Turkey's electrical power energy market, which represents about 2.5% of the Turkish economy, has been in a state of constant modification over the last few years. Turkey's electrical power sector is appealing to many financiers and shows enormous capacity, triggered by the financial and population development of the nation. This current advancement has been quickly changing the rules of the game, pressing the electricity sector towards liberalisation and market actors to quick adjustment to changing arrangements.
With a constantly developing legal infrastructure, the recent liberalisation and the establishment of an autonomous regulatory authority, the Energy Market Regulatory Authority (EMRA), http://www.mfpc.tv/ch/userinfo.php?uid=3596608 Turkey's electricity market has changed considerably.
The effect of the worldwide crisis on Turkish electrical energy need was particularly strong in 2009. Nevertheless, because the first quarter of 2010 a fast healing has occurred in Turkey's electrical power need. With the positive results of this healing, the installation of an extra capability of about 24,000 MW is considered to be needed within the next 8 years. The electricity demand in Turkey, which had a compounded annual development rate of ca 4.7% between 2005 and 2009, is expected to increase by 6.4% to 7% between 2009 and 2018. In order to meet this increasing need there will be a considerable need for extra financial investment (1).
Privatisation of the electricity generation and distribution segments
The ongoing privatisation of the electrical energy power plants of the state-owned electrical energy generation business (Elektrik retim A.S., EAS) will alter Turkey's electricity energy market by decreasing the state share in this sector. This in turn will cause an increase of competitors, with higher commercial schedule and more efficiency of privatised power plants. Privatisation of the generation service began in 2008. In 2009, privatisation continued with the tender of 52 hydro power plants. Another 45 power plants will be privatised in the future. The privatisation of the electricity generation section provides significant chances for local investors who wish to diversify their generation portfolio and for worldwide investors who wish to get in Turkey's quick growing electrical energy market.
The privatisation of the electricity circulation business of the state-owned electricity distribution company (Turkiye Elektrik Dagitim A.S., TEDAS) will establish and expand electrical energy grids, advance service and technical quality, guarantee supply sustainability, improve operational performance and decrease larceny and loss. The privatisation of 11 circulation business, whose tenders are already completed, account for an overall value of ca USD 5 bln. The share of the private sector in the circulation sector will have to do with 46% after the conclusion of the privatisation of the 4 distribution business in the regions of Uludag, Camlibel, Firat and Vangl, whose tenders were understood in February 2010. Moreover, the tender procedures of the circulation business in Bogazici, Dicle, Gediz and Trakya have actually currently been completed in 2010, while the completion of the privatisation of these areas is expected in the near term. The tender procedures for the Toroslar, Istanbul Anadolu and Akdeniz areas began in August 2010. Privatisation of the entire distribution section is anticipated to be finished by the end of 2011.
Recent legal developments
An effective legislative structure is a crucial requirement for a well-organised, reliable and effective electrical energy market. Therefore, with the Electricity Market Law (Elektrik Piyasasi Kanunu, EPK) no. 4628, which entered into force on 3 March 2001 and has actually been changed a number of times, a crucial action in developing a reputable energy market and conforming to the EU acquis communautaire has actually been taken.
Among the most current laws concerning the Turkish electrical power market is the guideline regarding licence applications with respect to the facility of a generation center based upon wind park energy (Rzgar Enerjisine Dayali retim Tesisi Kurmak zere Yapilan Lisans Basvurularina Iliskin Yarisma Ynetmeligi), enacted in September 2010. Wind licenses have been in limbo in Turkey since November 2007, causing substantial aggravation and delaying financial investments. EMRA's choice to reboot wind energy project licensing will begin a very first wave of licensing in the next months, which might represent up to USD 1.77 bln. Nevertheless, the regulatory environment must be altered to attract more potential investors. For instance, legislation to fix a viable feed-in tariff for wind is needed.
With the amendment of the EPK by the change act no. 5784 (Amendment Act 5784), enacted on 26 July 2008, the shift period concerning vesting contracts has been reached 31 December 2012. During the transition period, distribution business that have actually obtained a retail sales licence have the special right to offer electrical power and/or capability to non-eligible clients in their regions. After the transition duration, personal retail sales business will be allowed to sell energy and/or capability to all customers throughout the country by identifying the circulation tariffs. Additionally, a tariff equalisation system to move revenue across the regions is being used by EMRA, and a totally cost-based tariff structure is in the works. Hence, a smooth shift from monopoly to a competitive market is expected.
In order to prevent the licence trading, the Amendment Act 5784 state that licences coming from licensees who have actually not understood their generation plant financial investments within the term mentioned in the legislation will be cancelled. These licensees might not look for additional licences for 3 years and may not participate (directly or indirectly) in another legal entity's application.
The EPK is a turning point in the liberalisation procedure of the Turkish electricity market. Within a years after its enactment, Turkey has made exceptional progress in its electricity market. Still, although considerable structural and legislative developments have been accomplished in the ins 2015, a well-organised, efficient and competitive electrical power energy market is a long term process.
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