2014 ANNUAL REPORT OUR ENERGY IS FOR ALL OF US

Transcription

1 2014 ANNUAL REPORT OUR ENERGY IS FOR ALL OF US

2 CONTENTS INTRODUCTION 2 MAJOR OPERATIONAL AND FINANCIAL HIGHLIGHTS 6 HIGHLIGHTS FROM CHAIRMAN S MESSAGE 12 BOARD OF DIRECTORS 16 MESSAGE FROM THE GENERAL MANAGER 20 SENIOR MANAGEMENT 22 ZORLU ENERJİ IN BRIEF 26 ZORLU ENERJİ S INSTALLED CAPACITY AND INVESTMENTS 32 ZORLU GROUP REVIEW OF THE YEAR OUTLOOK FOR THE GLOBAL ENERGY MARKET HIGHLIGHTS FROM THE TURKISH ENERGY SECTOR 41 ZORLU ENERJI S KEY STRENGTHS 44 ZORLU ENERJİ IN 2014 SUSTAINABILITY 54 SUSTAINABILITY FINANCIAL INFORMATION AND REPORTS 64 RISKS AND ASSESSMENT OF THE BOARD OF DIRECTORS 68 INTERNAL AUDIT DEPARTMENT AND ITS OPERATIONS 69 STATEMENT OF RESPONSIBILITY 70 CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT 89 DIVIDEND DISTRIBUTION PROPOSAL 90 STATEMENT OF INDEPENDENCE BY THE INDEPENDENT BOARD MEMBER CANDIDATES 92 CONCLUSION OF THE AFFILIATION REPORT PREPARED PURSUANT TO ARTICLE 199 OF THE TURKISH COMMERCIAL CODE 93 INDEPENDENT AUDITOR S REPORT 168 INVESTOR INFORMATION

3 1 AS ONE OF THE MAJOR INTEGRATED ENERGY COMPANIES, WE ARE COMMITTED TO MANAGING OUR OPERATIONS AND INVESTMENTS ON A GLOBAL SCALE WITH AN AWARENESS AND RESPONSIBILITY FOR THE FUTURE. WE PURSUE OUR GROWTH STRATEGY ON THE AXES OF SECURE AND COMPETITIVE ENERGY SUPPLY AND EFFICIENT AND SUSTAINABLE USE OF NATURAL RESOURCES. BECAUSE THIS WORLD IS OURS, AND ITS ENERGY IS FOR ALL OF US 1,011 MW ZORLU ENERJİ HAS A TOTAL INSTALLED CAPACITY OF 1,011 MW.

4 2 ZORLU ENERJİ 2014 ANNUAL REPORT MAJOR OPERATIONAL AND FINANCIAL HIGHLIGHTS NET SALES (TL MILLION) GROSS PROFIT MARGIN (%) 2% 10% 807 IN 2014 CONSOLIDATED NET SALES INCREASED BY 29% TO TL807 MILLION EBITDA (TL MILLION) EBITDA MARGIN (%) 65% EBITDA GREW BY 65% TO TL203 MILLION IN 2014 WITH EBITDA MARGIN RISING FROM 20% TO 25% % %

5 3 SUMMARY BALANCE SHEET (BASED ON CMB FINANCIALS) ( 000 TL) CURRENT ASSETS 634, ,013 NON-CURRENT ASSETS 4,324,640 5,767,605 TOTAL ASSETS 4,959,329 6,301,618 CURRENT LIABILITIES 1,928,296 1,662,868 NON-CURRENT LIABILITIES 2,501,324 3,867,825 EQUITY 529, ,925 TOTAL LIABILITIES 4,959,329 6,301,618 GROSS FINANCIAL DEBT 3,214,657 3,868,136 NET FINANCIAL DEBT 3,100,539 3,654,303 SUMMARY INCOME STATEMENT (BASED ON CMB FINANCIALS) ( 000 TL) REVENUES 806, ,008 OPERATING INCOME/(LOSS)* 63,911 (1,129) EBITDA* 203, ,617 NET INCOME/(LOSS) FOR THE YEAR ** (224,240) (309,171) GROSS PROFIT MARGIN 10.2% 2.3% EBITDA MARGIN 25.2% 19.8% *Includes other income and expenses from operations, the share in profit/(loss) of associates and income and expenses from investment activities. **Net income/(loss) attributable to equity holders of the parent.

6 4 ZORLU ENERJİ 2014 ANNUAL REPORT MAJOR OPERATIONAL AND FINANCIAL HIGHLIGHTS ZORLU ENERJİ ELEKTRİK ÜRETİM AŞ (ZORLU ENERJİ) SHAREHOLDING STRUCTURE 4.8% SHAREHOLDING AMOUNT OF SHARES ( 000 TL) SHARE (%) ZORLU HOLDİNG AŞ 228, % 45.7% KORTEKS MENSUCAT SAN. VE TİC. AŞ 87, PUBLICLY HELD 159, OTHER 23, % ZORLU HOLDİNG AŞ KORTEKS MENSUCAT SANAYİ VE TİCARET AŞ PUBLICLY HELD OTHER TOTAL 500, GENERATION ELECTRICITY (kwh)* 2,497,980,456 2,283,593,323 39% OF ZORLU ENERJİ S PORTFOLIO IS COMPRISED OF RENEWABLE RESOURCES. STEAM (tons) 538, ,946 *119,335,642 kwh of the total electricity generated was used internally as of ( : 59,139,886 kwh) SALES ELECTRICITY (Generation) (kwh) ELECTRICITY (Commercial) (kwh) 2,320,374,107 2,165,441,547 1,897,981,143 1,218,571,147 STEAM (tons) 538, ,946 UTILITY AND COOLING WATER, CO₂ (m 3 ) 30,823 4,628,303

