Privatization of Turkey's Electricity Distribution Industry

CONFIDENTIAL
TEASER
Privatization of Turkey’s Electricity
Distribution Industry
PA, TEDAS AND D I STRI BUT I ON COMPANY DO NOT ASSUME ANY
RESPONSI B I L I TY W I TH RESPECT TO THE CORRECTNESS,
COMPLETENESS AND MATERI AL FA I LURES REGARDI NG
I NFORMATI ON AND DATA CONTAI NED I N THI S TEAS ER. THI S
TEASER DO NOT BI ND PA, TEDAS AND COMPANY BY NO MEANS
WHATSOEVER.
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CONFIDENTIAL
Table of Contents
1. TEDAS PRIVATIZATION OVERVIEW 3
2. KEY ASPECTS OF THE INTENDED PRIVATIZATION 5
A. TSS MODEL 5
B. ELECTRICITY TARIFFS 5
C. POWER SUPPLY GUARANTEE 7
D. INVESTMENT OBLIGATIONS 8
3. INVESTMENT CONSIDERATIONS 10
4. TURKISH ELECTRICITY MARKET OVERVIEW 11
5. TENDER PROCESS 16
A. TENDER PROCESS 16
6. APPENDICES 17
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1. TEDAS PRIVATIZATION OVERVIEW
Republic of Turkey Prime Ministry Privatization Administration (“PA”) is resuming the
privatization of Turkey’s electricity distribution utility, Turkiye Elektrik Dagitim Anonim
Sirketi (“TEDAS”). TEDAS is a Turkish State-owned joint-stock company engaged in the
distribution and retail sale of electricity and provision of retail services to final customers.
Turkey’s electricity distribution network has been divided into 21 distribution regions as
announced in the Strategy Paper. TEDAS, which owns 20 of the 21 regions, has been
included in the privatization programme, and a separate distribution company has been
established in each of these 20 regions. Out of these 20 regions BASKENT and SEDAS
have been privatized and handed over to private investors at the beginning of 2009. For
MERAM and ARAS; privatization tenders have been held but the hand over process has not
started yet. MENDERES and GÖKSU have been excluded from the privatization
programme. With approximately 30.5 million customers, 134 billion kWh of electricity sales
and 98% market share in electricity distribution across Turkey in 2008 (including privatized
and excluded companies), TEDAS and its distribution companies together form one of the
largest organizations in the country.
The PA decided to proceed with the privatization of the electricity distribution sector,
announcing on 10.04.2009 and 17.04.2009 the tender of three companies, each operating in
one region, namely:
• Region 16: Osmangazi Electricity Distribution Ltd. (“OSMANGAZI”);
• Region 4: Çoruh Electricity Distribution Ltd. (“ÇORUH”).
• Region 21: Yesilirmak Electricity Distribution Ltd. (“YESILIRMAK”)
Privatization of distribution companies will be executed using a Transfer of Operating Rights
(“TOR”) backed Share Sale model ("TSS model"). According to this model, the investor will
be the sole owner of the shares of the distribution company and will be the unique licensee
for the distribution of electricity in the designated region without retaining the ownership of
distribution network assets and other items that are essential for the operation of distribution
assets. The ownership of these distribution assets will remain with TEDAS. The investor,
through its shares in the distribution company, however, will be granted the right to operate
the distribution assets by a Transfer of Operating Rights Agreement ("TOR Agreement")
with TEDAS.
Under the envisaged market structure, privatized electricity distribution companies will
operate as regional monopolies with distribution licenses granted by Energy Markets
Regulatory Authority (“EMRA”). As part of ongoing liberalization efforts in the energy
sector, Turkey’s distribution network was divided into 21 distribution regions based on
geographical proximity, managerial structure, energy demand and other technical/financial
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factors. After the inclusion of TEDAS in the privatization program, a separate distribution
company was established by the PA in each one of the 20 distribution regions owned by
TEDAS. The only distribution region excluded is the region operated by a partially private
company is Kayseri (Region #18), whose operating rights were transferred to KCETAS in
1990.The geographical coverage of the distribution regions are provided in the following
map. 4 of the 20 regions in the program have been privatized by the PA in 2007 and 2008 by
TSS model (BASKENT, SEDAS, ARAS and OSMANGAZI). Hand over process for 2
regions (BASKENT and SEDAS) has been completed in 2009. In addition MENDERES
EDAS, in accordance with law number 3096, has been handed over to the private sector on
15.08.2008 and GÖKSU EDAS has been excluded from the privatization program in 2009
so that it could be handed over as per law number 3096.
