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Hydropower Investment
Promotion Project (HIPP)
Ks
TURKISH ELECTRICITY
MARKET OVERVIEW
August 24, 2010
This publication was produced for review by the United States Agency for International Development. It was prepared by Deloitte Consulting in collaboration with Black & Veatch and Pierce Atwood Attorneys LLC.
TURKISH ELECTRICITY MARKET OVERVIEW
USAID HYDROPOWER INVESTMENT PROMOTION PROJECT (HIPP)
CONTRACT NUMBER: EEM-I-00-07-00005-00
DELOITTE CONSULTING LLP
IN COLLABORATION WITH BLACK & VEATCH AND PIERCE ATWOOD ATTORNEYS LLC.
USAID/CAUCASUS OFFICE OF ENERGY AND ENVIRONMENT
AUGUST 24, 2010
DISCLAIMER:
The author’s views expressed in this publication do not necessarily reflect the views of the United States Agency for International Development or the United States Government.
3
DISCLAIMER
This “Turkish Electricity Market Overview” Report (“the Report”) was prepared by
DRT Kurumsal Finans Danışmanlık Hizmetleri A.Ş. (“Deloitte Turkey Corporate
Finance”) in accordance with the scope described in the inter-firm contract dated 10
May 2010, entered between Deloitte Turkey Corporate Finance and Deloitte
Consulting LLP.
The information and opinions in this Report were prepared by Deloitte Turkey
Corporate Finance, based on information obtained from public sources believed to be
reliable, but which has not been independently verified. Deloitte Turkey Corporate
Finance makes no guarantee, representation or warranty and accepts no
responsibility or liability as to the accuracy and completeness of the information
herein. The information and opinions speak only as of the date of the Report and are
subject to change. Deloitte Turkey Corporate Finance shall have no obligation to
update or amend the Report.
This Report does not constitute an offer or solicitation of any investment or
transaction. Any information or opinion contained herein may not be suitable for all
investors. The information, comments and opinions involved herein are not within the
scope of investment advice. This Report is being furnished for informational purposes
only and on the condition that it will not form the sole basis for any investment
decision. Each investor or user of this Report must make their own determination of
the appropriateness of an investment and their own due diligence based on tax, other
considerations or own investment strategy. Deloitte Turkey Corporate Finance shall
not be responsible for any investment decision. In the event that the Report should
be shared with third parties, these third parties should be informed that the Report
should not constitute a basis for investment, financing or other related decisions
regarding the subject and Deloitte Turkey Corporate Finance accepts no
responsibility in this matter. It is advised that the third parties conduct their own due
diligence and consult their own professional advisors.
4
Abbreviations
AMR Automated Meter Reading BOO Build-Own-Operate BOT Build-Operate-Transfer BOTAŞ Petroleum Pipeline Corporation BPM Balancing Power Market BSR Balancing and Settlement Regulation CAGR Compound Annual Growth Rate CBP Cost Based Pool CCGT Combined Cycle Gas Turbine COM Council of Ministers DSİ General Directorate of State Hydraulic Works EDAŞ Electricity Distribution Company EHV Extra High Voltage EİE General Directorate of Electrical Power Resources Survey and
Development Administration EIU Economist Intelligence Unit EML Electricity Market Law EMRA Energy Market Regulatory Authority ENTSO-E European Network of Transmission System Operators for Electricity EPC Engineering, Procurement and Construction EU European Union EÜAŞ Electricity Generation Company Incorporated FX Foreign Exchange GAP South-Eastern Anatolia Project GDP Gross Domestic Product GW Gigawatt GWh Gigawatt hour HEPP Hydro-electric Power Plants HIPP Hydropower Investment Promotion Project HV High Voltage IFC International Finance Corporation KCETAS Kayseri Electricity Distribution Company kV Kilo Volt Km Kilometer KWh Kilowatt hour M&A Mergers and Acquisitions MEF Ministry of Environment and Forestry MENR Ministry of Energy and Natural Resources MoU Memorandum of Understanding MW Megawatt OECD Organization for Economic Co-operation and Development ÖYK Privatization High Council PA or ÖİB Privatization Administration PPA Power Purchase Agreement REL Renewable Energy Law SMP System Marginal Price TEDAŞ State Electricity Distribution Company
5
TEİAŞ State Electricity Transmission Company TETAŞ State Electricity Trading and Contracting Company TKB Turkish Development Bank TKİ General Directorate of Turkish Coal TL Turkish Lira TOR Transfer-Operating-Rights TSKB Turkish Industrial Development Bank TWh Terawatt hour UCTE Union for the Co-ordination of Transmission of Electricity US$ United States Dollar USAID United States Agency for International Development VAT Value Added Tax WB World Bank WEPP Wind Energy Power Plant
6
CONTENTS
Purpose and Scope................................................................................................................7
Market Overview and Outlook................................................................................................7
Supply and Demand Balance and Forecasts........................................................................11
Demand.................................................................................................................11
Supply....................................................................................................................14
Import and Export..................................................................................................19
Tariff Levels: Historical Development....................................................................................22
Electricity Price Evolution.......................................................................................................23
Retail Electricity Tariff.............................................................................................25
Transmission Tariff.................................................................................................27
Feed in Tariff..........................................................................................................27
Public Sector Market Players and Privatization Plans ..................................................28
Public Sector Market Player, Their Activities and Responsibilities.........................28
Privatization Plans..................................................................................................31
Private Sector Market Players................................................................................................33
Generation..............................................................................................................33
Distribution..............................................................................................................38
Private Sector Hydro Plant Development...............................................................................40
Incentives for Private Sector Participation..............................................................44
Hydro Plant Financing Models and Deal Structures ..............................................................45
Market Opportunities..............................................................................................................46
Transmission Network Specifications – Investment Program – Congestion Areas...............47
Transmission system..............................................................................................47
Distribution system.................................................................................................48
7
PURPOSE AND SCOPE
Purpose The purpose of this Report is to present an overview of the Electricity Market in Turkey within the framework of USAID/Caucasus-Georgia’s Hydropower Investment Promotion Project (HIPP) of Deloitte Consulting LLP, which aims to provide assistance to Georgia’s Energy Sector to promote and initiate private-sector development of 400 MW or more in new, run-of-river hydropower stations. This Report has been prepared solely within the framework of HIPP as well as the scope agreed upon in the inter-firm memo dated 10 May 2010. Scope and Sources of Information The scope of the work included, to the extent of the public information available, the following main topics: supply and demand balance & forecasts; historical tariff levels, public sector market players, private sector market players, current and future incentives and impediments for private sector participation, private sector hydro plant development, market opportunities, privatization plans, transmission network specifications and certain market statistics. The work was performed based on the data compiled from publicly available sources as well as Deloitte’s market know-how. Deloitte does not accept responsibility as to the completeness and accuracy of such financial, technical and any other data presented in the Report.
MARKET OVERVİEW AND OUTLOOK
Turkey is one of the fastest-growing energy markets in the world, with significant potential for continued rapid expansion. The Turkish electricity sector is undergoing comprehensive reform and restructuring with a view to create a liberalized, competitive and efficient sector. The market structure proposed under electricity regulations is consistent with the EU Internal Energy Market. The establishment of the proposed structure will also contribute to the elimination of certain criticisms regarding the energy sector as part of Turkey’s EU accession process. As at the end of 2009, total installed capacity in Turkey was c. 45GW (c. 42GW in 2008). In 2009, c. 54% of total installed capacity belonged to State-owned establishments, as opposed to c. 58% in 2008. While the State therefore still has a significant share of the total installed capacity, the level has been decreasing since the 1990s. This was enabled by the Turkish Government’s resolution to empower the private sector to make capacity additions through incentives in the form of land provisions and electricity purchase guarantees. Since 2001, the State has introduced slightly above 5GW (c. 30%) of installed capacity of the c. 16GW total capacity additions, while the rest was realized by the private sector. Among the sources of power used in electricity generation in Turkey, hydro, natural gas and lignite are the most common. In 2009, hydro-powered and natural-gas-powered generation assets each made up c. 33% of installed capacity, while lignite-powered assets comprised c. 18%. The Electricity Market Law No. 4628 was enacted on March 3rd, 2001. The objective of EML is to ensure the delivery of sufficient, good quality, low-cost and environment-
8
friendly electricity to consumers. EML aims to create a financially sound and transparent electricity market operating in a competitive environment under the provisions of civil law. EML is for the most part compatible with the EU Electricity Directive of 2003. As a summary, EML set forth the following key elements:
The establishment of an autonomous body, EMRA, the energy regulator
A new licensing framework for market participants
An energy market, based on bilateral contracts between market participants
The eligible consumer concept, which ensures freedom for eligible consumers to choose their suppliers
A transition mechanism to be implemented over a 2-year program Turkey switched from an electricity market structure with the single buyer/seller model to a balanced and settled market, following the publication of the Financial Settlement Communiqué dated March 30th, 2003. In 2004, MENR published the Electricity Sector Reform and the Private Strategy Paper to lay out the roadmap for the full liberalization and privatization of the sector including:
Privatization of generation assets and distribution regions
Deregulation in pricing and introduction of the balancing and settlement system, as well as the cost-based pricing mechanism
Launching nuclear power plant projects Established in 2001, the Energy Market Regulatory Authority (“EMRA”) is the independent regulatory body with administrative and financial autonomy. EMRA regulates the electricity, natural gas, petroleum and LPG markets in Turkey. EMRA communicates with the Council of Ministers and sends law amendment proposals to the Prime Minister via the Ministry of Energy and Natural Resources (“MENR”). EMRA also issues licenses and communiqués. Other significant State enterprises in the Turkish electricity market include MENR, Ministry of Environment and Forestry, State Electricity Generation Company (“EÜAŞ”), State Electricity Transmission Company (“TEİAŞ”), State Electricity Distribution Company (“TEDAŞ”), State Wholesale Electricity Company (“TETAŞ”), Petroleum Pipeline Corporation (“BOTAŞ”), General Directorate of State Hydraulic Works (“DSİ”), General Directorate of Turkish Coal (“TKİ”), Turkey Atomic Energy Authority (“TAEK”) and the General Directorate of Electrical Power Resources Survey and Development Administration (“EİE”). Private sector players’ presence has been increasing across all levels of the electricity market value chain thanks to investment initiatives and privatizations. Akkök Holding and CEZ partnership Akenerji; Sabanci Holding and Verbund partnership Enerjisa; Borusan Holding and EnBW joint venture; Aksa Enerji; Alarko Holding; ENKA; İsken Enerji; Zorlu Enerji are some of the major private sector players, building a strong presence in generation, distribution and wholesale power market. The Turkish electricity market value chain is separated into four levels under the Electricity Market Law: generation, wholesale market, distribution and retail market
9
(or consumers). Between the generation and wholesale markets, there is also the monopoly of transmission. Below is the current market structure:
Current Electricity Market Structure
To move towards realization of the objectives of the Electricity Market Law, and to implement MENR’s vision for liberalization of the industry, TEİAŞ established a Balancing and Settlement Regulation (“BSR”) for a transitional period. The BSR, which was approved by EMRA, became fully operational on August 1, 2006. This was the first hand most important step from the Government in establishing a price mechanism based on a competitive market. Within the context of the final BSR, which was published on April 14, 2009, three main components of the balancing mechanism in the target market structure are (i) Day Ahead Balancing, (ii) Balancing Power Market (“BPM”) and (iii) Ancillary Services. These new marketplaces are expected to increase the sales opportunities for merchant power plants and the viability of new investment projects. The BSR facilitates a market where un-contracted generation can be bought and sold. This market enhances security of supply by enabling the participation of independent and small generators. The balancing and settlement mechanism involves a target for the establishment of a spot market and provides signals to attract new investments. Until December 2009, balancing mechanism entities, which are generally generators over 20MW capacity, were subject to hourly balancing settlement with the System Marginal Price (SMP) and other market participants (small generators, wholesalers, retailers) were subject to imbalance settlement (difference between contract amount and metered volume) over three settlement periods (day: 0600-1700, peak 1700-2200 and night 2200-0600) for a month. Currently, regardless of the MW capacity of the generators, all entities are subject to hourly balancing and imbalance settlement with the hourly System Marginal Price (SMP). Within the period between August 2006 and December 2009 the share of bilateral contracts has been decreasing, so the balancing market share is increasing in the wholesale energy market, for the following reasons:
10
EÜAŞ was operating at maximum generating capacity, while demand continued to increase
Attractive prices in the balancing market were leading private generators to increase their sales into that market
TEDAŞ was buying its imbalances from the balancing market Since December 2009, although the average price in the balancing has decreased, the share of balancing market volumes within the wholesale energy market continues to increase. When the necessary infrastructure featuring an Automated Meter Reading (“AMR”) system and Day Ahead Market Trading & Settlement System is in place, the market is envisaged to reach the target structure. The Turkish wholesale electricity market, when it is fully implemented, will consist of an organized Day-Ahead Market operated by the Market Operator, a real-time balancing mechanism (Balancing Power Market) operated by TEİAŞ as the Transmission System Operator, and a bilateral contracts market. In addition, there will be one or more organized markets for procurement of ancillary services. At the present time, the market is operating in a transition phase through a day-ahead planning and balancing power market. The final balancing market structure where day-ahead planning will be replaced by a day-ahead market is expected to become operational by the end of 2010.
Target Market Structure for the Turkish Electricity Market
PlantInvestmentFuel Agreement
15-2 years
Maintanence PlanFuel Supply
1 year
Day Ahead balancing and optimization
1 day ahead
OperatingReserves Planning
8-6 hours
Supply and Demand Balancing
15-1 minutes RealTime
Bilateral Contracts and Financial Markets
BalancingPower Market
Day Ahead Market
Ancillary Services
TargetMarket
Structure
Turkey has been actively pursuing synchronization of its network with the European grid of the Union for the Co-ordination of Transmission of Electricity (“UCTE”). Turkey is keen on achieving integration with the EU internal electricity market and on promoting cross-border electricity trade. The technical studies for synchronization with UCTE, through interconnections with Bulgaria and Greece, are under way. TEIAS is expecting to start synchronous operation with UCTE by the end of 2010. The main challenges are improving frequency control and operation and maintenance performance. Given UCTE’s technical requirements, Turkey does not see short-term possibilities for synchronization without the use of AC DC converters with its eastern and south-eastern neighbors. An enhancement to the market structure that has been announced is the introduction of an organized Financial Market by 2013 that would allow trading of derivative instruments with standard terms in addition to existing bilateral contracts. This would allow investors to develop better risk mitigation plans through hedging.
11
There is an on-going and significant privatization program, run by the Privatization Administration, consisting of the country-wide electricity distribution network (20 regions), as well as the State-owned power plants (c. 100 assets with a total capacity of more than 16GW).
SUPPLY AND DEMAND BALANCE AND FORECASTS
DEMAND
Since the 1980s, electricity demand in Turkey has grown at a combined aggregate growth rate (“CAGR”) of 7.5%. Between 2000 and 2007, while Turkey went through severe economic crises, electricity consumption grew by c. 6% each year on average – compared to an annual average of 3.6% in other OECD countries. Partly as a consequence of the global financial crisis, demand grew by only 4.2% in 2008 and shrunk by 2.5% in 2009. Electricity consumption of 119TWh in 1999 grew at a CAGR of 5.0% to reach 193TWh in 2009. This figure was c. 5.2% between 2004 and 2009, when Turkish GDP grew by 3.1% each year on average. Over the same period, electricity consumption within Turkey’s European peers grew with a CAGR of c. 2% on average. Historically, Turkish electricity consumption has increased faster than GDP. Demand growth is correlated to GDP growth in times of economic expansion; however, it is rather resilient and inelastic in times of an economic downturn, supported by population growth and urbanization. This has been evidenced during the 1994, 1999 and 2001 economic downturns. Furthermore, following such years of economic contraction, historical trends of uninterrupted growth resumed. A factor that has reinforced the resilience of overall electricity demand against economic downturns has been the growing share of residential and commercial demand. In particular, Turkey has been rapidly urbanizing and has an increasingly young population. On the other hand, industrial demand is affected by economic activity. Accounting for nearly half of the demand, industry is the largest consumer of electricity with the textile, steel and cement manufacturing sectors featuring as the major sub-segments. However, the share of industrial consumption declined from 65% at the end of the 70’s to 47% in 2008. The share of residential and commercial & public services consumption increased to 24% from 20% and 6% over the same period, respectively.
12
Electricity consumption in Turkey
5357
6167
7378
8695
106114
119128 127
133141
150
161
175
190198
193
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
0
50
100
150
200
250
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
(TW
h)
Consumption Consumption growth Real GDP growth
Source: TEİAŞ and EIU In 2009, along with the effects of the global financial crisis, electricity consumption fell by 2.5%. 2010 is expected to be a year of recovery for industrial growth which will have a positive effect on electricity demand. According to TEİAŞ’ low-case and high-case scenarios, electricity consumption will reach 336TWh and 357TWh, respectively, by 2018.
