Türkiye electricity: strong demand, soft prices, looming grid bottleneck

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Türkiye electricity: strong demand, soft prices, looming grid bottleneck

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EM Credit - Türkiye

Türkiye electricity: strong demand, soft

prices, looming grid bottleneck

Industry Overview

What we learned from Ember 24 July 2026

We hosted a webcast with energy think-tank Ember on July 20 to discuss the Turkish Global Emerging Markets | Corporate

power sector, with an emphasis on renewables and distribution. This note distils the key Credit

takeaways and, for reference, includes financial summaries on all Turkish utility issuers. Türkiye

Structural demand growth stands out AliResearchDhaloomalAnalyst

Türkiye remains one of the few large European power markets with genuine structural MLI+44 (UK)20 7996 9107

demand growth. Per the National Energy Plan, consumption is set to rise from ~361TWh ali.dhaloomal@bofa.com

in 2025 to ~455TWh by 2030 and ~510TWh by 2035 (~3.5% p.a.), driven by broadening Kay Hope

electrification of transport, heating and industry. Ember expects this reinforced by the ResearchMLI (UK) Analyst

"35x35" ambition Türkiye is championing as COP31 host — lifting electricity's share +44 20 7995 9301 kay.hope@bofa.com

toward 35% — underpinning investment across generation, networks and storage.

Hande Kucuk

Turkey & Israel Economist

MLI (UK)Renewables capacity build-up accelerating

+44 20 7996 3948

Ember's strongest message was that renewable ambitions are likely to rise further. hande.kucuk@bofa.com

Türkiye has ~27GW of solar and ~15GW of wind against a 120GW combined target by

2035 — a figure the speakers expect to be raised at COP31. Hitting existing targets

requires >8GW of annual additions, versus 6.5GW installed in 2025 alone, with no

meaningful coal expansion and only ~5GW of new gas planned by 2030.

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