7 5 ZORLU ENERJİ IS THE FIRST ENERGY COMPANY TO OFFER ITS SHARES TO THE PUBLIC IN TURKEY, AND IS ALSO THE ONLY PUBLICLY LISTED COMPANY WITHIN THE ZORLU ENERGY GROUP. ZORLU ENERJİ SHARES 20% of Zorlu Enerji s shares were offered to public in 2000, and 32% of its shares are traded on the Borsa İstanbul under the ZOREN ticker. Zorlu Enerji has been the first energy company to offer its shares to the public in Turkey, and is also Zorlu Energy Group s only publicly listed company. As of the end of 2014, Zorlu Enerji s Market Capitalization stood at TL1,185 million. ZORLU ENERJİ SHARE PRICE PERFORMANCE (TL) SHARE PRICE SUMMARY (TL) 2014 Total Number of Shares 50,000,000,000 Number of Shares (Free Float) 15,990,581,400 Yearly High 3.28 Yearly Low 0.92 Year-End Price 2.37 Market Capitalization* (Million) 1,185 * As of Daily Trading Volume (TL Million) Share Price (TL) /12/13 21/1/14 11/2/14 4/3/14 25/3/14 15/4/14 6/5/14 25/5/14 17/6/14 8/7/14 29/7/14 19/8/14 9/9/14 30/9/14 21/10/14 11/11/14 12/12/14 23/12/14 ZORLU ENERJİ RELATIVE PERFORMANCE BIST 100 ZOREN: 128% BIST 100: 26% Relative: 80% ZOREN

8 6 ZORLU ENERJİ 2014 ANNUAL REPORT HIGHLIGHTS FROM 2014 THE DORAD POWER PLANT, DEVELOPED BY ZORLU ENERJI WITH A 25% PARTNERSHIP IN ISRAEL, COMMENCED COMMERCIAL OPERATIONS IN ZORLU ENERJI S DORAD COMBINED-CYCLE NATURAL GAS POWER PLANT IN ISRAEL COMMENCED COMMERCIAL OPERATIONS. The Dorad Combined-Cycle Natural Gas Power Plant, developed by Zorlu Enerji Elektrik Üretim AŞ with a 25% partnership in Israel, commenced its commercial operations in May by obtaining a generation and supply license. The 840 MW Dorad Power Plant, established jointly by Zorlu Enerji and its Israeli partners with a USD1.2 billion investment in the Ashkelon region of Israel, will on its own meet approximately 6% of Israel s total electricity demand. Dorad is the largest power plant built by the private sector in Israel, and is also supported by the Israeli Energy and Water Infrastructure Ministry due to its environmentally friendly and low cost generation structure. PROJECT FINANCE FOR ROTOR II WIND FARM. Project finance was obtained for the Rotor II Wind Power Plant, which will have an installed capacity of 80.3 MW and will be located in the Sarıtepe and Demirciler regions of the Bahçe district in Osmaniye. Rotor II will be built by Zorlu Rüzgar Enerjisi Elektrik Üretimi AŞ, which is 100% owned by Zorlu Enerji. In this context, credit agreements totaling EUR81.3 million were signed on November 24, 2014, EUR40 million of which was financed by Türkiye Sınai Kalkınma Bankası (TSKB) (Turkey Industrial Development Bank) and EUR41.3 million by Bayerische Landesbank, supported by the German Export Finance Agency, Euler Hermes within the scope of ECA financing. THE 840 MW DORAD POWER PLANT MEETS APPROXIMATELY 6% OF ISRAEL S TOTAL ELECTRICITY DEMAND. BANK LOANS RELATED WITH THE RUSSIAN INVESTMENTS, WHICH WERE TRANSFERRED TO ZORLU HOLDING AT THE END OF 2012, WERE PAID BACK IN 2014, THUS STRENGTHENING ZORLU ENERJI S FINANCIAL STRUCTURE. The USD411,435,528 syndication loan related with the Russian investments, which were transferred to Zorlu Holding at the end of 2012, was paid back with the same amount of financing provided by the parent, Zorlu Holding, on August 4, Hence, Zorlu Enerji s financial debt was reduced and financial structure was strengthened. Also, the debts owed to Zorlu Enerji by Rosmiks International BV and Rosmiks Netherlands BV regarding their investments in Russia were assumed by Zorlu Holding. Followed by a netting off of the debts owed to Zorlu Holding with the receivables from Zorlu Holding, related party debt/receivables were reduced, resulting in a more simplified and easier to understand balance sheet for the Company.

9 7 ZORLU ENERJİ WON THE CARBON DISCLOSURE LEADERSHIP AWARD ONE MORE TIME WITH ITS VOLUNTARY REPORTING. ZORLU ENERJİ RECEIVED CARBON DISCLOSURE LEADERSHIP AWARD FOR THE FOURTH TIME. The Carbon Disclosure Project (CDP) 2014 was once again awarded to Zorlu Enerji in the Carbon Disclosure Leadership category, in recognition of its being the first energy company to share transparently with the public the details of its greenhouse gas emissions, its related risks regarding climate change and its management strategies in this respect. In 2014, Zorlu Enerji ranked among the five companies in the top 10 percentile in the Carbon Disclosure Leadership Index by publicly disclosing its strategies regarding climate change through the CDP Platform. Zorlu Enerji was the only energy company to have voluntarily reported under the CDP Project, and won the Carbon Disclosure Leadership Award with its high ranking in the CDP. The CDP examines the role of the market mechanisms in tackling the climate change and is the only reporting platform on a global scale. Zorlu Enerji demonstrated its success in this area by winning at least one award each year since the implementation of the CDP Project in Turkey from TWO AWARDS FOR ZORLU ENERJİ FROM ICCI Zorlu Energy Group won two awards in the ICCI International Energy and Environment Fair and Conference 2014 Energy Awards. Energy Awards are given to support the growth and development of the energy sector and to highlight the services and contributions made within the sector. Candidate power plants and projects were determined by a jury consisting of prominent and competent members of the sector according to a scoring system based on the previously established measurable criteria. Projects were evaluated on the criteria of energy efficiency, social responsibility and the use of domestic components. KIZILDERE II BECAME A FINALIST IN THE INNOVATION AWARDS THANKS TO ITS INTEGRATED PLANT APPROACH. Kızıldere II, Turkey s largest geothermal power plant, received international success with its technological and integrated infrastructure. The plant became one of the finalists in the European Geothermal Innovation Awards 2014 as a result of the evaluation conducted by the European Geothermal Energy Council based on the criteria of innovation, safety, original design, low carbon emissions and improved structure at energy outlets. GOLDEN VOLTAGE AWARD FOR ZORLU ENERJİ Zorlu Enerji won the Golden Voltage Award in the 5 th Turkey Energy Summit, which brought together the sector s leading players, with its corporate social responsibility performance. The companies competing with social responsibility projects were awarded in the summit, which gathered a high number of national and international companies from the electricity, natural gas, petrol and LPG sectors. Zorlu Enerji considers respect for the environment and people as one of the fundamental values of its business operations. Zorlu Enerji won the Golden Voltage Award in recognition of its success in reflecting the sustainability policy, which it implements with high determination, to its corporate social responsibility projects. ZORLU ENERJİ S 2013 ANNUAL REPORT WON GOLDEN VISION AWARD IN LACP VISION AWARDS. Zorlu Enerji s 2013 Annual Report won the Golden Vision Award - one of the most prestigious international awards in the Annual Reports field - in the Annual Reports Vision Awards Competition organized by the League of American Communications Professionals (LACP). A total of 1,000 companies from more than 20 countries were evaluated in the competition. Zorlu Enerji s Annual Report received great acclaim due to its rich content, its simple and impressive expressions, creative design and its clear and transparent messages. The award winning Annual Report was prepared based on the concept of Accountable Energy for the Future. The report was prepared with an emphasis on the concept of reliable, high quality and sustainable energy, which is derived from domestic and renewable resources and which is in harmony with the environment and human life.