13
Electricity Consumption in Turkey
Source: TEİAŞ In terms of per capita electricity consumption, Turkey (c. 2,700kWh/year) is considerably behind Europe (c. 5,700kWh/year on average), which signals significant room for growth. Factors with a positive effect on the economy such as industrialization, increasing disposable income, population growth and on-going urbanization support Turkey’s transition towards the European average.
High Growth Demand Scenario
194 203 216 232
250 268
288 310
333 357
0
50
100
150
200
250
300
350
400
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
(TWh)
CAGR: 7.0%
Low Growth Demand Scenario
194 203 214 228 244
260 277
296 315
336
0
50
100
150
200
250
300
350
400
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
(TWh)
CAGR: 6.3%
14
SUPPLY
As at the end of 2009, total installed capacity was c. 45GW in Turkey (c. 42GW in 2008). The State still has a significant share of total installed capacity, but its ownership level has been decreasing since the 1990s. This was enabled by the Turkish Government’s resolution to empower the private sector to make capacity additions through incentives in the form of land provisions and electricity purchase guarantees. In 2009, total electricity generated amounted to 194.1TWh, of which 89.5TWh (c. 46%) was produced by EÜAŞ and affiliated partnerships of EÜAŞ.
Breakdown of Installed Capacity and Electricity Production in 2009
State (EÜAŞ)
54.3%
Private contracted
21.2%
Private Merchant
24.5%
Breakdown of Installed Capacity (2009)
State (EÜAŞ)
46.1%
Private contracted
32.0%
Private merchant
21.9%
Breakdown of electricity production (2009)
Source: TEİAŞ Electricity generation in Turkey is largely based on gas, coal and hydro. Starting from 1986, following the implementation of the natural gas import agreements, the share of natural gas in total power generation has increased gradually and reached c. 49% at the end of 2009.
15
Breakdown of Installed Capacity and Electricity Production by Source in 2009
Natural gas
32.5%
Hydro
32.5%
Lignite
18.3%
Other coal
5.3%
Oil related
3.8%
Wind
1.8%
Other
5.8%
Breakdown of installed capacity by source (2009)
Natural gas
48.6%
Lignite
21.7%
Hydro
18.5%
Other coal
6.6%
Oil related
3.4%
Wind
0.8%Other
0.3%
Breakdown of electricity production by source (2009)
Source: TEİAŞ Turkey’s total installed capacity has grown rapidly over the past three decades. The shift in the State’s role as the dominant player in the market was initiated with the BOT, TOR and BOO models of the 1990s. More than 9GW of capacity was installed through these models, which the State stopped awarding after the EML was issued in 2001. Following the EML, the State started to issue generation licenses instead of such models, aiming to bring in more private sector investments.
16
Installed Capacity Additions
353
2.8203.064
1.0481.308
542 614
1.301
2.036
716
687
834
276
795
1.276
445
182
222
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
2001 2002 2003 2004 2005 2006 2007 2008 2009
(MW
)
Private Public
1,068
3,507
3,898
1,324
2,103
1,818
1,060
1,483
2,258
Source: EMRA and TEİAŞ In 1985, Turkey signed a gas supply agreement with Russia, which had a drastic effect in the generation mix in favor of natural gas. The share of natural gas as a source in production quickly elevated to c. 50% by the end of the 2000s, as a result of natural gas-fuelled capacity of c. 13GW installed since 1985.
Breakdown of Production by Resource (GWh)
0
50.000
100.000
150.000
200.000
250.000
THERMAL HYDRO GEOTHERM.WIND
Source: TEİAŞ In June 2009, TEİAS published a Report titled ‘Turkish Electrical Energy 10-Year Generation Capacity Projection (2009 – 2018)’. This Report projects two potential scenarios for the future of growth of installed capacity in Turkey, one termed Low, the other High. In the Low growth scenario, installed capacity is expected to reach 54.240 MW by 2018; in the High case scenario, installed capacity is projected to reach 56,382 MW by 2018. These forecasts are shown in the graphs below. It should be noted that both these scenarios ignore nuclear. However, new nuclear capacity is expected to be introduced into the Turkish supply mix in the foreseeable future. Current predictions expect nuclear to contribute towards 5% of overall electricity supply from 2020 onwards.
Past Installed Capacity (MW)
27.264 28.33231.846
35.587 36.82438.844 40.565 40.836 41.817
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
40.000
45.000
2000 2001 2002 2003 2004 2005 2006 2007 2008
Thermal Hydro Geotherm. Wind
17
TEİAŞ’s capacity projections are based on current operating power plants, new projects under-construction and current licenses issued. When compared with MENR’s estimates for market demand, TEİAŞ’s forecasts suggest Turkey could suffer from energy supply issues from as early as 2014 onwards. In order to resolve these potential shortages of supply, experts estimate that Turkey should make US$ 3-4 billion in investments each year to boost generating capacity for the next 8 years.
18
Breakdown of Capacity Projection (MW)
44,64047,760
49,96253,040 53,040 53,040 54,240 54,240 54,240
0
10,000
20,000
30,000
40,000
50,000
60,000
2010 2011 2012 2013 2014 2015 2016 2017 2018
Low Growth Supply Scenario
Thermal Hydroelectric Renewable
*Source: TEIAS
19
Capacity investments in Turkey dropped considerably between the period following the end of the use of BO and BOT models and the introduction of the SMP and CBP systems, when the State regulated electricity prices, keeping them deliberately low in favor of growth but contrary to generators’ interests. Furthermore, the issue of new generation licenses attracted significant interest, but mostly from a group of second-tier investors, which were comprised of small-scale local companies with limited or no expertise in the energy sector and inadequate financial resources for the long-term. Consequently, while demand forecasted for the period between 2009 and 2018 is to grow by c. 7%, production is expected to trail behind with an expected growth rate of c. 3%, according to TEAIŞ.
Electricity production (Historical & Forecasted)
0
50
100
150
200
250
300
350
400
2004A 2005A 2006A 2007A 2008A 2009A 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E
(TWh)
CAGR: 5.3%
CAGR: 3.2%
Source: TEİAŞ Electricity production forecasts of TEİAŞ are based on the existing licenses. No new investments are taken into account.
Demand vs. Production
0
50
100
150
200
250
300
350
400
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
(TW
h)
Production High demand Low demand
Production CAGR: 3.2%
High Demand CAGR: 7.0%
Low Demand CAGR: 6.3%
Source: TEİAŞ
IMPORT AND EXPORT
Due to the demand-supply mismatches, Turkey imports electricity from neighboring countries. Until 2003, Bulgaria was the main supplier for Turkey; after 2003, Turkmenistan became the main exporter of power to Turkey, although import volumes have fallen recently, at below 1000 GWh / year between 2004 and 2008, for example. Electricity imports from Georgia fluctuated through the 2000-2008 period, contributing a relatively small amount to overall imports into Turkey.
20
Electricity Import (GWh)
3.791
4.579
3.588
1.158
464 636 573 864 789
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
5.000
2000 2001 2002 2003 2004 2005 2006 2007 2008
Bulgaria Georgia Azerbaijcan Iran Turkmenistan Greece
Source: TEIAS On the export side, Turkey sells electricity to a limited number of countries.
Nakhichevan Territory (Azerbaijan): Until 2007, Turkey supplied electricity to Nakhichevan but after 2007, together with increasing local supply in Nakhichevan, the electricity supply agreement between the two countries expired.
Syria: Turkey has exported electricity to Syria since 2006. In accordance with electricity demand within Syria, an electricity trade agreement between two countries has been extended until 2011.
Greece: Electricity trade agreement with Greece was signed in 2007.
Acera Autonomous Republic (Georgia): A trade agreement with Georgia is based on matching supply excess or shortage situations. In case of excess supply Turkey imports electricity whereas in the case of short supply, Turkey exports electricity to this territory. Annual electricity exports to Georgia fluctuate around the 100 GWh level.
21
Electricity Export (GWh) from Turkey
0
500
1000
1500
2000
2500
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source: TEIAS The size of import – export is negligible considering the size of the Turkish electricity market.
22
TARİFF LEVELS: HİSTORİCAL DEVELOPMENT
The State’s governing role in the Turkish electricity market is evident in its control over tariff levels as well as generation. In the framework of market reforms, however, electricity prices are bound to become more transparent and correlated to demand and supply dynamics. Power generators in Turkey are allowed to sell electricity:
At contracted terms to TETAŞ given they have BO, BOT or TOR contracts
At a discount to the regulated TEDAŞ price to eligible customers under bilateral contracts
At spot prices on the SMP market
At the price of the marginal generator to supply demand
At guaranteed prices if they are eligible under the Renewable Energy Law
At negotiated prices under bilateral contracts The following four systems currently determine the prices to be used by private generators:
SMP prices set by supply-demand dynamics: Electricity is sold at ‘imbalanced’ prices in advance when the supply fails to meet demand. The SMP market is closest to a liberal market where the private sector sells to the State companies at higher than regulated prices.
TEDAŞ prices regulated by CBP mechanism: With the automatic pricing system in place as of July 2008, end-user electricity tariffs are now set by TEDAŞ and approved by EMRA. Accordingly, the tariffs are now adjusted in line with changes in the cost of fuel, FX rates, inflation and cost of acquisition of electricity from the TETAŞ and SMP market.
BOO-BOT prices: There are specified terms in each contract.
TETAŞ prices regulated by CBP mechanism: TETAŞ determines the wholesale prices of electricity to be applied for the regional distribution companies with the retail distribution licenses applying for the CBP mechanism.
In 2006, the State initiated a 5-year transition process which would yield a liberalized electricity market with a cost-based tariff system. An EMRA announcement in 2008 declared an extension of 2 years to the transition period. Hence, power distributors and retailers will determine their cost-based retail tariffs, subject to EMRA’s approval, for sale to all customers after 2012. Turkish tariff levels are expected to meet the tariffs of European peers following liberalization. Until 2012, EMRA will set end-user tariffs based on fixed components such as allowance for loss/theft ratios, direct pass-through of changes in wholesale prices and projected expenses. EMRA aims to incentivize distributors to lower loss/theft ratios and make optimization investments. There are five end-user groups, comprised of agricultural irrigation, commercial, industrial, lighting and residential. The components of the end-user tariffs are as follows:
23
Retail sales tariff, which is subject to price cap has three components:
Reference price: the weighted average of the electricity supply price from the generators, subject to a price cap regulated by EMRA
Loss and theft component: covers the allowed level of losses arising from technical and non-technical factors in the distribution grid
Operating margin: covers operating costs
Distribution system usage tariff, which is subject to revenue cap, has three components:
Distribution fee: covers the expenses of the distribution company for carrying out its distribution activities
Capacity charge: a special tariff applied to industrial customers on dual-term tariffs only
Penalty for overload: tariff applied to the customers whose peak demand exceeds the contracted built-in capacity level
Reactive energy fee: tariff applied to the customers who exceed the allowed reactive energy limits
Retail services tariff, which is set to cover operating expenses such as index reading, billing and other customer services
Transmission tariff is the pass-through transmission costs charged by TEİAŞ
Taxes and other fees
ELECTRICITY PRICE EVOLUTION
Between 2003 and 2007, the State kept industrial and residential user tariffs at a flat level on a TL basis in order to maintain growth. In the mean time, increasing energy production costs hindered private and public generation companies’ profitability, creating an unfavorable environment for generators and historically providing a disincentive to investment. Consequently, the SMP system was introduced to enable merchant private generators to sell their production at prices substantially higher than regulated prices. In 2008, a CBP mechanism was launched to allow State-owned energy companies to pass through rises in input costs to prices to some extent. As TETAŞ wholesale prices and SMP prices are gradually closing in on each other, average SMP prices have historically been above TETAŞ prices. Due to lower demand for electricity and increasing TETAŞ prices with CBP mechanism in 2008 and 2009, average SMP prices were in line with TETAŞ prices. Electricity price forecasts are not publicly available. However, anecdotal evidence from market participants shows a general expectation that average wholesale prices will remain above US 11 cents per kWh for the foreseeable future.
24
Turkey Electricity Price Evolution
0
50
100
150
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
(TL
per M
Wh)
TETAS TEK-TEAS TORETOSAF SMP
Source: TEİAŞ
Evolution of SMP vs. TETAŞ prices (August 2006 – June 2010)
0
20
40
60
80
100
120
140
160
180
200
TETAS SMP* SMP (Day) SMP (Peak) SMP (Night)
* Since December 2009, the hourly settlement mechanism has been introduced. Source: TEİAŞ The weighted average of SMP over a three year period on a monthly basis determines System Imbalance Price. System Imbalance Price set in the Balancing Market between August 2006 and 2009 is shown in the graph below.
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System Imbalance Price (TL/MWh)
0
20
40
60
80
100
120
140
160
180
200
Day Peak Night Average
Source: TEIAS
Settlement Supply Volume and System Imbalance Price (TL/MWh)
0
20
40
60
80
100
120
140
160
180
200
0
2.000.000
4.000.000
6.000.000
8.000.000
10.000.000
12.000.000
14.000.000
16.000.000
18.000.000
Day Peak Night Average Price (TL)
Source: TEIAS
RETAİL ELECTRİCİTY TARİFF
The retail tariff announced by EMRA is applied to end-users in each distribution region. At the end-user level, there is one single national tariff by customer group, namely, industrial, commercial and residential. After a steady period of 5 years, regulated electricity prices rose by 31% and 39% for residential and industrial users, respectively, in 2008. Parallel to decreasing commodity prices and industrial production, TEDAŞ slightly decreased prices in January and April 2009 (3.4% and 0.5% overall decrease for industrial users and residential users, respectively). In October 2009, prices increased by 11% for industrial users (to TL154 per MWh) and 9.5% for residential users (to TL198 per
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MWh). In January 2010, TEDAŞ announced new prices for industrial and residential users of TL153 per MWh and TL201 per MWh, respectively. Compared to Europe, the average retail price level is lower in Turkey as household prices are highly subsidized.
Retail Electricity Price Levels (kr/KWh)
0
5
10
15
20
25
30
Industrial Low Voltage Industrial Medium Voltage Commercial Residential
Source: TEDAS The end-user tariffs include energy, distribution, retail services and transmission fees. The retail tariff illustrated below is applicable from January 2010.
Composition of Industrial Retail Electricity Price (kr*/KWh)
16,388
2,5130,44
0,18119,522
0
5
10
15
20
25
Energy Distribution Retail Services Transmission Tariff
Source TEDAS (* kr = ‘kurush’; 100 kurush = 1 TL; 1 TL = approx. 0.66 US$; 1kr therefore = approx 0.66 US cents)
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TRANSMİSSİON TARİFF
Transmission system usage and operation charges are regulated and announced by EMRA for 15 different regions in Turkey. 2010 regional tariffs for Turkey are listed below.
Regional Electricity Tariff
region
system usage/
tariff
(TL/MW-Year)
system operation
tariff
(TL/MW-Year)
system usage/
tariff
(TL/MW-Year)
system operation
tariff
(TL/MW-Year)
1 13.226,47 412,60 10.267,70 412,60
2 7.166,59 412,60 19.060,91 412,60
3 88,20 412,60 30.309,34 412,60
4 88,24 412,60 31.320,06 412,60
5 5.725,57 412,60 14.587,04 412,60
6 10.284,42 412,60 17.873,15 412,60
7 7.491,34 412,60 22.005,65 412,60
8 1.839,77 412,60 23.367,95 412,60
9 21.376,48 412,60 2.201,59 412,60
10 2.115,11 412,60 22.263,80 412,60
11 5.917,59 412,60 17.923,74 412,60
12 11.867,44 412,60 16.509,98 412,60
13 87,48 412,60 32.150,23 412,60
14 7.732,11 412,60 12.192,21 412,60
15 (**) 13.301,10 412,60 6.774,30 412,60
GENERATION(*) CONSUMPTION(*)
Source: EMRA *Additional transmission fee included **Prices in Generation and Consumption sides will be applied to exports and imports respectively
FEED İN TARİFF
The renewable energy law introduced a feed-in tariff mechanism. The current law provides a cap for feed-in tariffs of 5.5 eurocent/Kwh for renewable energy generation facilities that are operational before December 31, 2011. The renewable feed-in tariff is guaranteed for the first 10 years of a plant’s operation. On the other hand, there is a new draft Renewable energy law in Parliament which offers differentiated caps defined by fuel types and applicable to two 10 year periods separately. The law is not approved yet. The new proposed feed-in tariff structure is as follows:
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Type of Renewable Energy First 10 years Second 10 years of operation of operation (Euro cent/ kWh) (Euro cent/ kWh)
HEPP 7 - Wind (Inland) 8 - Wind (Sea) 12 - Geothermal 9 - Photo-voltaic Sun Energy 25 20 Condensed Sun Energy 20 18 Biomass 14 8
Source:EMRA Also the generators are free to sell above 5.5 eurocent/Kwh in the market in case they have opportunities. Since the price in the balancing market was more attractive then the feed-in tariff in the last couple of years, the players preferred to sell through SIP instead of selling through fixed price.
