EMRA was established in 2001 in order to perform the regulatory and supervisory functions in the energy markets. The fundamental objective of EMRA is set forth in its founding document as to ensure the development of financially sound and transparent energy markets operating in a competitive environment and the delivery of sufficient, good quality, low cost and environment-friendly energy to consumers and to ensure the autonomous regulation and supervision of electricity, natural gas, fuel and lubricants markets. EMRA is a public corporation with administrative and financial autonomy. As an independent regulator in terms of decision making which is guaranteed by the primary law, EMRA is endowed with regulatory functions such as licensing to transcribe the entries and exits to the market; regulating the market to assure non-discriminatory third party access to the monopolistic infrastructures such as grids; ratemaking to inhibit monopoly rents; and supervising and penalizing (if necessary) to make sure that the market participants are in compliance with the rules and regulations. EMRA is governed by a board composed of 9 members who are appointed by Council of Ministers for a term of 6 years. EMRA has its own budget, independent from any other governmental institution. EMRA is a member of Energy Regulators Regional Association (ERRA) and Association of Mediterranean Energy Regulators (MEDREG). EMRA is conducting the presidency of 6th World Forum on Energy Regulation.