Türkiye targets $500B investment under 'National Energy 2040' vision

Türkiye has unveiled a $500 billion energy roadmap aimed at boosting domestic production, expanding renewable and nuclear capacity, and strengthening energy independence by 2040, Energy and Natural Resources Minister Alparslan Bayraktar said Thursday. Under the roadmap, Türkiye's electricity demand is projected to rise from 365 terawatt-hours (TWh) in 2025 to 680 TWh in 2040, with electric vehicles accounting for 90 TWh of the projected demand, Bayraktar said.

The country also aims to reduce primary energy intensity by 40% between 2025 and 2040 through energy efficiency measures, generating an estimated $240 billion in savings over the period, he added. Electricity capacity and renewable energy expansion Türkiye plans to increase its installed electricity capacity from 123 gigawatts (GW) in 2025 to 281 GW by 2040, requiring $190 billion in investment, Bayraktar said. The share of renewables in installed electricity capacity is expected to rise from 63% to 77% over the same period.

Türkiye aims to increase solar power capacity from 26 GW to 112 GW and wind power capacity from 15 GW to 63 GW by 2040, with $100 billion in investment, Bayraktar said. Combined solar and wind capacity is projected to reach 175 GW, a fourfold increase from current levels. Alongside expanding generation capacity, Türkiye plans to invest $116 billion in electricity transmission and distribution networks, he said. On the transmission side, transformer capacity is expected to increase by 50% and line length by 30%.

The plan also envisages building 28 GW of high-voltage direct current (HVDC) lines spanning 10,000 kilometers. In electricity distribution, Türkiye aims to achieve full coverage of smart meters, supervisory control and data acquisition (SCADA) systems, and urban ring networks. As part of its broader electrification drive, Türkiye aims to have 20 million electric vehicles and 1.5 million charging points by 2040. The country's nuclear power capacity is expected to reach 10 GW by 2040 through the Akkuyu, Sinop and Thrace nuclear power plants, as well as small modular reactors (SMRs).

Domestic oil and natural gas production targets Türkiye aims to reduce daily oil consumption from 993,000 barrels in 2025 to 718,000 barrels by 2040, partly through electrification, Bayraktar said. At the same time, the country plans to increase the share of oil consumption met by domestic production from 15% in 2025 to 100% by 2040, eliminating its reliance on imported oil. Natural gas consumption is projected to decline from 59 billion cubic meters in 2025 to 57 billion cubic meters in 2040, he said.

Bayraktar said Türkiye aims to achieve full self-sufficiency in natural gas by 2040, raising the share of domestic production in total consumption from 15% to 100%. The country has set a combined production target of 1.7 million barrels of oil equivalent per day for oil and natural gas. State-owned energy companies to invest $210B Türkiye's five state-owned energy companies are expected to make a combined investment of $210 billion under the roadmap.

The companies are Turkish Electricity Transmission Corporation (TEIAS), Electricity Generation Corporation (EUAS), Eti Maden, Turkish Petroleum Corporation (TPAO) and state pipeline operator BOTAS. Bayraktar also announced that Türkiye would produce its first gold in Niger in the coming days through a partnership between state-owned mining company Eti Maden and MTAIC. Overall, the National Energy 2040 vision targets $500 billion in investment and the creation of 108,000 direct jobs, he said.