Türkiye curbed energy imports in 2024 by approximately 5% compared to the previous year, which analysts attributed to the increase in domestic production, according to a report on Thursday citing official data.
The country’s energy imports, which amounted to $69.11 billion in 2023, decreased by 5.1% to $65.59 billion last year, according to information compiled by Anadolu Agency (AA) from the central bank data.
Büşra Zeynep Özdemir, a researcher at the policy think-tank Foundation for Political, Economic and Social Research (SETA) in her assessment for AA emphasized that 2024 was a significant year for the Turkish energy sector. She stated that the increase in energy production in almost every sector compared to the previous year played a major role in the reduction of energy imports.
Referring to a report published by the Energy Market Regulatory Authority (EPDK) in November last year, which indicated that electricity production surged by more than 4% in the January-November period compared year earlier, Özdemir shared that the highest increase occurred in power plants based on renewable energy sources.
She noted that this can be attributed to the success of the Renewable Energy Support Scheme (YEKDEM), which has been in place since 2011.
The installed capacity of power plants established under YEKDEM increased from 14,411 megawatts (MW) in January-November 2023 to 18,204 megawatts in the same period of 2024, said Özdemir.
Renewables capacity
She also pointed out that the installed capacity of renewable energy sources has increased, leading to a rise in Türkiye’s total installed capacity. She emphasized that the installed capacity of thermal power plants did not increase, indicating that Türkiye aims to meet its growing energy demand through renewable sources while also reducing carbon emissions.
Moreover, she underlined that updating renewable energy targets for 2035 to be “more ambitious” is important as it demonstrates Türkiye’s commitment to reducing energy dependence and combating global warming and climate change.
“While aiming for the 2053 net zero emission target, Türkiye plans to increase its installed capacity based solely on wind and solar energy to 120,000 megawatts by 2035. At the end of November, the installed capacity of these two sources was around 32,000 megawatts. The goal of nearly quadrupling this figure shows Türkiye’s seriousness in achieving decarbonization and minimizing energy dependence,” she expressed.
Domestic oil, gas production
At the same time, Özdemir noted that the rise in domestic oil and natural gas production also played a significant role in reducing energy imports.
“In November last year, Türkiye’s oil production reached 3.425 million barrels nationwide, with nearly half of this coming from the Gabar Field alone. Meanwhile, increased production in the Sakarya Gas Field reached 7 million cubic meters (mcm), meeting the consumption needs of nearly 3.5 million households,” she added.
She emphasized that continued growth in production could further reduce dependence on foreign energy sources and make it easier to close the energy-related trade deficit.
The latest data from the Turkish Statistical Institute (TurkStat) revealed on Thursday that the country’s energy imports bill declined by 2% in January year-over-year to nearly $6.4 billion.
Kenan Aslanlı, an associate professor at Ankara Yıldırım Beyazıt University’s Department of International Relations, also highlighted several factors contributing to the decrease in Türkiye’s energy imports. These include the expansion of renewable energy investments, efficiency and conservation measures in energy consumption, a decline in domestic energy demand, and changes in international energy prices.
Aslanlı also mentioned that the decline was influenced by Brent crude oil’s futures price dropping by $2 compared to the previous year, settling at around $80 per barrel.
“If the reduction in energy imports becomes a permanent trend and is driven not only by cyclical fluctuations in global energy prices but also by more lasting factors such as increased domestic renewable, fossil fuel, and nuclear energy production and energy efficiency, this trend could have lasting benefits for the Turkish economy,” he outlined.
Since energy imports are a major component of Türkiye’s current account deficit, Aslanlı emphasized that a permanent reduction in energy imports could also help narrow the deficit.
“Moreover, a decline in energy imports could contribute to an increase in Türkiye’s foreign exchange reserves and even have a positive impact on economic growth in the medium term,” he added.
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