PUBLİC SECTOR MARKET PLAYERS AND PRİVATİZATİON PLANS
PUBLİC SECTOR MARKET PLAYER, THEİR ACTİVİTİES AND RESPONSİBİLİTİES
The State institutions listed below have decision-making and regulatory powers, performing commercial functions with respect to the electricity sector within the framework of the Electricity Market Law and other legislations:
Ministry of Energy and Natural Resources (MENR): Ministry is responsible for regulating the use, development and distribution of all energy and natural resources and creating the related policies of the State. Four other governmental organizations (general directorates for electricity, oil, mines and atomic energy) operate under the MENR. The mission of MENR is to ensure efficient, effective, safe and environment-sensitive use of energy and natural resources in a way that reduces external dependency of the country. Its declared responsibilities are as follows:
o maintaining the security of energy supply, o increasing energy efficiency, o providing diversity in resources by giving priority to the domestic resources, o increasing the share of renewable energy resources within the energy supply, o making the free market conditions operate fully and providing for the
improvement of the investment environment, o providing the diversity of resources in the area of oil and natural gas and
taking the measures for reducing the risks due to importation, o turning the country into an energy hub and terminal by using its geo-strategic
position, o minimizing the negative environmental impacts of the activities in the energy
and natural resources area,
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o increasing the contribution of natural resources into the national economy, o increasing the production of industrial raw material, metal and non-metal
mineral resources and providing for their utilization on a national scale, o increasing the effectiveness in the management of energy and natural
resources, o being the pioneer and supporter of innovation in the area of energy and
natural resources,
Ministry of Environment and Forestry (MEF): Ministry responsible for protecting the environment and forests. The responsibilities of MEF are as follows:
o works with the Turkish Standards Institute to establish environmental standards,
o reviews, approves and follows up on Environmental Impact Assessment Reports,
o regulates all forest-related activity including hunting and industry, o implements environmental planning and forestation projects, The General Directorate of State Hydraulic Works (DSİ) also operates under the MEF.
Energy Market Regulatory Authority (EMRA): Institution is solely responsible for the regulation of electricity, natural gas, oil and LPG markets. The main activities of EMRA are as follows:
o issuing licenses and certificates to entities primarily for the production, storage, transportation, distribution and trading of the energy resources, IMPORTS?
o monitoring market activity, establishing performance standards and inspecting actors for compliance,
o establishing pricing principles for both market and non-market buyers in the electricity market,
o tariff approval, determination of eligible customer limit etc,
• State Electricity Generation Company (EÜAŞ): General directorate responsible for electricity generation. EÜAŞ works under the MENR and operated around 54% of Turkey's total installed capacity in 2009, mainly thermal and hydroelectric power plants. The majority of the generation assets of EÜAŞ are currently undergoing privatization. .
• Turkish Electricity Transmission Company (TEİAŞ): General directorate responsible for electricity transmission. TEİAŞ builds and operates the transmission facilities of the country for both domestic and international transmission. TEİAŞ has a monopoly in transmission and is expected to remain State-owned to ensure the security of the system.
• State Electricity Distribution Company (TEDAŞ): General directorate responsible for the distribution of electricity. TEDAŞ is organized into 16 separate regional distribution companies, each with its own distribution and retail licenses. TEDAŞ has been undergoing privatization since the 2004 decision of the government. The process is expected to advance further in 2010, with more distribution systems being transferred to the private sector.
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Post-privatization, TEDAŞ will continue to own the assets operated by the private companies under TOR agreements.
• State Wholesale Electricity Company (TETAŞ): General directorate responsible for electricity trading. TETAŞ was founded in 2001 to facilitate the transformation of the electricity market into a free market by making wholesale electricity purchases and sales on behalf of the public. TETAŞ operates a supply and demand portfolio where it buys or imports electricity from state and private generators and sells it to distribution companies (16 national and 5 private), direct consumers, foreign importers and the Market Financial Mediation Center (PMUM), another state institution founded to create a free market for electricity.
• Petroleum Pipeline Corporation (BOTAŞ): State-owned company in charge of natural gas and crude oil imports. The responsibilities of BOTAŞ are as follows:
o builds and operates pipelines within and outside of Turkey, o facilitates the procurement of oil and gas from abroad by conducting
the necessary searching, drilling, production, transportation, storage and refinement tasks,
o sets natural gas prices and functions as a trading company.
• General Directorate of State Hydraulic Works (DSİ): General directorate managing the use of Turkey's water resources. DSİ is a part of the MEF. DSİ is tasked with flood control, the promotion of agriculture near water resources, the production of hydroelectric energy and the provision of water to cities, which it achieves primarily through building and developing dams. All hydroelectric plant operators are requested to sign a Water Usage Agreement with DSİ.
• General Directorate of Turkish Coal (TKİ): State-owned company which is
responsible for the exploration and efficient use of energy raw materials. TKİ reports to the MEF. TKİ explores and operates coal and related products and works in coordination with the private sector and subcontracts mining operations.
• Turkey Atomic Energy Authority (TAEK): State institution responsible for regulating and promoting the Turkish nuclear power market. The responsibilities of TAEK are as follows:
o determines programs for the peaceable use of nuclear energy for the scientific, technical and economic development of Turkey and presents them to the approval of the Prime Ministry,
o coordinates all searching, drilling, refinery, processing, distribution and related tasks for the strategic raw materials used in nuclear energy generation,
o builds and operates facilities for radioisotope generation and distribution and the safe disposal of nuclear waste,
o is in charge of licenses for all activities involved in nuclear energy generation.
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• General Directorate of Electrical Power Resources Survey and Development Administration (EİE): General directorate responsible for carrying out feasibility studies for energy resources used in electricity generation. EIE is a part of MEF. The responsibilities of EİE are as follows:
o undertakes research for the assessment of all energy sources of the country, but primarily the renewable energy sources such as hydropower, wind, geothermal energy, solar energy and biomass,
o reviews and develops energy efficiency projects, o operates a national energy information management center to
support the planning and projection activities of all actors in the energy sector.
• Council of Ministers (COM): The decision-making platform for the ministers on the affairs of State. The COM is chaired by the Prime Minister and approves the results of privatization tenders. Council of Ministers makes decisions in line with the laws such as strategy paper, secondary regulations (regulations and communiqué’s).
• Privatization Administration (ÖİB or PA): Organization responsible for the execution of the privatization program in Turkey. ÖİB works under the Privatization High Council (ÖYK). PA plans all aspects of the privatization process, from determining the amount of stock capital of organizations and setting the rights and responsibilities of parties to making decisions on resource utilization and conducting all procedural operations necessary for privatization and manages the Privatization Fund.
• Privatization High Council (ÖYK): Council that reviews the decisions of PA.
ÖYK is comprised of the Prime Minister, deputy prime minister, the minister of State responsible for privatization and ministers of economy and industry. ÖYK decides on the public entities to be included in the privatization program and approves the results of privatization tenders before submitting to the Council of Ministers.
PRIVATIZATION PLANS
Following accession talks with the EU and the Electricity Market and Natural Gas Market Laws’ ratification in 2001, the State acted with determination to restructure the Turkish electricity market. In 2004, a timetable for the privatization of the State-owned power distribution and generation assets was set, aiming for a fully liberalized market by 2012. In order to tackle the difficulties for competitive generators and wholesalers in their financial settlements with the distribution companies, privatization of the power distribution assets was prioritized. The State revised the privatization timetable in 2009 with regard to delayed privatizations and certain other factors. Two significant points in the revision include the completion of privatization of distribution networks by 2010 and the start of privatization of EÜAŞ assets in early 2010. It is likely that the transition period be extended for another couple of years, to finalize the privatizations in the timetable. The following table summarizes the key milestones in the liberalization process:
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Turkish Electricity Privatization Timetable A4 Paper Guide Line
A4 Paper Guide Line
Road map 2005 2006 2007 2008 2009 2010 2011 2012
Natural gas market deregulation
Electricity market deregulation –
decreasing eligibility limits (kWh/yr)
Deregulation of pricing
Privatisation of distribution assets
Privatisation of generation assets
Privatisation tenders in natural gas to decrease BOTAŞ influence
>7.7m >6.0m >3.0m >1.2m >0.48m >0m
Automatic pricing mechanism
Balancing and settlement market (SMP) mechanism
State generation assets
Distribution companies
Source: EMRA and Privatization Administration As at mid-year 2010, the privatization of distribution assets is progressing as scheduled. Electricity distribution in Turkey is performed by regional distribution companies, originally all part of the State-owned TEDAŞ but now undergoing privatization and by Kayseri Electricity Distribution Company (KCETAS) which has always been a private entity. KCETAS, a small distribution company, serves just one province in Central Anatolia. Recently, Sakarya distribution company (in a fairly developed region in north-west Turkey), Başkent distribution company (including the capital, Ankara), Meram distribution company (middle Anatolian region) and Osmangazi distribution company (western Anatolian region) have been privatized and handed over to private investors. The State Council has suspended the take-over of Aras EDAŞ by the Kiler Group. The Aydın-Denizli-Muğla region is under the control of a private company named Aydem. Göksu EDAŞ was excluded from the privatization program by the Ministry of Energy and Natural Resources.
Privatization process by region
# Region Privatization Status Tender Date AcquirerPurchase Price
(USD$ m)
1 Sakarya Elektrik Dağıtım A.Ş. Completed 11.01.2009 Ak-CEZ 600
2 Başkent Elektrik Dağıtım A.Ş. Completed 28.01.2009 Sabancı-Verbund 1.225
3 Meram Elektrik Dağıtım A.Ş. Completed 30.10.2009 Alarko Holding 440
4 Aras Elektrik Dağıtım A.Ş. Suspended n/a Kiler Holding 129
5 Çoruh Elektrik Dağıtım A.Ş. In take-over process 08.11.2009 Aksa Elektrik 227
6 Osmangazi Elektrik Dağıtım A.Ş. Completed 08.11.2009 Eti Gümüş A.Ş. 485
7 Yeşilirmak Elektrik Dağıtım A.Ş. In take-over process 08.11.2009 Çalık Enerji 442
8 Uludağ Elektrik Dağıtım A.Ş. In take-over process 18.02.2010 Limak 940
9 Çamlibel Elektrik Dağıtım A.Ş. In take-over process 18.02.2010 Kolin Insaat 286
10 Firat Elektrik Dağıtım A.Ş. In take-over process 18.02.2010 Aksa Elektrik 230
11 Vangölü Elektrik Dağıtım A.Ş. In take-over process 18.02.2010 Aksa Elektrik 100
12 Aydem Elektrik Dağıtım A.Ş. Private n/a n/a n/a
13 Toroslar Elektrik Dağıtım A.Ş. Not started n/a n/a n/a
14 Akdeniz Elektrik Dağıtım A.Ş. Not started n/a n/a n/a
15 Gediz Elektrik Dağıtım A.Ş. In tender process 09.08.2010 Iş-Kaya İnşaat - MMEKA 1.920
16 Istanbul Anadolu Yakasi Elektrik Dağıtım A.Ş. Not started n/a n/a n/a
17 Göksu Elektrik Dağıtım A.Ş. Excluded n/a n/a n/a
18 Trakya Elektrik Dağıtım A.Ş. In tender process 09.08.2010 Aksa Elektrik 622
19 Bedaş Boğaziçi Elektrik Dağıtım A.Ş. In tender process 09.08.2010 Iş-Kaya İnşaat - MMEKA 2.990
20 Dicle Elektrik Dağıtım A.Ş. In tender process n/a Karavil - Ceylan İnşaat 228
21 Kayseri ve Civarı Elektrik T.A.Ş. Private n/a n/a n/a
>0.1m
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Distribution privatization status on map
Regions for which the tender process has startedRegions for which the privatization process is continuing
Regions that are operated by private sector Regions that are not privatized yet
11.16 TWh10.9 TWh
8.76 TWh4.06 TWh
5.86
TWh
2.09 TWh
2.16 TWh
2.27 TWh
1.66 TWh
1.14 TWh
5.47 TWh
18.95 TWh
8.67 TWh
13.86 TWh
6.05 TWh
13.90 TWh 5.21 TWh
3.30
TWh
2.40 TWh
5.63 TWh
Fırat
Çamlıbel
Meram
Toroslar
Başkent
Akdeniz
Uludağ
Gediz
Trakya
Sakarya
Menderes
Yeşilırmak
Dicle
Vangölü
ArasÇoruh
Göksu
Kayseri
+
+
+
MMEKA
Osmangazi
5.04 TWhMMEKA
Ceylan-Karavil Ortak
Girişim Grubu
On the generation side, the privatization process has commenced in early 2010 as scheduled. Nearly 100 State-owned generation assets with a total installed capacity level exceeding 16GW were in the privatization portfolio. The process began with the tender of a total of 52 HEPPs, grouped under 19 portfolios. Final negotiations with the highest bidders for the 19 portfolios were held in May, 2010. The upcoming phases of the generation assets privatization entails thermal and hydro generation assets to be sold off in various portfolios.
PRİVATE SECTOR MARKET PLAYERS
GENERATİON
Sector players in the generation market consist of the State generation company EÜAŞ, BOT/BO/TOR plants and private producers. EÜAŞ produces around half of the demand. BOT/BO/TOR models are specific schemes to allow private investors to carry out generation capacity expansion and to produce electricity over the specified term of the contract. When BOT and TOR contracts expire, the plants will be transferred to the government, while at BO contracts’ expiration, the assets’ private ownership will continue. BOT and BO companies have take-or-pay agreements with TETAŞ. Auto-producers are private companies which generate power to cater to their own needs or of their affiliates. Typical auto-producers are part of major conglomerates or industrial companies. Auto-producers are free to sell 50% of their generation to third parties. Their licenses are issued for a maximum of 49 years. Currently, most auto-producers serve third parties rather than allocate all production for related parties. Merchant power plants are constructed under a generation license. They only have the competitive marketplace, which they can access through bilateral contracts or the balancing mechanism, to assure an income stream – unlike BOO, BOT or TOR
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plants, which operate with long term power purchase agreements. With expected capacity shortages and high electricity prices in the Turkish electricity market, merchant power plant developers are building a stronger presence in Turkey. The top 15 generators by installed capacity ranking as of December 2009 are shown in the following table. This is a very dynamic picture, which is open to changes by new investments, as well as mergers and acquisitions including privatizations, hand-overs and decommissioning.
Electricity Generation Players
(MW)Total Installed
Capacity
Market
Share (%)Type
EUAŞ 24,199 54.2% Mixed
ENKA 3,983 8.9% Natural Gas
Isken 1,320 3.0% Coal
Aksa 1,033 2.3% Mixed
Ciner 831 1.9% Lignite
Baymina 798 1.8% Natural Gas
Cengiz Enerji 689 1.5% Mixed
Birecik (Gama) 672 1.5% Hydro
Çolakoğlu 571 1.3% Natural Gas
Zorlu Enerji 564 1.3% Mixed
Unimar (Unit) 504 1.1% Natural Gas
Trakya Elektrik 498 1.1% Natural Gas
EnerjiSA 455 1.0% Mixed
Bis Enerji 410 0.9% Natural Gas
Akenerji 373 0.8% Natural Gas
Other 7,717 17.3% Mixed
Total 44,617 100.0%
Source: EMRA, EÜAŞ and TEİAŞ Major private sector power producers are described below:
ENKA: The largest private energy sector player, ENKA, is a leading and reputable construction company in Turkey. It owns the Adapazarı, Gebze and Izmir CCGTs (Combined Cycle Gas Turbine), which have a combined total capacity of 3,854 MW, under BO contracts. The CCGTs were originally developed as a joint venture between ENKA and InterGen, but were later acquired completely by ENKA. ENKA’s current installed capacity corresponds to 17% of Turkey’s total demand. Its revenue for the fiscal year 2009 was approximately US$ 5 billion. Enka together with a French partner Sidem has a power plant investment project in Libya. This plant is expected to produce 570 MW for Libya.
Isken: Owned by Evonik and OYAK (the military pension fund), the company has an imported-coal-fired power plant with a BO contract in Iskenderun. The plant has 1320 MW capacity (about 6% of Turkey’s total demand) and started its operations in 2004.
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Aksa: Owned by Kazancı Holding, Aksa Enerji is one of the largest power producers in Turkey. Its total installed capacity in Turkey is 1,531 MW with plants in:
o Bursa (1.4 MW) o Balıkesir (90 MW) o Manisa (10.8 MW in Karakurt, 115 MW in DGÇS) o Antalya (850 MW) o Northern Cyprus (89 MW) o Hatay (30 MW) o Mardin (33 MW) o Sinjar (30 MW) o Hakkari (24 MW) o Van (104 MW) o İdil (24 MW) o Samsun (130 MW).
It is active in the following fields: power plants, reciprocating engines and gas turbines, biogas / landfill systems, wind farms, hydroelectric plants, natural gas combined-cycle power plants, solar energy, micro turbine, geo-thermal energy and energy distribution & sales. In May 2010, Aksa Enerji held an IPO and listed 5% of its shares on the Istanbul Stock Exchange. Revenues of Aksa totaled US$ 615 Million for the year 2009 and US$ 195Million for the first quarter of 2010.
Ciner: As a local conglomerate, Ciner operates lignite power plants in Çayırhan (310 MW) and Ankara (46 MW) under a TOR contract with EÜAŞ/TETAŞ. It is in the process of building a hydroelectric power plant in Maran (12 MW) and a lignite power plant in Silopi (405 MW, 135 MW operational since May 2009). Ciner has also rapidly become one of the largest media groups in Turkey.