13
11
12
GEOGRAPHICAL COVERAGE OF DISTRIBUTION COMPANIES
17 14 15
16
19 10
9
8
21
7
18
6
20
4
5
1
Private
company
Tender completed
transfer process
ongoing
3
2
1. Dicle elektrik Dagi tim A.S.
2. Vangölü Elektrik Dagitim A.S.
3. Aras Elektrik Dagitim A.S.
4. Çoruh Elektrik Dagitim A.S.
5. Firat Elektrik Dagitim A.S.
6. Çamlibel Elektrik Dagi tim A.S.
7. Toroslar Elektrik Dagitim A.S.
8. Meram Elektrik Dagitim A.S.
9. Baskent Elektrik Dagi tim A.S.
10. Akdeniz Elektrik Dagitim A.S.
11. Gediz Elektrik A.S.
12. Uludag Elektrik Dagitim A.S.
13. Trakya Elektrik Dagitim A.S.
14. Istanbul Elektrik Dagitim A.S.
15. Sakarya Elektrik Dagitim A.S.
16. Osmangazi Elektrik Dagi tim A.S.
17. Bogaziçi Elektrik Dagitim A.S.
18. Kayseri Elektrik Dagi tim A.S.
19. Menderes Elektrik Dagitim A.S.
20. Göksu Elektrik Dagi tim A.S.
21. Yesilirmak Elektrik Dagitim A.S.
* State council has decided on 20.03.2009; a stay of execution of privatization of Aras Elektrik Dagitim A.S. following a law suit filed 2008/13541
E.
Source: PA
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2. KEY ASPECTS OF THE INTENDED PRIVATIZATION
A.TSS MODEL
The aim of the TSS model is to handover an operating distribution company to the investor.
Establishment of the distribution company as a separate legal entity, signing of the TOR
Agreement, provision of distribution and retail sales licenses and signing of the Energy Sales
Agreements have been defined as the necessary steps for the TSS model implementation. All
of these steps have already been completed prior to the privatization tender announcement.
In the TSS model, asset ownership of new as well as existing distribution assets belong to
TEDAS, while the investor attains the right to operate the distribution network together with
the obligation to undertake all new necessary investments. In line with the privatization
purposes and investor expectations:
• The ownership of the existing assets and the new assets arising from investments to be
carried out by the investor belong to TEDAS. The legal obligations relating to the asset
base before the signing of the TOR Agreement (for example, expropriation costs),
however, have been assumed by TEDAS.
• The investor shall purchase the shares of a company which holds the operating rights of
distribution assets and all related assets (e.g., buildings, vehicles, machine park), and the
electricity distribution and retail licenses in a given region.
• All EMRA approved investments shall be realized by the investor and will be recovered
through the tariffs. Except for cases of investor misconduct, the part of investments not
yet recovered via the tariffs shall be paid by TEDAS to the investor upon the expiry or
termination of the contract.
B. ELECTRICITY TARIFFS
According to the general principles as stated in the Electricity Market Strategy Paper 1 ,
Turkish Electricity Market has gone through a process of vast restructuring in core activities
ranging from generation to distribution. Accordingly, a new tariff structure has been
developed inline with the new structural requirements in mind.
The main purpose of the market liberalization is to achieve lower tariffs by increasing overall
system efficiency. Accordingly, the tariffs are calculated as “cost-reflective” based on predetermined
operating and loss/theft improvement targets.
The first tariff implementation period (or transition period) has been set as five years from
2006 to 2010 to serve as the transitory period to fully cost based tariff structure after 2010.
