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  "documentTitle": "Turkish NPL Purchasing Market Overview and the way forward",
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  "notes": "The slide explains the transition from bilateral to organized markets to mitigate counterparty risk and improve price discovery.",
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      "text": "The most significant feature distinguishing PFM from other markets is the central counterparty role that EPİAŞ undertakes.",
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      "text": "Day Ahead Prices and Daily Index Price (TL/MWh)",
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      "text": "PFM contracts are different from bilateral agreements: The contracts are standard; PFM contracts are traded in organized markets; EPIAS provides central counterparty service to parties; there is no counterparty risk and physical delivery and payments are guaranteed; PFM contracts can be exchanged continuously until the delivery period; PFM contracts are subject to regulation",
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      "text": "EPIAS eliminates counterparty risk in over-the-counter markets by providing a platform that brings the demand side and the supply side together without them meeting physically, and offers assurance to both parties. The most significant feature distinguishing PFM from other markets is the central counterparty role that EPIAS undertakes.",
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      "text": "TL/MWh",
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      "text": "At the end of each session, for contracts traded the daily index price (DIP) calculated and published through matches in each session's contract, is published. Thus, a price signal contributes to supply security for market participants. Latest contract was issued in July 4, 2023. A significant gap between DIP and DAP can be observed due to market expectations regarding an upward trend in electricity prices.",
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      "kind": "paragraph",
      "text": "In organized spot markets, market participants can balance their portfolios and perform physical optimization. In the power futures market, participants have the opportunity to hedge against price risk and see price expectations for the future (price discovery). Therefore, spot and power futures markets respond to different needs of market participants and complement each other in this regard.",
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      "kind": "paragraph",
      "text": "The Power Futures Market (PFM) was launched on 1 June 2021 as an addition to the existing markets, and it offers long-term, physical delivery. In the new futures market participants may trade directly with EPIAS, which removes counterparty risks commonly observed in bilateral agreements. EPIAS also provides a daily index price which helps with signaling in the market.",
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      "text": "Source: EPIAS",
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      "kind": "title",
      "text": "In order to address the problem of unpredictability in the market, which hinders bilateral trading, EPIAS launched an organized electricity market that makes forward electricity trading with physical delivery possible.",
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      "kind": "title",
      "text": "Wholesale Electricity Market",
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      "evidence": "The document proposes solutions to address the challenges faced by the Turkish electricity market, including increasing investments in renewable energy sources and implementing policies and regulations.",
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