Energy Deals 2024

The loss of momentum in the energy deals in Türkiye that started in 2022 was sustained in 2024. 30 energy deals generated an estimated total value of USD 1 billion, marking a 44% fall from USD 1.8 billion in 2023 with 47% drop in the average deal value to USD 33 million.  

Behind this monotonous performance was the break in the deal momentum in the oil&gas market and the lack of high-value assets for sale in the utilities market, underpinned by the macroeconomic uncertainties, ongoing challenges in deal financing, increasing interest by industrial players to invest in own energy generation facilities and the preference for IPOs, now another mainstream alternative for financing.  

After the big deals of 2023, there were only two transactions that hit the news in the oil&gas segment, both with undisclosed values. On the utilities front, asset nature was more diversified compared to previous years dominated by the renewables, and the transactions in the natural gas distribution segment made up most of the total value. And, except two, all deals were between the private players.

Looking ahead...  

We expect seven topics to potentially shape the deal environment in the Turkish energy market in 2025: macroeconomic developments, targets in the Energy Transition & Renewable Energy 2035 Plan, steps to support clean technology, IPOs by utility companies, privatisations, new revenue opportunities for power suppliers, and momentum in fuel retail.  

We are well aware that under the shadow of macroeconomic uncertainties and political instability in its region, a significant recovery in the Turkish energy deal space may not happen in the short term. In this cautious climate, we will be particularly interested in the steps to be taken in line with the new Energy Transition & Renewable Energy 2035 Plan, which we consider promising to bring the much-needed visibility to the Turkish energy market.