Baymina: Baymina operates a natural gas combined cycle power plant in Ankara (770 MW), which produces 3% of Turkey’s total demand. The shareholders of the company are GDF Suez (95%) and Mimag (5%).
Cengiz Enerji: Owned by Cengiz Holding, the company has obtained licenses for a 2 x 600MW thermal power plant, the 300MW Kaleköy HEPP and the 320MW Beyhani HEPP. The Company is planning to increase its installed capacity up to c. 2,500MW by the end of 2011.
Birecik (Gama): Owned by Gama Enerji (20%) and other shareholders (including EÜAŞ, Sumitomo, Cegelec, VA Tech and Verbundplan), Birecik is the fifth largest player with one of the largest HEPP (6x112 MW) and BOT contracts.
Çolakoğlu: Established in 1945, Çolakoğlu Metalurji is a leading company in the iron and steel industry. The Company also has energy investments in natural gas and operates a thermal power plant (180 MW).
Zorlu Enerji: Along with electricity production, Zorlu Enerji also operates in the natural gas search, production and distribution sectors. It has a total installed capacity of 515MW with the following operational plants: Lüleburgaz Natural Gas Cogeneration PP (115MW), Bursa Natural Gas Combined Cycle PP (90MW), Kayseri Natural Gas Combined Cycle PP (188.5 MW), Yalova Natural Gas Cogeneration PP
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(16MW), Ankara Natural Gas Combined Cycle PP (50MW), Gökçedağ WEPP (57.5MW). Zorlu Enerji won the privatization tender of the nine power stations owned by the Ankara Natural Electric Production and Trade Corporation (total of 141MW of installed capacity) with a tender price of US$510 million in 2008. The total sales for the 2009 were $353.8 million. Furthermore, Zorlu Enerji is investing in Russia. Two plants with total capacity of 340MWh (Tereshkovo and Kojukhovo Plants) are expected to be completed in 2010. Other investment projects like 4 new plants in Israel and a new plant in Afghanistan are at financing stage.
Unit Group: Unit Group is a leading player in the Turkish energy sector, which has developed and currently operates the first Build-Operate-Transfer plant in Turkey, Uni-Mar with capacity of 480MW, with its partners Marubeni and International Power. Unit Group also has a portfolio of sizeable generation projects:
o Bağıştaş II HEPP(49 MW) for 2011 o Gebze Combined Cycle PP (920MW) for 2012 o Boyabat HEPP (510 MW) for 2012 o Aslancık HEPP (120 MW) for 2012, o Arkun HEPP (220 MW) for 2013 o Gölovası Imported Coal PP (1200 MW) for 2014
Trakya Elektrik: Trakya Elektrik, an Ankara-based company founded in 1999, owns and operates a 498MW combined cycle gas turbine power plant under a BOT agreement. The plant is located in Tekirdağ and supplies power to the state power utility. The shareholders of the company are Ashmore Energy, E.ON and Gama Enerji.
EnerjiSA: EnerjiSA is a (50/50) partnership between Sabancı Holding and Verbund. Its production portfolio consists of natural gas and HEPP investments. It has a total installed capacity of 455MW with a current portfolio comprised of natural gas and hydro power plants. The HEPPs currently in operation are: Birkapılı (48MW), Kızıldüz (16MW), Şahmallar (14MW) and Suçatı (7MW). Operational thermal plants are: Kentsa (120MW), Adana (120MW), Mersin (65MW) and Çanakkale (65MW). EnerjiSA is also currently constructing a 450MW thermal plant in Tufanbeyli, a 920MW Natural Gas Plant in Bandırma, 185MW WEPPs and 9 HEPPs amounting to 1,000MW capacity. In 2008, EnerjiSA won the privatization tender of Başkent electricity distribution company with a tender price of US$1.2 billion. Their total revenues for the year 2009 were $1.5 billion. By 2015, the firm plans to reach the production capacity of 5000MW.
Bis Enerji: Established in 1992 to provide energy for its partners, Bis Enerji, today, has 7 gas turbines and 2 steam turbines and has a total installed capacity of 410MW as of 2010. Bis Enerji’s power plant is located in the Bursa Organized Industrial Zone. Bis energy is owned by the Ağım Family.
Akenerji: Akenerji is a partnership between Akkök Holding and CEZ, which operates in the energy sector with thermal and wind power plants. 96% of the company’s current portfolio is composed of thermal power plants. Total current capacity is 373MW. Operational power plants:
o Ayyıldız WEPP (15MW) o Çerkezköy (98MW)
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o Bozüyük (132MW) o İzmir-Kemalpaşa (128MW)
Additionally, the company has eight HEPP and one WEPP investments with total capacities of 358MW and 15MW respectively, all are licensed and currently undergoing construction. In 2008, Akenerji won the privatization tender of Sakarya electricity distribution company with a tender price of US$600 million. In 2009, Akenerji has acquired Egemer natural gas power plant project, with 900MW capacity, as a part of its future investments. The total revenue of 2007, 2008 and 2009 were $347 million, $468 million and $300 million, respectively. Certain other private sector players having an energy portfolio with a vision to grow in the sector include:
Doğuş Group: Doğuş Group is one of Turkey’s largest conglomerates and is active in the energy sector through two companies, Boyabat Elektrik and Aslancık Elektrik. The facilities for both companies are under construction and set to start operations in 2012 under BOT contracts. The Boyabat HEPP is expected to be Turkey’s largest dam and HEPP project with 510 MW capacity, while the capacity of the Aslancık HEPP will be 120 MW. Doğuş Group partners with Unit Group in both projects.
Statkraft: Statkraft is a Norwegian state-owned electricity company and the largest renewable energy company in Europe. It entered the Turkish energy market in 2009 by acquiring Yeşil Enerji. It has controlling interests in five HEPP projects with a total capacity of 530 MW. The Çakıt HEPP (20 MW) has the earliest completion date, 2010, while construction for the remaining four will begin in 2010.
Nurol: Nurol, a local conglomerate, is a founding partner of Enova Enerji (50% share, with Özaltın Holding), which is building the Ceyhan HEPP (62 MW) under a BOT contract. Operation is scheduled to start in 2010.
Kolin: Kolin, an Ankara-based company, is active in the transportation, agriculture, energy and construction industries. It has been operating a HEPP in Akköy (3x34.5 MW) since 2008, and a second HEPP in Akköy (890 million kWh/year) is currently under construction. Kolin operates in natural gas industry with Esgaz and İzmirgaz natural gas distribution companies.
Sanko Group: Sanko, a local conglomerate, operates in the energy sector through several HEPPs and a WEPP, with a total capacity of 934 MW. Its HEPPs are:
o Cevizlik (93 MW) o Erbaa (49 MW) o İspir (54 MW) o Kayalar (35 MW) o Koçlu (46 MW) o Pirahmet (16 MW) o Tozköy (234 MW) o Yedigöze (317 MW) o Yokuşlu Kalkandere (34 MW)
Its WEPP, located in Çatalca, is the largest WEPP in Turkey (60 MW).
Çalık Energy: Çalık Energy operates in the field of power generation, distribution, trading and contracting services. Within the power generation projects, Çalık Enerji has secured a licence from EMRA for a 29MW hydroelectric power plant (Adacami power plant). Çalık Energy has also ongoing projects in Sarpıncık and Cesme for Wind Energy Power Plants. Outside Turkey Çalık Energy owns 6 plants with total capacity of 1120MW in Turkmenistan. Also another plant with 472MW production capacity is on production phase.
38
Özaltın: Özaltın, a local conglomerate, is active in the construction, energy, agriculture and tourism sectors. Besides the Ceyhan HEPP project (62 MW), which it is building as a partner of Enova Enerji with Nurol Holding, it is involved in three other HEPP projects, The Yedisu dam and HEPP project (24 MW) is undertaken completely by Özaltın and is expected to start its operations in 2010. Özaltın is also a partner in the Kaleköy (400 MW) and Beyhan (600 MW) HEPP projects with Kalehan Company. Both HEPPs are being built on the Fırat (Euphrates) river.
Bereket Enerji: Bereket has two HEPPs currently in operation: Çırakdamı (49 MW) and Dereli (49 MW). The Göktaş HEPP project (276 MW) will be in operation by the end of 2011. The company is also in the process of developing an HEPP project in Toros (50 MW) and a lignite power plant in Çankırı (135 MW), and is waiting for a license for its WEPP capacity (809 MW).
Limak: Limak is a conglomerate active in the construction, tourism, energy, cement, aviation and food sectors. Limak operates in the energy sector through a number of HEPPs, which will collectively have an operational capacity of 1079 MW when all plants are opened. The HEPPs are:
o Çal (2 MW) o Pamuk (23 MW) o Uzunçayır (84 MW) o Alkumru (266 MW, operational in 2011) o Seyrantepe (51 MW) o Tatar (131 MW, op. in 2011) o Demirkapı (105 MW, op. in 2012) o Kirazlık (39 MW, op. in 2011) o Kargı (100 MW, op. in 2013) o Eriç (170 MW, op. in 2013) o Pembelik (108 MW, op. in 2012)
Özışık: Özışık is a part of the Işıklar conglomerate and is currently employed by the General Directory of State Hydraulic Works as a contractor of the Alparslan II dam and HEPP in Muş. The plant will have an installed capacity of 200 MW. According to the agreement between DSİ and the consortium of contractors, the consortium will operate the dam for the next 49 years. Most of the private sector companies are not publicly listed; therefore detailed operational and financial information are not available.
DISTRIBUTION
Electricity distribution is carried out by distribution companies in the regions indicated in their respective licenses. Distribution companies owning and/or operating distribution facilities in the areas specified in their licenses are responsible for carrying out renewal, replacement and capacity expansion investments for these facilities and for providing non-discriminatory electricity distribution and connection services to all system users including eligible consumers connected and/or to be connected to the distribution system within a period of time to be specified by regulations in accordance with the terms and provisions of their distribution licenses
39
and the distribution code. Distribution companies shall purchase and provide ancillary services under ancillary services agreements. The table below provides the energy loss rates by region. The highest losses are evident in south eastern Turkey.
Technical Loss and Loss & Theft Ratio by Regions (%)
2005 2006 2007 2008Dicle Edaş 64,30 57,80 64,70 64,23
Vangölü Edaş 62,10 63,80 56,20 55,92
Aras Edaş 31,70 29,40 29,40 27,19
Boğaziçi Edaş 16,20 12,30 12,50 10,97
Çoruh Edaş 16,20 12,30 12,00 10,65
Fırat Edaş 14,30 11,70 11,00 10,45
Yeşilırmak Edaş 11,80 9,50 9,10 9,06
Akdeniz Edaş 9,30 8,90 9,30 8,99
Toroslar Edaş 13,10 10,90 9,80 8,90
Çamlıbel Edaş 10,30 8,50 8,80 8,82
Ayedaş Edaş 10,40 10,20 9,40 8,62
Meram Edaş 7,10 7,80 7,90 8,36
Başkent Edaş 11,10 9,60 8,70 8,26
Göksu Edaş 10,70 9,30 8,00 7,29
Trakya Edaş 9,90 9,30 7,90 7,01
Gediz Edaş 7,10 6,50 8,60 6,32
Sakarya Edaş 12,30 10,10 6,20 6,29
Uludağ Edaş 10,10 8,80 7,30 6,03
Osmangazi Edaş 6,90 7,20 6,30 5,23
Menderes Edaş 9,10 7,10 7,00 4,20
Source: TEDAS Although loss ratios still remain high, there is significant improvement in this ratio over the past years, as shown below:
National Transmission and Distribution Loss (%)
19,4 19,3 18,8 17,6
16,0 15,4
14,0 14,5 14,4
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
18,0
20,0
2000 2001 2002 2003 2004 2005 2006 2007 2008
Transmission Loss Distribution Loss
Source: TEDAS
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As at mid-year 2010, 4 distribution companies have been transferred to the private sector; 6 companies are in the take-over process; the tender process of 4 companies have recently been finalized and the process has been suspended for 1 distribution company. By the end of 2010, electricity distribution in Turkey is expected to be fully liberalized.
PRİVATE SECTOR HYDRO PLANT DEVELOPMENT
There are more than 135 private hydroelectric power plants in Turkey, whose combined installed capacity adds up to c. 14.5GW (33% of the total installed capacity in Turkey) as of 2009. There is also a number of operational and under-development hydroelectric power plants within the South-Eastern Anatolia Project (“GAP”) with a total installed capacity of 7.5GW (5.5GW already operational).
41
Evolution of hydro installed capacity and production
10,5 11,2
11,7 12,3 12,6 12,7 12,9 13,1 13,4
13,9 14,5
0
2
4
6
8
10
12
14
16
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
(GW
)
Installed Capacity
CAGR: 3.3%
42,2
34,7
30,9
24,1
33,735,4
46,1
39,6
44,4
36,2
33,335,9
0
5
10
15
20
25
30
35
40
45
50
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
(TW
h)
Production
Source: TEİAŞ
42
Regional hydro-electric power production (2008)
54.6%
49.1%
39.3%
21.9%
18.3%17.1%
14.8%14.6%13.0%
9.0% 9.0% 8.9%
4.2% 3.7% 3.0% 2.3% 2.0% 1.8%0.6% 0.1%
16.8%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Aus
tria
Swed
en
Rom
ania
Slove
nia
Slova
kia
Rus
sia
Turke
y
Por
tuga
lIta
ly
Bulga
ria
Gre
ece
Spa
in
Franc
e
Ger
man
y
Ireland
Cze
ch R
epub
lic
Polan
dUK
Belgium
Hun
gary
Net
herla
nds
(% o
f to
tal
pro
du
cti
on
)
Source: Euromonitor and TEİAŞ Turkey has a hypothetical hydroelectric power potential of 41GW. Taking into account capacity in operation and under construction, Turkey meets c. 47% of its hypothetical hydroelectric power potential while this rate is 86% for the US and 78% for Japan. Below is a summary of Turkey’s hypothetical hydroelectric power potential status:
Summary of Turkey’s Hypothetical Hydroelectric Power Potential Status
Status (GW)
Hydroelectric Capacity In Operation (public & private) 14
Hydroelectric Capacity Under Construction 5
Hydroelectric Capacity Under Development 22
Licensed Portion of Hydroelectric Capacity Under Development 13
Total 41
Over 80% of the hydro power projects granted to the private sector through water usage fee tenders are below the 50MW installed capacity level as illustrated in the table below:
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Hydro Projects Subject to Water Usage Fees
Average Highest Lowest
0-50 1.88 10.01 0.01 351
50-100 3.41 8.97 0.04 31
100-150 3.39 8.71 0.06 12
150-200 4.14 6.99 1.12 4
200-250 4.32 7.03 1.41 3
250-300 4.79 4.79 4.79 1
300-350 4.85 4.85 4.85 1
Average: 3.82 7.34 1.75 Total: 403
Capacity
(MW)
2009 Water Usage Fee (TL) Number of
projects
Source: Euromonitor and TEİAŞ Major private hydroelectric projects in Turkey are listed below:
Major Private Hydroelectric Projects in Turkey
Project Owner Location
Installed
Capacity
(MW)
Production
(GWh)
Tender year water
usage
fee (TL / MWh)
Tender
year
2009 water
usage fee
(TL / MWh)(1)
Pervari Dam & Regulator NTF Siirt 570 1,389 18.6(2)
2007 25.6(2)
Boyabat Doğuş Group Çorum 513 1,468 - n.a. -
Çetin Statkraft Siirt 350 1,237 35.2 2007 48.5
Artvin Doğuş Group Artvin 332 1,026 - n.a. -
Yedigöze Sanko Holding Adana 311 965 - n.a. -
Beyhanı Özaltın Elazığ 300 1,435 - n.a. -
Kaleköy Özaltın Bingöl 293 1,293 - n.a. -
Göktaş Bereket Adana 276 1,118 - n.a. -
Kayraktepe BM Holding Mersin 290 768 46.1 2008 47.9
Alkumru Limak Siirt 240 828 10.2 2007 14.1
Cizre Kuzu Group Siirt 240 1,208 67.7 2008 70.3
Arkun EnerjiSA Artvin 222 790 30.9 2008 45.1
Alpaslan II Özışık,
Ekinciler,
Yapı Merkezi
Muş 204 714 - 2007 -
Source: DSİ and EMRA The Government introduced off-take guarantees in order to attract investor interest towards new hydro plant projects. Although significantly high prices have been offered for water usage rights in the project tenders, the bidders have often been small local companies with limited expertise and financial resources, rendering many of these projects virtually deadlocked. As a recent development, in November 2009, EMRA announced that due to many projects showing no progress, it will take action and start cancelling the licenses of projects that have failed to make progress. Based on these developments, however large the hypothetical potential may seem, the realized and realizable hydro power is much less due to the following facts:
Many of the tendered projects are mainly small in size
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Many larger capacity projects have infrastructure relocation, resettlement, environmental and / or geological challenges, which jeopardize project feasibilities
Some of the projects that have been tendered have high water usage fee commitments, which lower the prospects for profitability and financing
INCENTIVES FOR PRIVATE SECTOR PARTICIPATION
The Turkish State encourages private investment into renewable energy projects through investment incentives within the framework of its fully-liberalized market targets. As a renewable energy investment incentive within the Renewable Energy Law framework, there is a Government purchase guarantee for electricity produced during the first 10 years of the operation at a price of 5–5.5€ cent/kWh for hydro plants, licensed under the REL, which are operational before the end of 2013. If the power plant and dam reservoir area are on a Government property, an 85% discount shall be applied to the fees regarding permit, lease and usage rights of respective areas and no fees shall be collected regarding the use of forest lands for the first 10 years of operation. Parliament is also considering an amendment to the Renewable Energy Law, which would provide the following incentives for hydro plants (all renewable), licensed under the Renewable Energy Law, which are operational before the end of 2015:
Government purchase guarantee of 7.0€ cent/kWh for electricity produced during the first 10 years of operation
Government purchase guarantee increases by 1.0€ cent/kWh for 5 years if the plant’s turbine is produced in Turkey
Government purchase guarantee increases by 0.8€ cent/kWh for 5 years if the plant’s generator and power electronics are produced in Turkey
90% discount on system usage fee (or the State Electricity Transmission Company (“TEİAŞ”) fee) for first 10 years of operation
85% discount on permits, rents and usage permits for access roads to grid connection points for the first 10 years of operation
Also, TEİAŞ and distribution license holders must assign system connection priority to renewable energy projects. All retail licensees (distribution companies) are obliged to purchase electricity from renewable energy facilities if the said facility’s electricity price is equal or lower than the State Electricity Wholesale Company (“TETAŞ”) price. Renewable energy facilities do not pay annual license fees for the first 8 years of operations (0.002Kr/kWh produced for 2010). 85% discount on permits, rents and usage permits for access roads to grid connection points for the first 10 years of operation for hydro plants. The availability of incentives, as well as the appetite of Turkish banks toward financing energy assets have facilitated the channeling of private investment into the considerable renewable energy potential of Turkey, estimated at 41GW by DSİ. However, not all licensed projects have proven feasible and several licenses may expire before the projects can be built within the regulated time-table.
