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Türkiye'de elektrik dağıtım şirketleri için sermaye maliyetinin belirlenmesi: analiz ve öneriler

Determining the cost of capital for Turkish electricity distribution utilities: Analysis and recommendations

Journal Name:

  • İstanbul Üniversitesi İşletme Fakültesi Dergisi

Publication Year:

  • 2012

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Abstract (2. Language): 
Turkey has been transforming her electricity market to a competitive one since the electricity market law was approved by the parliament in 2001. As part of the new regime, electricity distribution activities are subject to incentive-based regulation by the energy regulator - EMRA. At the beginning of each implementation period, initial revenue is allowed by EMRA for a distribution utility in which a rate of return for investments in the utility is added. Setting a fair rate is relatively easy for mature markets; however, it is rather difficult for countries like Turkey. The models applicable to Turkey take the perspective of a global investor, provide different results and thus are not helpful as they do not even guide EMRA in accomplishing its tasks. As a result, EMRA is applying the same rate to all utilities. This would be logical when the state or the same private group owns all utilities in the country. However, the Turkish government is now privatizing distribution utilities. Currently, different distribution utilities have different shareholders with different return expectations. Therefore, each utility must be allowed different rates of return. Unfortunately, the models applicable to Turkey provide either countrywide or industry specific cost of capital figures.
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Abstract (Original Language): 
Türkiye, Elektrik Piyasası Kanunu’nun 2001 yılında TBMM'de kabul edilmesiyle birlikte elektrik piyasasını rekabete dayalı hale dönüştürmektedir. Yeni piyasa yapısının parçası olarak, elektrik dağıtım şirketleri enerji düzenleme kurumu olan EMRA’nın teşvik esaslı düzenlemesine tabidir. Herbir uygulama döneminin başında, dağıtım şirketine yaptığı yatırımlara karşılık olarak bir getiriyi de içeren başlangıç gelir tavanı EMRA tarafından belirlenmektedir. Gelişmiş ülkeler için makul bir getiri oranının belirlenmesi göreceli olarak kolay olmasına rağmen bu işlem Türkiye gibi ülkeler için oldukça zordur. Türkiye için uygulanabilir modeller küresel yatırımcı perspektifini benimsemekte, farklı sonuçlar üretmekte, EMRA’ya görevlerini yerine getirmede kılavuzluk görevi yapmamakta ve yardımcı olamamaktadır. Bu itibarla, EMRA tüm şebeke şirketlerine aynı getiri oranını uygulamaktadır. Bu şekildeki bir uygulama, kamunun veya aynı özel şirketin ülkedeki tüm şebeke şirketlerine sahip olması halinde tutarlı olacaktır. Ancak, Türkiye'deki hükümet halen dağıtım şirketlerini özelleştirmektedir. Mevcut durum itibarıyla, farklı dağıtım şirketleri farklı getiri beklentilerine sahip ortaklık yapısına sahiptir. Sonuç olarak, herbir dağıtım şirketine farklı getiri oranı verilmesi gerekmektedir. Ancak, Türkiye'de uygulanabilir modeller ya ülke bazında ya da endüstri bazında sermaye maliyeti değerleri üretmektedir.
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