Turkish Turcas Petrol plans doubling of its geothermal capacity in Turkey
Turcas Petrol wants to double its geothermal power generation capacity in the coming years and is asking for continued government support through either the FIT or another incentive program for the geothermal sector.
As reported by Anadolu Agency this week, Turkish Turcas Petrol AS has announced plans to double its installed geothermal power generation capacity in the near term, according to Batu Aksoy, CEO of Turcas Petrol AS.
Currently, investors are waiting to learn about details on a replacement of the current Turkish Renewable Energy Resources Support Mechanism (YEKDEM) that has been a big driver of the growth of Turkey’s geothermal market.
This and more was discussed heavily at the IGC Turkey Geothermal Congress in Ankara this week.
The industry is rather wary on development with the uncertainty regarding the feed-in-tariffs for geothermal. For further development either a continuation of the favourable feed-in-tariff or another innovative mechanism is required to provide security and incentives for investors to continue further growth.
The sector needs sustainable support from Turkey’s Energy and Natural Resources Ministry and lawmakers on the YEKDEM mechanism.
Currently, Turkey offers a feed-in tariff of $0.105 for geothermal facilities with additional bonus for made-in-Turkey equipment.
However, in November 2017, Turkey’s Energy and Natural Sources Minister Berat Albayrak announced that the YEKDEM mechanism would not continue after 2020.
Turcas Petrol through Shell & Turcas Petroleum, has a network of 1,011 Shell-branded gas stations nationwide, oil storage terminals, lubricants production and marketing activities. The company achieved a turnover of 22.2 billion Turkish liras in 2017.
Source: Anadolu Agency