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HYDRO PLANT FINANCING MODELS AND DEAL STRUCTURES
Recent legislative developments such as the REL and security of supply issues have attracted a significant number of investors to Turkey in the last couple of years. The electricity market is promising not only for investors but also for lenders. Both Turkish banks and international financing agencies have appetite for financing energy deals in Turkey. Such an appetite would increase further with the incentives that will come into force under the new REL. The average tenor of the loans in the market is in the range of 12-14 years. The equity commitment required from the shareholders of the asset subject to financing depends on the specifications of each individual project and general debt market conditions prevailing at the period of financing. Based on market intelligence, equity contributions have been within the range of 30-40% of the total project cost in recent financings. The typical form of securities required by the lenders for the facility include: first degree pledge over the borrower’s shares; first ranking mortgage on all available substantial assets; assignment/pledge of receivables under EPC or other contracts; assignment/pledge over all applicable revenues, receivables and rights of the borrower. Based on market intelligence, energy investors in Turkey are currently looking for investments with an internal rate of return above 15%. The current interest rates in energy financing projects in Turkey are around Libor + 3-5 bps. Financing data is usually non-public. The information below has been gathered through publicly available sources to provide an approximate understanding of loan structures and sources for certain recent projects in the market:
Financing in the Energy Sector
Issuer bankLoan amount
(in millions)Parent company Project
Capacity
(MW)Maturity Grace period Date
TSKB 47 $ Unit Bagistas 2 and Erzincan HEPPs 50 11 years 3 years 15.10.2009
TSKB 42 TL Essentium 4 HEPPs 42 4-10 years 1 year 04.09.2009
Isbank and Yapikredi 350 $ Limak Alkumru HEPP 267 12 years 4 years 01.09.2009
Garanti 90 TL Bilgin Enerji Soma WPP 90 N/A N/A 22.08.2009
TKB 42 $ Armahes AS Muratli HEPP 38 N/A N/A 17.07.2009
IFC, EBRD, EIB, HSBC, Denizbank 130 TL Zorlu Group Osmaniye WPP 135 10-12 years N/A 11.05.2009
5 Local Banks 166 TL Akfen Enerji Several HEPP projects 135 12 years 3 years 28.04.2009
IFC, Akbank, WestLB AG 1,000 TL Enerjisa 2 HEPP and 1 NG 1920 N/A N/A 16.07.2008
Akbank 230 $ Soyak Gullubag and Bayramhacili HEPPs 141 11 years 3.5 years 05.03.2008
Isbank and Garanti 850 $ Eren Enerji Zonguldak (Coal Fired PP) 1360 12 years N/A 24.11.2007
TSKB and Akbank 66 $ Enova Enerji Ceyhan HEPP 60 N/A N/A 25.10.2007
Garanti 42 TL Dost Enerji Bergama WPP 43 10 years N/A 19.03.2007
Yapıkredi 110 TL Bilgin Enerji Bergama Rüzgar Enerji Üretim 90 12 2 10.09.2008
Yapıkredi N/D Akenerji Uluocak and Akocak HEPP N/D N/D N/D N/D
Yapıkredi 27 TL Yapısan Darıca HEPP N/D N/D N/D N/D
Yapıkredi N/D AES & Içtaş Damlapınar, Kepezkaya, Kumköy HEPP 62 N/D N/D N/D
Yapıkredi N/D Bereket Enerji Karhes Karadeniz HEPP N/D N/D N/D N/D
TSKB 84 TL Akenerji Bulam, Himmetli, Gökkaya HEPPs 373 N/D N/D 22.12.2009
Source: EMRA There are certain difficulties faced by both creditors and project owners in project financing as the sector exhibits certain commercial risks and regulatory uncertainties during the transition period. Such difficulties include, for example: the absence of long-term PPAs; uncertainties in tariffs; difficulties in supply guarantee; certain risks regarding TOR agreements.
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MARKET OPPORTUNİTİES
Turkey is an energy importer with energy consumption exceeding its production. For Turkey to meet its growing energy demand, continued investments estimated to be US$3-4 billion per year have to be made until 2018. The transition of the Turkish electricity market to a liberalized market has already attracted private investment from both domestic and foreign investors and further opportunities will occur. Privatization of State-owned generation and distribution assets, together with new power plant establishments comprise the most significant investment opportunities in the sector. As at mid-year 2010, 4 distribution companies are in the tender process and 3 distribution companies await tender launch. Privatization of distribution assets is expected to be finalized in 2010. There are also nearly 100 generation assets (18 thermal power plants, 27 HEPPs and 52 run-of-the-river power plants [140MW – already privatized]) with a total capacity of more than 16GW to be privatized. Furthermore, in the TEİAŞ report dated 2004, the State has declared its intention to establish nuclear power plants of c. 5GW total installed capacity to tackle the expected supply shortage by 2015. On November 8, 2007, the Turkish Parliament enacted “The Law on the Establishment and Operation of Nuclear Power Facilities and Sale of Energy” (the Nuclear Law, Law No 5710) which entered into force on November 20, 2007 and related regulation on March 19, 2008. The first tender for a nuclear power station in Turkey was initiated by TETAŞ; 13 companies applied and purchased the tender document, and the tender took place on September 24, 2008. However, the interest in the actual tender was not as high as the interest in the tender documents, and only one consortium, Russian Atomstroyexport with a local partner, bid with a price of US$0.1535 per kWh. Consequently, the tender was cancelled. In March 2010, EÜAŞ signed a preliminary cooperation agreement with South Korea’s KEPCO regarding the establishment of a nuclear power plant in the city of Samsun, on the Black Sea coast. In June 2010, Turkey and South Korea signed a MOU to cooperate on nuclear power projects, worth an estimated US$10 billion. There is also preparation for a new law to organize further tenders for nuclear power plants. Additionally, in May 2010, Turkey and Russia agreed on a deal to establish Turkey’s first nuclear power plant in Akkuyu-Mersin to be built by Russia. The power plant is estimated to cost US$20 billion. In June 2010, Turkey and Russia agreed to sign a nuclear cooperation agreement, according to which Turkey and Russia will exchange information and know-how on licensing and supervision of the nuclear facilities to be established in Turkey. Turkey has experienced a lively investment environment in the last five years in which many foreign investors have made greenfield investments, entered into partnerships with local players and acquired state-owned and private companies. Below is a list of M&A transactions by foreign investors in the Turkish energy industry between 2004 and 2009:
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M&A Transactions by Foreign Investors in the Turkish Energy Sector (2004 – 2009)
# Acquirer Origin Target Date StakeDeal Value
(US$ million)
1 Tiway Oil Norway Toreador Turkey 01.10.2009 100% 10.6
2 Gazprom Russia Bosphorus Gaz 18.08.2009 11% N/D
3 Statkraft Norway Yeşil Enerji 24.06.2009 95% 118.9
4 RWE Germany E.On Turcas Kuzey Elektrik and E.On Turcas Güney Elektrik 23.03.2009 70% N/D
5 Manitoba Hydro International Canada Palmet-Manitoba Hyro International 09.03.2009 13% N/D
6 EnBW Germany Borusan Enerji 03.03.2009 50% N/D
7 OMV Austria Enerco Enerji 13.02.2009 Majority N/D
8 EDF Energies Nouvelles France Polat Enerji 08.12.2008 50% N/D
9 EWE Germany Bursa Şehiriçi Doğalgaz Dağıtım (BURSAGAZ) 28.10.2008 40% N/D
10 CEZ Czech RepublicAkenerji 08.10.2008 37% 302.6
11 OMV Austria Borasco 28.08.2008 60% N/D
12 GDF Suez France Izgaz 14.08.2008 90% 232.0
13 Cogentrix Energy (Goldman Sachs) USA Taşyapı Enerji 30.07.2008 50% N/D
14 Lukoil Russia Akpet Akaryakıt Dağıtım 28.07.2008 100% 555.0
15 Italgen Italy Bares Elektrik 11.07.2008 100% 50.2
16 EnerjiSA -Sabancı Holding-Verbund Austria Başkent Elektrik Dağıtım 01.07.2008 100% 1,225.0
17 AkCez Consortium Czech RepublicSakarya Elektrik Dağıtım 01.07.2008 100% 600.0
18 EWE Germany Kayseri Doğal Gaz Dağıtım Pazarlama 23.04.2008 80% N/D
19 Linde Group Germany Birleşik Oksijen Sanayi 17.07.2007 100% 123.5
20 EWE Germany Bursagaz 01.05.2007 40% N/D
21 Verbund Austria Enerjisa 15.03.2007 50% 326.6
22 Indian Oil Corporation India TAPCO 01.12.2006 13% N/D
23 Berggruen Holding USA BND Elektrik 01.12.2006 67% 0.7
24 Lukoil Russia Marmara Petrol ve Rafineri İşleri (Kocaeli Facility) 01.11.2006 N/A 21.5
25 Lukoil Russia M-Oil Distribution Network 01.09.2006 N/A N/D
26 Eni S.p.A. Italy TAPCO 01.09.2006 50% N/D
27 OMV Austria Petrol Ofisi 01.05.2006 34% 1,054.0
28 Linde Gas Germany Karbogaz Karbondioksit ve Kurubuz 01.05.2006 100% N/D
29 RAO UES Russia TGR Enerji 16.09.2005 70% N/D
30 Kansai Power Japan MEC Esenyurt 01.08.2005 63% N/D
31 Sumitomo Corporation Japan Birecik Dam and HEPP 09.05.2005 31% 40.7
32 Enron USA Trakya Elektrik Üretim 01.11.2004 9% N/D
33 International Power plc UK Trakya Elektrik Üretim 01.03.2004 31% N/D
Source: Deloitte Market opportunities seized by investors through privatizations will lead to an increase in the weight of the private sector. Privatization of regional distribution companies will allow for an independent merchants’ market. Long-term synergies are expected between electricity, natural gas and water distribution businesses.
TRANSMISSION NETWORK SPECIFICATIONS – INVESTMENT PROGRAM – CONGESTION AREAS
TRANSMISSION SYSTEM
Turkey will become a member of European Network of Transmission System Operators for Electricity (“ENTSO-E”) (formerly the Union for the Coordination of Transmission of Electricity) and be synchronously interconnected with Europe in September 2010. The Turkish electricity transmission system is the group of facilities starting from generation units to distribution networks. Components of the transmission system are:
Transmission lines and cables
Transmission Substations and Switching Centers (switchyards not containing step down sub-stations and transformers)
The Turkish electricity transmission system, which is composed of 380 kV EHV lines and 154 kV HV lines, 380/154 kV Autotransformers and 154/MV step down
48
substations, has been equipped with a sufficient amount of serial and shunt capacitors due to their technical and economic advantages. The transmission system has a standard voltage level of 380 kV and 154 kV. Interconnection lines connecting the Turkish system to Georgia are appropriate to the two partner countries’ systems. The Turkish generation and transmission system is managed via 9 regional dispatching centers (Adapazarı, Çarşamba, Keban, İzmir, Gölbaşı, İkitelli, Erzurum, Çukurova and Kepez), coordinated by the National Dispatching Center in Ankara (Gölbaşı). Power system operations are carried out by SCADA2 and Energy Management System EMS3 software. The SCADA system includes 380 kV lines and power plants greater than 50MW. The system operator can manage various types of system studies necessary for improved quality, daily operating programs and system frequency control.
Number of Transmission Substations and Capacities by primary voltage level (2008)
Amount Capacity (MVA) Amount Capacity (MVA) Amount Capacity (MVA) Amount Capacity (MVA)174 33.220 1.010 55.584 57 672 1.241 89.476
154 kV 66 kV and lower TOTAL380 kV
Length of Transmission Lines in km (2008)
380 kV 220 kV 154 kV 66 kV Total14.420 85 31.654 509 46.667
154 kV underground capacity cable length is 162.9 km; 380 kV underground capacity cable length is 12.8 km.
DISTRIBUTION SYSTEM
The total length of the Turkish electricity distribution system is 940,922 km at the end of 2008. The breakdown of distribution line lengths by voltage level is summarized below.
Length of Distribution Lines (km)
33 kV 15,8 kV 10,5 kV 6,3 kV Other 0,4 kV Total339.691 30.848 5.573 7.792 101 556.918 940.922
Source:TEDAŞ
49
Number of Distribution Substations and Capacities by primary voltage level
15,8 kV 10,5 kV 6,3 kV Other 0,4 kV TotalAmount 491 219 445 56 268 268.782
Capacity (MVA) 4 4 3 268 72 82.893
Amount 5 3 31 31.241
Capacity (MVA) 15 3 9 9.220
Amount 1 8 8.228
Capacity (MVA) 4 7 7.023
Amount 5 8 8.105
Capacity (MVA) 141 4 3.752
Amount 9 2 1.930
Capacity (MVA) 59 365 424
Amount 491 219 451 74 317.052 318.286
Capacity (MVA) 4.090 3.528 3.363 471 91.859 103.312
Other
0,4 kV
Total
Secondary Voltage Level
33 kV
10,5 kV
6,3 kV
Source:TEDAŞ System losses The transmission system has been designed in conformity to European standards by considering population density; location of supply resources and geographical conditions. Line losses of 2-3% are in keeping with common international performance.
Transmission Losses
Year % GWh2001 2,80% 3.374
2002 2,70% 3.441
2003 2,40% 3.331
2004 2,40% 3.423
2005 2,40% 3.695
2006 2,70% 4.544
2007 2,50% 4.523
2008 2,30% 4.388
Source: Turkish Electricity Generation-Transmission Statistics, TEİAŞ
50
Interconnection lines with neighboring countries
Bulgaria: There are currently two separate 400kV lines available both for import and export to Maritsa, Bulgaria with a capacity of 1,000MW each. Greece: There is currently one 400kV line available both for import and export to Kehros, Greece with a capacity of 1,000MW. Syria: There is currently one 400kV line with a capacity of 600MW between Turkey and Syria, which is connected to Lebanon, Egypt, Jordan and Libya. Syria wants to be synchronously connected to UCTE through Turkey. TEİAŞ predicts that this may not be feasible due to the poor quality of the power within that region and such interconnection would require a back-to-back converter between Turkey and Syria. TETAŞ has a contract to sell 250MW to Syria in island mode to Aleppo region but currently no sale is taking place. Iraq: There is one 400kV line with a capacity of 150MW to Zakho. Market intelligence suggests that another 400 kV line with a capacity of 1,000MW from Cizre (Turkey) substation to Mosul (Iraq) is planned to be operational in two years. Karadeniz Holding, a private investor which owns an oil-fired TPP near the border, is upgrading the 150kV line to substation to 400 kV, thereby enabling the use of the existing line to Zakho at 400kV. Iran: There are currently two 400kV lines operating at the 150kV level due to certain technical difficulties. Turkey imports power from Turkmenistan through Iran, at a level of approximately 500 GWh / year between 2004 and 2008. Most of this power is for the isolated Başkale area. TEİAŞ plans investment in the 400kV sub-station in Başkale to upgrade the 1,000MW line to 400 kV and plans to install a back-to-back converter at the Iran border to enable transit of Turkmenistan power through Turkey
51
to Europe. The other line is at Doğubeyazıt with 150MW capacity, although this is not presently operating due to certain conflicts. Georgia: There is currently one 220kV line with a capacity of 250MW from Hopa (Turkey) to Batumi (Georgia). Currently, Turkey continues to import from Georgia in the framework of an earlier MoU between the two countries. The new connection between Deriner substation and Borchka substation is currently under construction. The new line will be 400kV with 1,000MW-capacity trunk lines to the west and south which connect at Borchka. The existing Hopa to Batumi line will also be connected to the new back-to-back converters in Georgia, once Turkey is part of the ENTSO-E.
