{"id":60664,"date":"2017-01-05T16:04:36","date_gmt":"2017-01-05T13:04:36","guid":{"rendered":"https:\/\/www.enerjigazetesi.ist\/?p=60664"},"modified":"2017-01-05T16:04:36","modified_gmt":"2017-01-05T13:04:36","slug":"enerjide-30-islemle-20-milyar-dolarlik-30-birlesme-ve-satin-alma-gerceklesti","status":"publish","type":"post","link":"https:\/\/www.enerjigazetesi.ist\/en\/enerjide-30-islemle-20-milyar-dolarlik-30-birlesme-ve-satin-alma-gerceklesti\/","title":{"rendered":"(Turkish) Enerji’de 30 \u0130\u015flemle 2,0 Milyar Dolarl\u0131k 30 Birle\u015fme ve Sat\u0131n Alma Ger\u00e7ekle\u015fti"},"content":{"rendered":"

Sorry, this entry is only available in Turkish<\/a>. For the sake of viewer convenience, the content is shown below in the alternative language. You may click the link to switch the active language.<\/p>

PwC T\u00fcrkiye\u2019nin her y\u0131l \u00e7\u0131kard\u0131\u011f\u0131 \u201cT\u00fcrkiye Enerji Sekt\u00f6r\u00fcndeki Birle\u015fme ve Sat\u0131n Almalar Raporu\u201dnun 2016 sonu\u00e7lar\u0131 a\u00e7\u0131kland\u0131. T\u00fcrkiye enerji piyasalar\u0131ndaki hareketleri g\u00f6steren rapora g\u00f6re 2016 y\u0131l\u0131nda petrol, do\u011falgaz ve elektrik piyasalar\u0131nda 30 adet \u015firket birle\u015fme sat\u0131n alma i\u015flemi ger\u00e7ekle\u015fti.<\/strong><\/p>\n

T\u00fcrkiye enerji piyasas\u0131ndaki \u015firket birle\u015fme ve sat\u0131n almalar\u0131n y\u0131ll\u0131k analizini ger\u00e7ekle\u015ftirdi\u011f\"enerjide-30-islemle-20-milyar-dolarlik-30-birlesme-ve-satin-alma-gerceklesti\"<\/a>i Energy Deals – Enerji Sekt\u00f6r\u00fcndeki Birle\u015fme ve Sat\u0131n Almalar Raporu<\/strong>\u2019nun 2016 sonu\u00e7lar\u0131 a\u00e7\u0131kland\u0131. Bu y\u0131l dokuzuncusu haz\u0131rlanan rapora g\u00f6re, 2013\u2019ten bu yana toplam i\u015flem de\u011feri ve say\u0131s\u0131nda ya\u015fanan d\u00fc\u015f\u00fc\u015f 2016\u2019da devam etti. \u0130\u015flem say\u0131s\u0131 \u00f6nceki seneye g\u00f6re %32 oran\u0131nda gerileyerek 30\u2019da kal\u0131rken, yarat\u0131lan toplam de\u011fer de %59 d\u00fc\u015f\u00fc\u015fle 2 milyar dolarda kald\u0131.<\/p>\n

Altyap\u0131 sekt\u00f6r\u00fc a\u011f\u0131rl\u0131kta<\/strong><\/p>\n

Rapora g\u00f6re, ge\u00e7en y\u0131l bir istisna yaratarak petrol ve gaz sekt\u00f6r\u00fcn\u00fcn gerisinde kalan altyap\u0131 sekt\u00f6r\u00fc, 2016\u2019da tekrar toparlanarak toplam i\u015flem say\u0131s\u0131n\u0131n %80\u2019inin ve toplam de\u011ferin %90\u2019 \u0131n\u0131n yarat\u0131ld\u0131\u011f\u0131 segment oldu.<\/p>\n

Altyap\u0131 segmentindeki i\u015flem say\u0131s\u0131 ve de\u011feri, 2016\u2019da bir \u00f6nceki seneye oranla s\u0131ras\u0131yla %31 ve %42 gerileyerek 24 i\u015flem ve 1,8 milyar dolarda kald\u0131. Bu durumun iki ana sebebi, \u00f6zelle\u015ftirmelerde b\u00fcy\u00fck \u00f6l\u00e7ekli birle\u015fme ve sat\u0131n almalar\u0131n olmamas\u0131 ile makroekonomik ve piyasa kaynakl\u0131 belirsizlikler olarak s\u0131raland\u0131.<\/p>\n

