High Demand And Investment Potential In Energy
As Turkey grows and develops, the energy demand rises as well. In fact, the country has become the most energy-intensive country in Europe, in terms of rates.
The increasing need leads Turkey to make new investments which are compatible with the requirements of the century. For example, the construction of 3 different nuclear power plants are in the plans. The construction work has already begun in one of them. Akkuyu Nuclear Power Plant being built in Mersin is expected to be operational in 2023 with its total installed capacity of 4 thousand 800 MW. The second plant is to be built in Sinop and have an installed capacity of 4 thousand 480 MW.
Electricity consumption per capita in Turkey is 3 thousand 600 kWh. In order to meet this need, the aim is to increase the installed capacity of electric power to over 110 thousand MW and to increase the total electricity generation to 400 billion KW by 2023.
Turkey aims to eliminate foreign-source dependency in energy by increasing renewable energy sources to at least 30%. Over the years, the country has become the biggest power of its region in hydroelectric power plants with huge projects such as Keban and Atatürk Dams. It now invests billions of dollars in geothermal, solar and wind power plants.
In the first stage, the aim is 10 thousand MW installed capacity in wind power and solar power. The number of plants generating power from renewable energy sources has exceeded 4 thousand together with solar power plants. This number will increase even more with the regulation by the Energy Market Regulatory Authority, which facilitates the establishment of solar plants on the roofs by the individual consumers at the beginning of 2018.
With the interest from domestic and foreign investors, Turkey, with the wind at its back, is expecting sunny days soon.
The aim is to exceed a total installed capacity of 46,000 MW before 2020, 32,000 of which is in hydroelectric, 10,000 in wind, 3,000 in solar and 1,000 in geothermal energy. And the installed capacity of wind energy is planned to be increased to 20 thousand MW by 2023.
Turkey, which is an important bridge in the energy sector, is doing calculations to become a center as well. Turkey has limited oil and gas resources. However, thanks to its location, it has a great advantage in delivering these resources to global markets.
Turkey has a very important potential in transporting Russian and Middle Eastern natural gas and oil to the West. In the last period, this potential started to be put into operation with successive projects. Turkey is becoming an energy bridge in natural gas and petroleum with the ongoing and completed pipelines, especially TANAP. The new target is to transform from the country through which the pipes pass into the central country in energy trade.