docenergıehandel energy trade enerji ticareti
download 
Şikayet Transkript
energıehandel energy trade enerji ticareti
Spine 6 mm ENERGIEHANDEL ENERGY TRADE ENERJİ TİCARETİ Eine Erklärung der wichtigsten Begriffe A definition of the most important terms Temel Kavramların Açıklamaları RWE Turkey (Holding A.Ş.) Emirhan Caddesi Barbaros Plaza No: 113-C Kat 6-7 34349 Beşiktaş - İstanbul T +90 212 396 00 00 F +90 212 236 96 91 RWE-Turkey_glossary_FA_080411.indd 96-1 Spine 6 mm 12.04.11 12:21 INHALTSVERZEICHNIS TABLE OF CONTENTS İÇİNDEKİLER Having the energy to lead means we stay on top of current social, economic and environmental challenges. Our aim is to supply secure, affordable and environmental friendly energy. VORWORT DER HERAUSGEBER EDITOR’S FOREWORD YAYINCININ ÖNSÖZÜ 4–5 VORWORT PREFACE ÖNSÖZ 6–7 We want to stay ahead of the game, rather than be reactive. We are part of the solution, not part of the problem. STICHWÖRTER INDEX DİZİN 10 – 16 Our corporate strategy reflects our new self belief: HINWEISE ZUR NUTZUNG DES GLOSSARS NOTES ON THE USE OF THE GLOSSARY SÖZLÜĞÜN KULLANIMI İLE İLGİLİ HATIRLATMALAR 20 – 21 GLOSSAR GLOSSARY SÖZLÜK 24 – 78 HÄUFIG GESTELLTE FRAGEN FREQUENTLY ASKED QUESTIONS SIKÇA SORULAN SORULAR 82 – 95 > We think ahead. > We are the first to take important steps. > We are leaders in innovation. > We rise to the challenge. > We take on responsibility and are willing to take action – especially when it comes to critical issues. Or in short, WE HAVE THE ENERGY TO LEAD! RWE-Turkey_glossary_FA_080411.indd 2-3 12.04.11 12:21 4 VORWORT DER HERAUSGEBER/EDITOR’S FOREWORD/YAYINCININ ÖNSÖZÜ 5 VORWORT DER HERAUSGEBER EDITOR’S FOREWORD YAYINCININ ÖNSÖZÜ Dr. Andreas Radmacher Lieber Leser, Dear Reader, Sevgili Okuyucu die Türkei hat eine rasante wirtschaftliche Entwicklung erlebt. Trotzdem kann man sagen, dass der größte Teil der wirtschaftlichen Entwicklung noch vor der Türkei liegt. Experten zufolge sollte die Türkei schon zu den sogenannten BRIC-Staaten gehören, zu derjenigen Gruppe von Staaten, die sich in ihrer Entwicklung zwischen einem voll entwickelten Industrieland und einem Wachstumsmarkt befinden. Der türkische Energiemarkt muss sich ebenfalls auf die neuen Gegebenheiten und Herausforderungen einstellen, die mit dem rasanten Wirtschaftswachstum einhergehen. Dementsprechend befinden sich die Energiemärkte für Strom und Gas in einer Übergangsphase der Liberalisierung. The economic development of Turkey has come a long way. Turkey’s prospects are brighter still. Already, experts consider Turkey to be among the BRIC countries, somewhere inbetween an emerging market and a fully industrialised one. To serve the strongly growing economy, the energy sector needs to follow suit. Hence, the power and gas market are in the middle of a transition to become more competitive, more resilient and more efficient. In short: the Turkish energy markets are becoming liberalised. Türkiye ekonomik açıdan çok büyük mesafe katetti. Ekonomideki olumlu ve memnuniyet verici ivme, uzun süredir devam etmektedir. Uzmanlar Türkiye’yi, BRIC ülkelerinin gösterdiği performansla kıyaslamakta; gelişmekte olan ülkeler ile gelişmiş ülkeler arasında konumlandırmaktadır. Güçlü bir şekilde büyüyen ekonomiyi desteklemek için, enerji sektörünün de üzerine düşenleri yapması gerekmektedir. Elektrik ve doğal gaz piyasalarının daha rekabetçi, daha dirençli ve daha verimli bir yapıya dönüşümünün yaşandığı bir sürecin tam ortasında bulunmaktayız. Kısacası, Türkiye’de enerji piyasası liberalleşmektedir. Liberalisierte Energiemärkte benötigen neue Wörter und Definitionen, die kurz und prägnant eine neue Marktrealität beschreiben können. Allerdings muss man hier keine ganz neue Sprache erfinden, da viele Begriffe aus dem Finanzsektor übernommen werden können. RWEs Heimatmärkte sind vielfach schon vollständig liberalisiert, und daher sind wir mit dem nun notwendigen Vokabular bestens vertraut. Dieses Wissen möchten wir gerne mit dem interessierten Leser in der Türkei teilen. Denn eines ist gewiss: Wenn wir keine gemeinsame Sprache haben, wird Kommunikation ein schwieriges Unterfangen. Wir hoffen, dass dieses Glossar ein wenig Licht ins Dickicht der Begrifflichkeiten bringt, die mit der Marktliberalisierung auf den türkischen Energiemarkt zukommen. RWE-Turkey_glossary_FA_080411.indd 4-5 With the emergence of a liberal market, we have to recognise the need for a vocabulary that can precisely describe items that have not been there before. New vocabulary that is mainly borrowed from the financial sector. Some of RWE’s core markets have been liberalised for a long time, therefore the company is very familiar with the new environment and the terminology that comes along with it. We would like to put this glossary at the disposal of the interested reader in Turkey. If we do not have a common language, a common standard, communicating is hard. We hope that this glossary helps to shed some light on the jungle of new phrases that will hit Turkey’s energy markets sooner rather than later. Dr. Ralph Jäger Hochachtungsvoll, Yours sincerely, Saygılarımızla, Dr. Andreas Radmacher CEO of RWE Turkey Holding A.Ş. Liberal piyasaların oluşmasıyla birlikte hayatımıza yeni tanımlar girmektedir. Bu tanımların kelime dağarcığımıza sorunsuz bir şekilde yerleşmesi gerekmektedir. Söz konusu yeni kelime dağarcığı, temelde finans sektöründen alınacaktır. RWE’nin yoğun olarak faaliyette bulunduğu piyasalar, uzun süre önce liberalleşmişti. Dolayısıyla RWE, liberalleşme sonrası oluşacak iş ortamına ve terminolojisine aşinadır. Bu amaçla Enerji sektöründe büyük bir açığı kapatacak olan Enerji Terimleri Sözlüğü’nü, Türkiye’de konu ile ilgilenen okuyucuların kullanımına sunuyoruz. Ortak bir dil ve standartların oluşmadığı ortamlarda iletişim kurmanın oldukça güç olduğuna inanıyoruz. Türk enerji sektöründe, yakın zamanda yeni terimler kullanılmaya başlanacaktır. Yeni kavramları doğru anlamak, iletişimde yaşanabilecek karmaşıklıkları ortadan kaldıracaktır. Umut ediyoruz ki bu sözlük, aydınlatıcı ve bir yol gösterici olarak kullanılacaktır. Dr. Ralph Jäger CFO of RWE Turkey Holding A.Ş. 12.04.11 12:21 6 VORWORT/PREFACE/ÖNSÖZ 7 VORWORT PREFACE ÖNSÖZ Lieber Leser, Dear Reader, Sevgili Okuyucu der türkische Strommarkt hat einen gewaltigen Wandel durchlaufen. Einhergehend mit diesem Wandel hat Energiehandel an Bedeutung gewonnen und mit ihm die ihm eigenen Konzepte und Begriffe, die ihren Ursprung meistens in der Finanzwelt haben. The Turkish electricity market has undergone a significant change and transformation process. As a result of this process, energy trading has gained importance and new terms and concepts are inspired by a more developed finance world and the European markets. Türkiye enerji piyasası hızlı bir büyüme ve serbestleşme süreci içerisindedir. Bu serbestleşme sürecine bağlı olarak, enerji ticaretinin önemi giderek artmakta ve yeni terimler ve kavramlar, daha gelişmiş durumdaki finans dünyası ve Avrupa piyasalarından esinlenmektedir. Seit dem Jahr 2010 ist die Türkei mit dem europäischen Stromnetz ENTSO-E verbunden. Außerdem wird auch eine baldige Etablierung des europäischen Standardstromliefervertrages (EFET-Vertrag) erwartet. Einer der nächsten Schritte ist die Gründung einer türkischen Strombörse. All diese Initiativen werden die regionale Führungsrolle der Türkei im Energiehandel stärken. Physically connected to the electricity grid (ENSO-E) since 2010, Turkey is expected to adopt and apply the EFET’s (European Federation of Energy Traders) contract, a European standard for energy trading and to strengthen its role in regional energy trading by establishing an energy exchange. 2010 yılında fiziksel olarak Avrupa elektrik şebekesine (ENSO-E) enterkonnekte olan Türkiye’de, enerji ticaretinde Avrupa standardı olan EFET (European Federation of Energy Traders) sözleşmesinin Türkçeleştirilerek uygulamaya konulması ve ülkemizin bölgesel enerji ticaretinde oynayacağı önemli rolü, Enerji Borsası kurarak pekiştirmesi beklenmektedir. In this context, the “Energy Trading Glossary”, prepared in three languages German-English-Turkish by RWE Turkey Holding A.S., is based on energy trading terms used in the German market, one of the most liquid and well-functioning markets in Europe. If an explanation is purely country-specific, it is not translated into either of the other two languages. Bu kapsamda, RWE Turkey Holding tarafından hazırlanan “Enerji Ticareti Terimleri Sözlüğü”, Avrupa’nın en likit ve iyi işleyen piyasalarından biri olan Alman piyasasında kullanılan enerji ticareti terimleri esas alınarak Almanca, İngilizce ve Türkçe olarak üç dilde hazırlanmıştır. Tek bir ülkeye özgü terimler, diğer iki dile çevirilmeden sunulmuştur. Our glossary is a living document and needs constant updating in the future. It is the first on the Turkish energy market, which is constantly developing and whose needs are changing. Your valuable contributions are highly appreciated in helping us to improve our work. The explanations of the terms and concepts given in this glossary should only be used as guidelines and give their usage to the best of our knowledge. Sözlüğümüzün zaman içerisinde düzeltilmesi ve güncellenmesi gerekecektir. Sözlüğümüz, sürekli bir gelişim içinde bulunan ve değişime ihtiyacı olan Türkiye enerji piyasasında bir ilk olduğundan, geliştirilmesine yönelik her türlü görüş ve önerinizi bizimle paylaşmanızdan memnuniyet duyacağız. Enerji Ticareti Terimleri Sözlüğü’nde yer verilen kavramların açıklamalarının önemli bir yol gösterici kaynak niteliğinde olduğunu ve bu sözlüğün herhangi bir kesinlik taşımadığını da belirtmek isteriz. Das vorliegende, von der RWE Turkey Holding A.S. in drei Sprachen zusammengestellte Energiehandelsglossar erklärt Begriffe, die im deutschen Energiehandel geläufig sind. Erklärungen mit ausschließlich marktspezifischen Informationen werden nur in der jeweils relevanten Sprache erklärt. Das Glossar ist ein „lebendes“ Dokument und sollte daher kontinuierlich aktualisiert werden. Es ist das erste seiner Art für den türkischen Strommarkt, der zurzeit ja selbst einen kontinuierlichen Wandel durchläuft. Sollten Sie Anmerkungen oder Verbesserungsvorschläge haben, sind uns diese herzlich willkommen. Die Erklärungen der Begriffe und Konzepte sollten als Richtwerte verstanden werden, die keinen Anspruch auf Vollständigkeit erheben. RWE-Turkey_glossary_FA_080411.indd 6-7 Mit besten Grüßen, Regards, Saygılarımızla, Bakatjan Sandalkhan Vice President Energy Market & Sales of RWE Turkey Holding A.