Turkey’s 2023 Energy Strategies and Investment Opportunities for Renewable Energy Sources: Site Selection Based on ELECTRE

Abstract

In Turkey, current energy generations are not sufficient for the existing energy needs and besides, energy demand is expected to increase by 4–6 percent annually until 2023. Therefore, the government aims to increase the ratio of renewable energy resources (RES) in total installed capacity to 30 percent by 2023. By this date, total energy investments are expected to be approximately $110 billion. Turkey is the fastest growing energy market among the OECD countries. Therefore, Turkey is an attractive market for energy companies and investors. At this stage, site selection and deciding appropriate RES are the most important feasibility parameters for investment. In this study, “Site Selection in Turkey” issue for RES (solar, wind, hydroelectric, geothermal, biomass) is evaluated by the ELECTRE which is one of the Multi Criteria Decision Making (MCDM) methods. In addition, the reasons for choosing this method are explained according to the literature. The study emphasizes the importance of energy generation from renewable and sustainable sources and is concerned with improving the position of the country. The Turkish government offers many purchasing guarantees and high incentives, especially in the renewable energy sector. As a result of the analysis, the most suitable energy sources are presented according to the geography and energy potential of the regions. The study aims to inform energy firms and everyone related with RES about Turkey’s RES opportunities.