Energy Markets in Turkey
The past decade saw numerous changes to the Energy sector in Turkey, which brought forth much needed developments to the energy markets. However, with the exception of electricity markets (these are already very well developed due to the fact that Turkey is producing most of its electricity domestically), these changes were not enough to bring the energy markets up to western standards.
The main issue was the lack of production and exports, as Turkey did not have many natural gas or oil resources readily available to start drilling. As a result, the natural gas and oil markets were not fully developed and most import transactions were mainly conducted by the state itself, with little to no private party presence.
This started to change when Turkey decided to begin searching for new natural resources in the Black Sea and East Med regions, which also brought forward a plethora of reforms to Energy legislation and markets.
Energy Regulation and Licenses
The main governmental body regulating the energy markets is the Energy Market Regulatory Board (EPDK), which overseas all licensing procedures and also monitors the energy market actors closely to ensure that they comply with the rules and regulations. Unfortunately, the energy legislation, with different laws, regulations, communiques and EPDK decisions, is extremely complicated and is therefore extremely difficult for unaccustomed private actors to navigate. Considering that the EPDK is authorized to issue huge sums of monetary fines for a number of different violations, this presents a huge barrier of entry, especially for foreign actors, to enter into the Turkish energy markets.
With our extensive knowledge and experience, especially in the renewables market, we offer full service packages to our clients, assisting them to successfully navigate the rule and procedures set forth, and to ensure they become operational as soon and as safely as possible.