Greeceās Public Power Corporation (PPC) will launch a subsidiary company in Turkey. The new company will trade in electrical energy and will have a share capital of 2 million Turkish liras (about 686,000 euros).
According to a PPC announcement on May 5, its subsidiary is currently in a licensing procedure run by the Turkish Energy Market Regulatory Authority. The subsidiary is a part of PPCās general plan to enter the developing markets of Southeastern Europe and an attempt to compensate the loss of its market share in Greece due to the upcoming full liberalization of the industry.
The electricity market in Turkey has been showing a deficit caused by a rapidly increased demand. Electricity consumption has grown by 78% in the last decade reaching 235 billion kilowatt hours yearly, and is estimated to rise to 450 billion kilowatt hours by 2023.
According to Turkish press reports, Ankara is in advanced talks with Romania and Bulgaria to import a total of 2,800 megawatts. The Turkish Energy Ministry has also already signed a memorandum of understanding allowing power exchange between the three countries.
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