10 8 ZORLU ENERJİ 2014 ANNUAL REPORT CHAIRMAN S MESSAGE THE FALL IN OIL PRICES HAS SHAPED A BRIGHTER PICTURE FOR TURKEY S MACRO-ECONOMIC BALANCES. Zeki Zorlu Chairman

11 9 IN ORDER TO MEET GROWING ENERGY DEMAND IN TURKEY, IT IS ESSENTIAL TO DEVELOP AND IMPLEMENT LONG-TERM POLICIES TO REDUCE THE COUNTRY S HIGH RELIANCE ON ENERGY IMPORTS. Turkey is in a buffer zone between the Middle East, Caucasus and Europe. Turkey s strategic and socioeconomic importance in energy markets, both regionally and internationally, is increasing day by day. The world economy witnessed unprecedented changes in While the dramatic fall in oil prices shifted the balances between the oil importers and oil exporters, positive signals from the US economy, the European based deflation risk and Japan s continued monetary expansion stood out as the key issues affecting the financial and capital markets during the year. One of the main items of the global macro-economic agenda in 2014 was the expectation of the FED tapering of its quantitative easing program and start hiking interest rates. The FED did indeed cut its monthly asset purchases, triggering a sharp loss in the value of many currencies, including the TL, against the USD. The stagnation in the European economy, which is Turkey s most important trading partner, and the geopolitical developments experienced at our borders were the other remarkable events of the year. Economic policy and its implementation exhibit changes in accordance with the dynamics in global markets. Rising risk aversion in global markets, coupled with the increasing political uncertainty in Turkey, have caused serious volatility in exchange rates during The fall in oil prices presented a positive picture for Turkey s macro-economic balances. The other important items in Turkey s economic agenda were the slow-down in growth rate, the efforts to tackle inflation, the Central Bank s decisions, the level of interest rates and debt financing, which in turn depends on the developments in international financial markets. Turkey s economic growth and progress are dependent on a reliable and sustainable energy supply. The sustainable development of the Turkish economy depends on long-term strategies, structural reforms and the policies that can be put into implementation in line with these models. The economic and political instability experienced on a global and regional scale compel Turkey, along with many other countries, to seek a new and comprehensive growth model that will enhance its competitive power and sustain economic growth. The decisions taken today in our country - that has one of the world s most dynamic energy markets - will certainly form the fundamentals of sustainable development with their economic, environmental and social effects. Therefore in order to meet the growing energy demand it is essential to develop and implement long term policies to reduce Turkey s high reliance on energy imports.

12 10 ZORLU ENERJİ 2014 ANNUAL REPORT CHAIRMAN S MESSAGE OUR STARTING POINT IS TO REALIZE THE APPROPRIATE INVESTMENTS IN ACCORDANCE WITH NEEDS BY BALANCING EFFICIENCY AND PROFITABILITY WITH CONCERNS REGARDING THE ENVIRONMENT AND CLIMATE CHANGE. As one of the major players in the Turkish energy sector, Zorlu Enerji is assuming an inspiring role in the field of renewable energy. We develop exemplary projects for the sector and command the highest market share in the generation of energy from geothermal resources in Turkey, which possesses one of the richest and untapped geothermal resources in the world. Our team is the sector s most experienced one in all areas from project development to construction, from plant operation to maintenance and electricity trading in Turkey. We trust the state-of-the-art technology and our human resources in the generation of secure and sustainable energy. Zorlu Enerji undertakes investments that support the concept of reliable and sustainable energy with its high capacity generation power, qualified human resources, a balanced investment portfolio, resource diversity and competency in creating innovative solutions. Backed by the most competent project development team in Turkey, Zorlu Energy Group creates optimum solutions in every phase of its projects with the construction, operation and maintenance services provided by its subsidiaries. The Group s human resources are highly specialized in the unique operation and maintenance requirements of the thermal, hydroelectric, wind and geothermal power plants and have sophisticated knowledge of every stage in the processes. The availability rates of Zorlu Enerji plants, which exceed 96%, stand as a clear indicator of the effectiveness of our equipment and our teams. We delicately plan our investments on the axes of the energy need/demand, efficiency/profitability, the environment and climate change and create a balanced portfolio that diversifies risks. Zorlu Enerji has a total 1,011 MW of installed capacity in Turkey and abroad. The Company also has new investments and projects focused mainly on renewable energy, 300 MW of which is under construction and 381 MW in project phase. The Dorad Combined-Cycle Natural Gas Power Plant in Israel, which commenced commercial operations in 2014, is the largest power plant built by the private sector in Israel, and by itself can meet nearly 6% of the electricity need of Israel, which has a total installed capacity of around 13,000 MW. It is a source of great pride for us that Zorlu Enerji is behind this important success... Once we commission the Ashdod and Ramat Negev power plants -other projects in Israel that we develop under a partnership- which have a combined installed capacity of 175 MW, our total generation capacity in Israel will reach 1,015 MW. Step by step, we are approaching our goal of being a regional power by capitalizing on the opportunities in the energy sector. In line with our goal of implementing projects based on energy diversity, we will continue to develop collaborations, both regionally and internationally by being in contact and in cooperation with the international players operating in every field of energy.

