ANA METIN ingilizce.17

Unbundling of accounts provides for the independent accounting for

separate operations. Legal unbundling on the other hand, provides for

the organization of different activities under different legal entities.

However, this does not prevent such different activities from being

owned by the investment group. Ownership unbundling, to the con-

trary of legal unbundling, requires the unbundled assets and activities

to not be owned by the same investment group

Unbundling in the European Union

Competition within the electricity market in the European Union is

regulated with the Directive 2009/72/EC of the European Parliament

published within the Official Journal dated August 14, 2009 concern-

ing rules for the internal market in electricity (“Directive

2009/72/EC”)

. Directive 2009/72/EC repealed Directive 2003/54/EC

(“Directive 2003/54/EC”) that was published in the Official Journal

dated July 15, 2003. According to Directive 2003/54/EC, in the case of

vertically integrated undertakings, transmission and distribution sys-

tems operators within such undertakings were required to be organized

under different legal entities with independent decision making mech-

anisms. The said Directive emphasized the importance of the indepen-

dent functioning of distribution and transmission systems especially

with regard to other players within the market engaged in generation

and retail sales and stated that for this reason, transmission and distri-

bution system operators must have independent management struc-

tures. In this context, parent companies were prohibited from giving

instructions with respect to the day to day operations of the subsidiary.

In addition to these, the unbundling and transparency of accounts were

also accepted. However, it did not require ownership unbundling.

Directive 2009/72/EC which is in force today on the other hand,

accepts the method of ownership unbundling; setting forth that legal

unbundling provided within the Directive 2003/54/EC did not imple-

250

NEWSLETTER 2012

İzak Atiyas

, Elektrik Sektörünün Yeniden Yapılanması Sürecinde Dağıtım Faaliyetlerinde

Dikey Ayrıştırma,

elektrik-dikey-ayristirma.pdf.

Directive 2009/72/EC of the European Parliament and of the Council of July 2009 concerning

rules for the internal market in electricity and repealing Directive 2003/54/EC; Official Journal

14/08/2009 P. 0055-0093.