit ............................................................................ Brüt Limit (Gross Limit) ............................................ Long Hedge ......................................................................... Long Hedge ......................................................................... Long Hedge .........................................................................
Großhandelsmarkt ........................................................ Wholesale Market .......................................................... Toptan Satış Piyasası ................................................. LPG (Liquefied Petroleum Gas) ........................ LPG (Liquefied Petroleum Gas) ........................ LPG (Sıvılaştırılmış Petrol Gazı) ........................
Grundlast ................................................................................ Baseload .................................................................................. Baz Yük ......................................................................................
M
H 56 Make-or-Buy ........................................................................ Make-or-Buy ........................................................................ Make-or-Buy (Yap veya Satın al) ....................
Händler ..................................................................................... Trader ......................................................................................... İşlemci ........................................................................................ Make-up ................................................................................... Make-up ................................................................................... Make-up ...................................................................................
Hausse ....................................................................................... Rise ............................................................................................... Hausse/Yükseliş Trendi ........................................... Margin/Margin Call ...................................................... Margin/Margin Call ...................................................... Teminat/Teminat Alım .............................................
Hedge-Fonds ...................................................................... Hedge Funds ....................................................................... Hedge Fonları .................................................................... Margin Account ................................................................ Margin Account ................................................................ Teminat Hesabı ................................................................
47 Hedging ................................................................................... Hedging ................................................................................... Hedging ................................................................................... MaRisk ....................................................................................... MaRisk ....................................................................................... MaRisk .......................................................................................
Heizöl EL .................................................................................. Fueloil EL ................................................................................. Fueloil EL ................................................................................. 57 Market Coupling ............................................................. Market Coupling ............................................................. Piyasa Birleşmesi ............................................................
Heizwert von Erdgas .................................................. Heating Value of Natural Gas ........................... Doğalgaz Isıl Değeri ................................................... Market Maker ...................................................................... Market Maker ...................................................................... Market Maker (Piyasa Oluşturan) ..................
48 H-Gas .......................................................................................... H-Gas .......................................................................................... H-Gaz .......................................................................................... Market Taker ........................................................................ Market Taker ........................................................................ Market Taker (Piyasayı Takip Eden) .............
HPFC (Hourly Price Forward Curve) ............ HPFC (Hourly Price Forward Curve) ............ HPFC (Hourly Price Forward Curve) ............ Marktgebiet ......................................................................... Market Area .......................................................................... Piyasa Bölgesi ....................................................................
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