13 11 WE ARE COMMITTED TO DEVELOPING AND IMPLEMENTING PROJECTS WHICH CREATE PRACTICAL AND LONG TERM BENEFITS BY TAKING INTO ACCOUNT THE ENERGY-HUMAN-ENVIRONMENT INTERACTION. To provide sustainable, affordable and cost effective electricity, we need to undertake the right investments by balancing the efficiency and profitability requirements with the concerns regarding the environment and climate change. How Turkey can meet its electricity demand requires adequate and detailed analyses with regard to the foreign trade balance and greenhouse gas emissions. We reflect our sustainability approach to our operations from every aspect. We implement our energy policy, which is an indispensable element of sustainable development with its economic, environmental and social dimensions, in an integrated approach with our corporate responsibility. In this context, we unwaveringly pursue our goal of developing and implementing projects that are compatible with the energy-human-environment interaction and which create long lasting and practical benefits. Zorlu Enerji carries out its operations holistically by taking into consideration their economic, social and environmental impacts. This approach brought Zorlu Enerji national and international successes in With our electricity generation based on high technology and resource diversity, we continue to invest in projects that support sustainability in tackling the climate change and ensure energy supply security. We won the CDP 2014, Turkey Climate Disclosure Leadership Award with our disclosure policies regarding the management of greenhouse gases, which are produced as a natural result of our electricity generation activities. Zorlu Enerji was one of the five companies in the top 10 percentile in the Carbon Disclosure Leadership Index, an accolade we achieved by publicly disclosing our strategies regarding climate change through the CDP Platform. Zorlu Enerji has proved its credibility in this field with at least one award each year since the start of the implementation of the Leadership Index in Turkey. One of the most valuable developments among the sustainability activities of 2014 was the publication of Zorlu Enerji s third Sustainability Report. The report, which contains Zorlu Enerji s sustainability performance for the period, received A practice level endorsement, which shows the most transparent level, from Global Reporting Initiative, which is a worldwide recognized reporting standard institute. Zorlu Energy Group won two significant awards in the renewable energy categories in the International Energy and Environment Fair and Conference (ICCI) 2014 Energy Awards organized for the fourth time in We won two important awards in the Renewable Energy category; with the Kızıldere II Geothermal Power Plant in the Geothermal sub-category and with the Gökçedağ Wind Farm in the Wind sub-category. In the coming period, we will continue to successfully carry out our practices and investment commitments in line with our sustainability strategy and raise our performance even further. We believe in Turkey s energy and work unstintingly to convert our country s resources to wealth and to bring that wealth to our people. I would like to extend my gratitude to all of our stakeholders, especially our employees who have made this process sustainable with their efforts and our shareholders, who have never faltered in their support for us. Zeki Zorlu Chairman

14 12 ZORLU ENERJİ 2014 ANNUAL REPORT BOARD OF DIRECTORS Zeki ZORLU Chairman Ali Akın TARI Vice Chairman Olgun ZORLU Board Member Selen ZORLU MELİK Board Member ( Denizli) Zeki Zorlu began his professional career in a family owned textile company in Babadağ, Denizli and opened his first textile store in Trabzon, where he established Korteks Mensucat Sanayi ve Ticaret AŞ in In addition to his textile sector investments, Zorlu Group entered the energy sector in 1993, the electronics and white goods sector with the Group s acquisition of Vestel in 1994, and the real estate sector in Today, Zorlu Group has 25,000 employees and 60 companies under its roof. Mr. Zorlu serves as the Co-Chairman of the Board of Directors at Zorlu Holding and as the Chairman of the Group companies operating in the textile and energy sectors, besides serving as the Chairman of the Board of Directors at Zorlu Enerji. ( Koruköy) After graduating from the Istanbul Law Faculty, Ali Akın Tarı served as a Tax Inspector and as a Chief Tax Inspector at the Ministry of Finance between 1972 and He was appointed as the Vice-President of the Tax Inspectors Board in 1986 and Group Head of the Istanbul Tax Inspectors Board in 1989, and he continued to serve in this position until his appointment as a Board Member of the Banking Regulation and Supervision Agency in He was also elected as a Board Member of the Saving Deposits Insurance Fund in the same year. He left the Banking Regulation and Supervision Agency when his period of duty expired in 2004, and was appointed as a Consultant for the Ministry of Finance. Mr. Tarı served in this position until 2007, when he left his position in the public sector voluntarily to work in different areas in the private sector. Mr. Tarı became a member of the Board of Directors and the Audit Committee of Dilerbank in 2008; in addition to this position, he was appointed as a member of the Board of Directors of Diler Holding in Ali Akın Tarı serves as the Vice Chairman of the Board of Directors of Zorlu Enerji Elektrik Üretim AŞ, in addition to his positions as a Board Member at Vestel Elektronik and Vestel Beyaz Eşya. He still serves in these positions, while at the same time holding the titles of Certified Public Accountant and Independent Auditor. ( Trabzon) After completing his higher education in the United Kingdom, Olgun Zorlu began his professional career in 1986, gaining managerial experience in the textiles companies of the Zorlu Group. Mr. Zorlu was appointed as a Board Member at Zorlu Holding in In addition to his current responsibilities as a Board Member at Zorlu Enerji Elektrik Üretim AŞ, Mr. Zorlu also serves as a Board Member at Zorlu Holding and its subsidiaries. ( Trabzon) Selen Zorlu Melik graduated from the Faculty of Economics and Administrative Sciences, Department of Business Administration at Uludağ University. She began her professional career at Denizbank in Following her internship at the Bursa Branch of Denizbank, she joined the Management Trainee Program at the same bank in After working in a number of positions at the Denizbank head office, Mrs. Zorlu Melik attended a Marketing Certificate Program at the University of California, Berkeley, USA in She subsequently started working at Korteks Yarn Plant in 2002, and became a Board Member at the same company in She has been serving as the Deputy President of Zorlu Energy Group and as a Board Member at Zorlu Enerji Elektrik Üretim AŞ, as well as a Board Member at several Zorlu Group companies since Since April 2012, Mrs. Zorlu Melik has been acting as the Deputy President of the Zorlu Energy Group.

