Views on Turkey's impending ESCO market: Is it promising?

Okay, Esin; Okay, Nesrin; Konukman, Alp Er S.; Akman, Uğur

doi:10.1016/j.enpol.2008.02.024

Cited by 30 publications

(22 citation statements)

References 7 publications

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“…Onaygil and Meylani (2007) give an overview of the ESCOs and provide policy suggestions for the forthcoming Turkish ESCO market. Okay et al, (2008) present views with regard to the funding and related risks that are likely to be associated with the forthcoming Turkish ESCO market. These views are backed up with Turkish credit and banking market performance and the lessons learned from implementation of some EU-related projects involving the banking sector and small-andmedium-sized enterprises.…”

Section: Review Of Esco Facts and Literaturementioning

confidence: 99%

“…Views on the funding and related risks that are likely to be associated with Turkey's upcoming ESCO market and its relationship with the universities and R&D centers had been given by Okay et al (2008). Views on innovation and energy profiles in the Turkish manufacturing sector, in terms of GDP growth, sectoral innovation intensities, energy consumptions, and energy-saving potentials has recently given by Okay et al (2009).…”

Section: Motivationmentioning

confidence: 99%

“…Bank financing of ESCOs, instead of clients, is a well accepted model which allows the entry of private capital into the sector and offers instant modernization projects. The financing mechanism of the ESCOs is generally classified as the "guaranteed savings" and "shared savings" (Bertoldi and Rezessy, 2005;Bertoldi et al, 4/35 2006, Okay et al, 2008). In the "guaranteed savings" mechanism, the ESCO guarantees a certain level of energy, savings sufficient to cover clients' annual debt obligation (Goldman, 2003), and protect the client from any performance risk, and the clients are financed directly by banks or by a financing agency.…”

Section: Review Of Esco Facts and Literaturementioning

confidence: 99%

“…2006, Okay et al, 2008). In the "guaranteed savings" mechanism, the ESCO guarantees a certain level of energy, savings sufficient to cover clients' annual debt obligation (Goldman, 2003), and protect the client from any performance risk, and the clients are financed directly by banks or by a financing agency.…”

Section: Review Of Esco Facts and Literaturementioning

confidence: 99%

“…Reflecting this policy, Turkish manufacturing sectors had not been very energy efficient, and R&D and innovation activities had not been very much concerned with energy saving and energy efficiency. However, recent laws EEL and RDL aim to revert this supply-oriented policy towards saving and efficiency.Views on the funding and related risks that are likely to be associated with Turkey's upcoming ESCO market and its relationship with the universities and R&D centers had been given by Okay et al (2008). Views on innovation and energy profiles in the Turkish manufacturing sector, in terms of GDP growth, sectoral innovation intensities, energy consumptions, and energy-saving potentials has recently given by Okay et al (2009).…”

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confidence: 99%

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Analysis of ESCO activities using country indicators

Okay

Akman

2010

Renewable and Sustainable Energy Reviews

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Energy Service Companies (ESCOs) are private sector instruments that offer energy-/emission-improvement (energy saving, energy efficiency, energy conservation, emission reduction) projects in the developed and in some developing countries. Literature reveals that energy-/emission-improvements of countries may be related to their innovation-and R&D-activity levels. In this work, we use a literature data on the activities and the sectors targeted by ESCOs in 38 countries, summarized in terms of the age of ESCO market (AEM), number of ESCO companies (NE), and total value of ESCO projects (VE). Along with the Global Innovation Index (GII) data of the countries, we investigate the relationships among the ESCO Indicators (EIs: AEM, NE, VE, sectors targeted by ESCOs), and the Country Indicators (CIs: GII and per-capita GDP, energy consumption, CO2 emission). We observe noteworthy dependencies between the EIs and CIs. Using the simple trend equations we estimate the missing VEs in the original data. We also project, as a hint for the size and orientation of the upcoming Turkish ESCO market, the set of EIs and the distribution of the sectors that are likely to be targeted by ESCOs in Turkey. Keywords:Energy service companies; ESCO; Global Innovation Index; GDP; Energy consumption; Greenhouse-gas (CO2) emission; R&D.Munich Personal RePEc Archive Edition. Reproduction & distribution subject to approval of the corresponding author or the copyright owner. If you are going to cite this work please contact the corresponding author to learn its current status. Analysis of ESCO Activities MotivationESCOs, as private-sector instruments, guarantee and deliver energy improvements (saving, efficiency, conservation) to their clients. An ESCO's remuneration is tied to the energy improvement actually achieved. ESCOs may finance, or assist in financing, an energy project by providing improvement guarantee.Behind our motivation for the analysis of ESCO activities, innovations, energy consumptions, emissions, and GDPs of countries there are two important and implicitlyrelated recent laws of Turkey.Turkey's Energy Efficiency Law (EEL) was enacted in 2007, partially as a result of Turkey's tasks of complying with the European Union (EU) directives. Turkey's EEL aims to end the state monopoly by allowing private-sector participation and competition under independent regulation. One important facet of the EEL was the establishment of an ESCO market, which is currently the hot issue in the Turkish energy market.Turkey's recent law "Law About the Support of R&D Activities" (RDL in short) supports generation of technological know-how to make the economy internationally competitive through R&D and innovation. RDL exploits innovations in developing technology-intensive products and production processes, improving efficiency and costs, and commercializing technological know-how.Turkey's energy policy had been very much supply-oriented in the past. Reflecting this policy, Turkish manufacturing sectors had not been very energy efficient, and...

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Section: Review Of Esco Facts and Literaturementioning

confidence: 99%

Section: Motivationmentioning

confidence: 99%