According to the report published by World Bank, Turkey’s efforts to restructure its energy sector over the past fifteen years is based on a variety of interlinked measures that achieved energy security for a fast-growing economy with rapidly increasing energy needs.  Since 2001 when Turkey launched its energy market reform as response to the economic crisis, the country moved from a state-owned, vertically-integrated model and has entirely privatized electricity distribution, passed groundbreaking electricity and natural gas market, renewable energy and energy efficiency legislation; established new regulatory bodies; created a well-functioning electricity market; and carried out price reform.

As a result, Turkey has added about 31,000 MW market-based electricity generation capacity without long-term power purchase agreements and sovereign guarantees; an electricity market with over 800 participants has been developed; investors took over the entire power distribution system between 2008 and 2013; and the regulatory framework for renewables and development of electricity market facilitated 16,000 MW generation capacity addition based on renewable sources in the 2001-2014 period. The country has transitioned to a well-functioning and fully developed electricity market, with adequate supply to meet the country’s growing needs.

The report presents this story in full that is Turkey’s accomplishments in developing and implementing market-oriented energy reforms as well as selected key reform challenges going forward. In terms of reform milestones, the primary focus of the report is on the electric power and natural gas sectors, although energy pricing and subsidies in the petroleum sector are also addressed.

In terms of future challenges, the report discusses the ongoing and unfinished liberalization of the electricity and gas markets as well as required government support, including governance, in the energy sector. Discussion of environmental and social issues and challenges has also been integrated in the report.

To access the full report, please visit: http://documents.worldbank.org/curated/en/249831468189270397/Turkey-s-energy-transition-milestones-and-challenges

Source: World Bank / link: https://www.worldbank.org/en/country/turkey/publication/assessing-turkey-energy-transition
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With the export sales of calcined petroleum coke, the existing port and transport system will be improved in Venezuela.

In line with the common energy strategies, feasibility studies will start for the establishment of oil storage facilities in the Mediterranean basin in Turkey.

Source: Ministry of Economy

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.