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  "documentTitle": "Turkish NPL Purchasing Market Overview and the way forward",
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  "notes": "The slide explains the mechanism behind the decline in long-term bilateral agreements in favor of spot market participation.",
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      "text": "The share of bilateral agreements in the market has decreased more after 2018, as the share of organized spot markets that cover the day-ahead market and intra-day market increased.",
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      "text": "Share of Bilateral Contracts in the Electricity Markets (2016-2022, %)",
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      "text": "Many generation facilities began to incur significant losses when selling under predetermined long-term contracts and decided to terminate their contracts, as the termination costs were lower than the losses incurred from these agreements.",
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      "text": "The share of bilateral agreements in the market has decreased more after 2018, as the share of organized spot markets that cover the day-ahead market and intra-day market increased. Although, it is seen that the share of bilateral agreements continued to consist a large part of overall market , it is understood that most agreements are short-termed.",
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      "text": "Bilateral agreements allow suppliers and consumers to come to prior agreement on electricity purchase prices. With the decrease in price predictability in recent years, specifically exchange rate hikes in 2018, the number of bilateral agreements has declined.",
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      "text": "Buyers whose contracts were terminated had to resort to spot markets. The change in market prices caused losses for both parties, and it resulted in a sharp decrease in the volume of bilateral agreements in the market.",
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      "text": "Source: EPİAŞ",
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      "text": "Physical Electricity Markets",
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