This transitory period has been extended to 2012 by the law numbered 5784 and dated
09.07.2008. The extension also applies to the tariff equalization mechanism. EMRA has
1
Decision of High Planning Council No. 2004/3 dated 17.03.2004
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already approved the end user tariffs and revenue requirements of each distribution company
for the period between 2006 and 2010. Revenue requirements cover the projected expenses
for providing distribution and retail services and provide an allowance for the target level of
technical and non-technical losses. After the expiration of EMRA approved tariffs, the new
end-user tariffs will be determined by the distribution companies in accordance with the
Electricity Market Tariffs Communiqué and the related regulations and will be subject to the
Regulator’s approval.
The first implementation period is designed to have a smooth and gradual transition from
existing tariff structure to a lean and simple tariff structure. As of 2012, most customer
groups will have cost based tariffs.
According to the Electricity Market Law, the Electricity Market Tariffs Communiqué and
other related regulation, the four tariff components 2 ; (a) retail sales, (b) distribution, (c) retail
services and (d) transmission; are governed in an unbundled fashion. Retail sales tariff has a
“price cap” which is set as the basket price of the energy purchased by the distribution
company. Distribution and retail services have “revenue caps” which cover operating
expenses and investment requirements related to distribution and retail services. Transmission
tariff is a complete pass-through of transmission costs as charged by the national transmission
company.
Customers
• Residential
• Commercial
• Industrial
• Agricultural
irrigation
• Street
lighenting
Distribution system
usage tariff
DECOMPOSITION OF END-USER TARIFF
Taxes and other
deductions
Transmission tariff
Retail services tariff
TEIAS
Distribution OPEX
component
Investments
amortization and
cost of capital
component
TOR value
component
Distribution
Other charges*
Company
Lost/theft component
Operating margin
• Pass-through of
transmission costs
Retail tariff
Reference Price
(Energy price)
TETAS
• Pass-through of
energy costs
Total end-user
electricity tariff
* Duel-term tariffs: capacity charge, penalty for overload and reactive energy fee
Source: TEDAS
As stated in the Strategy Paper, the existing “national tariff” scheme will be maintained for
the first tariff implementation period, rather than implementing “regional tariffs” in order to
2
Excluding taxes and other deductions component
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avoid sudden price fluctuations (currently, regional cost based tariffs vary significantly due to
wide variation of loss/theft levels across the regions). Implementation of national tariffs,
however, will result in revenue imbalances since the distribution company revenues will differ
from its envisaged revenue cap. In order to remove such imbalances, the Regulator will
employ a tariff equalization scheme to transfer revenues across the regions.
TRANSITION PERIOD NATIONAL TARIFFS (1) (Krs/KWh)
2006 2007 2008 2009 2010
Industrial MV 11.63 11.52 11.40 11.30 11.19
Industrial LV 11.63 11.63 11.63 11.63 11.63
Commercial 14.75 14.50 14.15 13.87 13.62
Residential 12.40 12.40 12.64 12.89 13.14
Agricultural Irrigation 11.19 11.19 11.19 11.19 11.19
Lightening 11.97 12.00 12.04 12.07 12.10
(1) Applicable TEDAS wide average Tariffs
Source: EMRA
While the overall tariffs are pre-determined and approved for 2006-2010, the following
revisions are allowed on the tariffs by the regulations:
• Revenue Cap: The revenue caps are guaranteed regardless of the consumption levels in
the region. Namely, if a distribution company underbills its revenue cap due to lower
consumption, tariff adjustment is allowed for the subsequent year accordingly under the
supervision of the Regulator. Moreover, the approved revenue caps for 2006-2010 will be
inflation adjusted based on the changes in the Electricity Market Index (“EMI”)
announced by the Regulator.
• Retail price cap: The distribution company will reflect any increases in its energy sourcing
costs to the price cap through a pass-through mechanism under the supervision of the
Regulator.
Other than the end-user tariffs, customers are also charged a distribution connection fee for
the establishment of the initial connection to the distribution network, a collateral amount as
a warranty for non-payment, and a disconnection/reconnection fee in case a disconnection
or reconnection is required.