Petrol ve gaz sekt\u00f6r\u00fcnde 2016\u2019da, toplam 202 milyon dolar de\u011ferinde yaln\u0131zca alt\u0131 adet birle\u015fme ve sat\u0131n alma ger\u00e7ekle\u015fti. Bu de\u011ferin 159 milyon dolar\u0131 devlet akaryak\u0131t \u015firketi TP Petrol\u2019\u00fcn \u00f6zelle\u015ftirilmesinden sa\u011fland\u0131.<\/p>\n

Yabanc\u0131 yat\u0131r\u0131mc\u0131lar\u0131n T\u00fcrkiye enerji piyasas\u0131na ilgisi olduk\u00e7a s\u0131n\u0131rl\u0131 kald\u0131 ve dahil olduklar\u0131 birle\u015fme ve sat\u0131n almalar\u0131n toplam de\u011ferinin oran\u0131 sadece %7\u2019ye ula\u015fabildi. Bu oran 2015 y\u0131l\u0131nda %45 seviyesindeydi.<\/p>\n

2017 \u00f6ng\u00f6r\u00fcleri<\/strong><\/p>\n

Birle\u015fme ve sat\u0131n alma i\u015flemlerindeki toparlanman\u0131n, piyasadaki karar al\u0131c\u0131 ve d\u00fczenleyici kurumlar\u0131n reformlar konusundaki kararl\u0131l\u0131\u011f\u0131na ve T\u00fcrkiye ekonomisine olan g\u00fcvenin tekrar tesis edilmesine ba\u011fl\u0131 olaca\u011f\u0131n\u0131 s\u00f6yleyen PwC T\u00fcrkiye \u015eirket Sat\u0131n Alma ve Birle\u015fme Hizmetleri Orta\u011f\u0131 Engin Alio\u011flu<\/strong> \u015fu de\u011ferlendirmelerde bulundu:<\/p>\n

\u201c2017 y\u0131l\u0131nda birle\u015fme ve sat\u0131n alma ortam\u0131ndaki iyile\u015fmesinde, karar al\u0131c\u0131 ve d\u00fczenleyici kurumlar\u0131n ataca\u011f\u0131 ad\u0131mlara ek olarak, T\u00fcrkiye ekonomisine olan g\u00fcvenin tekrar yerine gelmesi de \u00e7ok \u00f6nemli bir rol oynayacakt\u0131r. \u015eu anda tahmin y\u00fcr\u00fctmek zor olsa da, s\u0131rada bekleyen elektrik \u00fcretim santrali \u00f6zelle\u015ftirmelerinin tamamlanmas\u0131 ve \u00f6zel sekt\u00f6rde OMV Petrol Ofisi, Osmangazi Elektrik Da\u011f\u0131t\u0131m ve Statkraft\u2019\u0131n \u00c7etin Hidroelektrik santralin gibi muhtemel sat\u0131\u015f i\u015flemleri, 2017 y\u0131l\u0131ndaki birle\u015fme ve sat\u0131n alma rakamlar\u0131nda \u00f6nemli unsurlar olarak kar\u015f\u0131m\u0131za \u00e7\u0131kacakt\u0131r.\u201d<\/em><\/p>\n

Raporda \u00f6ne \u00e7\u0131kan baz\u0131 bulgular:<\/strong><\/p>\n

2015 y\u0131l\u0131nda 44 olan birle\u015fme ve sat\u0131n alma i\u015flemi say\u0131s\u0131 2016 y\u0131l\u0131nda 30’a d\u00fc\u015ferken, toplam birle\u015fme ve sat\u0131n alma de\u011feri de %59 oran\u0131nda gerileyerek 2,0 milyar dolarda kald\u0131. Bunun sonucunda, ortalama i\u015flem de\u011feri de %39 oran\u0131nda bir d\u00fc\u015f\u00fc\u015fle 67 milyon dolar olarak ger\u00e7ekle\u015fti.<\/p>\n