Reports Referenced: Summary of Reports referenced in this Report.
10 Year Electricity Generation Capacity Projection for Turkey 2009-2018, TEİAŞ Research and Publication Department
Electricity Energy Market and Supply Security Strategy Paper, MENR Strategy Department
Electricity Sector Report March 2010, TEDAŞ Research Department
The Republic of Turkey Ministry of Energy and Natural Resources Strategic Plan (2010-2014), MENR Strategy Department
Republic of Turkey Prime Ministry Privatization Administration Annual Report-2009
Strategy Plan for the Water Resources 2010-2014, DSİ Research Department
97
73.3
183
80
100
183
100
100
183
183
97.7
120
73
80
80
60
183
183
183
120
60
60
120
80
5
10
20
5
20
1330
1800
2405
189
124
110
170
278
159
128
76
54
48
540
26
284
47
48
32
62+67
69
8
51
120
19
27
46
56
703
90+6 (ATAKÖY)
15
75
21
26
1350
300
210
65
150
150
450+150
716+716
44+27
420
630
630
990
50
307+150
1355
620
4
672
84+31
23
25
72
11+26
127
7+24
82
8
23
424
150
12
74
135
155
11
10
35
5
9
2
7
35
6
11
37
19
19+28
74
53
16
14
21
44
8+18
11
12
8
49
5
3
41
24
10
46
7
57
20
8+76
10
20
7+51
10
11
100
7
2
18+16
3
16
17
15
15+60
135
3
14
10
1
2+42
15
14
22
6
ÇAYCUMA-1
66 KV
Y.ÇATES
380/154 kV
2x150 MVA
380/154 kV
250 MVA
380/154 kV
2x150 MVA
ÜMRANİYE
380/154 kV
(2x250)+250 MVA
380/154 kV(2x150)+(150+250) MVA
2x300+250 MVA
2x125 MVA380/33 kV
380/154 kV
2x250 MVA
380/154 kV2x150 MVA
380/154 kV
2x150 MVA
380/154 kV
TEPEÖREN
2x(250+250) MVA
380/154 kV
380/154 kV(250+150)+(2x250) MVA
ALİAĞA-2(150+250)+(2x250) MVA
380/154 kV
380/154 kV
180+150 MVA
2x150 MVA
380/154 kV
380/154 kV
2x150 MVA
380/154 kV
S.ÖMER
150 MVA
380/154 kV2x180 MVA
380/154 kV
180+250 MVA
380/154 kV
(250+150)+250 MVA
380/154 KV 2x250 MVA
380/33 KV 2x125 MVA
380/154 kV
(2x150)+
250+150 MVA
380/154 kVYENİKÖY
380/34.5 kV
2x100 MVA
380/154 kV
(150+250)+(2x250) MVA
380/154 kV
250+150 MVA
380/154 kV
2x(2x150) MVA
KAYSERİ KAP.
2x150 MVA380/154 kV
380/154 kV
150+250 MVA
380/154 kV
380/154 kV
150 MVA
300 MVA
380/154 kV
380/154 kV
300 MVA
2x(2x150) MVA
380/154 kV 380/154 kV
250+(2x250) MVA
BATMAN-2
380/154 kV
3x150 MVA
150 MVA
380/154 kV
250+150 MVA
380/154 kV
150 MVA
380/154 kV
TEMELLİ GÖLBAŞI
ÇAYIRHAN
380/154 kV
2x(150+250) MVA
380/154 kV
(2x150)+168 MVA
2x150 MVA
380/154 kV
2x150 MVA
150 MVA
380/154 kV
(2x150)+150 MVA
380/154 kV
2x150 MVA
380/154 kV
380/154 kV
(150+250)+250 MVA
150 MVA
380/154 kV
ÖZLÜCE
220/154 kV
150+180 MVA
154/66 kV
154/66 kV
50 MVA
154/66 kV2x50 MVA
154/66 kV
3x25 MVA
154/66 kV
16 MVA
16 MVA
66/31.5 kV
50 MVA154/66 kV
15
MUDURNU
TOYOTASA33W 1400A
45 W 1600 A
45W 1600A
30W 1100 A
380/154 kV
2C-22
3C-39
(2Ph-59)+(3C-100)
2R-77
3C-10
3Ph-106
3C-21
3Ph-232
2R-100
2R-32
3C-20
3C-13C-79
2C-49
3C-206
2C-65
2R-136
3C-174
3Ph-222
2R-118
2C-44
O.SAN.
2R-110
2C-289
2C-110
2C-65
2C-82
2C-47
3C-84
3C-146
3C-120
2C-48
2C-42
2C-13
2C-76
3C-146
2C-85
2R-202
2C-98
3R-224
3Ph-252R-167
2R-79
3C-28
3Ph-172
2R-271
3C-266
3Ph-110
3Ph-139
3C-202
3C-203
3C-266
2C-146
2R-278
3C-139
2C-170
3C-61
3C-109
3C-216
3C-295
2C-126
2C-101
3C-95
2C-193Ph-153
3Ph-136
3C-25
3C-130
3C-100
3C-202
3C-152
2R-7
2C-87
3C-96
3C-93
3C-40
3C-80
3C-71
3C-642C-61
3C-102
3C-58
3C-96
3C-1773Ph-180
3C-12
2C-107
3C-20
2C-14
2R-34
2C-1302C-119
477-39
1272-13
795-1272-14
795-12
795-25
795-47
477-36
477-59
477-33
477-68
477-50
477-42
795-5
795-6
795-10
1000-7
795-61000-6
795-6795-3
1000-4
(1000-2,6)
1272-2
795-46
477-28
795-18
477-24
477-31
477-40
1272-6
1272-12
2(B)954-4
1000-6
1000-5
1000-4
630-3
795-35
477-1
1000-7
795-27
477-50
477-61
477-47
477-97
266-30
1272-14
1272-60
1000-5
1000-1,4
795-28
795-10
477-25
477-8795-32
477-90
477-28
477-38
795-23
477+1272-27
477+1272-24
1272-16
1272-17
795-1
795-15
1272-17
1272-71272-5
1272-10
477-17
795-74
795-27
795-62
795-77
477-60
1272-66
795-4
477-22
477-181272-28
795-46
795-79
477-30
477-57
477-28 477-39
477-37
477-12477-116
477-51477-24477-56
477-41
795-33
477-17
477-35
477-34
477-1
477-62
477-43
477-49
477-31
1272-15
477-7
477-18
477-11
477-55
795-51
477-25
477-33
477-41
477-26
477-40
477-44
477-105
1272-52
477-20
795-79
795-47
477-66
795-6
477-34
477-17
477-43
477-23
477-37
795-3
795-1
795-2
477-14
477-38
1272-27
477-40
477-25
477-17 477-8
477-22 477-38
477-26
477-82
795-62
795-120
477-21
795-19
795-48
477-48
477-72795-31
795-8
795-24
477-39
477-39
477-64
954-20
1272-100
366-81
266-49
477-40
477-39
477-6
477-54
477-48
795-101
795-15
795-86
477-33
477-2
477-24
477-42
795-112
795-52
795-45
795-0,1
795-2795-33
477-39
477-65795-22
477-6
477-49
477-52
477-54
477-51
477-104
477-6
1272-47
477-60
477-98
477-61
795-29
477-50477-84
477-6
477-9
795-4
795-2795-1
795-24
795-6
1272-1
477-26
477-137
477-62
477-67
477-12
795-53
477-11
477-80
477-8
477-32
477-47
477-3
477-78
477-83
477-84
795-80
477-82477-88
477-13
477-3
477-35
477-14
477-47
795-19
477-93
1272-14 1272-12477-53
477-50
477-128477-61
477-50
477-59
1272-60
795-27
477-34
477-61
477-30
477-23
954-48477-34
477-20
477-61
477-50
477-76
477-31
477-32
477-75
477-15
1272-37477-41
1272-7
477-13
1272-13
477-40
477-15
954-531272-41
477-56
795-22
1272-7
477+1272-22
795-13
477-69
477-24
G.ANTEP-1
477-34
477-73
477-15
477-75
795-53
954-74
477-28
1272-47
477-36
1272-52
477-20
477-84
477-81
477-42
1272-39
795-44
477-19
477-20
795-27
477-70477-31
795-74
477-33
477-26
795-22
477-21
795-10477-55
477-63
477-26
477-62
477-24
477-50
477-70
1272-20
1272-26
795-10 795-41
477-291272-25
477-40
477-48
477-43
477-21
477-17
477-82
477-52
477-87
795-49
477-60
477-42
477-57
477-45
477-36
477-9
477-40
477-89
477-20
477-53
477-87 477-28
477-51
477-60
477-54
477-74
795-17
795-28
477-31
477-97
477-18
795-15
795-26
795-67
795-83477-3
795-54
795-37
477-74795-42
795-49
795-39795-49
477-43
477-90
795-54
477-38
477-30
477-73
477-70
477-58
477-70
477-14
477-31
477-123
795-70
795-13
477-58
477-60
477-10
477-21
477-18
795-36
477-41
477-38
477-88
477-82
954-60
477-41
477-38
477-14
1272-41
477-72
954-29
477-84
477-39
795-22
477-50
477-23
477-23
477-2
477-11
477-43
477-53
477-56477-80
477-52
795-17
477-26477-13
477-27
477-46
477-44
477-48
1272-71
795-35
795-44
477-32
477-29
477-62
477-11
477-23
477-33
477-21
477-62
477-23
1272-38
795-46
1272-12
477-24
795-23
1272-3
477-8
477-6
477-9
1272-6
1272-46
795-15
795-45
795-52
795-46
477-12
795-30
1272-35
477-22
795-51
1272-60
477-60
795-44
160+8
1000-4
477-43
477-60
1272-69
795-18
795-13
795-19
477-14
1000-4
477-76
795-102
795-9
GÖKSUN SKM
477-31
477-9
477-27
1272+477-11
477-19
477-58
954-25
1272-17
795-13
477-40
795-62
795-1
477-80
477-71
1272-34
795-22
477-58
477-61
1272-38
477-10
477-32
795-37
1272-41
1272-2
477-23
795-1272-17
477-14
954-3
795-13
795-6
477-65
477-25
A.ÇELİK
795-33
795-11
477-37
795-36
ENGİL
477-97
477-60
TATVAN
477-71
ERDEMİR-2
P.HİSAR
E.ÇİM
EDİRNE
ULAŞ
2C-61
477-11 2C-16
954-15
795-2
477-36
477-20
95
D.BAKIR-2477-12
1272-28
1272-13
795-42 477-0.4
3C-174
3Ph-2İZMİR DGKÇ
1591
1595
798
670
540
300
198
34
28
BAŞTAŞ
MALTEPE
795-14
26
BAYBURT
ALTINTAŞ
ELAZIĞ
795-54
795-39
İYİDERE
PAŞALAR
AKSARAY
ADA-1 DGKÇ
795-11
1272-6
52
3
5
7
10
66 kV
66 kV
80
15
28+10
795-54
38+17(BEYKÖY)
1272-77
1272-129
477-45
20
5+9
43
477-68
36
1272-125
KISIK
ANKARA DGKÇ
795-27
795-9
500
131
477-26
5
477-38
183
DOĞANKÖY
477-96
2B-954-26
380/154 kV
250+250 MVA
1272-8
1272-13
KAYNARCA
795-33
795-42
795-33
477-58
477-2
1272-9
50
5+54
477-24
16+25 MVA
TORTUM
3C-50
3Ph-130
477-71
183
332
795-97
30
798
1272-68
HAMİTABAT
K.ELİ DGKÇ
103
75+87
477-54
477-58
A.CEVAZ
477-50
SOĞANLIK
SELİMİYE
SAKARYA
122
19
138
19
EMİRLER
İNCEK
65+30
320
1000-5
K.PAŞA
HABAŞ
B.B.KÖY
K.B.KÖY
G.TEPE
2x(250+150) MVA
5
34.5 kV
ATIŞALANI
AKENERJİ
SOMA-B
SOMA-A
BERKE
SIR
33W 1400A
33W 1400A
45 W 1600 A
33.3W 1600A
45W 1600A
477-62
795+266+1272-69
ERDEMİR-1
120+60
66 kV
1272-35
1272-28
115+19
35W 1250A
33.3W 1600A
33.3W 1600A
33.3W 1600A
23
2C-88
K.PAŞA
1000-6
3R-90
tamamı
(133 km)
SİNCAN
Z.DGKÇ
AKÇANSA
YATAĞAN
MUĞLA
LEVENT
IŞIKLAR
(145 km)tamamı
YENİCE
ESENBOĞA
KONYA-4
795-23
477-8
66 kV
66 kV
1272-44
1272-95
795-47
1600-8
477-44
BOR
TOROSLAR
K.İSALI
K.HAN
ŞEHİTLİK
ENERJİSA
M.TERMİK
TARSUS
AKBELEN
MERS-2
ÇATALAN
KADİRLİ
ASLANTAŞ
ADANA
CİHADİYE
MİSİS
SEYHAN
B.ADANA
İNCİRLİK
G.ADANAYÜREĞİR
OSMANİYE
SUGÖZÜ
BAHÇE
KADINCIK-1
KADINCIK-2
KOZAN
D.ADANA
795-31
795-32
795-22
795-47
477-25
477-43
477-37
477-10
380/154 kV3x250 MVA
2C-73
795-11795-61
795-16
795-17
795-32
477-49
795-45
477-37
477-8
477-37
795-56
477-5
MERSİN-1
477-8
477-13
510
138
154/66 kV40 MVA12
63
1456
70 169
6
97.7477-42
1320
62
477-21
795-8
795-87
795-31
477-56
1272-43
1272-13
477-9
795-25
35W 1250A
AK GÜBRE
HANKENDİ
477-7
YEŞİLHİSAR
477-68
795-70
H.ALANI
A.ÇİM.
795-51
795-69
M.KÖY
OVACIK 1272-10
ÇAN
BORNOVA
3C-150
3C-35
Ü.KÖY
795-54
240HABAŞ DGKÇ
KEMERKÖY
477+266-25
795-24
795-27
1272-31
477-25
49
40 MVA
10
34
4
380/154 kV 150+150 MVA
380/33 kV 125 MVA
1272-35
1272-20
1272-41
1272-20
795-42
477-99
BAĞIŞLI
HAKKARİ
3C-55
795-41
2x477-3
1272-75
KARABÜK
KURŞUNLU
1272-16
1272-35
795-32
ÇİNE H.
1272-5
Menemen
477-9
477-38
1272-40
GÜNEY
477-4
2x1272-10
KUZULUK2x795-2
2
39
2x(2x250) MVA
DUDULLU
TAHTALI
36
13+55
10
5
10
13
66 kV
10
5
4+21
954-71
10
477-55
1272-40
GERMENCİK
ÜNİV.
954-16
2C
(AKÇAY)
795-5
795-25
795-10
KUŞADASI
477-0.6
477-16+5
(ESKİ MERKEZ)
1272-45
KARACA 1272-25
380/154 kV
250 MVA
MİHMANDAR
MERSİN
2x250 MVA
2C-147
2R-271
80
477-34
KIRLIK
(Ş.urfa-Viranşehir hattı Urfa'dan itibaren 2 km 1272 MCM,kalanı 88 km 477 MCM)
3Ph-144
3C-130
100
477-23
1272-37
380/154 kV
(250+150)+(2x150) MVA
309
1272-66
154/66 kV25 MVA
6
266-2,5
MAHMUTLAR
ALANYA-1ALARA
YAVRU DOĞAN
3Ph-38
MORSAN
3Ph-27
3C-58tamamı
(261 km)
7
41
30
ILISU
954-18
73
795-38
795-23
795-25
KAYS-3
KAYSERİ-1
189ZORLU DGKÇ795-1
12743
25
795-1
795-27
SAMSUN-3
SERİK
B.KONAK
AVANOS
ÇİNKUR
YAMULA100
795-22
21
380/154 kV
2x250 MVA
İKİTELLİ
BAĞCILAR
S.CILAR
SİLAHTAR
795-17
795-2
1600-5 795-10
795-10
795-8
24
477-14
KARGILIK
ALMAK
ANDIRIN
MASLAK
160+210
GİRLEVİK-1
GİRLEVİK-2 (MERCAN)
30
135
477-27
1272-10
P3 (DSİ)
477-26
477-25
Ç.KAYA
MURATLI
BORÇKA
KARKAMIŞ
tamamı (114 km)
tamamı (28 km)
154 kv enerjilidir.
tamamı (124 km)
220 kV
tamamı (28 km)
DERİNER
1272-16
380/154 kV
2x250 MVA
KORKUTELİ
AS ÇİM.
