Government to take action against energy opportunists

Many investors in the energy sector, known as “opportunists,” acquire licenses only to sell them later to larger firms for significant profits.

Government to take action against energy opportunists

World Bulletin/News Desk

 Energy Market Regulatory Authority (EPDK) President Hasan Köktaş announced on Sunday a state deadline of April 30 for businesses who have acquired electricity production licenses to follow through with their investment.

According to EPDK data, out of 2,350 projects at a combined value of $150 billion, only 95 of the projects have actually been initiated, while the rest of them have not taken a step forward. Many investors in the energy sector, known as “opportunists,” acquire licenses only to sell them later to larger firms for significant profits. The decision by the sector's regulatory authority aims to prevent such practices. Under the new regulation, opportunist investors will lose licenses and the payments they made to hold the license for existing projects they have stalled on, as well as be disqualified from being granted new licenses for three years, if they do not initiate the projects by the end of April.

Köktaş said, “The deadline for investors who are not planning to carry out their investments to have their assurances refunded is April 30. If they fail to start their projects, the company's board of directors as well as those holding at least a 10 percent share in the company will be banned from operating in the sector for three years.” He underlined that the energy projects will only become sustainable through the investments by those with a vision, while those who want to continue with their old habits will not be able to survive in the sector.

 

Last Mod: 29 Nisan 2013, 11:08
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