Energy markets have traditionally been understood through the lenses of security of supply, investment dynamics, and price formation. As of 2026, however, a different theme is taking center stage: market integrity. Prices are no longer shaped solely by supply and demand. They are increasingly influenced by how information is generated, disclosed, and accessed, as well as by whom, when, and under what conditions. This marks a shift away from purely cost-based pricing toward a structure shaped by information asymmetry and the governance of data.
In Türkiye, the most tangible step in this direction is the Regulation on Transparency and Market Manipulative Behaviors in Energy Markets and Environmental Markets. Published in the Official Gazette on February 14, 2026, and set to enter into force on June 1, 2026, the regulation establishes market integrity around three core pillars: the disclosure of inside information, the prohibition of insider trading, and the prohibition of market manipulation.
This framework closely mirrors the structure established under REMIT in the European Union. REMIT likewise prohibits insider trading and market manipulation in wholesale energy markets while requiring the disclosure of inside information. That said, the Turkish regulation is not a direct replication. It aligns with REMIT’s core principles but diverges in its implementation. REMIT relies on systematic transaction reporting and centralized oversight through ACER, whereas Türkiye’s approach does not incorporate an equivalent model of large-scale data reporting or supranational supervision.
Instead, Türkiye adopts a more localized, platform-based structure. Under the umbrella of EPİAŞ, the regulation introduces two key mechanisms: the Inside Information Platform and the Transparency Platform. The first enables the public disclosure of price-sensitive information, while the second provides broader market data such as prices, volumes, and related indicators. In this way, transparency becomes operational rather than conceptual, embedded directly into market infrastructure. Compared to REMIT, the Turkish model places greater emphasis on disclosure and accessibility of information than on centralized transaction reporting.
A defining feature of the regulation is how it conceptualizes inside information in line with the physical realities of energy systems. Planned or unplanned outages at generation facilities, transmission capacity constraints, and storage and utilization levels are all treated as price sensitive. This approach is consistent with REMIT, where infrastructure-related capacity and usage data are also considered market-sensitive. The implication is clear: price formation in energy markets is shaped not only by financial expectations, but equally by the physical state of the system.
The regulation also introduces a structured regime for the delayed disclosure of inside information. While postponement is permitted, it is subject to strict conditions. Disclosure can only be delayed if it does not mislead the public, if confidentiality is preserved, and if no trading takes place on the basis of that information. Crucially, such decisions are not kept internal. They must be notified to EPİAŞ and reported to the Energy Market Regulatory Authority. This shifts information management from a technical function to a core component of governance and compliance. In essence, the model adapts disclosure practices from financial markets to the specific dynamics of energy markets.
Market abuse is addressed with equal clarity. Transactions executed on the basis of inside information, the unlawful disclosure of such information, or the encouragement of others to act on it are all defined as insider dealing. Similarly, actions that generate false or misleading signals, artificially influence prices, or spread misleading information through media or digital channels fall within the scope of market manipulation. These definitions are closely aligned with REMIT. Importantly, responsibility is not limited to corporate entities. Individuals involved in decision-making processes may also face sanctions.
The scope of the regulation further reinforces its focus. It primarily targets market participants operating in energy and environmental markets on their own account, including actors in generation, trading, transmission, distribution, and related activities. Bilateral agreements with final consumers are not directly covered. This points to a framework designed to protect market integrity primarily through the functioning of wholesale markets.
The surveillance and enforcement structure is equally comprehensive. Market operators are required to establish monitoring systems, report suspicious transactions to the Energy Market Regulatory Authority, and build the necessary internal structures. The Authority is empowered to request information, review systems, conduct on-site inspections, and take action where needed. Oversight is therefore not limited to ex post enforcement, but is designed to detect and mitigate risks at an early stage.
A key distinction between REMIT and the Turkish model becomes particularly visible in the data dimension. REMIT is built on systematic transaction reporting and centralized analysis. In Türkiye, by contrast, the framework is shaped more by disclosure obligations and the public availability of information. The difference lies not in the objective, but in the instruments used to achieve it.
Within this broader context, the regulation represents more than a set of legal requirements. It signals an institutional shift in how market participants operate. Processes for managing inside information, access control mechanisms, record-keeping systems, reporting structures, and compliance programs are becoming integral to market activity itself.
In that sense, the regulation marks the beginning of a REMIT-like era in Türkiye. Yet rather than replicating the European model, it establishes a market integrity regime tailored to Türkiye’s own structure. Access to information, the timing of its disclosure, and the ability to manage it effectively are emerging as central elements of competition.
The competitive landscape in energy markets is therefore evolving. It will no longer be defined solely by who produces energy. It will increasingly depend on who manages information with greater accuracy, transparency, and timeliness. In this emerging structure, information management capacity stands alongside production capacity as a decisive factor in shaping market outcomes.
You can access the full text of REMIT at this link, and the full text of the Turkish regulation at this link.