KEPEZ
S.BÖLGE
KEPEZ-2
F.KROM
MANCARLIK
115
40
795-11
14
(Y.MERCAN)
İÇTAŞ
ALÇUK
VİKİNG
ALOSBİ
146.5
KARKEY
BALGAT
İMRAHOR
34.5 kV
BEŞEVLER
Açık
477-20
ERMENEK
KÜÇÜKKÖY
477-42
795-49
TEKİRDAĞ
TEGESAN
B.KRŞ.
Z.ENJ.
L.BURG.
Ç.KÖY
TAŞOLUK
KIYIKÖY
H.KÖY
BOTAŞ
TR.ELK.
SİLİVRİ B.ÇEK.
HABİBLER
E.YURT
B.ŞEHİR
B.DÜZÜ
S.MURAT
AMB.
AMB F.OİL
AMB.DGKÇ
İÇDAŞ
K.ÇELİK
504
1272-6
Y.BOSNA
1272-25
1272-20
954-1
795-13
795-15
795-1
795-9
630+540
1000-10
1000-5
1272-19
3C-84
2C-86
3C-86
3C-152
1272-9
795-3
795-48
ÇORLU477-67
9
12
1272-16
1272-45
954-8
954-29
66+54
954-1 954-32
477-19
477-17
795-16
2C-90
102
165
795-2
795-68
795-25
8
795-22
795-22
477-20
1
1272-34
1272-15
1272-3
2C-22
1272-11
477-22
1272-9
795-46
HAVSA-2
K.ELİ
189
1272-7
9
795-34
499
2x954-0.4
795-9
954-25
477-38
BAĞLUM1272-20
1200
DDY Hilal
K.BAĞLAR
BUCA
3C-69
K.YAKA PİYALE630-3
BOSTANLI
ŞEMİKLER
ULUCAK
DDY
1272-11
1272-16
1272-20
1272-20
630-3
630-4 795-11
ILICA
ERGANİ
ÇİM
477-34
Ş.URFA 380
ŞURUÇ
SİİRT ÇİM
KIZILTEPE
KAHTA
Ş.URFA OSB
ADI. ÇİM.
MARDİN
BAND-2
KARACABEY
GÖRÜKLE
ERDEK
DEÇEKO
AKÇAKOCA
KARASU
BOLU-2
DERBENT
MANİSA
SALİHLİ
D.KÖPRÜ
KONYA-3
KONYA-2
KONYA-1
AYDIN
477-44
3C-98
380/154 kV
2x250 MVA
380/154 kV250+150 MVA
380/154 kV
(150+250)+250 MVA
TİRE
11
G.ANTEP-2
380/154 kV
2x(250+150) MVA
SİLOPİ T.
ISPARTA
G.ANTEP-53C-2
K.MÜRSEL
1440
GÖKÇEKAYA
220 kV
2C-69 (Türkiye tarafı)
BAFRA
SAMSUN-2
795-17
795-1
DERBENT
795-80
3C-180
1272-6
1272-2
1272-115
477-36
FORD K.KÖY
İÇMELER
TUZLA
K.ÇELİK
Ç.OĞLUOVA
D.İSK.
GEBZE
YARIM-1
İZMİT
ENERJİSA
NUH ÇİM.
MOBİL
HYUNDAİ
795-41
795-22
795-32
795-49
795-8
795-85
795-9 795-30
795-5
477-13
477-23
795-51
2R-88
795-17
795-25
795-14
795-23
795-21
795-2
1272-2
27 268+258
56
18
38
NUH EN.
73
Y.KÖY
795-41
P.OVA
ADAPAZARI
24
120
2R-33
477-98
YARIM-2
ŞİŞLİ
BİLORSA
LARA-1
477-99
KILIÇKAYA31.5 kV
ÇAMLIGÖZE
250+150 MVA
380/154 kV
AĞRI-1
380/154 kV
73
380/33 kV 2x125 MVA
380/154 kV2x(2x250) MVA
570
200+19
1100
KANDİLLİ66 KV
3Ph-50
380/33 kV 2x125 MVA
LARA-2
795-2
1272-1
120
(3B)954-1,35
1200
BİRECİK
UŞAK
3C-130
3C-214
3Ph-180
146.5
KEBAN-2
2R-187
2x250 MVA
11
85
KÖY380/154 kV 250 MVA
380/33 kV 125 MVA
380/33 kV
2x125 MVAALİBEYKÖY
300 MVA
DDY
DDY
DDY
DDY Doğanşehir
DDY Çetinkaya
DDYAkgedik
YazıhanDDY
HekimhanDDY
477-24
BABAESKİ
D.BAKIR-3
DDY Alpu
DDY
K.gözler
DDY Osmaneli
DDY Karaköy
Kalburlu
DDY
DDY İdealtepe
DDY Arifiye
DDY
Osmangazi
OSB
DDY
DDY Nohut
DDY Malıköy
DDY Hipodrum
DDY Halkalı
DDY
Mandıra
DDY Edirne
DDY Kabakça
DDYMuratlı
DDYV.meşe
DDY Sazak
HİLAL
17+2
6
3C-4
2
477-7
477-24
266-4
83+14
MODERN
ENERJİ
Ç.KÖY ENJ.OSB
51
ÇATALCA
380/154 kV
2x125 MVA380/33 kV
3x250 MVA
3C-22
V.KÖY
A.TEPE
380/33 kV 1x125 MVA
380/154 kV 3x250 MVAİZMİT
3C-14
477-39
477-1
477-3
ANT.KEMER
KAŞ
FETHİYE
10
26
BOZDOĞAN
477-10
795-41
477-12
795-2
3
KONAKTEPE
MERCAN-1
KEBAN TM
477-50
KUZOVA
477-7
2R-51
477-8 BARES
477-30
ÇAĞ-ÇAĞ
(NUSAYBİN)
1272-17
HASKÖY
1000-4
1000-7
KOVADA-1
SÖNMEZ
477-12
53
ENERJİ
94
1272-13
SAFRANBOLU
52
477-13
ANTBİRLİK
ÇAYCUMA-2
İSMETPAŞA80
BARTIN
ZEKERİYA
795-35 795-5
795-30795-15
2x795-16+1000-5
BAŞKALE
AKSEKİ
1272-104
477-38
KULEÖNÜ
GÖLTAŞ
477-3
9
V.ŞEHİR V.ŞEHİR-2
380/154 kV
150 MVA
477-10
3C-90
477-11
8
17
795-35
TUTES-A
477-7
1272-9
MENTAŞ
40
CAMİŞ
(2Ph-18)+(3C-14)
2Ph-20
TOPKAPI
380/154 kV 250 MVA
380/33 kV 125 MVA
GÖLKÖY
GÖNEN
380/154 kV 150 MVA
ÇAN TES
795-17
BİGA
(ELGÜN)
3C-65
3C-1
VAN
ERCİŞ
D.BEYAZIT
IĞDIR
BABEK
(NAHCİVAN)
BAZARGAN
(İRAN)
LENİNAKAN
(ERMENİSTAN)
ÇILDIR
ARDAHAN
KARSOLTU
YUSUFELİ
ARTVİN
ARTVİN
ÇAYELİ
HOPA
ARDEŞEN
RİZE
ARSİN
V.KEBİR
TRABZON
TİREBOLU
KÜRTÜN
TORUL
D.KENT
GÜMÜŞHANE
GİRESUN
ORDU
FATSA
ÜNYE
H.UĞURLU
S.UĞURLU
ÇARŞAMBA
SAMSUN-1
19 MAYIS
LAÇİM
ALTINKAYA
V.KÖPRÜ
MERZİFON
AMASYAERBAA
TURHAL
KAYABAŞI
ÇORUM-1
ÇORUM-2
OBRUK
T.OSB
ALACA
SORGUN
YİBİTAŞ
YOZGAT
AKDAĞMADENİYERKÖY
K.KALE
KALECİKMAMAK
YILDIZ
U.KÖPRÜ
KEHROS
(YUNAN.)
MALKARA
İÇDAŞ (K.BİGA)
KEŞAN
GELİBOLU
Ç.KALE
KUMLİMANI
ENERJİSA
Ç.KALE ÇİM
EZİNE
ALTINOLUK
EDREMİT
BERGAMA
AYVALIK
ALİAĞA-1
EBSO
ÇEŞME
URLA
ALAÇATI
UZUNDERE
ASLANLAR
SÖKE
AKBÜK MİLAS
BODRUM
DATÇA
MARMARİS
DALAMAN
TAVAS
KEMER
NAZİLLİ
ÖDEMİŞ
DENİZLİ
DENİZLİ-2
DENİZLİ-3
SARAYKÖY
JEOTERMAL
ALAŞEHİR
SARUHANLI
AKHİSAR
DEMİRCİ
SİMAV
BİGADİÇ
B.KESİR-1
BALIKESİR-2
B.SEKA
ORHANELİ
GÖBELM.K.PAŞA
AKÇALAR
D.TAŞBOSEN
V.EFENDİ
YENİKAPI
B.EVLER
ETİLER
BEYKOZ
PAŞAKÖY
İSAKÖY
ŞİLE
GEMLİK
B.SAN.
KESTEL
BURSA
SÖĞÜT
BURSA-3
İNEGÖL
KELES
TUTES-B
KÜTAHYA
AZOT
EMET
YENİ GEDİZ
KIRKA
AFYON-1
AFYON-2
SANDIKLI
ÇİVRİL
ADIGÜZEL
BURDUR
K.BORLU
D.ÇİM
BOZKURT
BUCAK
ACIPAYAM
TEFENNİ
AKKÖPRÜ
EŞEN-2
FİNİKE
MANAVGAT
HES
OYMAPINAR
K.ÖREN-1
K.ÖREN-2
KOVADA-2
SEYDİŞEHİR
BARLA
EĞİRDİR
BEYŞEHİR
KARAAĞAÇ
YUNAK
ÇAYSEKA
EMİRDAĞ
ESKİŞEHİR-1E.ŞEHİR-3
ÇİFTELER
B.KÖPRÜ
POLATLI
SARES
BEYPAZARI
BOLU ÇİM
BOLU
OSMANCA
KAYNAŞLI
EREĞLİ-2
EREĞLİ-1
ZONG-2
CİDE
AMASRA T.
KAST.OSB
KASTAMONU
ÇANKIRI
GERKONSAN
KAZAN
ANK.SAN.
HACILAR
KAPULUKAYA
K.KÖPRÜ
HİRFANLI
Ş.KOÇHİSAR
CİHANBEYLİ
DEDELERALTINEKİN
LADİK KIZÖREN
ÇUMRA
KARAPINAR
KARAMAN
K.OSB
BİRKAPILI H.
GEZENDE
GAZİPAŞA
ANAMURKIZILDÜZ HES (17)
ŞAHMALLAR HES (18)
SEKATAŞUCU
EREĞLİ
TÜMOSAN
NİĞDEÇAMLICA
DERİNKUYU
MİSLİOVA
NEVŞEHİR
ÜRGÜP
AĞAÇÖREN
SKM
KIRŞEHİR
PETLAS
KALABA
BOĞAZLIYAN
BOYABAT
KARGI
TOSYA
BOYABAT
T.KÖPRÜ
İNEBOLU
KÜRE
AYANCIK
SİNOP
KÖKLÜCE
ALMUS
TOKAT
SIZIR ŞARKIŞLA
PINARBAŞI
KAYSERİ-2
TAKSAN
SENDİREMEKE
GÖKSUN
KİLİS
HALEP
(SURİYE)
G.ANTEP-4
G.ANTEP-3
F.PAŞA
BİRECİK
KILILI
NARLI
PS-5
PS-4B
KILAVUZLU
MENZELETK.MARAŞ
A.GÖLBAŞI
ELB-B
TKİ
ELBİSTAN-A
MALORSA
DARENDE
H.ÇELEBİ
KANGAL
SİVAS
ZARA
SUŞEHRİ
ERZİNCAN-1
ERZİNCAN-2
REFAHİYE
PÜLÜMÜR
TUNCELİ
KEBAN-1
F.KROM
HAZAR-2
HAZAR-1
MADEN-2
MALATYA
MALATYA-2
KARAKAYA
SİVEREK
HİLVAN
KARAKEÇİLİ
ADIYAMAN
ATATÜRK
ATATÜRK
PS-4A
Ş.U.ÇİM
Ş.URFA
YARDIMCI
AKÇAKALE
PEKMEZLİ
TELHAMUT
ÇIRÇIP
DİKMEN
ETİ-FOSFAT
D.BAKIR-4 BİSMİL
K.KIZIDİCLE
SİLVAN
LİCE
BATMAN
BİNGÖL
ÖZLÜCE
TERCAN
AŞKALE ÇİM
ERZURUM 2-3
ERZURUM-1
HINIS
KUZGUN
KONAK
TORTUMİKİZDERE
BATUM
(GÜRCİSTAN)
HORASAN
ALPARSLAN
MUŞ
DODAN
SİİRT
ŞIRNAK
ULUDERE
PS-4
PS-3A
CİZREPS-3
KHOY (İRAN)
(BULG.)
MARİTSA
Y.TEPE
KARTAL
YALOVA
Y.ŞEHİR
T.ŞALT
D.BEY
MANAVGAT
GÖKSU
KARASINIR
A.B.HÖYÜĞÜ
1272-71272-7
K.DON
ZONG-1
KOZLU
BATMAN-1
ZAKHO (IRAK)
U.DERE
477-80
795-86
477-56
477-56
477-32
477-76
1272-32
477-40
477-19
477-29
477-96
477-79
477-87
795-86
3C-85
477-83477-78
477-44
954-124
477-92
477-87
477-41
954-38
154 kV enerjilidir.
DDY B.köprü
15
KALEALTI
477-23
AĞRI-2
477-6
39
1272-1
MARE R.
477-10
1600-5
MUSUL
2C-34
tamamı (159 km)
3B-103
GERCÜŞ
1272-8
ARTOVA ÇİM.
1600-8
795-15
SUNGURLU OSB
1272-50
KULU
1272-10
ŞARKİGELENDOST
1272-40
1272-40
GÖYNÜK
795-20
1272-7
795-1
ULUABAT
1272-161272-23
100
380/154 kV 2x250 MVA
380/33 kV 2x125 MVA
KADIKÖY
MALTEPE
NİZİP
477-14
1272-90
(Belkıs)
30İNTEPE R.
266-91272-2
477-21
1272-2
954-40
38
795-11795-47795-58795-31
ÇİNE
477-26
477-18
795-46
AKŞEHİR
15+208
S.HİSAR
MOBİL
1272-37
7
1,6
1.7+ 51
TM
TRAKYA ÇİM.
3Ph-55
FİLYOS
1200+160
3C-35
1272-2
3C-79
EREN T.
HEMA
45
2
3
5
8
1
8
10
10+25
3
477-5
477-29
2000-13
D.PAŞA
1272-2
477-2
BURGAZ R.
14477-40
477-15
B.D.GAZ
477-38
25W 1600A
ZAKHO (IRAK)MUSUL
3Ph-35
25W 1600A
477-17
İran tarafı tek iletkenlidir.
3C-105
tamamı (40 km)
tamamı (180) km
1272-25
3Ph-104
1+18
1272-2
1272-28
ÇAĞLAYAN
1000-3
1600-4
2000-10
1000-4
1600-6
1000-3
795-12
795-5
1000-4
795-6
477-14
477-32
795-83
795-4
477-5
122
BOZÜYÜK
BOZÜYÜKOSB
1272-8
3C-5
İÇDAŞ T.
1200
LAPSEKİ
3Ph-36
2000-5
3Ph-145
3C-6
BAND.DGKÇ
920
3Ph-40
3Ph-145
1272-5
AKKÖP.
405
3Ph-219
3Ph-360
SİNOP T.
(AKFEN)
1600
AKFEN DGKÇ
SAMSUN T.
CENGİZ
SAN-SAL T.
SAMSUN DGKÇ
BORASCO810
500
1200
800
3C-13
3C-13
3C-3
3C-26
3C-1,5
BENT
ÇATALAĞZI T.
300
3Ph-65
3Ph-100
MELEN
HENDEK
3Ph-79
3Ph-20
3C-67
(Akışkan)
İÇDAŞ T.
AKINCI H.
100
1600-6
3Ph-55
ASLANCIK
GÖÇEN
BÜYÜKDÜZ
48 1272-7
1272-10
795-13 90
48
1272-28
1272-27
DERYADERYA
KULETAŞI
32
30
45
35
YUNTDAĞI R.
ÇAMLICA
ÇAMLICA H.
80
62
1272-3
7477-28
İNCEBEL
KİRİBAY
8
477-33
12
36
SÖYLEMEZ
SÖYLEMEZ H.
KÜBRA
34
BARIŞ
477-42
477-3
DAMLA
30
51
AKSU
1272-40
24
1272-35
1272-39
ARKUN
3C-38
795-8
795-23
26
1272-8
46
ERENLER
CÜNEYT H.
111
45
795-8
3C-48
58
CAN ENJ.