15 13 Bekir Cem KÖKSAL Board Member ( Ankara) Bekir Cem Köksal graduated from the Department of Mechanical Engineering at Boğaziçi University in 1988, and obtained a master s degree from Bilkent University in He subsequently worked in the banking industry between 1990 and In 1997, he was appointed as the Assistant General Manager at Denizbank, and in 2002 he joined Vestel as a Chief Financial Officer. Mr. Köksal currently serves as an Executive Board Member in charge of Finance at Vestel Group of Companies and also serves as the Financial Coordinator at Zorlu Holding AŞ. Cem Köksal was appointed as the Board Member of Zorlu Enerji Elektrik Üretim AŞ during the 2011 AGM held on May 31, 2012, and has been serving in this position since then. Hacı Ahmet KILIÇOĞLU Board Member ( Giresun) Hacı Ahmet Kılıçoğlu graduated with a Bachelor s degree in Economics in 1977 and Master s degree in Economics in 1978 from the University of Essex. He started his professional career at the Ministry of Industry and Technology in In 1980 he became an Assistant Specialist at Türkiye İş Bankası and after working in the private sector for a couple of years, Mr. Kılıçoğlu held administrative positions at the United Nations Development Program (UNDP) and the F-16 project. He then took office at Türk Eximbank in 1987, where he worked in various positions. He later served as the CEO of the bank and as a Board Member between 1998 and He also served as a Board Member at the Banks Association of Turkey between 1998 and 2010 and was elected as the President of the World EximBanks Union (The Berne Union) in Mr. Kılıçoğlu also served as a Consultant to the President at the Islamic Development Bank between 2008 and 2009 and as a Vice Chairman at Denizbank in Mr. Kılıçoğlu is currently a Board Member at Beşiktaş Futbol Yatırımları Sanayi ve Ticaret AŞ and Şeker Mortgage Finansman AŞ in addition to his board memberships at Vestel Elektronik Sanayi ve Ticaret AŞ, Vestel Beyaz Eşya Sanayi ve Ticaret AŞ and Zorlu Enerji Elektrik Üretim AŞ. Burak İsmail OKAY Board Member ( Ankara) Burak İsmail Okay graduated from the Faculty of Law at Ankara University in After completing an International Law Certificate Program in New York, he embarked on his professional career at Türkiye İş Bankası, in the Department of Legal Advisory. He later worked at Garanti Bankası, MNG Bank and Nortel Networks Netaş, respectively, before joining Bener Law Firm as an executive. Mr. Okay joined Zorlu Group in 2006 and played an active role in the structuring of the legal department that serves all the Group companies. He has been serving as the President of the Law Group at Zorlu Group and has been a Board Member at Zorlu Enerji Elektrik Üretim AŞ since 2007.

16 14 ZORLU ENERJİ 2014 ANNUAL REPORT KIZILDERE II IS ONE OF THE WORLD S LEADING GEOTHERMAL POWER PLANTS, AND THE LARGEST GEOTHERMAL POWER PLANT IN TURKEY, WITH AN INSTALLED CAPACITY OF 80 MW. 95 MW ZORLU ENERJİ OWNS 2 GEOTHERMAL POWER PLANTS WITH A TOTAL INSTALLED CAPACITY OF 95 MW. 23% ZORLU ENERJİ ALONE ACCOUNTS FOR 23% OF TURKEY S TOTAL INSTALLED GEOTHERMAL CAPACITY.

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18 16 ZORLU ENERJİ 2014 ANNUAL REPORT MESSAGE FROM THE GENERAL MANAGER ZORLU ENERJİ S INVESTMENTS ARE BASED ON POLICIES, TECHNOLOGY AND PRACTICES THAT WILL BRING SIGNIFICANT COMPETITIVE ADVANTAGES AND CONTRIBUTE TO ENERGY SUPPLY SECURITY. İbrahim Sinan Ak General Manager

19 17 WE BELIEVE THAT THE PROCUREMENT OF NATURAL GAS FROM ALTERNATIVE SOURCES, IN ACCORDANCE WITH THE DECLINE IN GLOBAL OIL PRICES, WILL CONTRIBUTE POSITIVELY TO THE LIBERALIZATION OF THE ELECTRICITY MARKET AND ELECTRICITY PRICES. Energy sector is one of the most important building blocks of economic growth and social welfare. Resource and risk diversification and efficiency improvements are becoming ever more important in meeting the growing energy demand adequately, at low costs and in an environmentally friendly manner. The main objective of our country s energy policies is to meet the demand for energy, which is increasing in line with the economic growth, and to achieve this target by reducing dependence on imported fuels and therefore, achieve energy supply security. Given our projection that the volatility in global energy prices will continue, it is imperative that we evaluate new options before us, to be able to meet Turkey s energy demand adequately, with a high level of quality, uninterrupted and at reasonable prices. Also in 2014, while unconventional new resources have rapidly emerged in the global energy market with the support of new technologies, there were dramatic movements in energy prices, especially in oil prices. While the last year s plunge in oil prices had a positive impact on the current account deficits of oil and gas importing economies like Turkey, it started to put pressure on energy exporters, especially Russia. However, we think that, in parallel with the sharp fall in global oil prices, the decline in natural gas prices will give rise to new opportunities in natural gas supply and investments for Turkey. We believe that the natural gas that will be sourced from different countries such as Iran, Azerbaijan and Israel as an alternative to Russia will mark a positive development in the liberalization of the Turkish electricity market and electricity prices. Electricity demand increases each year, creating need for new resources. Electricity consumption, which forms the basis of energy policy, is expected to rise by 2.5 times from current levels, and reach 620 TWh by Turkey s existing installed capacity should be raised by 40,000 MW to 110,000 MW by 2023 to achieve the economic growth targets for the next decade. In recent years, domestic and imported coal, nuclear energy and renewable energy resources have all gained prominence in Turkey s energy policy in order to meet electricity demand. However, a holistic analysis of the potential impacts of these resources on capital and operational costs, the balance of foreign trade and greenhouse gas emissions is required at this juncture. Zorlu Enerji s investments encompass policies, technology and practices that will bring significant competitive advantages and contribute to energy supply security.

