Interest in renewables rising, Frost says

The recovery of the global economy and rising oil prices are encouraging investors to turn to renewable energy, according to a recent report by Frost & Sullivan. With increasing attention on the development of renewables, Turkey is among the countries that will witness strong growth in this area, the researcher and consultancy firm said.According to Frost & Sullivan estimates, non-hydro renewables - wind , solar, biomass, geothermal and marine energy - are expected to more than double their global share from 3.6 percent in 2010 to 7.7 percent in 2020.“Turkey is highly dependent on natural gas imports for power generation,” said the report. “This is prompting greater investments in alternative generating options. The state is aiming to increase their share notably by 2023 in the energy mix.”Turkey‘s energy demand is expected to grow by 6-8 percent in the forthcoming years, the report said, emphasizing the key driver of growing interest in renewables.Investments in the solar market have lagged behind due to “lacking complementary regulations,” according to Frost. “The market will hopefully accelerate after the completion of the grid connection regulation that will define the procedures and the technical details of the connection of the solar systems to the grid,” said the report.For wind energy, Turkey’s installed capacity has reached 1,266 megawatts as of the end of 2010, Frost said. However, companies face a “long licensing period” with many procedural changes implemented through the applied projects, the consultancy said. Frost found the 2023 target to reach 20,000 MW in installed capacity “a quite optimistic goal” within the current bureaucratic framework.With a potential of 600 MW, Turkey ranks seventh in the world in geothermal energy. “After the passing of the latest law declaring the new feed-in tariffs among renewables in 2010, the industry promises a brighter future,” Frost said in the report.