The liberalization of energy markets and the strengthening of market-based price formation have led issues such as transparency, information symmetry, and market integrity to become increasingly critical in these markets. In particular, the fact that prices formed in electricity and natural gas markets can directly influence investment decisions appears to have made the prevention of market abuse one of the priority areas of regulatory policy.

In this context, the Regulation on Transparency and Market Manipulation in Energy and Environmental Markets (“Regulation”), published in the Official Gazette dated 14 February 2026 and numbered 33168, may be considered one of the comprehensive regulatory frameworks aimed at safeguarding market integrity in Turkish energy markets.

The Regulation aims to establish a transparency infrastructure in energy and environmental markets, ensure the public disclosure of inside information that may affect market prices, prohibit market abuse such as insider trading and market manipulation, and strengthen market monitoring and enforcement mechanisms.

In this respect, it may be said that the Regulation establishes a market integrity framework largely parallel to the Regulation on Wholesale Energy Market Integrity and Transparency (“REMIT”) regime applied in European Union energy markets.

General Provisions (Articles 1-4)

The first section of the Regulation sets out the normative framework by defining the purpose, scope, legal basis, and key concepts of the Regulation.

It is understood that the main objective of the Regulation is to ensure that transactions carried out in energy and environmental markets are conducted within a reliable, transparent, efficient, and competitive market structure and to prevent market-distorting practices.

The scope of the Regulation includes the futures electricity market, day-ahead market, intraday market, balancing power market, ancillary services market, futures natural gas market, spot natural gas market, emissions trading system market, and the organized renewable energy guarantee market (YEK-G).

It appears that the Regulation covers not only transactions carried out in organized markets, but also bilateral agreements concluded for wholesale trading purposes. Accordingly, the possibility that practices such as market manipulation or insider trading may arise not only in organized markets but also in over the counter (OTC) transactions seems to have been taken into consideration.

On the other hand, contracts traded on the Borsa Istanbul Futures and Options Market and retail bilateral agreements with final consumers have been excluded from the scope of the Regulation.

The legal basis of the Regulation is formed by the Electricity Market Law No. 6446 and the Climate Law No. 7552. This indicates that the Regulation has been designed as part of a broader regulatory framework extending not only to electricity markets but also to carbon and environmental markets.

Within the definitions article, the concepts of environmental markets, inside information, and market participant are particularly prominent. Environmental markets include the emissions trading system and YEK-G markets, while inside information refers to information that has not yet been made public and which, if disclosed, could significantly affect prices.

Transparency Regime (Articles 5-6)

The second section of the Regulation establishes the data infrastructure aimed at ensuring information transparency in energy and environmental markets.

The Regulation envisages two main data platforms: the Inside Information Platform and the Transparency Platform.

These two mechanisms are intended to support the establishment of a data architecture that enables information capable of influencing the trading decisions of market participants to be disclosed publicly in a simultaneous and centralized manner.

The Inside Information Platform will be operated by EPİAŞ in order to disclose inside information arising in energy and environmental markets. Within this framework, information relating to the capacity and utilization of generation, storage, consumption, and transmission facilities, as well as information regarding planned or unplanned outages of facilities and other developments that may influence the trading decisions of a prudent market participant, will be disclosed to the public.

This regulatory framework may lead to the establishment of an “inside information disclosure” regime in energy markets.

The Transparency Platform, on the other hand, will ensure the publication of data such as price information, transaction volumes, market statistics, and general market indicators, which are not considered inside information but are important for the functioning of the market.

However, the publication of data constituting commercial secrets or individual data that could reveal the identity of market participants is not permitted. Furthermore, it appears that the publication of data sets that could create risks of coordinated behaviour or cartelization from a competition law perspective is also restricted.

Overall, this section may be considered to provide an important framework aimed at reducing information asymmetry in energy markets and institutionalizing data transparency.

Market Manipulation (Articles 7-9)

The third section of the Regulation sets out the key prohibitions aimed at protecting market integrity.

In particular, this section addresses the obligation to disclose inside information, the misuse of inside information (insider trading), and market manipulation in detail.

As a rule, inside information must be disclosed immediately. However, disclosure may be temporarily delayed if the conditions of not misleading the public, maintaining the confidentiality of the information, and refraining from trading based on such information are fulfilled simultaneously.

Where a decision is taken to delay disclosure, the reasons must be notified to EPİAŞ, and the information must be disclosed without delay once the relevant conditions cease to exist.

Within the scope of Article 8, using inside information to conduct transactions, modifying or cancelling trading orders, recommending transactions to third parties, or disclosing such information without authorization are considered among the practices prohibited under insider trading.

Article 9 defines behaviours that may constitute market manipulation. Transactions that generate false or misleading signals, actions that move prices to artificial levels independent of economic fundamentals, the establishment of deceptive arrangements, or the dissemination of misleading information through media channels are considered among manipulative practices.

These provisions may be seen as establishing a system of market abuse prohibitions in energy markets similar to the “market abuse” regime in financial markets.

REMIT Framework and International Context

One of the most significant international regulatory frameworks aimed at protecting market integrity in energy markets is considered to be the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT).

Adopted in 2011 (EU No. 1227/2011), this regulation introduced the prohibition of insider trading, the prohibition of market manipulation, and the obligation to disclose inside information in the European Union wholesale electricity and natural gas markets.

