Turkey Unveils 2040 Energy Policy Powered by Electrification
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Turkey's Energy Minister Alparslan Bayraktar unveiled the country's 2040 national energy policy on Thursday, which requires $500 billion in energy investments by 2040, including more than $330 billion for electrification goals.
Policy built on supply security, emissions reduction.
Wind and solar power installed capacity target set at 175 GW by 2040.
Plan projects installed power capacity will rise to 281 GW from current 123 GW, with renewables' share climbing to 77% from 63%.
Offshore wind capacity target of 6 GW by 2040, with the first tender planned for April next year.
The plan forecasts lower growth for total energy demand, down to 199 million tons from 230 million tons of oil equivalent in 2040 as electrification picks up to 36% of total energy demand, saving $240 billion.
Total electricity consumption forecast at 680 terawatt hours (TWh) versus business as usual forecast of 551 TWh by 2040, from 365 TWh last year.
Electric vehicles, data centres, electrolysers and heat pumps seen as drivers of electricity demand.
Turkey's annual energy import bill has averaged $65 billion to $70 billion in recent years; the new policies aim to reduce that while maintaining supply security.
Nuclear capacity target for 2040 is 10 gigawatts, adding 5 gigawatts beyond the Akkuyu plant already under construction, with nuclear expected to meet 11% of electricity demand by 2040.
Decisions on two additional nuclear plants, at Sinop and Thrace, are planned for 2027, with the aim of bringing them online by 2040.
Combined electricity generation, grid and storage investment projects announced by the minister add up to more than $330 billion, by Reuters calculations.
Total energy investments, including on oil and gas production and infrastructure, seen at $500 billion by 2040. State enterprises to provide to $210 billion of total.
Annual natural gas consumption seen at 57 bcm versus business as usual forecast of 77 bcm by 2040, from 59 bcm last year.
Crude oil consumption seen at 718,000 bpd versus business as usual forecast of 1.2 million bpd by 2040, from 993,000 bpd last year
Annual per capita electricity consumption expected to double to 7,500 kWh by 2040, total emissions seen down 40%
(Reuters)
