Energy firms look to postpone investments
Güncelleme Tarihi:
Milliyet
Oluşturulma Tarihi: Mart 26, 2009 00:00
ANKARA - Troubled by tougher constrictions in obtaining loans, many companies start to seek ways to postpone their investments in Turkey’s energy market. Among the energy giants making frequent visits to the Energy Market Regulatory Agency to seek time extension or capacity downgrade at already existing power plants are Alarko, Akfen and Cengiz İnşaat
Challenges obtaining loans have forced energy giants to suspend energy investments and license applications in Turkey.
Alarko, Akfen, Cengiz İnşaat and the joint venture of Çeçen Holding-AES are among many energy companies that have applied with the Energy Market Regulatory Agency, or EPDK, to postpone their investments.
The high interest in the energy industry has been interrupted by the 10 percent decline in energy consumption, which has been a result of stagnation in the industry.
Lately, the EPDK has been receiving more and more applications requesting time extensions and capacity downgrades at power plants. Many companies have also been formally requesting to retract their investments. The contraction in the credit market has been said to be playing a major role in these requests.
After their investment applications are approved, companies are provided 90 days to apply for a license. The investment process starts once the license is purchased. In order to avoid losing the money they have put down for collateral, many energy companies have chosen to apply with the EPDK for an extension, before their investment period expires.
Based on the information attained from the EPDK, Alarko Group, which is active in many different fields of investments, has requested an extension for the 500-megawatt power plant it was planning to build in Çanakkale’s Biga district. The group has been operating in industries covering a diverse range of interests, including manufacturing, trading, engineering contracting, construction and energy.
Akfen Group, which was founded in 1976, has also requested a one-year extension for the 1,600-megawatt power plant is was planning to establish in the Black Sea city of Sinop.
United States-based AES Corporation, one of the world's leading power companies, and İÇTAŞ Energy, owned by İbrahim Çeçen, have also requested an extension for their joint project.
The companies had formed Göller Enerji, a joint venture, to build a 270-megawatt natural gas power plant in the Mediterranean city of Antalya.
Cengiz İnşaat has announced that it was considering calling off its plans to build a 600-megawatt thermal power plant. Finance Minister Kemal Unakıtan’s son, Abdullah Unakıtan’s, company AB Gıda has also requested EPDK’s permission to capacity downgrade at its energy investment in Bandırma, Balıkesir.
Alarko, Akfen, Cengiz İnşaat and the joint venture of Çeçen Holding-AES are among many energy companies that have applied with the Energy Market Regulatory Agency, or EPDK, to postpone their investments.
The high interest in the energy industry has been interrupted by the 10 percent decline in energy consumption, which has been a result of stagnation in the industry.
Lately, the EPDK has been receiving more and more applications requesting time extensions and capacity downgrades at power plants. Many companies have also been formally requesting to retract their investments. The contraction in the credit market has been said to be playing a major role in these requests.
After their investment applications are approved, companies are provided 90 days to apply for a license. The investment process starts once the license is purchased. In order to avoid losing the money they have put down for collateral, many energy companies have chosen to apply with the EPDK for an extension, before their investment period expires.
Based on the information attained from the EPDK, Alarko Group, which is active in many different fields of investments, has requested an extension for the 500-megawatt power plant it was planning to build in Çanakkale’s Biga district. The group has been operating in industries covering a diverse range of interests, including manufacturing, trading, engineering contracting, construction and energy.
Akfen Group, which was founded in 1976, has also requested a one-year extension for the 1,600-megawatt power plant is was planning to establish in the Black Sea city of Sinop.
United States-based AES Corporation, one of the world's leading power companies, and İÇTAŞ Energy, owned by İbrahim Çeçen, have also requested an extension for their joint project.
The companies had formed Göller Enerji, a joint venture, to build a 270-megawatt natural gas power plant in the Mediterranean city of Antalya.
Cengiz İnşaat has announced that it was considering calling off its plans to build a 600-megawatt thermal power plant. Finance Minister Kemal Unakıtan’s son, Abdullah Unakıtan’s, company AB Gıda has also requested EPDK’s permission to capacity downgrade at its energy investment in Bandırma, Balıkesir.