Energy Market Regulatory Authority

Ankara, Turkey

Energy Market Regulatory Authority

Ankara, Turkey
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DALLAS, TX--(Marketwired - November 29, 2016) - Park Place Energy Inc. ( : PKPL) ("Park Place" or the "Company") has received the final regulatory approval to purchase three oil and gas exploration and production companies operating in Turkey owned by Tiway Oil BV ("Tiway"). With all required regulatory approvals now in hand, the Company and the seller are now working on the documentation to close the transaction. Closing is anticipated to occur later this year or in January 2017. As previously announced, in December 2015, the Park Place entered into a Share Purchase Agreement with Tiway to acquire the three subsidiaries of Tiway (the "Tiway Companies"). The Tiway Companies are oil and gas exploration and production companies operating in Turkey. They own interests in three producing oil and gas fields, one offshore and two onshore, as well as a number of exploration licenses and operate one of the onshore fields. The purchase price for the Tiway Companies is US $2.1 million. The effective date of the transaction is January 1, 2016. The transaction was subject to the satisfaction of several closing conditions, including the approval of Turkish gas marketing agency, the Energy Market Regulatory Authority of the Republic of Turkey, and the approval of the Turkish agency that regulates petroleum affairs, the General Directorate of Petroleum Affairs of the Ministry of Energy and Natural Resources of the Republic of Turkey, both of which have now been obtained. The Tiway Companies report that current production is about 300 Boe/d (year-to-date average 402 Boe/d) (barrels of oil equivalent per day). Approximately 2/3s of the production is gas (selling now at about $6.50 per mcf) and 1/3 of the production is oil (selling at a slight discount to Brent). The Company is planning operations to enhance gas production levels post-closing. In Bulgaria, the Company is still awaiting clearance to commence its license activities. In April 2014, the Company entered into a license agreement covering a coal bed methane play in Northeast Bulgaria. Prior to commencing work on the license, the Company secured the approval from the Bulgarian environmental agency of its work plans. This decision was appealed to an administrative court. The most recent administrative court proceedings appear favorable and it is anticipated a decision will be forthcoming in early 2017. Park Place Energy Inc. is an energy company engaged in the exploration for oil and natural gas. For further information, please see our website: www.parkplaceenergy.com or email us: contact@parkplaceenergy.com. This release contains forward-looking statements, which are based on current expectations, estimates, and projections about the Company's business and prospects, as well as management's beliefs, and certain assumptions made by management. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "should," "will" and variations of these words are intended to identify forward-looking statements. Such statements speak only as of the date hereof and are subject to change. The Company undertakes no obligation to publicly revise or update any forward-looking statements for any reason. These statements include, but are not limited to, statements about the Company's expansion and business strategies and anticipated growth opportunities and the amount of fundraising necessary to achieve it. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly, actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include operational and geological risks, the ability of the Company to raise necessary funds for exploration; the fact that the Company does not operate all its properties; changes in law or governmental regulations, including tax and environmental requirements; the outcome of commercial negotiations; changes in technical or operating conditions; and other factors discussed from time to time in the Company's Securities and Exchange Commission filings, including but not limited to the most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K.


Murat Sirin S.,Energy Market Regulatory Authority | Ege A.,Middle East Technical University
Renewable and Sustainable Energy Reviews | Year: 2012

Fossil fuels cover most of the energy demand in the world, and this creates significant social, economic and environmental problems. Many countries have taken measures to increase the share of renewable energy sources (RES), especially in electricity generation, and the review of literature shows that the success of a country in RES diffusion depends on a comprehensive renewable energy policy which combines political commitment with stable and long-term support measures that stimulate technological innovation. As the largest economy in the world, EU has also taken steps to increase RES usage in electricity generation in member states. Similar to other developing countries, Turkey is learning lessons from EU experiences regarding RES policies, and Turkey is also reforming its legal framework in line with acquis communautaire as a candidate country. As a result, EU has a multiway impact on Turkeys renewable energy policy. An overview of Turkeys renewable energy policy showed that EU has significantly contributed to Turkey in shaping its renewable energy policy, and Turkey should increase cooperation with EU in order to utilize its renewable energy potential. © 2012 Elsevier Ltd. All rights reserved.