C. POWER SUPPLY GUARANTEE
It is stated in the Strategy Paper that during the transition period 2006-2010, distribution
companies are to procure 85% of the regional energy demand consumed by non-eligible
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customers from TETAS and the portfolio generation companies carved out of EUAS.
Accordingly, each distribution company inherited Energy Sales Agreements with TETAS and
EUAS portfolio companies, which secure the majority of distribution companies’ energy
needs for the transition period. In parallel with the extension of the transition period to 2012,
Energy These Energy Sales Agreements have been established based on regulated prices for
the transition period. After transition period, the distribution company will freely source its
wholesale energy needs from alternative sources, e.g., bilateral contracts, spot market, vertical
integration. The market balancing and settlement mechanism under the national transmission
company, which has become operational recently in 2006, will remove daily market
imbalances.
D. INVESTMENT OBLIGATIONS
One of the primary objectives of privatization is to finance required distribution system and
network improvements and expansions through private sector investments, thereby
removing the burden of such investments away from the State budget. Investments are of
great importance in ensuring continuity and quality of service in electricity distribution.
The annual expansion, replacement and improvement investments that are required in each
of the 20 distribution regions during the first tariff implementation period (2006 – 2010) have
been determined during the preparation of the end-user tariffs. For TEDAS as a whole, the
investment requirement for the transition period is a total of YTL 2,750 million in 2006 YTL
terms, distributed equally to each year of the transition period. These investments have been
embedded into the first implementation period tariffs approved by the Regulator; hence, they
will be recouped by the distribution companies over time. Investment expenditures consist of
three components:
• Expansion investments and expropriation cost: Investment expenditures for increasing
the capacity of the existing network and the associated expropriation and right of way
costs
• Replacement investments: Investment expenditures for the replacement of the economic
assets that have completed their economic lives in the existing network
• Continuing investments: Investment expenditures for the completion of the already
contracted projects, most of which are still continuing
After 2010, distribution companies will prepare annual investment plans each year by making
projections on consumption growth, analyzing network expansion requirements and other
technical parameters. They will then present these investment plans to EMRA for approval.
After receiving EMRA approval, distribution companies are obliged to implement the
approved plans. Implementation of these investments (i.e. investment amount and form) will
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be monitored through investment control and quality measurement mechanisms set up by
the Regulator in collaboration with the distribution companies.
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3. INVESTMENT CONSIDERA TIONS
EMRA approved tariffs do incorporate an allowed level of regulated return on the electricity
sales & distribution activities and investment requirements that will be undertaken by the
distribution company. In addition to this allowed level of return, the distribution company can
create substantial value by overperforming beyond the pre-approved loss/theft and operational
efficiency targets. From the investor’s perspective and for the overall development of the
electricity sector, the benefits and opportunities of the envisaged system can be summarized as
follows:
• The investor is allowed to retain excess value derived from outperforming the predetermined
theft/loss targets approved by the Regulator. Accordingly, as a result of this
policy, technical and non-technical losses, which have become an excessive financial
burden in Turkey over the years, will be reduced to single digit figures.
• The investor is allowed to retain the savings achieved through procuring energy at a
lower cost than the regulated reference price. This policy will pave the way for
construction of low-cost electricity production facilities.
• The investor is allowed to retain excess value derived from outperforming the predetermined
operational improvement targets approved by the Regulator. This will trigger
efficiency improvement in electricity distribution. At each distribution company,
substantial operational efficiency improvement is achievable through optimizing core
business processes such as billing and collections, arranging and redesigning work flows,
enabling effective coordination between divisions, improving information systems and
infrastructure and optimizing personnel productivity.
• Particularly after year 2010, distribution companies will be able to vertically integrate to
produce electricity and sell excess production in an open market, thereby increasing their
revenues. Vertical integration will be instrumental in the development of an open market
in electricity.
In a broader perspective, Turkey provides a strategic geographic position in the European
energy markets with a stable and high growing electricity industry. Introduction of an
effective regulation and a liberal market structure has further enhanced the industry growth
prospects for the coming years. The Turkish electricity sector has been modeled on EU
market structure and a transparent regulatory framework has been set by the independent
authority, EMRA. In the following years further opportunities will arise for the privatized
distribution companies from privatization/liberalization in the energy sector particularly in
the generation area.