2016 y\u0131l\u0131nda altyap\u0131 segmentinde toplam 1,8 milyar dolar de\u011ferinde 24 adet birle\u015fme ve sat\u0131n alma i\u015flemi kamuoyuna a\u00e7\u0131kland\u0131. Bu i\u015flemlerin yaln\u0131zca ikisinde elektrik ve do\u011falgaz ticareti yapan \u015firketlerin hisseleri el de\u011fi\u015ftirirken, geri kalanlar\u0131n t\u00fcm\u00fcnde elektrik santrali sahibi ve i\u015fletmecisi \u015firketler al\u0131c\u0131lar\u0131n hedefi oldu. Elektrik santrallerini i\u00e7eren i\u015flemlerin \u00e7o\u011fu hidroelektrik santrallerin \u00f6zelle\u015ftirmesi olurken, \u00f6zel sekt\u00f6r i\u015flemlerinin b\u00fcy\u00fck \u00e7o\u011funlu\u011fu da yine yenilenebilir enerji varl\u0131klar\u0131n\u0131 i\u00e7erdi. Termik santral al\u0131m sat\u0131mlar\u0131 s\u0131n\u0131rl\u0131 seviyede kald\u0131.<\/p>\n

Alt\u0131 \u00f6zelle\u015ftirme i\u015flemi toplam altyap\u0131 birle\u015fme ve sat\u0131n alma de\u011ferinin %52\u2019sini sa\u011flarken, 2015 y\u0131l\u0131nda termik ve hidroelektrik santralleri (HES) aras\u0131nda sa\u011flanan denge 2016 y\u0131l\u0131nda %97 gibi b\u00fcy\u00fck bir oranla hidroelektri\u011fe kayd\u0131. Beklentilerin aksine, Af\u015fin-Elbistan B ihalesi 2016 senesinde de yap\u0131lmad\u0131.<\/p>\n

Petrol ve gaz sekt\u00f6r\u00fcnde kamuoyuna a\u00e7\u0131klanan birle\u015fme ve sat\u0131n almalarda 2015 y\u0131l\u0131nda kaydedilen bir kerelik y\u00fckseli\u015fin devam\u0131 gelmedi ve 2016 y\u0131l\u0131ndaki toplam de\u011fer bir \u00f6nceki senenin dokuzda birine gerileyerek 202 milyon dolarda kald\u0131. Bu gelirin %80\u2019i TP Petrol\u2019\u00fcn \u00f6zelle\u015ftirilmesinden elde edildi.<\/p>\n

Devlet-\u00f6zel sekt\u00f6r birle\u015fme ve sat\u0131n alma i\u015flemlerinin birbirine oran\u0131 a\u00e7\u0131s\u0131ndan da 2016 y\u0131l\u0131 2015\u2019ten bir hayli farkl\u0131 oldu ve \u00f6zelle\u015ftirme faaliyetlerindeki art\u0131\u015fla \u00f6zel sekt\u00f6r i\u015flemlerinin toplam de\u011fer i\u00e7indeki oran\u0131 %63\u2019ten %43\u2019e d\u00fc\u015ft\u00fc.<\/p>\n

Di\u011fer \u00e7arp\u0131c\u0131 bir de\u011fi\u015fiklik de yerli ve yabanc\u0131 yat\u0131r\u0131mc\u0131lar\u0131n al\u0131c\u0131 taraf oldu\u011fu i\u015flemlerin birbirine oran\u0131nda ya\u015fand\u0131. Zira, IFC\u2019nin Akfen Enerji\u2019den hisse al\u0131m\u0131 d\u0131\u015f\u0131nda 2016 y\u0131l\u0131nda hi\u00e7bir altyap\u0131 varl\u0131\u011f\u0131 yurt d\u0131\u015f\u0131ndan ilgi g\u00f6rmedi. Buna kar\u015f\u0131l\u0131k, yabanc\u0131 oyuncular\u0131n varl\u0131\u011f\u0131 petrol ve gaz segmentinde daha fazla hissedilirken, dahil olduklar\u0131 i\u015flemlerin de\u011feri olduk\u00e7a s\u0131n\u0131rl\u0131 kald\u0131. Sonu\u00e7 olarak, 2015 y\u0131l\u0131nda %45 olan yabanc\u0131 yat\u0131r\u0131mc\u0131 i\u015flemlerinin pay\u0131, 2016 y\u0131l\u0131nda %7\u2019ye d\u00fc\u015ft\u00fc.<\/p>\n

Gelece\u011fe bak\u0131\u015f<\/strong><\/p>\n

2016\u2019da oldu\u011fu gibi, 2017\u2019de de birle\u015fme ve sat\u0131n alma ortam\u0131 b\u00fcy\u00fck \u00f6l\u00e7\u00fcde enerji piyasas\u0131ndaki karar al\u0131c\u0131 ve d\u00fczenleyici kurumlar\u0131n reformlar konusundaki kararl\u0131l\u0131\u011f\u0131 ve genel yat\u0131r\u0131m ortam\u0131ndaki d\u00fczelmeye ba\u011fl\u0131 olacakt\u0131r.<\/p>\n