20 18 ZORLU ENERJİ 2014 ANNUAL REPORT MESSAGE FROM THE GENERAL MANAGER Liberalization of the Energy Market and Energy Supply Security The prerequisite for ensuring energy supply security and a competitive structure in the energy sector is to put in place the necessary regulations that foster competition in the sector and create a functioning market structure. Ensuring the supply security for energy, which is the most important input for almost all the industries, is of crucial importance in maintaining sustainable economic growth. The world s energy consumption is forecast to increase by 50% over the next 25 years. The supply of reliable, competitive and sustainable energy is of importance for all the countries. We support attempts to strengthen the dialogue between the private and public sector, thereby minimizing the technical and administrative setbacks faced by the investments in the energy sector. Moving forward with our investments with confidence and determination. Zorlu Enerji s total installed capacity in Turkey and abroad reached 1,011 MW, comprising 5 natural gas power plants with a combined capacity of 612 MW, seven hydroelectric power plants with 113 MW, two geothermal power plants with 95 MW and two wind farms with 191 MW. One of the most important developments in 2014 was the commissioning of the Dorad Combined-Cycle Natural Gas Power Plant in Israel, in which we have a 25% stake. The Dorad Combined-Cycle Natural Gas Power Plant, which has an installed capacity of 840 MW, was built by Zorlu Enerji and its Israeli partners with a USD1.2 billion investment in the Ashkelon region of Israel. The power plant commenced commercial operations in May after obtaining a generation and supply license. Dorad is the largest power plant investment ever undertaken by the private sector in Israel and could alone meet nearly 6% of Israel s total electricity needs. We also aim to complete the construction of the Ashdod and Ramat Negev power plants, which will have a combined installed capacity of 175 MW, in the coming period. We set ourselves apart by effectively managing risks and opportunities in the energy sector. Renewable energy resources accounted for 46% of our domestic installed capacity as of the end of We define sustainable energy as a concept that encompasses the generation of energy through clean, efficient technologies, using waste energy generated from one cycle as an input in another cycle and integrating these with economic growth. We exercise great care to ensure that we utilize resources with the highest level of efficiency and in an environmentally friendly manner at our power plants, which carry out their operations in line with sustainable development targets.

21 19 AT ZORLU ENERJİ, WE WILL CONTINUE TO DEVELOP AND IMPLEMENT SUSTAINABLE PROJECTS WITH RESOURCE DIVERSITY, CREATE ADDED VALUE AND SUPPORT EMPLOYMENT. USD1.2 BILLION THE DORAD COMBINED-CYCLE NATURAL GAS POWER PLANT, DEVELOPED BY ZORLU ENERJİ UNDER A 25% PARTNERSHIP WITH A USD1.2 BILLION INVESTMENT IN ISRAEL, COMMENCED COMMERCIAL OPERATIONS. We will strengthen our economic performance and improve our operating profitability. We do not limit the concept of sustainable energy to environmental protection; we also add finance and security elements to this definition. At the heart of our business methods are policy, technology and practices that enable continuous supply of energy with the least environmental and social costs and with the most suitable financing. In this context, as a company able to improve its efficiency and operational profitability, we are increasingly strengthening our place among the top 100 companies on Borsa Istanbul. The 80 MW Kızıldere II geothermal power plant, which entered into operation in 2013 and is the biggest geothermal power plant in Turkey, and the 56.4 MW Wind Farm in Pakistan - the only wind farm in Pakistan - had their first full year of operations in 2014 and made a considerable contribution to our operating profitability during the year. Backed by the contribution from these new power plants, Zorlu Enerji s revenues reached TL807 million in 2014, with an increase of 29% YoY. The Company s EBITDA also grew by 65% to TL204 million with the EBITDA margin improving by 5.4 pp to 25.2%. Another positive development during 2014, was the repayment of the syndication loan related with the Russian investments and the resulting re-structuring of our related party debt/receivables, which helped lower our total financial debt and simplify our balance sheet. We will continue to prove to our investors and all our stakeholders that we are a credible, self-sufficient and a steadily growing company through our financing actions we will take such as debt restructuring and project re-financing. As Zorlu Enerji, we will continue to press ahead with unwavering determination in implementing sustainable projects which emphasize resource diversity, create added value and support employment. Zorlu Enerji stands out in the energy sector, which is defined as one of the basic inputs of economic growth and social welfare, with its specialization, competitive power and credibility. Hence, I would like to take this opportunity to extend my gratitude to our employees who have carried Zorlu Enerji to where it is today and the members of our Board, our shareholders and to all of our stakeholders. İbrahim Sinan Ak General Manager

22 20 ZORLU ENERJİ 2014 ANNUAL REPORT SENIOR MANAGEMENT İbrahim Sinan AK General Manager Hüseyin MORKOYUN Financial Affairs Director Ali KINDAP Assistant General Manager Ahmet Yağmur ÖZDEMİR Assistant General Manager ( Ankara) Sinan Ak graduated from the Department of Management Engineering at Istanbul Technical University in He began his professional career as an investment specialist at Evgin Yatırım Menkul Değerler AŞ. He later completed an MBA at Old Dominion University in the USA. After working as a Finance Supervisor at Vestel Communications between 2000 and 2002, and as a Finance Manager at Vestel Beyaz Eşya between 2002 and 2006, Mr. Ak joined Zorlu Energy Group in He worked as the Assistant General Manager responsible for Financial Affairs at Zorlu Enerji Elektrik Üretim AŞ until 2012, and has been serving as the General Manager of Zorlu Enerji Elektrik Üretim AŞ since January ( Istanbul) Hüseyin Morkoyun began his professional career in the Finance Department of Halis Toprak Holding. Between 1987 and 1996, he assumed various positions in the Finance Department at Hürriyet Ofset Gazetecilik ve Matbaa AŞ and was subsequently promoted to the position of Accounting Manager at the same company. Mr. Morkoyun served as a Finance Manager at Vestel Pazarlama AŞ between 1996 and 2006, and has been working as the Assistant General Manager responsible for Financial Affairs at the Zorlu Energy Natural Gas Group since On March 15, 2012, he was appointed as the Director of Finance at Zorlu Enerji Elektrik Üretim AŞ. ( Çankırı) Ali Kındap graduated from the Department of Mechanical Engineering at the Middle East Technical University in He began his professional career at Gama and later worked at Meteksan AŞ and Güriş İnşaat ve Mühendislik AŞ. He joined Zorlu Energy Group as an Assistant General Manager of Zorlu Endüstriyel ve Enerji Tesisleri İnşaat Ticaret AŞ in Mr. Kındap has been working as the Assistant General Manager responsible for Thermal Power Plant investments at Zorlu Enerji Elektrik Üretim AŞ since ( Ankara) A. Yağmur Özdemir graduated from the Department of Economics at the Eastern Mediterranean University in He then went on to complete a master s degree in Business Law from Bilgi University and completed an Executive MBA and British Law post-graduate programs at the University of Karachi. Mr. Özdemir began his professional career as an Auditor at Arthur Andersen in He worked at Ernst&Young between 2002 and 2004 and he served as Financial Controller at Vestel Elektronik between 2004 and He joined Zorlu Enerji Elektrik Üretim AŞ in 2007 as a Project Finance Manager. In 2012, he was promoted to the position of Manager of Investments and Project Finance at the same company. Mr. Özdemir has been serving as the Assistant General Manager responsible for Investments (for hydroelectric and wind power plants) and Project Finance at Zorlu Enerji Elektrik Üretim AŞ since October 2012.