Ş. 12.04.11 12:21 RWE-Turkey_glossary_FA_080411.indd 8-9 # # STICHWÖRTER INDEX DİZİN 12.04.11 12:21 10 STICHWÖRTER/INDEX/DİZİN 11 A 24 ACQ (Annual Contract Quantity) .................. Additional Margin ......................................................... ACQ (Annual Contract Quantity) .................. Additional Margin ......................................................... Adressenausfallrisiko ................................................. Amerikanische Option .............................................. Anlegbarer Preis ............................................................. API#2 Index (All Publications Index) ......... 25 API#4 Index (All Publications Index) ......... APX (Amsterdam Power Exchange) ............ ARA (Amsterdam-RotterdamAntwerpen) .......................................................................... Arbeitsgas ............................................................................. Arbitrage ................................................................................. Ask ................................................................................................. Auktionshandel/geschlossene Auktion . Counterparty Risk ......................................................... American Option ............................................................ Investable Price ............................................................... API#2 Index (All Publications Index) ......... API#4 Index (All Publications Index) ......... APX (Amsterdam Power Exchange) ............ ARA (Amsterdam-RotterdamAntwerp) ................................................................................. Working Gas ........................................................................ Arbitrage ................................................................................. Ask ................................................................................................. Auction Trade/Closed Auction ........................ Ausfallrisiko/Adressenausfallrisiko ............. 26 Ausgleichsenergie ........................................................ Außerbörslicher Handel .......................................... Ausspeiseleistung ......................................................... Ausspeisepunkt ............................................................... Default Risk/Counterparty Risk ...................... Balancing Energy ........................................................... Off-Exchange Trade .................................................... Withdrawal Rate ............................................................. Exit Point ................................................................................. ACQ (Yıllık Kontrat Miktarı) Ek Teminat ............................................................................. Karşı Tarafın Yükümlülüğünü Yerine Getirmemesi Riski .......................................................... Amerikan Opsiyonu ..................................................... Bağlı Bedel (Yatırım Yapılabilir Fiyat) ....... API#2 Endeksi (All Publications Index) ... API#4 Endeksi (All Publications Index) ... APX (Amsterdam Enerji Borsası) .................... ARA (Amsterdam-RoterdamAntwerp) ................................................................................. Çalışma Gazı ........................................................................ Arbitraj ...................................................................................... Satım (Ask) ............................................................................ Arttırma/Kapalı Arttırma ....................................... Ödenmeme Riski/Karşı Tarafın Yükümlülüğünü Yerine Getirmemesi Riski ............. Dengeleme Enerjisi ...................................................... Borsa Dışı İşlem ............................................................... Çekme Derecesi ............................................................... Çıkış Noktası ....................................................................... Bilanzkreisnetzbetreiber (BKN) ....................... 30 Bilanzkreisverantwortlicher (BKV) ............... Bilateraler Handel .......................................................... Blindleistung ....................................................................... Bonitätsrisiko ..................................................................... Börse ........................................................................................... bpd (Barrel per Day) .................................................... 31 Brennwert von Erdgas .............................................. Brent-Öl .................................................................................... RWE-Turkey_glossary_FA_080411.indd 10-11 Selling Rate .......................................................................... Broker ......................................................................................... BTU (British Thermal Unit) ................................... Bull Market ............................................................................ Satış Fiyatı ............................................................................. Broker (Komisyoncu, Aracı) .................................. BTU (British Thermal Unit) ................................... Boğa Piyasası ...................................................................... CAL ................................................................................................ Call Option/Kaufoption .......................................... Call Spread ............................................................................ Cap ................................................................................................ Capacity Options ........................................................... Carry Forward .................................................................... Cash Settlement ............................................................. Cash-Settled Contract .............................................. CCS (Carbon Capture and Storage) ............ CEE (Credit Exposure Equivalent) ................ CER (Certified Emission Reductions) ........ CFR (Cost and Freight; named port of destination) .................................................................. Chefhändlerverfahren .............................................. Churn Rate ............................................................................ CIF (Cost, Insurance Freight; named port of destination) ................................ Clean Spread ...................................................................... Clearing .................................................................................... Clearing House ................................................................. Close-of-Day ....................................................................... Closing Price ....................................................................... Collar (Preiskorridor) .................................................. Compliance .......................................................................... Confirmation ...................................................................... Contango ................................................................................ Counterparty Limit ....................................................... CAL ................................................................................................ Call Option ............................................................................ Call Spread ............................................................................ Cap ................................................................................................ Capacity Options ........................................................... Carry Forward .................................................................... Cash Settlement ............................................................. Cash-Settled Contract .............................................. CCS (Carbon Capture and Storage) ............ CEE (Credit Exposure Equivalent) ................ CER (Certified Emission Reductions) ........ CFR (Cost and Freight; named port of destination) .................................................................. Chief Trader Procedure ............................................ Churn Rate ............................................................................ CIF (Cost, Insurance and Freight; named port of destination) ................................ Clean Spread ...................................................................... Clearing .................................................................................... Clearing House ................................................................. Close-of-Day ....................................................................... Closing Price ....................................................................... Collar (Price Corridor) ................................................ Compliance .......................................................................... Confirmation ...................................................................... Contango ................................................................................ Counterparty Limit ....................................................... Current Liquidating Margin ................................ 37 Curtailment .......................................................................... Current Liquidating Margin ................................ Curtailment .......................................................................... CAL ................................................................................................ Alım Opsiyonu .................................................................. Alım Marjı ............................................................................... Üst Sınır (Cap) .................................................................... Kapasite Opsiyonu ........................................................ Nakletme ................................................................................ Cash Settlement (Nakit Uzlaştırma) ........... Nakit Uzlaştırılmış Kontrat ................................... CCS (Karbon Tutma ve Depolama) .............. CEE (Eşdeğer Kredi Riski) ...................................... CER (Sertifikalı Emisyon Azaltımları) ........ CFR (Maliyet ve Naklıye; Belirtilen Varış Limanında Teslim) .......................................... Baş İşlemci Yöntemi .................................................... Churn Rate (Ticari Hareketlilik) ....................... CIF (Varış limanında belirlenen Maliyet, Sigorta ve Nakliye) ....................................................... Clean Spread ...................................................................... Clearing (Kliring, Takas) .......................................... Clearing House (Takas Merkezi) ..................... Close-of-Day (Gün Sonu) ....................................... Kapanış Fiyatı ..................................................................... Collar (Fiyat Koridoru) ............................................... Uyum (Compliance ) .................................................... Konfirmasyon (Teyit Etme) ................................... Contango (Prim) .............................................................. Karşı Tarafın Limiti ........................................................ Mevcut Likidite Teminatı (Current Liquidating Margin) ............................. Kısma ........................................................................................... Dark Spread ......................................................................... Kömür-Elektrik Marjı ................................................... Day-Ahead ............................................................................ Derivative ............................................................................... Pressure and Regulation System ................... Gün Öncesi ........................................................................... Türev ........................................................................................... Basınç ve Regülasyon Sistemi ........................... ECC (European Commodities Clearing AG) ........................................................................ ECX (European Climate Exchange) .............. EEX (European Energy Exchange) ................ EFET (European Federation of Energy Traders) ................................................................ EFET Trader Framecontract ................................. Proprietary Business ................................................... Proprietary Trade ........................................................... ECC (European Commodities Clearing AG) ........................................................................ ECX (Avrupa İklim Borsası) ................................... EEX (Avrupa Enerji Borsası) ................................. EFET (Avrupa Enerji Ticaret Federasyonu) ...................................................................... EFET Ticaret Çerçeve Sözleşmesi .................. Mal Sahibine Özgü İşlem ....................................... Mal Sahibine Özgü Ticaret ................................... C 33 34 35 B Back Office ............................................................................ Backwardation .................................................................. 27 BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) ....................... Baisse .......................................................................................... Bandlieferung .................................................................... Barrel (bbl oder bl) ....................................................... Base (Base-Load) ............................................................ 28 Basisrisiko (Korrelationsrisiko, Basic Risk) .............................................................................. Basisswap ............................................................................... BBL Bärenmarkt ........................................................................... Benutzungsstunden/Benutzungstage .... Best Buy ................................................................................... 29 Best Execution .................................................................. Bid .................................................................................................. Bid-Ask-Spread ................................................................. Bilanzkreis .............................................................................. 31 Briefkurs .................................................................................. Broker ......................................................................................... 32 BTU (British Thermal Unit) ................................... Bullenmarkt .......................................................................... Back Office ............................................................................ Backwardation .................................................................. BAFin (German Federal Financial Supervisory Authority) ............................................. Slump .......................................................................................... Fixed Capacity Supply .............................................. Barrel (bbl or bl) .............................................................. Base (Baseload) ............................................................... Basis Risk (Correlation Risk) ............................................................ Basis Swap ............................................................................. BBL ................................................................................................. Bear Market .......................................................................... Hours of Use/Days of Use .................................... Best Buy ................................................................................... Best Execution .................................................................. Bid .................................................................................................. Bid-Ask Spread ................................................................. Balancing Group ............................................................. Balancing Group Grid Operator ..................................................................... Balancing Group Responsible Party ........... Bilateral Trading .............................................................. Reactive Power ................................................................. Credit Risk ............................................................................. Exchange ................................................................................ Bpd (Barrel per Day) .................................................... Calorific Value of Natural Gas .......................... Brent Oil .................................................................................. Arka Büro (Back Office) ........................................... Backwardation (Depor) ............................................ BAFin (Alman Finans Hizmetleri Üst Denetim Kurulu) ................................................... Düşüş Trendi ....................................................................... Sabit Kapasite Tedariği ............................................ Varil (bbl veya bl) ........................................................... Baz (Baz Yük) ....................................................................... Baz Riski (Korelasyon Riski, Basis Risk) ............................. Baz Takası ............................................................................... BBL ................................................................................................. Ayı Piyasası ........................................................................... Kullanım Saatleri/Kullanım Günleri ............. Eni İyi Fiyattan Al ........................................................... En İyi Uygulama ............................................................... Alım (Bid) ................................................................................ Alım-Satım Farkı .............................................................. Dengeleme Grubu ......................................................... Dengeleme Grubu Sistem İşletmecisi .............................................................................. Dengeleme Grubu Sorumlusu .......................... İkili Ticaret ............................................................................ Reaktif Güç ........................................................................... Kredi Riski .............................................................................. Borsa ........................................................................................... Bpd (Günlük Varil Adedi) ....................................... Doğalgazın Isıl Değeri .............................................. Brent petrol .......................................................................... 36 D Dark Spread ......................................................................... Day-Ahead (Heute-für-morgenGeschäft) ................................................................................ Derivat ....................................................................................... Druck- und Regelanlage ......................................... E 38 ECC (European Commodities Clearing AG) ........................................................................ ECX (European Climate Echange) ................. EEX (European Energy Exchange) ................ 39 EFET (European Federation of Energy Traders) ................................................................ EFET-Händlerrahmenvertrag ............................. Eigengeschäft ................................................................... Eigenhandel ........................................................................ 12.04.11 12:21 12 STICHWÖRTER/INDEX/DİZİN 40 Einspeiseleistung ........................................................... Einspeisepunkt ................................................................. Endex (European Energy Derivatives Exchange) .............................................. Energiehandel ................................................................... EPEX (European Power Exchange) ............... Erdgas ........................................................................................ 41 ERGEG (European Regulators’ Group for Electricity and Gas) ............................................. ERU (Emission Reduction Units) .................... ETS (Emissions Trading Scheme) .................. ETSO (Association of European Transmission Systems Operators) ............................... Europäische Option (European Style Option) ......................................... 42 EXAA (Energy Exchange Austria) .................. 13 Feed-in Rate ........................................................................ Feed-in Point ...................................................................... Endex (European Energy Derivatives Exchange) .............................................. Energy Trading ................................................................. EPEX (European Power Exchange) ............... Natural Gas ........................................................................... ERGEG (European Regulators’ Group for Electricity and Gas) ............................................. ERU (Emission Reduction Units) .................... ETS (Emissions Trading Scheme) .................. ETSO (Association of European Transmission Systems Operators) ............................... European Style Option ............................................ EXAA (Energy Exchange Austria) .................. Besleme Performansı ................................................. Giriş Noktası ........................................................................ Endex (Avrupa Vadeli Enerji Borsası) .......................... Enerji Ticareti ..................................................................... EPEX (Avrupa Elektrik Borsası) ......................... Doğalgaz ................................................................................. ERGEG (Avrupa Elektrik ve Gaz Regülatörleri Topluluğu) ........................................ ERU (Emisyon Azaltım Birimleri) .................... ETS (Emisyon Ticareti Sistemi) ........................ ETSO (Avrupa İletim Sistem İşletmecileri Birliği) ...................................................... Avrupa Tipi Opsiyon (European Style Option) ......................................... EXAA (Avusturya Enerji Borsası) .................... Schedule .................................................................................. Fair Value ................................................................................ Maturity ................................................................................... Long-Distance Gas Company ............................ Floor ............................................................................................. FOB (Free on Board; named port of shipment) ............................................................................... Forward .................................................................................... Forward Curve ................................................................... Front Office .......................................................................... Fundamental Analysis ............................................... Future ......................................................................................... Program ................................................................................... Fair Value ................................................................................ Vade Tarihi ............................................................................ Uzak Mesafe Gaz Hattı İşletmeleri ............... Floor (Taban) ....................................................................... FOB (Araç üstünde teslim; nakliyenin yapılacağı limanın belirlenmesi) .................... Forward .................................................................................... Forward Curve (Forward Eğrisi) ...................... Front Office (Ön Büro) .............................................. Temel Analiz ........................................................................ Future ......................................................................................... G Gas-Release ......................................................................... Gasspeicher ......................................................................... Gaswirtschaftsjahr ....................................................... Geldkurs (Bid) .................................................................... 45 Geschlossene Position ............................................. GPI (German Power Index) .................................... Grenzübergabepunkt ................................................ Gross Exposure (Brutto-Risikoposition) ............................................. 46 Gross Limit ............................................................................ Großhandelsmarkt ........................................................ Grundlast ................................................................................ Gas Release .......................................................................... Gas Storage Facilities ................................................ Gas Fiscal Year .................................................................. Bid .................................................................................................. Closed Position ................................................................ GPI (German Power Index) .................................... Interconnection Point ............................................... Gross Exposure (Gross Risk Position) .................................................... Gross Limit ............................................................................ Wholesale Market .......................................................... Baseload .................................................................................. Gaz Serbest Bırakma ................................................... Gaz Deposu .......................................................................... Gaz İşlem Yılı ....................................................................... Alım .............................................................................................. Kapalı Pozisyon ................................................................ GPI (Alman Elektrik Endeksi) .............................. Enterkonneksiyon .......................................................... Brüt Riskler Toplamı (Brüt Risk Pozisyonu) .................................................. Brüt Limit (Gross Limit) ............................................ Toptan Satış Piyasası ................................................. Baz Yük ...................................................................................... H Händler ..................................................................................... Hausse ....................................................................................... Hedge-Fonds ...................................................................... 47 Hedging ................................................................................... Heizöl EL .................................................................................. Heizwert von Erdgas .................................................. 48 H-Gas .......................................................................................... HPFC (Hourly Price Forward Curve) ............ RWE-Turkey_glossary_FA_080411.indd 12-13 Trader ......................................................................................... Rise ............................................................................................... Hedge Funds ....................................................................... Hedging ................................................................................... Fueloil EL ................................................................................. Heating Value of Natural Gas ........................... H-Gas .......................................................................................... HPFC (Hourly Price Forward Curve) ............ İşlemci ........................................................................................ Hausse/Yükseliş Trendi ........................................... Hedge Fonları .................................................................... Hedging ................................................................................... Fueloil EL ................................................................................. Doğalgaz Isıl Değeri ................................................... H-Gaz .......................................................................................... HPFC (Hourly Price Forward Curve) ............ Hub ............................................................................................... Hub ............................................................................................... ICE (InterContinental Exchange) ................... Implied Volatility ............................................................ INCOTERMS (International Commercial Terms) ........................................................................................ Indexation ............................................................................. Initial Margin ...................................................................... Interconnector UK (IUK) .......................................... In-the-money ..................................................................... Intra-Day Margin ............................................................ Intra-Day Trading ........................................................... IPE (International Petroleum Exchange) ICE (InterContinental Exchange) ................... Kullanılan Volatilite (Implied Volatility) INCOTERMS (Uluslararası Ticari Terimler) .................................................................................. Endeksleme/Endekse Bağlama ...................... Başlangıç Teminatı ....................................................... Interconnector UK (IUK) .......................................... In-the-money (Asli Değer) ................................... Gün İçi Teminat ................................................................ Gün İçi Ticaret ................................................................... IPE (Uluslararası Petrol Borsası) ...................... JAGAL (Jamal-Gas-AnbindungsLeitung, Jamal Gas Link) ........................................ JAGAL (Jamal-Gaz Boru Hattı) ............................................. Capacity Booking ........................................................... Cascading .............................................................................. Cavern Storage Facility ............................................ Cushion Gas ......................................................................... Counterparty Risk ......................................................... Contract ................................................................................... Contract Path ..................................................................... Credit Risk ............................................................................. Kapasite Rezervasyonu ............................................ Basamaklandırma .......................................................... Kaviteli Depolar ............................................................... Tampon Gaz ......................................................................... Karşı Tarafın Riski ........................................................... Kontrat ...................................................................................... Kontrat Oluşumu ............................................................ Kredi Riski .............................................................................. Load Profile .......................................................................... Short Selling ....................................................................... Power Frequency Control ...................................... L-Gas ............................................................................................ Supply Period ..................................................................... Liquidity ................................................................................... LNG (Liquefied Natural Gas) ............................................ LNG Plant/Liquefaction Plant ........................... Load Factor/Degree of Utilisation ............... Long/Long Position ..................................................... Long Hedge ......................................................................... LPG (Liquefied Petroleum Gas) ........................ Yük Profili ............................................................................... Açıktan Satış ....................................................................... Enerji Frekans Kontrolü ............................................ L-Gaz ............................................................................................ Teslimat Dönemi ............................................................. Likidite ....................................................................................... LNG (Liquefied Natural Gas, Sıvılaştırılmış Doğalgaz) ......................................... LNG Tesisi/Sıvılaştırma Tesisi ............................ Yük Faktörü/Kullanım Miktarı ........................... Long/Long Position (Pozisyon Fazlası) .... Long Hedge ......................................................................... LPG (Sıvılaştırılmış Petrol Gazı) ........................ Make-or-Buy ........................................................................ Make-up ................................................................................... Margin/Margin Call ...................................................... Margin Account ................................................................ MaRisk ....................................................................................... Market Coupling ............................................................. Market Maker ...................................................................... Market Taker ........................................................................ Market Area .......................................................................... Make-or-Buy (Yap veya Satın al) .................... Make-up ................................................................................... Teminat/Teminat Alım ............................................. Teminat Hesabı ................................................................ MaRisk ....................................................................................... Piyasa Birleşmesi ............................................................ Market Maker (Piyasa Oluşturan) .................. Market Taker (Piyasayı Takip Eden) ............. Piyasa Bölgesi .................................................................... I ICE (Intercontinental Exchange) .................... Implizite Volatilität (Implied Volatility) .. 