The Presidential decision on the prices and periods to be applied to the Renewable Energy Resources Support Mechanism (YEKDEM) in Türkiye has been published in the country’s Official Gazette. With this, new feed-in-tariffs (FITs) will be implemented for electricity generation from renewable resources, including geothermal.
The decision on the YEKDEM has been long-anticipated after the previous terms expired in 2021. The reinstatement of the YEKDEM mechanism was considered highly essential in attracting investment to the geothermal sector by reducing the risk of geothermal projects.
The updated prices of the new YEKDEM have ben published in the Official Gazette (Resmi Gazete). According to the decision, in order to benefit from the mechanism, the systems have to be installed between July 1, 2021, and December 31, 2030.
According to the new update, the 15-year FIT for geothermal energy-based power generation will be TL 202/kWh or ranging from 9.45 to 11.55 USD per kWh. Additionally, geothermal projects that use domestic-sourced components will receive an additional 5-year tariff of TL 28.8/kWh.
Similar FIT structures have also been provided for solar, hydropower, biomass, facilities with energy storage, and power facilities based on wave or current energy.
