The Electricity Market Balancing and Settlement Regulation (published in the Official Gazette dated April 14, 2009 and numbered 27200) was amended through the Regulation on the Amendment of Electricity Market Balancing and Settlement Regulation (the “Amendment Regulation”) (published in the Official Gazette dated November 3, 2011 and numbered 28104). In a nutshell, the Amendment Regulation introduces, inter alia, an amendment to the definitions of concepts such as electricity generation facilities, system marginal prices etc., electricity loads etc., the addition of entities with organized industrial zone certificates to the list of market participants, the setting out of the registration of market participants to the central settlement bank, the arrangement of the hours for the day-ahead in view of the daylight saving time, and the amendment of the procedures such as reconcilement instruction, calculation of the system marginal price and energy imbalance price etc.

The Regulation Regarding the Increase in Effectiveness regarding the Usage of Energy (published in the Official Gazette dated October 27, 2011 and numbered 28097) has been issued by the Ministry of Energy and Natural Resources. This Regulation contains new provisions regarding the mandatory appointment of a certified energy director for companies that consume over a certain amount of energy in a year. The Regulation also states certain measurements regarding the efficient use of energy in public areas.

The Regulation on Permissions and Licenses required by the Environmental Law (published in the Official Gazette dated April 29, 2009 and numbered 27214) was amended on December 31, 2011. Such amendment covers the changes in the application forms and necessary documents to obtain temporary environmental licenses.

According to Article 3 of the amendment to the Environmental Auditing Regulation (published in the Official Gazette dated August 16, 2011 and numbered 28027), all sources of pollution and violations under the Environmental Law (published in the Official Gazette dated August 11, 1983 and numbered 2872) and related legislation that occur in the zones of sovereignty and jurisdiction, including free and restricted economic zones within the boundaries of the Republic of Turkey, are to be subject to supervision.

The Amending Regulation of the Regulation on Opening Businesses and Operating Licences was published in the Official Gazette dated July 3, 2011 and numbered 27983, outlining amendments in relation to the legislation on mining activities.

Article 11 of the Security and Quality of Electric Power Transmission Supply Regulation was amended on 23 October 2010. The ratio of inductive reactive energy taken from the system to active energy taken from the system has been increased to 20% and the ratio of capacitive reactive energy fed into the system to active energy taken from the system has been increased to 15%. These rates may be applied differently to customers by TEIAS.