270 NEWSLETTER 2021 EFET General Agreement Concerning the Delivery and Acceptance of Electricity* Rüştü Mert Kaşka Introduction The European Federation of Energy Traders (“EFET”) is an Amsterdam-based organization established in 1999 for promoting competition, transparency and open-access in the energy sector.1In addition to its activities concerning energy regulation and fostering competition in the energy sector, EFET has published standard agreements for wholesale electricity and gas trading. EFET’s General Agreement Concerning the Delivery and Acceptance of Electricity (“General Agreement”)2 is widely used in the European Union for electricity trading.3 Its use for electricity trading in the Turkish power sector has also increased over the last few years together with the increase in the number of companies having electricity supply licenses in Turkey. The General Agreement provides a user-friendly mechanism for electricity trading by providing pre-determined contractual provisions for individual arrangements regarding purchase, sale, delivery and acceptance of electricity, hence reducing transaction costs in the wholesale electricity market. This paper is intended to outline the mechanism and main provisions of the General Agreement. * Article of September, 2021 1 https://www.efet.org/home/content?id=39. (Access Date: 22.09.2021). 2 The General Agreement is available at https://www.efet.org/home/ documents?id=36; the General Agreement’s Turkish translation (translated by Energy Traders Association) is available at https://www.etd.org.tr/tr/sozlesmeler. (Access Date: 22.09.2021). 3 EFET Response to CESR Consultation Paper on Standardisation and Exchange Trading of OTC Derivatives, https://www.esma.europa.eu/file/9390/ download?token=j5ocJQDF. (Access Date: 27.09.2021).
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