Under REMIT, energy companies are required to publicly disclose information that may affect prices, such as outages at generation facilities, planned maintenance processes, or capacity changes. Market transactions are also reported and analysed by the Agency for the Cooperation of Energy Regulators (ACER) for market monitoring purposes.

In this respect, it may be stated that the new regulation in Türkiye establishes a market integrity framework that is largely parallel to REMIT in terms of inside information disclosure obligations, insider trading prohibitions, market manipulation provisions, and monitoring mechanisms.

Duties and Responsibilities (Articles 10-11)

The fourth section of the Regulation sets out the responsibilities of market participants, market operators, and system operators.

Market participants are required to identify inside information, ensure its confidentiality, ensure its timely disclosure, notify the persons authorized to trade on the relevant platforms, report suspicions of market manipulation to the Authority and the market operator, and establish the necessary internal control mechanisms.

These provisions may be considered to require companies to establish corporate compliance and internal control systems.

Market operators are obliged to establish market monitoring units, employ a sufficient number of expert personnel, and implement monitoring systems in order to ensure that transactions are carried out in a reliable and competitive manner.

System operators are responsible for providing the necessary data for market monitoring activities and for establishing the technical infrastructure that allows continuous and real-time access to information required by the Authority.

Supervision and Sanctions (Articles 12-14)

The fifth section of the Regulation regulates supervision and monitoring mechanisms as well as the administrative sanctions that may be imposed.

Investigations by the Authority may be initiated ex officio, upon notification, or upon complaint. During the investigation process, all types of information and documents, including electronic records, may be requested, information systems may be examined, and on-site inspections may be carried out.

Administrative fines that may be imposed for market-distorting practices are based on Article 16 of the Electricity Market Law No. 6446.

Accordingly, for violations under Article 7, administrative fines of approximately TRY 2.5 million may be imposed on market participants. For the misuse of inside information within the scope of Article 8, administrative fines of approximately TRY 25 million may be imposed on market participants, while approximately TRY 2.5 million may be imposed on individuals committing such acts, and similarly significant administrative fines may also be imposed for acts of market manipulation.

Where a financial benefit has been obtained or damage has occurred as a result of the violation, it is stipulated that the administrative fine may not be less than twice the amount of such benefit or damage.

In addition, in cases where there is suspicion of a violation, measures such as requiring additional collateral, suspending transactions, placing a block on receivables, or imposing a temporary trading ban may also be adopted in order to protect market integrity.

Miscellaneous and Final Provisions (Articles 15-17)

The Regulation authorizes the Authority to issue guidelines in order to guide market participants. These guidelines are not legally binding legislation but are expected to function as explanatory and guiding instruments for implementation.

The Regulation will enter into force on 1 June 2026.

Conclusion

Is Türkiye Moving Toward a REMIT‑Like Regime in Energy Markets?

The Regulation may be considered an important regulatory step in terms of transparency and market integrity in energy markets. However, how the Regulation will function in practice and how it will shape market behaviour will largely depend on implementation practices.

From an energy law perspective, five key aspects stand out:

1. Türkiye’s First Comprehensive “Energy Market Abuse” Regime

With this Regulation, the concepts of insider trading and market manipulation in energy markets appear to have been regulated within a systematic framework for the first time. This approach may be considered an important step towards introducing a market integrity structure in energy markets like the “market abuse” regime in financial markets.

2. The Potential of Inside Information Disclosure Obligations to Change Market Behaviour

The obligation to disclose developments that may affect prices, such as outages at generation facilities, capacity changes, or planned maintenance processes; through the Inside Information Platform directly affects companies’ information management and internal control processes. This obligation may require the strengthening of corporate compliance systems, particularly in companies with large generation portfolios.

3. Increasing Regulatory Convergence with REMIT

An examination of the insider trading prohibition, market manipulation definitions, and inside information disclosure mechanisms contained in the Regulation suggests a degree of regulatory convergence with the REMIT regime applied in the European Union. This development may strengthen the alignment of Turkish energy markets with international market integrity standards.

4. High Administrative Fines and Deterrence

Sanctions for violations within the scope of the Regulation are based not directly on the Regulation itself but on the administrative fine regime of the Electricity Market Law No. 6446. Considering the current levels of these fines which may reach millions of Turkish Lira and may increase up to twice the financial benefit obtained; they appear to aim at creating a strong deterrent mechanism.

5. Energy and Carbon Markets Entering the Same Monitoring Framework

The fact that the Regulation covers not only electricity and natural gas markets but also the emissions trading system and YEK-G markets indicates that energy and environmental markets are beginning to be addressed within a more integrated monitoring framework. This approach may become even more significant as the carbon market continues to develop.

At a time when price formation in energy markets increasingly relies on market mechanisms, regulations concerning market integrity and transparency are becoming one of the fundamental components of the regulatory framework. In this respect, the Regulation may signal the beginning of a new period in Turkish energy markets in terms of transparency, information symmetry, and market confidence. Nevertheless, the actual impact of the Regulation will largely depend on implementation practices, the capacity of market monitoring mechanisms, and the sector’s adaptation process.

@Zeynep EMİROĞLU