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According to a recent report in the *Financial Times*, Turkey's electricity privatization process has seen renewed momentum, despite earlier delays caused by resistance from state-controlled entities. The regional distribution company Bogazici EDAS, which had long been a key player in Istanbul’s energy sector, has now been sold to a private consortium, signaling a major shift in the country's energy landscape.
For three decades, Bogazici EDAS has managed the power distribution network in Istanbul, serving nearly half of the city and over 4.2 million residents on the European side. Originally aiming to dominate the entire electricity retail market by 2015, the company was acquired this month by a group of three Turkish construction firms for $1.96 billion (approximately 12.2 billion yuan). This deal marks a turning point in Turkey's ongoing efforts to liberalize its energy sector.
The acquiring consortium is one of the strongest in the industry, already controlling two of Turkey’s 21 distribution companies. With the purchase of Bogazici EDAS, the group will now serve 8.2 million customers, covering around 24.5% of the country’s population. Despite this progress, challenges remain. Turkey’s per capita electricity consumption stands at just 3,000 kWh—less than a quarter of that in EU neighbors—but rising urbanization and population growth are driving demand. To meet this need, the government aims to double the nation’s installed capacity to 40,000 MW by 2020.
Privatization of the energy sector in Turkey has been a long-standing goal. Since the 1980s, the country has introduced policies to open up the market, including the 1984 Energy Private Ownership Law and the 2001 Electricity Markets Act. These reforms aimed to separate state-run entities and make them more accessible for private investment. However, the path has not been smooth. In recent years, several attempts to sell major distribution companies have failed due to overestimation of asset values and financial uncertainty linked to the Eurozone crisis.
Despite these setbacks, the sale of Bogazici EDAS has reinvigorated the process. Another major distributor, Gediz EDAS, is expected to complete its privatization within the month, with the remaining five major distributors set to follow by year-end. The rest of the 41 regional companies will be put up for auction in multiple batches, with bids expected in early 2013.
While the global financial crisis and domestic instability have slowed down privatization efforts in the past decade, recent signs suggest a recovery. After reaching a peak of $8.1 billion in 2006, the value of privatization deals dropped significantly, but it has since rebounded to an estimated $3 billion this year. Finance Minister Mehmet ÅžimÅŸek has predicted that the completion of the Bogazici and Gediz EDAS sales will lead to record-breaking privatization revenues in 2013, once all legal processes are finalized.
As Turkey continues its push toward a more competitive energy market, the successful privatization of key distribution companies could play a crucial role in attracting foreign investment and improving efficiency in the sector.