Altyap\u0131 sekt\u00f6r\u00fcnde 2017\u2019de ger\u00e7ekle\u015fmesi beklenen i\u015flemlerin ba\u015f\u0131nda alt\u0131 adet HES ve iki adet gazla santralinin \u00f6zelle\u015ftirme ihaleleri gelmektedir. \u00d6zelle\u015ftirme listesindeki HES\u2019ler \u015funlard\u0131r: 56 MW kapasiteli Derbent, 32 MW kapasiteli \u00c7aml\u0131g\u00f6ze HES, 37 MW kapasiteli Yenice, 60 MW kapasiteli Seyhan-1 HESleri, 7,5 MW kapasiteli Seyhan-2 HES 6 MW kapasiteli Y\u00fcre\u011fir HES, 1,482 MW kapasiteli Bursa Gaz T\u00fcrbinleri Kombine \u00c7evrim Santrali ve 180 MW kapasiteli Alia\u011fa Gaz T\u00fcrbinleri Kombine \u00c7evrim Santrali\u2019dir.<\/p>\n

HES\u2019lere olan ilginin yine yerli yat\u0131r\u0131mc\u0131larla s\u0131n\u0131rl\u0131 kalmas\u0131 beklenirken; gaz santrallerine olan yabanc\u0131 ilgisinin de, bu santraller i\u00e7in planlanan kapasite mekanizmas\u0131n\u0131n hayata ge\u00e7irilmesi ve gaz tedari\u011findeki s\u0131k\u0131nt\u0131lar\u0131n giderilmesine ba\u011fl\u0131 oldu\u011fu d\u00fc\u015f\u00fcn\u00fclmektedir.<\/p>\n

\u00d6te yandan, son bir ka\u00e7 y\u0131lda yay\u0131nlad\u0131\u011f\u0131m\u0131z raporlarda oldu\u011fu gibi Af\u015fin-Elbistan B ihalesine ili\u015fkin beklentilerimiz 2017 senesi i\u00e7in de ge\u00e7erlili\u011fini korumaktad\u0131r.<\/p>\n

\u00c7ay\u0131rhan B Termik Santrali\u2019nin in\u015faat\u0131 ve ayn\u0131 b\u00f6lgedeki k\u00f6m\u00fcr madeniyle birlikte i\u015fletilmesi i\u00e7in a\u00e7\u0131k eksiltme usul\u00fcyle yap\u0131lacak ihale y\u00f6nteminin di\u011fer benzer varl\u0131klar i\u00e7in de uygulanaca\u011f\u0131 belirtilmi\u015ftir. B\u00fcy\u00fck \u00f6l\u00e7ekli g\u00fcne\u015f santrallerinin lisans ihaleleri de benzer bir modele tabidir. Bu nedenle her ne kadar bu raporda belirtilen \u201cbirle\u015fme ve sat\u0131n alma\u201d tan\u0131m\u0131na uymasalar da, bu ihalelerin de 2017\u2019de piyasada \u00f6nemli bir hareketlilik yarataca\u011f\u0131 d\u00fc\u015f\u00fcn\u00fclmektedir.<\/p>\n

Altyap\u0131 sekt\u00f6r\u00fcnde faaliyet g\u00f6steren \u00f6zel \u015firketler cephesinde, Limak \u2013 Statkraft aras\u0131ndaki potansiyel HES sat\u0131\u015f\u0131 2017\u2019de sonu\u00e7lanmas\u0131 beklenen i\u015flemlerin ba\u015f\u0131nda gelmektedir. Di\u011fer \u015firketlerin de, 2016\u2019da oldu\u011fu gibi 2017\u2019de elektrik \u00fcretim portf\u00f6ylerini yeniden yap\u0131land\u0131rmaya devam edece\u011fi beklenmektedir. Avrupa \u0130mar ve Kalk\u0131nma Bankas\u0131 (EBRD) ve Avrupa Yat\u0131r\u0131m Bankas\u0131\u2019n\u0131n T\u00fcrkiye\u2019deki yenilebilir enerjiye y\u00f6nelik projeler i\u00e7in sa\u011flad\u0131\u011f\u0131 krediler de bu segmentteki hareketlili\u011fe katk\u0131 sa\u011flayacakt\u0131r.<\/p>\n