49 INCOTERMS (International Commercial Terms) ........................................................................................ Indexierung/Indexkopplung ............................. 50 Initial Margin ...................................................................... Interconnector UK (IUK) .......................................... Im Geld ...................................................................................... Intra-Day Margin ............................................................ Intra-Day Trading ........................................................... 51 IPE (International Petroleum Exchange) J JAGAL (Jamal-Gas-AnbindungsLeitung) .................................................................................... F Fahrplan ................................................................................... Fair Value ................................................................................ Fälligkeit .................................................................................. Ferngasunternehmen ................................................ Floor ............................................................................................. FOB (Free on Board; named port of shipment ................................................................................. 43 Forward .................................................................................... Forward Curve (Forwardkurve) ....................... Front Office .......................................................................... Fundamentalanalyse .................................................. 44 Future ......................................................................................... 48 Hub ............................................................................................... K Kapazitätsbuchung ...................................................... 52 Kaskadierung ...................................................................... Kavernenspeicher .......................................................... Kissengas ................................................................................ Kontrahentenrisiko ....................................................... Kontrakt ................................................................................... Kontraktpfad ....................................................................... 53 Kreditrisiko ........................................................................... L Lastprofil/Lastgang .................................................... Leerverkauf .......................................................................... 54 Leistungs-Frequenz-Regelung ......................... L-Gas ............................................................................................ Lieferperiode ...................................................................... Liquidität ................................................................................ LNG (Liquefied Natural Gas) ............................................ 55 LNG-Anlage/Verflüssigungsanlage ........... Loadfaktor/Auslastungsgrad ............................ Long/Long Position ..................................................... Long Hedge ......................................................................... LPG (Liquefied Petroleum Gas) ........................ M 56 Make-or-Buy ........................................................................ Make-up ................................................................................... Margin/Margin Call ...................................................... Margin Account ................................................................ MaRisk ....................................................................................... 57 Market Coupling ............................................................. Market Maker ...................................................................... Market Taker ........................................................................ Marktgebiet ......................................................................... 12.04.11 12:21 14 STICHWÖRTER/INDEX/DİZİN 57 Marktgebietsverantworticher .......................... 58 Mark-to-Market ................................................................ Max Take ................................................................................. MCP (Market Clearing Price) ............................... MIDAL (Mitteldeutsche Anbindungsleitung) ....... Middle Office ..................................................................... 59 Min Take ................................................................................... Minutenreserve ................................................................ 15 Market Area Responsible Party ....................... Mark-to-Market ................................................................ Max Take ................................................................................. MCP (Market Clearing Price) ............................... MIDAL (Central Germany Connecting Pipeline) Middle Office ..................................................................... Min Take ................................................................................... Minutes Reserve .............................................................. Yük Tevzi Merkezi .......................................................... Mark-to-Market ................................................................ Max Take (Maksimum Alış) ................................... MCP (Piyasa Takas Fiyatı) ....................................... MIDAL (Orta Almanya Boru Hattı) .................................... Middle Office (Orta Büro) ..................................... Min Take (Minimum Alış) ........................................ Dakikalık Rezerv .............................................................. Nabucco ................................................................................... NBP (National Balancing Point) ....................... NCG (Net Connect Germany) ............................. Net Exposure (Net Risk Position) .................. Netting ...................................................................................... Conditions for Using the Grid/ Network Code .................................................................... Network Buffer ................................................................. Nomination .......................................................................... Non-firm Contract ......................................................... Nord Stream ........................................................................ Nordpool ................................................................................. Standard Cubic Metre Vn ...................................... NWE (North West Europe) .................................... Nymex (New York Mercantile Exchange) Nabucco ................................................................................... NBP (Ulusal Dengeleme Noktası) .................. NCG (Net Connect Germany) ............................. Net Risk Konumu ............................................................ Netting ...................................................................................... Şebeke Kullanım Koşulları/ Şebeke Kodu ....................................................................... Şebeke Tamponu ............................................................ Nominasyon ......................................................................... Kesinleştirilmemiş Kontrat ................................... Nord Stream ........................................................................ Nordpool ................................................................................. Standart Mekreküp Vn ............................................. NWE (North West Europe) .................................... Nymex (New York Mercantile Exchange) ..... Open Gas Supply ............................................................ Open Position .................................................................... Offer ............................................................................................ Off-Peak ................................................................................... OMEL/OMIE (Operador del Mercado Ibérico de Energia) ....................................................... OPEC Basket ........................................................................ Open Season ...................................................................... Option ....................................................................................... Option Premium .............................................................. OTC market (Over-the-Counter-Market) Out-of-the-Money ......................................................... Açık Gaz Teslimatı .......................................................... Açık Pozisyon ...................................................................... Teklif ............................................................................................ Off-Peak ................................................................................... OMEL/OMIE (Operador del Mercado Ibérico de Energia) ....................................................... OPEC Sepeti ........................................................................ Açık Sezon ............................................................................. Opsiyon .................................................................................... Opsiyon Primi ..................................................................... OTC Piyasası (Tezgahüstü Piyasası) ........... Out-of-the-Money (Asli Değersiz) ................ Peak/Peakload .................................................................. Phelix® (Physical Electricity Index) ............. Physical Electricity Trade ....................................... Pipeline Projects ............................................................. Porous Reservoir ............................................................. Portfolio/Portfolio Management ...................................................................... Powernext .............................................................................. Price Adjustment/ Price Adjustment Clause ........................................ Price Revision ..................................................................... Put Option ............................................................................. Puant/Puant Yük (Peak/Peakload) .............. Phelix® (Fiziksel Elektrik Ticareti) ................. Fiziksel Elektrik Ticareti .......................................... Boru Hattı Projeleri ....................................................... Poroz Depo ........................................................................... Portföy/ Portföy Yönetimi ............................................................ Powernext .............................................................................. Fiyat Uyarlama/ Fiyat Kaydırma Koşulu ............................................... Fiyat Revizyonu ................................................................ Satım Opsiyonu ............................................................... N Nabucco ................................................................................... NBP (National Balancing Point) ....................... NCG (Net Connect Germany) ............................. 60 Net Exposure (Netto-Risikoposition) ........ Netting ...................................................................................... Netznutzungsbedingungen/ Network Code .................................................................... Netzpuffer ............................................................................. Nominierung ....................................................................... Non-Firm-Contract ....................................................... Nord Stream ........................................................................ 61 Nordpool ................................................................................. Normkubikmeter Vn .................................................... NWE (North West Europe) .................................... Nymex (New York Mercantile Exchange) R 66 Regasifizierungs-Tanker .......................................... Regasifizierungs-Terminal .................................... Regelenergie Gas ........................................................... Regelenergie Strom .................................................... 67 Regelzone .............................................................................. Regionale Gasversorger .......................................... Restlaufzeit .......................................................................... 68 RLM (registrierte Leistungsmessung) ...... Röhrenspeicher ................................................................ P Peak/Peakload .................................................................. 64 Phelix® (Physical Electricity Index) ............. Physischer Stromhandel ......................................... Pipeline-Projekte ............................................................ Porenspeicher .................................................................... 65 Portfolio/Portefeuille (Portfoliomanagement) .......................................... Powernext .............................................................................. Preisanpassungs-/ Preisgleitklausel .............................................................. Preisrevision ........................................................................ Put-Option/Verkaufsoption ............................... RWE-Turkey_glossary_FA_080411.indd 14-15 Yeniden Gazlaştırma Tankeri ............................. Yeniden Gazlaştırma Terminalı ........................ Gaz Dengeleme Enerjisi .......................................... Elektrik Dengeleme Enerjisi ................................ Yük Tevzi Bölgesi ............................................................ Bölgesel Gaz Tedarikçisi ......................................... Kalan Operasyonel Süre ......................................... RLM ............................................................................................... Boru Depolama Tesisleri ......................................... Ship-to-Ship Transfer ................................................. Heavy Heating Oil/HS ............................................... Seasons .................................................................................... Settlement ............................................................................ Settlement Price ............................................................. Shipper ..................................................................................... Short/Short position .................................................. Short Hedge ........................................................................ SLP ................................................................................................. South Stream ...................................................................... Spark Spread ....................................................................... Speculation .......................................................................... Speculation Bubble ..................................................... Spot Market (Spot Exchange, Cash Market) ......................... Spread ....................................................................................... STEGAL (Saxony-Thuringia Natural Gas Line) ......... Strike ........................................................................................... Structured Procurement ......................................... Substitution Energy .................................................... Swap ............................................................................................ Swing Option ..................................................................... Gemiden Gemiye Aktarma/ Ship-to-Ship Transfer ................................................. Ağır Fueloil/HS ................................................................. Sezonlar ................................................................................... Uzlaştırma .............................................................................. Uzlaştırma Fiyatı ............................................................. Nakliyeci .................................................................................. Short/Pozisyon Açığı (Short Position) ..... Short Hedge ........................................................................ SLP ................................................................................................. Güney Akım (South Stream) ............................... Spark-Spread ...................................................................... Spekülasyon ........................................................................ Spekülasyon Balonu .................................................... Spot Piyasa (Spot Borsa, Nakit Piyasa) ..................................... Spread ....................................................................................... STEGAL (Sachsen-Thüringen Doğalgaz Boru Hattı) ................................................. Strike (Uygulama Fiyati) .......................................... Yapılandırılmış Tedarik ............................................. İkame Enerjisi (Alternatif Enerji) .................... Takas (Swap) ........................................................................ Swing Opsiyonu .............................................................. Take or Pay (Contract) ............................................... Technical Analysis ......................................................... Future ......................................................................................... Futures Market .................................................................. Therm ......................................................................................... Tick ................................................................................................ Time lag ................................................................................... Trading Floor ...................................................................... Trading Limit ...................................................................... TTF (Title Transfer Facility) ................................. Al veya Öde/Take-or-Pay (Kontrat) ............. Teknik Analiz ....................................................................... Future ........................................................................................ Future Piyasa ...................................................................... Therm ......................................................................................... Tick ............................................................................................... Gecikme ................................................................................... Trading Floor ...................................................................... Trading Limit (Ticaret Limiti) ............................. TTF (Title Transfer Facility) ................................. Transmission Grid .......................................................... Transmission Grid Operator ............................... Underlying ............................................................................ İletim Şebekesi ................................................................. İletim Şebekesi İşletmecisi ................................... Dayanak (Underlying) ................................................ S 69 70 O Offene Gaslieferung ................................................... Offene Position ................................................................ Offer ............................................................................................ 62 Off-Peak ................................................................................... OMEL/OMIE (Operador del Mercado Ibérico de Energia) ....................................................... OPEC-Korb ............................................................................. Open Season ...................................................................... Option ....................................................................................... 63 Optionsprämie .................................................................. OTC-Markt (Over-the-Counter-Markt) ..... Out-of-the-Money (Aus dem Geld) ............. Re-gasification Tanker .............................................. Re-gasification Terminal ....................................... Balancing Power Gas .................................................. Balancing Power Control Zone ....................................................................... Regional Gas Suppliers ............................................ Remaining Operational Term ............................ RLM Pipe Storage Facilities .............................................. 71 72 Schiff-zu-Schiff-Transfer ......................................... Schweres Heizöl/HS .................................................... Seasons .................................................................................... Settlement ............................................................................ Settlementpreis ............................................................... Shipper ..................................................................................... Short/Short Position .................................................. Short Hedge ........................................................................ SLP ................................................................................................. South Stream ...................................................................... Spark-Spread ...................................................................... Spekulation .......................................................................... Spekulationsblase ......................................................... Spotmarkt (Spotbörse, Kassamarkt) ........................................ Spread ....................................................................................... STEGAL (Sachsen-Thüringen-Erdgas-Leitung) ...... Strike ........................................................................................... Strukturierte Beschaffung .................................... Substitutionsenergie ................................................. Swap ............................................................................................ Swing Option ..................................................................... T Take-or-Pay (Contract) ............................................. Technische Analyse ..................................................... 73 Termingeschäft ................................................................ Terminmarkt ........................................................................ Therm ......................................................................................... Tick ................................................................................................ Timelag ..................................................................................... 74 Trading Floor ...................................................................... Trading Limit ...................................................................... TTF (Title Transfer Facility) ................................. U Übertragungsnetz ........................................................ ÜNB (Übertragungsnetzbetreiber) .............. Underlying (Basiswert) ............................................. 12.04.11 12:21 16 STICHWÖRTER/INDEX/DİZİN 75 Unterbrechbare Lieferung .................................... 17 Interruptible Supply .................................................... Kesilebilir Tedarik ........................................................... VaR (Value at Risk) ....................................................... Variation Margin ............................................................. Compressor Station ..................................................... Distribution Network ................................................. Virtual Trading Point .................................................. Volatility .................................................................................. Volatility Risk ..................................................................... Full Load Hours ................................................................ Full Supply Contract ................................................... VaR (Riske Maruz Değer) ........................................ Varyasyon Teminatı ..................................................... Kompresör İstasyonu ................................................. Dağıtım Şebekesi ........................................................... Sanal Ticaret Noktası ................................................. Volatilite .................................................................................. Volatilite Riski .................................................................... Tam Yük Saatleri ............................................................. Tam Tedarik Sözleşmesi .......................................... Weather Derivative ...................................................... Wobbe Index ...................................................................... WTI (Western Texas Intermediate) .............. Hava Türevi ........................................................................... Wobbe Endeksi ................................................................ WTI (Western Texas Intermediate) .............. Dual Contract Model .................................................. İkili Sözleşme Modeli ................................................. V VaR (Value at Risk) ....................................................... Variation Margin ............................................................. Verdichterstation ........................................................... 76 Verteilnetz/Verteilungsnetz .............................. Virtueller Handelspunkt ......................................... Volatilität ................................................................................ Volatilitätsrisiko .............................................................. 77 Volllaststunden ............................................................... Vollversorgungsvertrag .......................................... W Wetterderivat ..................................................................... 78 Wobbe-Index ...................................................................... WTI (Western Texas Intermediate) .............. Z Zweivertragsmodell .................................................... Eines der Finanzzentren von Istanbul. One of the financial centers of Istanbul. İstanbul'daki finans merkezlerinden biri. RWE-Turkey_glossary_FA_080411.indd 16-17 12.04.11 12:21 Spine 6 mm ENERGIEHANDEL ENERGY TRADE ENERJİ TİCARETİ Eine Erklärung der wichtigsten Begriffe A definition of the most important terms Temel Kavramların Açıklamaları RWE Turkey (Holding A.Ş.) Emirhan Caddesi Barbaros Plaza No: 113-C Kat 6-7 34349 Beşiktaş - İstanbul T +90 212 396 00 00 F +90 212 236 96 91 RWE-Turkey_glossary_FA_080411.indd 96-1 Spine 6 mm 12.04.11 12:21