477-26
477-5
477-14
AŞKALE
47 GORZAN
26
AYŞEHATUN H.
1272-25
1272-10
270
3C-47
3C-4
AKSA-ANTALYA
900
250
1272-1
1272-5
U.DERE-2
U.DERE-1
20
43
795-23
795-2152+4
YENİDERE
63
UMUTLU
795-12
795-35
795-37
22
56EREN
1272-25
1272-25
1272-15
40TOR TOR H.
115
1272-14
ILICA H.
140
SOMA R.
ILICA 50
1272-15
1272-55
13+62
EBRU
795-3
51
30
3C-4ALİAĞA T.
(ENKA)750
1272-1
TURGUTLU
139
KARABURUN
LODOS R.
3C-55
92
1272-5
(ELAZIĞ-3)
(Ş.URFA-2)
3Ph-35
ÇAYLI T.600
795-12
3C-128
3C-93
3C-121
3C-2
H.TES600
2C-3 2C-5
2C-4
1600-6
2000
2000
30KOZBEYLİ R.
KALE
380/33 kV
180+230+160 MVA
2000-6
3C-25
3C-210
D.DGKÇ (E.ON)
815
3Ph-13
795-20
41
140 20
DURU H.
KİĞI H.
KİĞI2B954-36
1272-19
51
SAF
1272-10
795-24
1272-36
3Ph-15
3C-19
24
PANCAR
GÖLMARMARA795-32
ÜÇLER
1272-66
ELMALI
DİNAR
ARSLANBEY
TURANKÖY
GÜMÜŞOVA
ILGIN
ALAKOVA
1272-20
ORAN
KAMAN OSB
UZUNKUYU
NİĞDE OSB
SİVAS OSB
YAĞLIDERE H.
1272-80
OSB
3Ph-100
1272-110
PATNOS
1272-1
477-44 477-9
77
795-1
KOÇLU
KAYAKÖPRÜ
55
44
795-5
795-8
Ç. DAMI
DERELİ
DORUK
İKİSU H.
49
40
29
3C-65
ÇETİN350
1272-50
ENEZ R.
15
795-12
56
3C-138
795-8
ÇATALBÜK R.30
AS DGKÇ 65
MANAHOZ
22+8
HES
160 SİLVAN
Ph-55
24
795-30
ZÜMRÜT
795-1749
795-29
130
YAĞMUR
UMUTUMUT H.
39
3
1272-52
95
REŞADİYE H.TUNA
TUNA H.
60
65
85ŞAHİNKAYA
795-30
YALINKAYA T.
205
1272-12
1272-2
63 45
ELİF H.
ELİF
ENEZ
3C-32
YEDİGÖZE310
3C-50
477-901272-75
M.OSB
1272-6
1272-15 B.KESİR R.
143
POYRAZ R.
58
795-5
AKSA-MANİSA
115
32
SARIKAYA R.
1272
477-34
477-1KAVAK
34
SAYALAR R.
YALOVA AKSA
1272-10
477-49
477-39
38
15
1272-749
270
70
31
BAND-3
BAND. R.60
1272-47
3Ph-30
3Ph-54
3C-20İÇ ANADOLU
DGKÇ420
1200
K.KALE DGKÇ
ENTEK107+52
3Ph-
AZMAK
KAYRAKTEPE
290
42 SİLİFKE-2 H.
OTLUCA H.
SINIR
KEPEZKAYA
K.KAYA
1272-52
1272-3050
26
1272-30
1272-41
1272-20
1272-7
49SARAN
EFRENK
91MUT
1272-50
B.ÇAY B.ÇAY H.
2030
477-29
74
70
KOÇALİ H.36
795-11
MURAT 1-2
104795-8
44
24
D.KAYA
D.KAYA
795-15
477-33
40
BİZNA
BİZNA
21
1272-7
GÜNEYCE H.
İKİZDERE
DERELİKÖY H.
TOZKÖY H.
SARMAŞIK1-2
954-10
954-6
954-14
954-4
954-7
954-20
CEVİZLİK
90
62
18
105+51
120
42+55
954-13
1272-20
1272-13
20
ŞAMLI R.
ÇATALCAR.
795-1
60
795-13
1272-30
GÖK R.
1272-2
27
1272-5
60
1272-1
DELTAENERJİ
DGKÇ
REŞADİYE
TOPÇAM
TOPÇAM H.
DARICA-1 H.99
K.HİSAR
1272-46
1272-7
ÇANKAYA71
795-9
795-32
80
AKOCAK
KIZKAYASI
KIZKAYASI H.
1272-35
17
130
795-25
MURATLI H.88
BURÇAK H.65
GÜMÜŞ
1272-25
1272-6
477-30
477-24
380/33 kV 3x125 MVA
KURTKÖY
270
YUNUS EMRE T.S
3Ph-6
3Ph-24
29
13
87
954-25
90
KASIMLAR
KASIMLAR
78
14
1272-52
ATA RES-2100 1272-60
30ATA R.
1272-58
PEMBELİK
SEYRANTEPE
TATAR
1272-9
1272-241272-2
1272-27
1272-32
110
50
100
BÜYÜKDÜZ
6
795-14
MERSİN R.
34
3Ph-281000
GERZE T.
795-3
ÇİMPOR
SARAY T.
300
3C-3
3C-2 876
AEİ MKÇS
ETYEMEZ KTS
4+82
795-11
3C-25
3C-80
PERVARİ H.217
954-5
ATAER T.
113
3Ph-47
ÖZYEL R.
100
3C-5
AKSAT
270
2C-25
UŞAK OSB
380/154 KV
2x250 MVA
UŞAK-380
PLATO
MAD.
1272-38
1272-68
1272-50
1272-50
1272-50
1272-25
DDY-3
DDY-4
DDY-2
DDY-1
795
UNİMAR2C-1
63
1600-10
1272-25
ÖDÜLALAN
1272-12
TATAR
PETKİM
795-5
224
1272-12
630-3
630-3
G.YALI
HATAY
B.BABA
ALSANCAK
İZMİR-3
477-2
630-3
1272-7
9 EYLÜL
EREGEMETAL
1272-2
HÖYÜK
1272-68
1272
1272
1272
1272
KARABÜK OSB477-10
34.5 KV
1272-80
SKM
CAN R.
39
KOZBEYLİ 1272-25
K.ADANA
82
1272-15
85
75
1272-21
AKKÖY-1102
230
AKKÖY-2
1272-36
1272-14
60
3C-205
(34.5 kV)
380/154 kV
ETİ-SODA
(250+150)+(150+250) MVA
60
60
60
BATI SÖKE
KARGI HES102
1272-16
34
1272-18
SAMURLU R.
30795-10
1272-2
1272-8
BURGUÇ R.
2854
380/33 kV
125 MVA
222
ARKUN H.
130
AKSU-ANAKOL
LALELİ H.
100
1272-38
AKINCI
DARICA-1
1272-81272-30
37
1272-38
795-15
YEŞİL H.
1272-26
1272-1
6514
42
MOBİL-2131
CENGİZ DGKÇ
MOBİL-1
299
BAYRAMHACILI H.47
795-11
380/154 kV
VARSAK
(2x250)+250 MVA
380/33 kV 125 MVA
ANTBİRLİK
1272-6
SANSA H.1272-16
1272-55
85
SANSA13
34
81
47
G.JES
29
DATÇA R.
1272-36
795-4
SİMİRNA
2000-6
2000
60
AKSA-VAN115
1000-2
1272-10
59
DAĞÖREN H.
2C-12 (Ermenistan tarafı)
17
CEVİZLİK H.
477-67
K.DERE
AKD.ORSANANT.ENJ.
3Ph-18
UZUNÇAYIR
KOZBÜKÜ
3C-100
3C-72
TUFANBEYLİ
FEKE
AKDAM
1272
ARAÇ
ESK.OSB
ESKİŞEHİR-2
MARMARİS-2
MUĞLA ÇİM.
32
AKBÜK R.
Ç.KALE R.
ÇAMSEKİ R.
21
ŞAH R.
GÖK R.
KOCADAĞ R.
MAZI R.
11
Ç.TEPE T.2441272-3
1272-3OVACIK
69
1272-45
1272-37
1272-27
ALKUMRU H.
İNCİR H.240
122
954-35
3C-90
270
ŞIRNAK T.
DELİKTAŞ H.
795-35
1272-30
GÜZELDERE H.
40
795-36
TELLİKAYA H.
23
71
TELLİKAYA
954-16
SİİRT
ÇİMKO
DDY
KARACA
3Ph-50
154 kv enerjilidir.
88
KARAKURT
1272-13
380/154 kV
3 Ph-120
1272-4 BULUT
BULUT H.26
57
40
MURADİYE H.
477-32
1272-24
KOTANLI H.
1272-25
AKINCI H.
GÜRTÜRK H.45
1272-13
7844
1272-7
3C-13
K.MARAŞ
1272-44
1272-41
1272-8
1272-8
1272-49
3C-130
AKHALTSİKE
(GÜRCİSTAN)
1272-80
1272-40
795-24
H.OĞLU H.142
103
S.GÜZEL H.
KANDİLKANDİL H.
2148
1272-1
795-70
1272-4
1272-25
1272-5
1272-3
1272-2
3C-5
SELÇUK
1272-5
BODRUM-2
GAZİEMİR
795-3
1600-2
1000-2
1272-10
1000-6
795-2
477-38
1000-2
1272-1
1272-3
3Ph-30
KULP H.
380/154 kV
25
3Ph-70
3Ph-32
3C-14
1272-17ALİAĞA R.
SEYİTALİ R.
40
90
ENTEK
ORH.GAZİ
3Ph-125
POLAT-1 T.
51
31
1272-10
BANDIRMA T.
1200
26KUYUCAK R.
1272-4
3C-45
795-51
1272-40
71
1272-11
CEYHAN H.
795-1
62
882
60
E.DGKÇ
1272-48
1272-12
1272-31
1272-17
242
33
BAND-3 R.
24
795-24 DDY Nenek
19
795-2
45
795-32
ALÖREN R.
1272-70
11 1272-30
(ALANYA-2)795-27
40
KİLLİK R.
795-15
ERİNÇ
ERİNÇ H.
1272-55
1272-29
1272-42
170
160
3C-120
94
146.5
380/33 kV 125 MVA
54
UĞUR T.60
ARTVİN
ARTVİN H.
CÜNEYT
3C-1
795-54
795-3
49
795-10
YEDİSU
43
36
KARATAŞ H.
BAŞKÖY H.
DURU H.
795-1
795-10
KARATAŞ
AKSU R.
1272-10795-11
İNDERE H.
TATLAR H.
ÇAMLICA-3 H.
6258
GÖKTAŞ-1 H.
KAVŞAK H. MENGE H.
KÖPRÜ H.
GÖKTAŞ-2H.
NUR-3 H.25 54
3C-26
92
FEKE-2 H.
YAMANLI-3 H.
YAMANLI-2 H.
153
1272-10
1272-9
72
85
145
70
954-7
57
3C-95
1272-15
954-27
954-11
954-16
CEYH-1
29
20
795-7
954-8
80
72
28
122
181
954-12
32
1272-10
38 ÇAMOLUK
380/33 kV 125 MVA
1272-25
KEMAHKEMAH H.
795-3
80
1272-21
3Ph-173Ph-17
3Ph-23
3Ph-32
795-1
ÖZKAN
URLA-2(150+250) MVA109
120
3C-15
1272-31
12
REYHANLI
ANTAKYA-1
380/154 kV 250 MVA
380/33 kV 125 MVA
SEBENOBA R.
31.2
3Ph-215ERZİN DG.
SELENA T
900
ERZİN
380/154 kV2x(250+150) MVA
D.PINAR
D.PINAR H.
1272-17
Ş.KÖPRÜ H.
1272-14
1272-9
36
44
30
32
DÜZOVA R.15
477-181272-3
1272-30
KÖPRÜBAŞI H.74
15
795-39
31,5 kV
TRAKYADÖKÜM
YALOVA R.54
1272-27
24
795-11
3C-30
DDY Cürek
BAĞIŞTAŞ-1 H. BAĞIŞTAŞ-1
1272-5
122
DEMİRDAĞ
BAĞIŞTAŞ-2 H.
ÇUKURDERE
MADENCİLİK
795-2
1272-22
49795-32
795-3
795-7795-27
795-2
Y.ŞEHİTLİK
13
15
3C-30
ADA-2 DGKÇ
1272-6
SÖKE R.
54
795-7
1272-36
1272-40
A.B.T.
1272-6
1272-20
135
1272-22
1272-10NUR
1272-18
DARICA-2 H.
74
1272-28
1272-1
954-15
22
30
795-4
3Ph-51
795-21
795-6
GEBMAKOSB
3Ph-4
1272-4
1272-1
795
YENİ DGKÇ
GEBKİMOSB
600
300
23
1272-28
65
1272-70
İSMETPAŞAİSMETPAŞA
72YENİCE
1272-10 1272-236
57
ANDIRAZ H. BOYALI H.
49
DARAN
GÖNDEREN H.
DARAN H.102
28
52
1272-40
1272-65
10+39
3C-180
1272-5
1272-30
POSOF
23
1272-1
23
13
DOĞANÇAY H.
46
BAHÇE RES
1272-6
GEREDE R.60
1272-45
67
9
14
ÇERMİKLER H.25
Ş.KARAHİSAR
795-32
795-3365
27
477-30
795-8
795-83
KOVANLIK K.HES
7575
MAR.PAMUKLU
795-12
MOBİL
477-14
29
4
65
19
1272-5
38BALKUSAN H.
1272-30
954-47
İDİL T.
1272-26
91
1272-7
477-9
52
ÇALIKYILDIZLAR
795-25
132
ORTA T. NTF T.
1272-27
1272-3
165
795-70
795-27
1272-25
795-12ATASU
ATASU H.11
40
119
SAMAN
26
795-1
30
ÇAĞLAYAN90
795-1
1272-7
1272-1
DGKÇŞ
OSTİM OSB
ARAPGİR
1272-1
1272-37
16
SİNCİK
1272-22
112
40
1272-5
380/154 kV150 MVA
26
36
380/154 kV
124
CAMLIYAYLA
1272-25
1272-10
795-27
380/34.5 kV
4x125 MVA
2R-13
795-12
34
477-57
1272-60
477-65
477-37
477-62
ERDEMLİ
Y.ŞEHİTLİK
KARAKUZ
954-26954-15
LAMAS
KIZKALESİ
477-2
795-52
795-53
795-19
795-4
477-6
477-19795-20
477-1
MERS-3
795-10
795-6
795-6
ZEYTİNLİ
477-25
477-39
KARAHAN
YÜREĞİR
2x40 MVA
477-40
795-17
795-17
477-7
477-26
477-21
OSM.RES
3C-120
2R-63
TOSÇELİK
OSM.OSB
477-53
GÖLOVASIİKS
İSDEMİR
200
İSKEND-3ANTAKYA-2
795-39
ANTAKYA-3
477-24
795-271272-45
795-25
477-3
477-30
795-37
477-8
477477
795-55
795-10
İKİZLER
3C-31
YUMURTALIK
1272-55
954-8
795-16
795-8
477-35
477-17
YAKAKÖY
ENERJİSA
NACARLI
477-1
PAYAS
795-29
795-5
795-5
795-45
477-1
477-30
1272-35
1272-1
5
CEYH-2
3C-65
3C-80
41
123
131
İSKEND-2
795-1
795-7
477-15
ATAKAŞ3C-4
YAZICI
İSKEND-1
ATAKAŞ
795-21
ATLAS T.
3C-5
600
3C-5
İSKEND. T.600
3C-60
A.ÇİM.
2x40 MVA
477-26
DİLER T.
600
3Ph-7
3Ph-15
OSMANİYE-2
TARSUS-2
795-35
477-1
NURSAN
AÇS
477-2
BELEN R.795-6
477-2
ÇİMSABODRUM
MOBİL TR
125
477-36
OSB
2R-143
795-8
ÇÖLLOLAR
Y.ŞEHİR
1272-2
1272-3
(iptal)
1272-16
1272-4
İSPİR
AKSU H.
24
3C-24
2x250 MVA
İSPİR H.54
GÜLLÜBAĞ H.
84
1272-4
1272-10
1272-6
1272-10
30
KARAKURT H.110
1272-45
AOSB
NİKSAR H.
1272-101272-5
40
1272-30
28
477-32
380/31.5 kV125 MVA
30
3C-21
(Enerkom)
SOMA R.
90
954-2
1272-17
1272-3163
1272-30
32
60 KAYSERİ H.
46 KASIR H.
SASON164
1272-20
795-3
1272-18
1272-14
15
53BİTLİS H.
48TARİHLER H.
795-8
1272-10
KOR H.
1272-1
BİTLİS
38
44
39
20
KARGI H.97
795-16
PÜLÜMÜR H.
29
B.OSB
3Ph--95
14
15
795-4KALETEPE H.
57
KAVŞAK H.37
8
1272-45
1272-10
K.HİSAR H.
477-50
9
ÇAYKARA
10.5 kV
25
29
1272-27
204
ALPARSLAN-2 H.
795-47
795-16