Istanbul 

The sixth World Forum on Energy Regulation will be a milestone for the Turkish energy sector in promoting the country's importance as a global energy player, said the head of Turkey's Energy Market Regulatory Authority, EMRA, on Monday.

EMRA's head, Mustafa Yilmaz, said that Istanbul is a fitting geographic location for the forum because the city is at the crossroads not only of different financial markets, but of energy projects. He explained that the city is located just four hours' flight away from regions which produce 75 percent of the world's total energy.

The sixth World Forum on Energy Regulation (WFER), sponsored by Anadolu Agency and hosted by Turkey's EMRA, started in Istanbul on Monday and will run until Friday.

According to Yilmaz, WFER will provide solutions for the energy industry focusing on building energy markets of the future. The rationalization of energy markets and energy supplies, in harmony with economic growth, will be on the agenda over the next four days.

Yilmaz asserted that four main topics for discussion will take place during the forum; balancing the interests of shareholders, regulation and sustainability, benefiting from innovation and ways to more rational regulation.

According to Yilmaz, the forum will also hold high-level discussions on sustainable and reliable energy supply, as well talks on shared approaches to efficient and compatible regulatory systems not only within Turkey but in developing countries in the African continent. 

"We believe that 'protecting the user' comes first so we are regulating the energy market while looking out for consumer's rights. Protecting the sustainability of energy players in the market is a precondition to protecting consumers, so it is important to establish a market structure with that balance," Yilmaz said.

Yilmaz added the market structure must be set up to ensure productive and industrious energy players are rewarded for their efforts.