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Foton Platform does not reveal bid and offer owners and provides clearing services for its members, making it an exchange rather than an Over-The-Counter market.
Foton Platform is a spot market for IRECs, requiring members to transfer IRECs to the platform’s account for sale. The platform operates as a tradable contract backed by an IREC credit in the IREC registry system managed by Evident. Currently, Foton Platform does not offer forward contracts to its members.
The platform started operations in 2021 with low demand for IREC trading as it was a new concept. Churn rate was 1:1 with equal buyers and sellers, no resellers. By Q4 of 2021, churn rate rose to 1.2 as more traders entered the market. In 2022, it reached 1.5.
Standardizing IREC contracts is challenging due to differences in power plant commissioning dates, technologies, and other factors. This affects churn rate and liquidity, which depends on the balance of supply and demand. Currently, supply exceeds demand in the Turkish renewable energy market.
IREC prices on the platform show large fluctuations, with large volumes sometimes cheaper than smaller ones and new power plants more valuable than old ones. To address this, we offer “Weekly Weighted Average Pricing Data” for a better understanding of the Turkish IREC market.
The weekly weighted average pricing data is prepared by the Foton Platform Operations Team. It takes into account the trades between 20,000-100,000 MWh and the latest bid and ask offers. The team found that vintage pricing was negligible, so they introduced a continuous chart for each technology for ease of use.
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