Turkey's natural gas and electricity demand has exhibited the world's second and Europe's largest increase in the last decade, the country's Energy and Natural Resources Minister, said on Tuesday.
In accordance with economic growth and the increase in population, Turkey's energy demand has also risen, Minister Ali Riza Alaboyun said during his opening speech at the sixth Istanbul Finance Summit.
The country is currently the second in the world in energy demand increase with China claiming the lead, Alaboyun added.
Turkey has experienced some of the fastest growth in total energy demand among countries in the Organization for Economic Cooperation and Development (OECD), according to the U.S. Energy Information Administration (EIA).
Natural gas consumption in the country has increased rapidly over the past decade and reached a new high of 48 billion cubic meters in 2014, according to the EIA.
As demand grows, so should investments, he underlined adding that the establishment of the Turkish Energy Stock Market (EPIAS) is an important aspect towards this goal with its intent to help make reliable investment forecasts and direct national and international investors in an efficient manner.
“EPIAS is one of the most vital links in the process of establishing a private and competitive electricity market in Turkey,” he added.
The stock market will determine the prices transparently in the electricity, natural gas, oil and other energy markets respectively, he added.
By Huseyin Erdogan
Anadolu Agency
huseyin.erdogan@aa.com.tr