23 21 Aydın AKAT Assistant General Manager Gülten YILMAZ Assistant General Manager İnanç SALMAN Assistant General Manager Servet BAHADIR Public Relations Director Öniz SAYIT Director, Human Resources ( Erzincan) Aydın Akat graduated with an undergraduate degree from the Construction Department at the Middle East Technical University in 1990, and graduated from the Department of Civil Engineering at Istanbul University in He began his professional career at Cevahirler İnşaat in 1990, before working in a number of projects undertaken by Tekfen İnşaat between 1996 and Mr. Akat joined Zorlu Energy Group in 2005 and worked as the Project Manager at Zorlu Endüstriyel ve Enerji Tesisleri İnşaat Ticaret AŞ; between 2008 and 2011, he held the position of Engineering Manager at the same company. Mr. Akat has been serving as the Assistant General Manager responsible for Projects at Zorlu Enerji Elektrik Üretim AŞ since October ( Eskişehir) Gülten Yılmaz graduated from the Department of Mechanical Engineering at İstanbul Technical University in She began her professional career at Eskişehir Air Supply Maintenance Centre Command as a Turbo Fan Engine System Engineer. Gülten Yılmaz joined Zorlu Energy Group in 2007 and first served as the O&M Technical Services Head and from 2008 as the Marketing and Customer Relations Manager. Gülten Yılmaz has been serving as the Assistant General Manager responsible for Business Support Services at Zorlu Energy Group since October ( İstanbul) İnanç Salman graduated from the Faculty of Business Administration at İstanbul Technical University and holds a PhD in Industrial Engineering from the same university. Having joined Zorlu Group in 2004, Mr. Salman worked at the Human Resources Department of Zorlu Holding between 2004 and Joining Zorlu Energy Group in 2007, he served as the Project Engineer and Organizational Development Manager. İnanç Salman has been serving as Assistant General Manager responsible for Energy Trade and Planning at Zorlu Energy Group since October ( Nevşehir) Servet Bahadır graduated from the Department of Electrical Engineering at Kiel University in After completing his bachelor s degree, he began his professional career as an Electrical Engineer at Türkiye Elektrik Kurumu in He then assumed various positions at TEAŞ and TETAŞ. Servet Bahadır joined Zorlu Energy Group in 2008 and served as the Electricity Sales Manager between 2008 and He was appointed as the Director of Public Relations at the Zorlu Energy Group in October ( İzmir) Öniz Sayıt graduated from the Faculty of Communication at the İstanbul University in 2001 before going on to complete a Human Resources Certificate Program at the Boğaziçi University and obtaining an MBA degree from the Yıldız Technical University. She worked at the Human Resources Departments at the Akkök Group between 2000 and 2005 and at Tofaş Türk Otomobil Fabrikası AŞ from 2005 to Joining Zorlu Energy Group in 2007, Öniz Sayıt has been serving as the Director of Human Resources since October 2013.

24 22 ZORLU ENERJİ 2014 ANNUAL REPORT ZORLU ENERJİ IN BRIEF ZORLU ENERJİ CARRIES OUT ITS ACTIVITIES BASED ON THE PRINCIPLE OF UNDERTAKING PROJECTS THAT CONTRIBUTE TO SUSTAINABILITY FROM EVERY ANGLE. 46% 46% OF ZORLU ENERJİ S INSTALLED CAPACITY IS IN TURKEY AND 39% OF ITS GENERATION PORTFOLIO IS BASED ON RENEWABLE ENERGY RESOURCES. As the first company of the Zorlu Energy Group, Zorlu Enerji is one of the leading players in the sector with its balanced portfolio of power plants in Turkey and abroad and its experience and strong position in the market. It is also one of Turkey s pioneering independent power producers. As of the end of 2014, the installed capacity of Zorlu Enerji s power plants in operation totaled 1,011 MW. Zorlu Enerji s generation portfolio is comprised of seven hydroelectric power plants, one wind farm, two geothermal power plants and four natural gas power plants in Turkey, and one wind farm in Pakistan and one natural gas power plant in Israel. Zorlu Enerji carries out its activities based on the principle of implementing projects that contribute to sustainability from every angle. Zorlu Enerji aims to branch out into different areas of renewable energy, especially geothermal and wind energy, and raise the share of the renewables in its overall portfolio. The Company commands a total installed capacity of 95 MW at its geothermal power plants and 191 MW at its wind farms. 46% of Zorlu Enerji s installed capacity is based in Turkey and 39% of its total portfolio consists of power plants operating on renewable energy resources. ZORLU ENERJİ PLANS TO INVEST IN DIFFERENT AREAS OF RENEWABLE ENERGY, ESPECIALLY IN GEOTHERMAL AND WIND ENERGY, AND RAISE THE SHARE OF RENEWABLES IN ITS OVERALL PORTFOLIO. Zorlu Enerji pursues its international investments with a view to capitalize on the growth opportunities in the Asian and the Middle Eastern markets, where demand for energy is rising rapidly and the liberalization process is still continuing.

25 23 ZORLU ENERJİ IS THE ONLY ENERGY COMPANY IN TURKEY TO HOLD THE ISO GREENHOUSE GAS EMISSION STANDARD CERTIFICATE. The 56.4 MW wind farm, established by Zorlu Enerji Pakistan Ltd. (100% owned by Zorlu Enerji) in the Jhimpir region of Pakistan, is the country s first wind farm to be set up with foreign investment. Zorlu Enerji is one of the few foreign private sector energy companies to operate in Israel, where it currently has three power plant investments. The Dorad Combined-Cycle Natural Gas Power Plant, which has an installed capacity of 840 MW and established by Zorlu Enerji Elektrik Üretim AŞ under a 25% partnership in Israel, was commissioned in Setting itself apart with its approach to supply security and sustainability Zorlu Enerji is a responsible corporate citizen which is determined to provide an increasing contribution to the world s future, and it directs its investments according to this approach. Differentiating itself with its approach to supply security and sustainability, Zorlu Enerji; Zorlu Enerji carries out all the necessary investments at its power plants to prevent emissions from exceeding the limits set by the national and international standards; thereby generating power in an environmentally friendly manner. Zorlu Enerji is the first private electricity generation company to have obtained quality certificates in Turkey. It holds the TE /EN ISO , OHSAS and ISO Certificates and carries out its operations within the scope of Integrated Management System. Zorlu Enerji is the only energy company to hold the ISO Greenhouse Gas Emission Standard Certificate in Turkey and hence, sets itself apart from the competition. Zorlu Enerji published the first sustainability report in the energy sector in Turkey. It continues its reporting activities within this scope at regular intervals and discloses its sustainability performance transparently to its stakeholders. Develops its portfolio based on secure energy supply, Complies with legislation and international standards in all of its investments by acting responsibly on a global scale, Aims to minimize the adverse impacts of its operations on human life and the environment.