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4. TURKISH ELECTRICITY MARKET OVERVIEW
The electricity industry is a large, high-growth sector in the Turkish economy. The industry
constitutes an important part of the country’s GDP and is a USD 18.5 billion industry based
on current end-user prices. The sector’s share in the Turkish economy has been growing
rapidly, given the 10.6% per annum growth in electricity demand over the past two decades.
This rate of demand growth has been higher than the growth rates seen in other major
Turkish industries and outstrips growth in the Turkish economy overall.
In 2007, the Turkish electricity sector recorded approximately 182 billion kWh of gross
consumption (total consumption including loss/theft, internal consumption and exports) and
155 billion kWh of net consumption (excluding loss/theft, internal consumption and
exports). The industrials customer group represent approximately 50% of the total demand,
while residential customers consume slightly less than a quarter of the total. Commercials
customer group, excluding public institutions, is placed third in terms of consumption with a
14% share.
Distribution losses of the system, which amounted to 26.6 billion kWh in 2007, are high
compared to international benchmarks. Accordingly, one of the primary objectives of the
electricity sector reform has been defined as reducing the loss/theft ratio to OECD levels.
Electricity generation, imports & exports, distribution losses and the net consumption of
main customer groups in 2007are summarized in the following chart.
GENERATION & NET CONSUMPTION (1) , 2007
PRODUCTION
191.6 TWh
INTERNAL
CONSUMPTION
8.2 TWh
TOTAL
192.5 TWh
GRID LOSS
4.5 TWh
DISTRIBUTION LOSS
22.1 TWh
IMPORT
0.9 TWh
EXPORT
2.4 TWh
Industrial
Residential
74.5 TWh
37.2 TWh
Commercial
21.7 TWh
Other
21.7 TWh
CONSUMPTION
155.1 TWh
(1) Figures are in TWh; 1 TWh equals 1 billion kWh
Source: TEDAS, TEIAS
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Electricity consumption growth has historically been less volatile than the overall economic
growth in Turkey. Between 1980 and 2007, GDP growth displayed a wide variance with a
standard deviation of 4.6% around an average growth rate of around 4%. Consumption
growth in the electricity sector during the same time period displayed a lower standard
deviation of 3.0%, around a higher average growth rate of approximately 8%. As can be seen
in the next chart, electricity consumption growth was negative only in a single year over the
past 27 years.
ELECTRICITY CONSUMPTION VS. GDP GROWTH, 1980- 2007
GDP growth
Percent
10
5
0
• Average growth:
%4,3
• Standard deviation:
%4,6
-5
-10
1980 81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99 2000
01
02
03
04
05
06 2007
Electrictyconsumption growth
Percent
15
10
5
• Average growth:
%7,8
• Standard deviation:
%3,0
0
-5
1980 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 2000 01 02 03 04 05 06 2007
Source: TEDAS, SIS
Despite increasing demand, Turkey’s per capita gross consumption is still very low at 2,427
kWh compared to the EU average of 6,602 kWh. According to the Ministry of Energy and
Natural Resources (“MENR”) 2004-2020 projections that assume a continued cumulative
annual growth rate of 7.7% in gross demand, per capita consumption is forecasted to reach
5,700 kWh by 2020.
Electricity consumption in Turkey has been growing at very high rates since the early 1980s.
The next chart illustrates consumption growth for each customer group over the past two
and a half decades. During the 1980s, average consumption growth was the same for all
customer groups around 8%. After 1990s, however, consumption growth for residential and
commercials customer groups outpaced that of industrials customer group. Nevertheless, the
industrials segment still accounts for approximately 50% of electricity consumption in
Turkey.
