Turkey plans $500 billion investment to electrify energy supply by 2040

Energy Minister Alparslan Bayraktar presented a national energy strategy to transition Turkey's power supply to electricity by 2040.

The government intends to invest 500 billion dollars into this transition, focusing on expanding renewable energy and nuclear power. This plan aims to increase the share of renewable energy in installed power capacity from 63 percent to 77 percent. Reuters calculates that more than 330 billion dollars of the total investment will go toward electrification.

The strategy seeks to raise the country's total capacity from 123 to 281 gigawatts. The plan also includes a goal to expand nuclear power to a capacity of 10 gigawatts. Officials will decide on the construction of two additional nuclear power plants in 2027. The ministry identifies the Canadian company CANDU as a potential partner for a plant on the Black Sea coast. The government aims to use these developments to reduce its reliance on imported energy.