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Views on Turkey's impending ESCO market: Is it promising?

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  • Okay, Esin
  • Okay, Nesrin
  • Konukman, Alp Er S.
  • Akman, Ugur

Abstract

Turkey's Energy Efficiency Law (EEL) came into force in May 2007. The EEL will transform energy policies implemented in the government and private sectors. The law and upcoming regulations will offer opportunities for the impending Energy Service Company (ESCO) market in Turkey. In this work, we briefly review the ESCO literature and its financing mechanisms in the world, and present our views with regard to the funding and related risks that are likely to be associated with the forthcoming Turkish ESCO market. These views are backed up with Turkish credit and banking market performance and the lessons learned from implementation of some EU-related projects involving the banking sector and small-and-medium-sized firms. We conclude that in order to create a promising competitive ESCO market, Turkey's policy must be to sustain its average 5% growth rate achieved lately for the coming decade, finish the structural reforms which will invite necessary capital inflows to ensure an economic stability and financing.

Suggested Citation

  • Okay, Esin & Okay, Nesrin & Konukman, Alp Er S. & Akman, Ugur, 2008. "Views on Turkey's impending ESCO market: Is it promising?," Energy Policy, Elsevier, vol. 36(6), pages 1821-1825, June.
  • Handle: RePEc:eee:enepol:v:36:y:2008:i:6:p:1821-1825
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    References listed on IDEAS

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    Cited by:

    1. Akman, Ugur & Okay, Esin & Okay, Nesrin, 2013. "Current snapshot of the Turkish ESCO market," Energy Policy, Elsevier, vol. 60(C), pages 106-115.
    2. WenShwo Fang & Stephen M. Miller, 2013. "The effect of ESCO s on carbon dioxide emissions," Applied Economics, Taylor & Francis Journals, vol. 45(34), pages 4796-4804, December.
    3. Fang, Wen Shwo & Miller, Stephen M. & Yeh, Chih-Chuan, 2012. "The effect of ESCOs on energy use," Energy Policy, Elsevier, vol. 51(C), pages 558-568.
    4. Ipek Tunç, G. & Türüt-AsIk, Serap & AkbostancI, Elif, 2009. "A decomposition analysis of CO2 emissions from energy use: Turkish case," Energy Policy, Elsevier, vol. 37(11), pages 4689-4699, November.
    5. Okay, Nesrin & Konukman, Alp Er S. & Akman, Ugur, 2009. "Analysis of Innovation and Energy Profiles in the Turkish Manufacturing Sector," MPRA Paper 16344, University Library of Munich, Germany.
    6. Okay, Nesrin & Akman, Ugur, 2010. "Analysis of ESCO activities using country indicators," Renewable and Sustainable Energy Reviews, Elsevier, vol. 14(9), pages 2760-2771, December.

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