According to ‘Turkey Power Market Outlook to 2030, Update 2021 – Market Trends, Regulations, and Competitive Landscape’ by GlobalData, power capacity (renewable) is likely to rise to 49.31GW by 2030 from 19.07GW in 2020 with a 10% of compound annual growth rate (CAGR) in Turkey.
The Renewable Energy Law is supporting this growth to help Turkey in achieving its renewable power targets.
Rohit Ravetkar, the Power Analyst at GlobalData, said, “The Turkish Government has been actively encouraging the use of renewable power sources to reduce dependence on fossil fuels. Under its National Renewable Energy Action Plan (NREAP), the country is expanding its renewable power capacity led by wind power.”
Turkey is anticipated to reach its target by 2026. The country already reached the goal of a solar PV capacity of 5GW by 2023 in 2018 and now it is planning by 2027 to achieve a cumulative solar PV capacity of 15GW.
He continued, “The successful privatization of power distribution, along with the expected privatization of its power transmission sector, is likely to increase competition and expand growth opportunities in Turkey. The government also established a national energy exchange, which became operational in 2015.”
“It has fostered further liberalization of the power sector and ensured more transparency and efficient matching of supply and demand. Additionally, as Turkey bridges Europe and Asia, this provides an opportunity for the country to transform into a regional energy hub,” he added.