Topkaya S.O.,Energy Market Regulatory Authority
Renewable and Sustainable Energy Reviews | Year: 2012

Market reform, energy security and environmental protection are three primary energy policy goals of Turkish government. Although Turkey's abundant solar energy resources can directly address the government's energy policy goals, Turkey has not utilized solar power yet. Utilization of country's huge solar energy potential would decrease dependence on imported fossil fuels and contribute to fulfill environmental commitments. However, lack of regulatory and financial support for the development of solar power has considerably delayed the utilization of country's huge solar potential. The government has taken only modest steps to promote investment in solar power until the end of 2010 when a new feed-in tariff policy was adapted. Turkey's solar energy potential, PV technology status and prospect for concentrating solar power in Turkey have been explored in a number of studies; yet literature dealing with recent policy developments, associated investment environment and opportunities for solar power investors are limited. The aim of this paper is to set out the latest legal framework for investment in Turkey's emerging solar power market and to provide some guidelines to potential investors who appreciated country's huge solar energy potential. © 2012 Elsevier Ltd. All right reserved.


Erdogdu E.,Energy Market Regulatory Authority
Renewable and Sustainable Energy Reviews | Year: 2014

The last three decades have witnessed many electricity industry reform processes in more than half of the countries in the world. The reforms have aimed, inter alia, at encouraging private investments in electricity infrastructure, enhancing security of electricity supply and making power industry operate in line with the requirements of the sustainable development. Using an original panel dataset from 55 developed and developing countries covering the period from 1975 to 2010, this study aims at finding out to what extent these objectives have been materialized so far. Econometric models are used to identify the effects of electricity market liberalization on these variables. The research findings suggest that the progress toward the electricity market reform is associated with a decline in private investments in the electricity industries of developing countries, higher levels of self-sufficiency in electricity supply and lower CO2 emissions from electricity generation. © 2013 Elsevier Ltd.


Erdogdu E.,Energy Market Regulatory Authority
Applied Energy | Year: 2010

Turkish electricity market law (EML) came into force in 2001 aiming at establishing a financially strong, stable, transparent and competitive electricity market based on bilateral contracts. Also, a balancing and settlement system (BSS) was put into practice in November 2004 to create a market where uncontracted generation can be traded, and actual implementation of the BSS started on August, 1st 2006 following a 21-month virtual implementation period. However, BSS has always been criticized from its beginning as transferring excessive profits to private generation companies. The present paper analyzes the implementation of BSS and argues that current BSS not only undermines the healthy development of the electricity market in Turkey but also prevents power investments due to uncertainties it created. It concludes that since the inconsistency between the objectives of EML and results of BSS in practice is obvious, Turkish policy makers need to modify current electricity market policy in line with suggestions presented in the paper. © 2009 Elsevier Ltd. All rights reserved.


Sirin S.M.,Energy Market Regulatory Authority
Energy Policy | Year: 2010

Nuclear energy, which was once considered as the fuel of future and was abandoned after Chernobyl accident, has emerged recently in Developed and developing countries as an option to combat climate change, to secure supply and to achieve sustainable development. Turkey, a developing country where most of the electricity is produced from fossil fuels and which has energy security problems, has adopted a new legislation giving financial incentives for nuclear power plant construction, along with a tender in 2008. However, the tender ended in a stalemate after the Council of State's decision in November 2009. An evaluation of Turkey's nuclear policy in light of South Korea's nuclear experience gives us an explanation as to why Turkey failed in the last tender. Basically it was due to lack of a long term nuclear energy policy that comprehends social, economical, technical and political aspects of nuclear energy. Thus, it is argued that Turkey can benefit from nuclear energy if it formulates a comprehensive nuclear energy plan clearly interwoven with its economic development plans, establishes a proper legal framework and has domestic industry participation in nuclear technology development. © 2010 Elsevier Ltd. All rights reserved.