Destekleme mekanizmas\u0131 YEKDEM\u2019e d\u00e2hil olan yenilenebilir enerji \u015firketlerine yap\u0131lan \u00f6demelerle ilgili 2016 y\u0131l\u0131nda yap\u0131lan bir d\u00fczenleme, \u015firketlerin finansal durumlari i\u00e7in \u00f6nemlidir. Bu uygulama kapsaminda, sistem i\u015fletmecisine taahh\u00fct etti\u011fi y\u00fck\u00fc tedarik edemeyerek dengesizli\u011fe yol a\u00e7an sirketlere yapilan \u00f6demelerden dengesizlik bedelinin kesildi\u011fi bilinmektedir. Bu durumun 2017\u2019de birle\u015fme ve sat\u0131n alma ortam\u0131 \u00fczerindeki etkileri dikkat edilmesi gereken noktalardan biridir.<\/p>\n

Elektrik da\u011f\u0131t\u0131m ve perakende sekt\u00f6r\u00fcnde, Zorlu Enerji\u2019nin Osmangazi Elektrik Da\u011f\u0131t\u0131m A.\u015e. ve Perakende A.\u015e.\u2019nin i\u015fletme haklar\u0131n\u0131 almas\u0131, 2017\u2019de bu segmentteki di\u011fer i\u015flemleri de beraberinde getirebilir. Bu \u015firketlerin \u00f6zelle\u015ftirme d\u00f6neminde y\u00fcklendikleri d\u00f6viz cinsinden bor\u00e7lar\u0131n\u0131, TL gelirleriyle kar\u015f\u0131lamakta zorluk ya\u015fad\u0131klar\u0131 bilinmektedir. Bu durumun refinansman ama\u00e7l\u0131 hisse sat\u0131\u015flar\u0131na sebep olmas\u0131 beklenmektedir.<\/p>\n

Petrol ve gaz sekt\u00f6r\u00fcnde beklenen i\u015flemlerin ba\u015f\u0131nda OMV Petrol Ofisi\u2019nin sat\u0131\u015f\u0131 gelmektedir. Bug\u00fcne kadar a\u00e7\u0131klanan yabanc\u0131 ilgisi ve potansiyel rakamlar itibariyle bu sat\u0131\u015f\u0131n de\u011ferinin milyar dolar s\u0131n\u0131r\u0131n\u0131 a\u015fmas\u0131 beklentiler aras\u0131ndad\u0131r. \u00d6te yandan, do\u011falgaz sekt\u00f6r\u00fcndeki liberalle\u015fme hedeflerinde herhangi bir ilerleme g\u00f6r\u00fclmemesi sebebiyle, bu segmentte b\u00fcy\u00fck \u00f6l\u00e7ekli bir birle\u015fme ve sat\u0131n alma i\u015flemi tahmin edilmemektedir.<\/p>\n

Son s\u00f6z olarak, 2017\u2019ye ili\u015fkin t\u00fcm beklentilerimizin temelinde yat\u0131r\u0131m ortam\u0131n\u0131n iyile\u015fmesi ve piyasaya olan g\u00fcvenin artmas\u0131 yatmaktad\u0131r.<\/p>","protected":false},"excerpt":{"rendered":"

Sorry, this entry is only available in Turkish. For the sake of viewer convenience, the content is shown below in the alternative language. You may click the link to switch the active language.PwC T\u00fcrkiye\u2019nin her y\u0131l \u00e7\u0131kard\u0131\u011f\u0131 \u201cT\u00fcrkiye Enerji Sekt\u00f6r\u00fcndeki Birle\u015fme ve Sat\u0131n Almalar Raporu\u201dnun 2016 sonu\u00e7lar\u0131 a\u00e7\u0131kland\u0131. T\u00fcrkiye enerji piyasalar\u0131ndaki hareketleri g\u00f6steren rapora g\u00f6re […]<\/p>\n","protected":false},"author":1,"featured_media":60665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[46,51,53,47,24649,44],"tags":[32692,63,67,1009,4567,2698,165,21818,12077,1839],"views":1129,"_links":{"self":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts\/60664"}],"collection":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/comments?post=60664"}],"version-history":[{"count":1,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts\/60664\/revisions"}],"predecessor-version":[{"id":60666,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts\/60664\/revisions\/60666"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/media\/60665"}],"wp:attachment":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/media?parent=60664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/categories?post=60664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/tags?post=60664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}