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ELECTRICITY CONSUMPTION BY CUSTOMER GROUP, 1980 – 2007 (TWh)
Industrial/
autoproducers
Residentials
Commercial
Other*
20,6
6% 22% 9%
64%
29,7
10%
19%
66%
5%
46,8
13% 5%
20%
62%
67,4
16%
6%
22%
56%
CAGR
7,8%
99,3
17%
10%
24%
50%
121,1
15%
13%
23%
49%
143,1
14%
14%
24%
48%
155,1
14%
14%
24%
48%
Estimated
industry revenues
US$ billion
1980
1985
1990
1995
0.9 1.7 3.5 5.1 7.7 11.5 15.0
(1) Electricity used by public institutions, lightening, agricultural irrigation and non profit organizations such as schools and hospitals
Sources: TEDAS, TEIAS
The forces that fuel growth in the sector are continued economic and industrial development,
population growth and improving income levels. According to projections prepared by the
national transmission company TEIAS on supply growth, there is sufficient supply capacity
at least until year 2009. Required investments for more capacity are expected to be covered
primarily by private sector investments. Should this not take place, the State will take
necessary measures to provide additional capacity, including imports and rehabilitation of
existing plants to provide supply assurance, as stated in the Strategy Paper.
Turkish electricity sector was dominated by the State-owned vertically integrated company
Turkiye Elektrik Kurunu (“TEK”) until the early 1990s. In 1993, in view of market
liberalization and privatization, TEK was separated into TEAS (generation, transmission and
wholesale) and TEDAS (distribution). Then, with the enactment of the Electricity Market
Law in 2001, TEAS was further unbundled into EUAS (generation), TETAS (wholesale) and
TEIAS (transmission), each being organized as a separate legal entity.
2000
2004
2006
2007
18.5
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HISTORICAL DEVELOPMENT OF MARKET STRUCTURE
Before 1993
TEK
(generation, transmission & distribution)
Between
1993 - 2003
TEAS
(generation & transmission)
TEDAS
(distribution)
After 2003
EUAS
(generation)
TEIAS
(transmission)
TETAS
(wholesale)
21 COMPANIES
(distribution)
Source: PA
• EUAS was envisaged to take over the ownership and the operation of the State thermal
power plants from TEAS and the hydroelectric power plants from the Devlet Su Isleri
(“State Water Works”). EUAS was also empowered to build, lease and operate new
generation facilities, if deemed necessary, in accordance with the EMRA approved
generation capacity projections and taking into consideration the generation investments
by the private sector.
• TETAS was created to conduct wholesale operations and take over the existing energy
sale and purchase agreements from TEAS and TEDAS. TETAS was also held
responsible for managing the stranded costs associated with the Build Operate (“BO”),
Build Operate Transfer (“BOT”) and TOR generation contracts.
• TEIAS took over all transmission facilities owned by the State and was named
responsible for transmission system operations and maintenance, developing
transmission investment plans for new facilities and also for operating the market
financial reconciliation center.
Currently, State dominance is still very much prevalent across the electricity value chain. In
2008, EUAS and its subsidiaries held 58% of the total installed generation capacity in Turkey
and generated 49% of electricity produced countrywide. In transmission and wholesale,
TEIAS and TETAS operate, and at the lower end of the value chain, TEDAS and its
distribution companies are covering 17 of the 21 distribution regions with 79% share in
distribution, 75% share in countrywide electricity retail sales.
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ELECTRICITY SECTOR VALUE CHAIN, 2008
Electricity sector value chain
Value chain
Public/private
ownership
Private
producers*
Generation Transmission Distribution Retail sales
• Still State dominated
with private players
slowly increasing their
share in the past 5 years
43%
8%
EÜ AS
& subsidiaries
Autoproducers
49%
• Totally under State
control
100%
TEIAS
(1) Private producers include BO, BOT, TOR and mobile power plants
(2) Transfers of Baskent and Sakarya wer completed after 2008
Source: TEIAS, TEDAS
• Still controlled by State
in 17 out of 21
distribution regions
(Transfer process for
Aras and Meram are
ongoing )
• Eligible customers are
able to source energy
through channels other
than TEDAS
Privatized
Compaies (Baskent and SEDAS)
Menderes
Other
EDAS 15%
KCETAS
25%
2% 4%
79%
TEDAS
75%
TEDAS
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5. TENDER PROCESS
A.TENDER PROCESS
Main steps of the tender process are laid down below in chronological order.
