ENİS AMASYALI

Renewable energy investments during and after COVID-19

Abstract

We have once again seen the importance of ensuring the uninterrupted continuity of energy generation in our lives in this challenging period due to COVID-19 for all sectors of the economy. Within the framework of reduced demand, decreased prices, increased installed power and priority to the grid access, the renewable energy generators provided a remarkable portion of the electricity generation in this period.
The first implication of the COVID-19 pandemic was the disrupted supply chain, then followed by the delayed administrative processes and construction, erection activities for the ongoing renewable energy investments in Turkey. All these brought the high risk of losing YEKDEM (FiT) mechanism to the projects already secured finance. Following the first publicly declared COVID-19 case and lock down in Turkey, several actions are taken ranging from crisis management, measures to combat with the pandemic and corporate social responsibility projects. The investments progressed at a slow pace.

Recently, the International Energy Agency stated its prediction that renewable energy will be the only type of fuel in 2020 which will not encounter any demand drop globally. IEA indicated that the renewable investments will slow down in short run, however recover in mid run. On the other hand the parallel ongoing oil crisis has deepened further with the effects of COVID-19 and made the future of energy equation more than complex. In the next period the recovery of the economy and the employment will be the first priorities of the governments. Considering renewable energy’s contribution to the GDP growth, employment and transition to the low carbon economy, the coverage of the renewable energy by the big stimulus packages will define the growth trend of the renewable energy in the future. For the ongoing investments in Turkey, extension of the existing YEKDEM (FiT) mechanism due to the effects of the COVID-19, the future FiT mechanism, predictability, the terms and conditions of the upcoming auctions and access to the attractive financing options will define the speed of the investments.

According to IEA, the global carbon emission level in 2020 is expected to decrease to that level of year 2010. However experience shows that most likely economic recovery will trigger a large rebound.
Finally, a pandemic and climate change are both existential challenges facing the whole human race transcending the borders. Considering also climate change, within framework of low carbon economy transition, renewable energy investments shall continue to grow increasingly and systems such as carbon pricing shall support this development further.

Biography

Enis Amasyalı holds a Bachelor of Science degree in electrical engineering from Istanbul Technical University and an Executive MBA degree from Sabancı University.
From 1996 to 2000, he worked as electrical engineer/project manager (electrical works) at Baytur İnşaat and at its subcontractors. He then joined Siemens Turkey in year 2000. He managed several projects as certified senior project manager in various industries. Following, he directed the Project Management Office and then the Industry Sales Group.
Since 2011, Enis Amasyalı has been working as Assistant General Manager responsible for Investments at Borusan EnBW Energy. As one of the leading renewable energy companies of Turkey, Borusan EnBW Enerji presently owns a portfolio of 1.156 MWs, thereof 505 MWs in operation, 219 MWs in investment and 432 MWs in development phase.