26 24 ZORLU ENERJİ 2014 ANNUAL REPORT ZORLU ENERGY GROUP S AREAS OF OPERATION IN ADDITION TO THE ELECTRICITY AND STEAM GENERATION AND SALES ACTIVITIES CARRIED OUT BY ZORLU ENERJİ ELEKTRİK ÜRETİM AŞ, THE GROUP S ONLY LISTED COMPANY, ZORLU ENERGY GROUP IS ALSO ACTIVE IN OTHER AREAS OF THE ENERGY SECTOR, THUS PROVIDING AN INTEGRATED SERVICE MIX. ZORLU ENERGY GROUP COMPLEMENTS ITS ENGINEERING, PROCUREMENT AND CONSTRUCTION SERVICES WITH MAINTENANCE, REPAIR AND OPERATION SERVICES, THUS BRINGING A COMPETITIVE ADVANTAGE TO THE GROUP. ELECTRICITY SALES AND TRADING ZORLU ELEKTRİK ENERJİSİ İTHALAT İHRACAT VE TOPTAN TİCARET AŞ (ZORLU ELEKTRİK): DEMAND AND PRICE FORECASTS, GENERATION PLANNING, PRICING, SALES, RISK AND PORTFOLIO MANAGEMENT AND RECONCILIATION AND INVOICING OPERATIONS, DIRECT ELECTRICITY SALES TO ELIGIBLE CONSUMERS.

27 25 NATURAL GAS DISTRIBUTION CONSTRUCTION OF POWER PLANTS ZORLU ENDÜSTRİYEL VE ENERJİ TESİSLERİ İNŞAAT TİCARET AŞ (ZORLU ENDÜSTRİYEL): PROJECT DEVELOPMENT AND IMPLEMENTATION FOR INDUSTRIAL AND POWER PLANTS. ZORLU ENDÜSTRİYEL CARRIES OUT FEASIBILITY, ENGINEERING, TURN-KEY CONSTRUCTION AND ASSEMBLY WORKS FOR ZORLU ENERGY GROUP S POWER PLANTS IN TURKEY AND ABROAD. TRAKYA BÖLGESİ DOĞAL GAZ DAĞITIM AŞ AND GAZDAŞ GAZİANTEP DOĞAL GAZ DAĞITIM AŞ: NATURAL GAS DISTRIBUTION AND SALES IN TRAKYA AND GAZIANTEP REGIONS UNDER TWO NATURAL GAS DISTRIBUTION LICENCES FOR A PERIOD OF 30 YEARS. NATURAL GAS TRADING MAINTENANCE, REPAIR AND OPERATION SERVICES ZORLU O&M ENERJİ TESİSLERİ İŞLETME VE BAKIM HİZMETLERİ AŞ (ZORLU O&M): LONG TERM OPERATION, MAINTENANCE AND REPAIR SERVICES FOR GROUP AND NON-GROUP COMPANIES. ZORLU O&M OPERATES THE WIND FARM IN PAKISTAN WHILE ALSO PROVIDING SERVICES TO OPERATORS IN GREECE, INDIA AND KUWAIT. ZORLU DOĞAL GAZ İTHALAT, İHRACAT VE TOPTAN TİCARET AŞ: PROCUREMENT OF NATURAL GAS, COMPRESSED NATURAL GAS AND LIQUID NATURAL GAS FROM THE DOMESTIC MARKET AND ABROAD AND THE SALE OF THESE BOTH DOMESTICALLY AND THROUGH EXPORTS.

28 26 ZORLU ENERJİ 2014 ANNUAL REPORT ZORLU ENERJİ S INSTALLED CAPACITY AND INVESTMENTS ZORLU ENERJI S GENERATION PORTFOLIO AND INSTALLED CAPACITY IN TURKEY POWER PLANT LOCATION TYPE ELECTRICITY GENERATION CAPACITY (MW) STEAM GENERATION CAPACITY (TON/H) ZORLU ENERJİ S STAKE (%) NATURAL GAS LÜLEBURGAZ BURSA KAYSERİ* YALOVA ANKARA** LÜLEBURGAZ, KIRKLARELİ BURSA ORGANIZED INDUSTRIAL ZONE KAYSERİ ORGANIZED INDUSTRIAL ZONE ALTINOVA-YALOVA ANKARA ORGANIZED INDUSTRIAL ZONE NATURAL GAS CO-GENERATION POWER PLANT COMBINED-CYCLE NATURAL GAS POWER PLANT COMBINED-CYCLE NATURAL GAS POWER PLANT NATURAL GAS CO-GENERATION POWER PLANT COMBINED-CYCLE NATURAL GAS POWER PLANT WIND 135 GÖKÇEDAĞ OSMANİYE WIND HYDROELECTRIC 113 TERCAN ERZİNCAN HYDROELECTRIC KUZGUN ERZURUM HYDROELECTRIC ATAKÖY TOKAT HYDROELECTRIC MERCAN TUNCELİ HYDROELECTRIC ÇILDIR KARS HYDROELECTRIC İKİZDERE*** RİZE HYDROELECTRIC BEYKÖY ESKİŞEHİR HYDROELECTRIC GEOTHERMAL 95 KIZILDERE I DENİZLİ GEOTHERMAL KIZILDERE II DENİZLİ GEOTHERMAL TOTAL * The installed capacity of the generation license pertaining to the Kayseri CCNG power plant, numbered EU/364-9/476 and dated September 7, 2004, was reduced from MW to 163 MW. ** The installed capacity of the generation license pertaining to the 50.3 MW Ankara CCNG power plant, numbered EU/364-6/473, was terminated as of September 30, 2014 in accordance with the Energy Market Regulatory Authority s (EMRA) decision numbered 5214/15 and dated September 15, *** The application to amend the generation license of the İkizdere Regulator and HEPP was approved by EMRA and works to increase the plant s installed capacity from the 18.6 MW indicated in the license to MW are still ongoing.