• Tender announcement
• Signing of confidentiality agreements and release of information memorandums
• Submission of pre qualification and tender documents
• Pre-qualification assessment
• Opening of the data room; management presentations; investor Q&A
• Submission of bid, bid bond, tender documentation, and final pre-qualifying documents
by the investors
• Assessment of the bids
• Auction or negotiation with the remaining bidders
• Conclusion of the tender
• Preliminary approval of EMRA
• Competition Authority approval
• Procurement of Privatization High Council decision
• Signing of the Share Sale Agreement
• EMRA registration and transfer of shares
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6. APPENDICES
NUMBER OF CUSTOMERS (‘000), 2008
Residential Commercial Industrial
Agricultural
Irrigation
# REGIONS (%)
Other
Total
Share in
TEDAS
1 DICLE EDAS. 871,9 123,8 2,9 14,7 31,0 1.044,3 3,4%
2 VANGÖLÜ EDAS. 345,9 41,0 0,3 1,1 13,1 401,4 1,3%
3 ARAS EDAS. 616,3 75,5 1,3 0,9 31,3 725,2 2,4%
4 ÇORUH EDAS 855,6 97,3 1,4 1,9 33,4 989,6 3,2%
5 FIRAT EDAS 548,0 67,7 1,0 23,7 23,3 663,7 2,2%
6 ÇAMLIBEL EDAS 633,2 71,9 1,2 4,1 24,2 734,7 2,4%
7 TOROSLAR EDAS 2.127,8 331,8 7,6 61,3 68,9 2.597,4 8,5%
8 MERAM EDAS 1.230,5 180,5 3,0 38,4 78,1 1.530,5 5,0%
9 BASKENT EDAS 2.591,4 354,7 4,6 12,9 112,3 3.075,8 10,1%
10 AKDENIZ EDAS 1.149,2 189,3 2,0 75,4 54,0 1.469,8 4,8%
11 GEDIZ EDAS 1.912,3 289,7 3,6 71,1 54,8 2.331,5 7,6%
12 ULUDAG EDAS 1.877,3 293,2 6,5 19,6 81,9 2.278,5 7,5%
13 TRAKYA EDAS 626,0 97,2 2,6 3,0 38,9 767,8 2,5%
14 AYEDAS 1.813,7 40,2 2,2 0,0 181,7 2.037,9 6,7%
15 SAKARYA EDAS 1.094,6 167,2 1,9 4,2 39,4 1.307,3 4,3%
16 OSMANGAZI EDAS 1.045,1 160,2 4,7 18,6 48,7 1.277,3 4,2%
17 BOGAZIÇI EDAS 3.090,1 619,5 67,7 0,3 55,2 3.832,8 12,6%
19 MENDERES EDAS 1.156,9 192,9 13,8 54,1 58,0 1.475,7 4,8%
20 GÖKSU EDAS 402,8 50,3 0,7 8,6 17,4 479,8 1,6%
21 YESILIRMAK EDAS 1.224,2 161,1 2,9 26,0 52,4 1.466,7 4,8%
Kaynak: TEDAS
TOTAL 25.213,0 3.604,8 131,9 439,8 1.098,1 30.487,5 100,0%
CONSUMPTION (GWH), 2008
Agricultural
Share in
Residential Commercial Industrial
Other Total
Irrigation
TEDAS
# REGIONS (GWh) (GWh) (GWh) (GWh) (GWh) (GWh) (%)
1 DICLE EDAS. 1.501,7 469,8 1.048,6 732,1 1.461,9 5.214,0 3,9%
2 VANGÖLÜ EDAS. 458,3 132,1 74,4 8,7 463,7 1.137,2 0,8%