Erdogdu E.,Energy Market Regulatory Authority | Erdogdu E.,University of Cambridge
Renewable and Sustainable Energy Reviews | Year: 2011

Over the last decade, Turkish electricity demand has increased more than 8% per annum as a result of economic development. Being one of the renewable energy sources par excellence, non-exhaustible, non-polluting and economically more attractive than other renewable sources, hydropower has turned out to be an important contributor to the future energy mix of the country. This paper deals with hydropower policies to meet increasing electricity demand for sustainable energy development in Turkey. Turkey has a total gross hydropower potential of 433 TWh/year and 140 TWh/year of this capacity can be used economically, corresponding to the second largest economic potential in Europe. Currently only 35% of economic hydro potential of the country is utilized. After completion of hydropower plants under construction, this figure will increase to 49%. It is obvious that even after the construction of all projects there will still be a huge hydro potential in Turkey. Besides, Turkey is a poor country in terms of fossil fuels (oil, natural gas, coal and so on) and has no nuclear power plant in operation, which strengthens the role of hydro energy among other alternatives. © 2010 Elsevier Ltd.


Erdogdu E.,Energy Market Regulatory Authority
Applied Energy | Year: 2010

On average, energy demand of Turkey is mounting by 8% annually, one of the highest rates in the world. Among primary energy sources, natural gas is the fastest growing one in Turkey. Gas consumption started at 0.5 bcm (billion cubic meters) in 1987 and reached approximately 35 bcm in 2007. Turkish natural gas usage is projected to further increase remarkably in coming years. The present paper focuses the characteristics of this demand and estimates short and long-run price and income elasticities of sectoral natural gas demand in Turkey. The future growth in this demand is also forecasted using an ARIMA modelling and the results are compared with official projections. The paper reveals that natural gas demand elasticities are quite low, meaning that consumers do not respond possible abusive price increases by decreasing their demand or substituting natural gas with other energy sources. Since consumers are prone to monopoly abuse by incumbent, there is a need for market regulation in Turkish natural gas market. Based on forecasts obtained, it is clear that the current official projections do not over/under-estimate natural gas demand although past official projections highly overestimated it. © 2009 Elsevier Ltd. All rights reserved.


Erdogdu E.,Energy Market Regulatory Authority
Renewable and Sustainable Energy Reviews | Year: 2013

Since the early 1980s, electricity industry reforms have been initiated in more than half of the countries in the world. Among the primary targets of these reform schemes, there has been an increase in efficiency of the sector; and it is implicitly assumed that government support to energy technology R&D will progress in line with the reform process as the former is required to sustain improved efficiency in the middle and long run. The paper reviews the relation between reform process in electricity markets and government support to energy R&D. Using panel data from 27 countries covering the period from 1974 to 2008, this study aims at finding out to what extent the expected correlation between reform process and government support to energy R&D has in practice been materialized so far. The findings suggest that, contrary to expectations, the progress toward electricity market reform is associated with reduced government support to a variety of energy R&D activities, which threatens sustainable efficiency improvements in the power industry. © 2012 Elsevier Ltd.


Gozen M.,Energy Market Regulatory Authority
International Journal of Energy Economics and Policy | Year: 2014

The Turkish Grand National Parliament passed a renewable energy promotion law that provides feed-in tariffs for electricity generation from renewable energy sources in 2005. This law was not attractive to investors due to the low level of feed-in tariffs. Then, in 2011, the promotion law was amended and a new support scheme integrated in the day-ahead market was introduced. Therefore, the main purpose of this article is to explain the new support mechanism, analyze it from the financial perspective, and discuss the related key issues and challenges. In addition, to further improve the support mechanism, some recommendations have been made to policymakers.

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