3 ARAS EDAS. 736,3 227,0 111,5 16,6 564,4 1.655,8 1,2%
4 ÇORUH EDAS 959,2 317,9 463,4 2,0 525,2 2.267,7 1,7%
5 FIRAT EDAS 580,6 196,6 540,3 124,9 702,9 2.145,2 1,6%
6 ÇAMLIBEL EDAS 621,6 199,5 792,3 83,5 391,0 2.087,9 1,6%
7 TOROSLAR EDAS 3.576,0 1.552,6 6.493,8 454,7 1.827,9 13.904,9 10,3%
8 MERAM EDAS 1.324,9 606,1 1.651,4 1.401,2 875,4 5.858,9 4,4%
9 BASKENT EDAS 3.801,5 1.960,3 2.517,6 139,1 2.743,0 11.161,5 8,3%
10 AKDENIZ EDAS 1.666,9 1.964,6 1.063,7 207,9 1.145,4 6.048,6 4,5%
11 GEDIZ EDAS 3.809,8 1.781,4 3.065,9 581,5 4.623,3 13.861,9 10,3%
12 ULUDAG EDAS 2.431,3 1.316,3 5.950,1 108,4 1.134,4 10.940,5 8,1%
13 TRAKYA EDAS 904,0 368,1 3.428,8 100,6 671,7 5.473,2 4,1%
14 AYEDAS 3.569,4 2.061,1 1.842,1 0,4 1.199,0 8.672,1 6,5%
15 SAKARYA EDAS 1.612,9 907,1 5.036,2 12,2 1.192,1 8.760,5 6,5%
16 OSMANGAZI EDAS 1.122,1 519,0 2.361,3 237,5 801,7 5.041,7 3,8%
17 BOGAZIÇI EDAS 5.692,7 5.974,6 5.244,5 1,6 2.034,1 18.947,6 14,1%
19 MENDERES EDAS 1.127,8 770,4 1.134,1 119,7 663,3 3.815,4 2,8%
20 GÖKSU EDAS 520,5 177,8 2.129,2 110,3 364,8 3.302,6 2,5%
21 YESILIRMAK EDAS 1.433,0 478,0 1.197,8 79,6 874,2 4.062,7 3,0%
Kaynak: TEDAS
TOTAL 37.450,4 21.980,4 46.146,9 4.522,6 24.259,5 134.359,8 100,0%
17

CONFIDENTIAL
LOSS AND THEFT, 2008
Number of
Purchased Sold
Lost and Theft Lost and Theft Customers,
Electricity Electricity
2007
# REGIONS (GWh) (GWh) (GWh) (%) Million
1 DICLE EDAS. 14.576 5.214 9.362 64,2% 1,04
2 VANGÖLÜ EDAS. 2.580 1.137 1.443 55,9% 0,40
3 ARAS EDAS. 2.274 1.656 618 27,2% 0,73
4 ÇORUH EDAS 2.538 2.268 270 10,7% 0,99
5 FIRAT EDAS 2.396 2.145 250 10,5% 0,66
6 ÇAMLIBEL EDAS 2.290 2.088 202 8,8% 0,73
7 TOROSLAR EDAS 15.263 13.905 1.358 8,9% 2,60
8 MERAM EDAS 6.394 5.859 535 8,4% 1,53
9 BASKENT EDAS 12.167 11.161 1.005 8,3% 3,08
10 AKDENIZ EDAS 6.646 6.049 597 9,0% 1,47
11 GEDIZ EDAS 14.797 13.862 935 6,3% 2,33
12 ULUDAG EDAS 11.643 10.941 702 6,0% 2,28
13 TRAKYA EDAS 5.886 5.473 413 7,0% 0,77
14 AYEDAS 9.491 8.672 819 8,6% 2,04
15 SAKARYA EDAS 9.349 8.760 588 6,3% 1,31
16 OSMANGAZI EDAS 5.320 5.042 278 5,2% 1,28
17 BOGAZIÇI EDAS 21.282 18.948 2.335 11,0% 3,83
19 MENDERES EDAS 3.982 3.815 167 4,2% 1,48
20 GÖKSU EDAS 3.562 3.303 260 7,3% 0,48
21 YESILIRMAK EDAS 4.467 4.063 405 9,1% 1,47
Kaynak: TEDAS
TOTAL 156.901 134.360 22.542 14,4% 30,49
18