3Q 2015 - enka.com

“Engineering for a Better Future”

3Q 2015

1

Introduction 58 Years of Construction Experience Worldwide

A Group of Companies Composed of More Than 50 Subsidiaries Operating in 6 MajorGeographical Areas:CIS, Asia, Middle East, Europe, Africa & Turkey

479 Projects in 45 Countries have been Completed or Under Construction with Historical Value of US$ 41 Billion

Traded Publicly in Borsa Istanbul (BIST) with a Market Cap of USD 6,6 Billion (@ 30.09.2015)

With a Solid Background of 58 Years ENKA Operates in 4 Main Segments:

Engineering & ConstructionEnergyReal EstateTrade

“Engineering for a Better Future” 2

1957• Founded as a Limited Liability Partnership as Şarık Tara & Sadi Gülçelik ENKA Limited

Şirketi1962

• Focused on Design, Engineering and Construction Activities of Industrial Plants, Buildings and Infrastructure

1967• The Partnership was Transformed into a Joint Stock Company as ENKA İNŞAAT VE

SANAYİ A.Ş.1972

• ENKA Holding was Established• First International Contract (Benghazi Cement Factory in Libya) and then 4 More

Cement Factory Projects in Libya

1973• First Power Plant (150 MW Tunçbilek Thermal Power Plant) in Turkey • Diversification of Activities and Specialized Subsidiary Companies

Milestones of ENKA


1983• ENKA Sports, Education and Culture Foundation and Sadi Gülçelik Sports Center

Establishments1984

• First Natural Gas Combined Cycle Power Plant in Turkey 600 MW Trakya CCCP

1986• Multinational Joint Ventures• Outstanding Achievements with Fast-Track Projects in Libya, Russia and Former Soviet

Union Countries as well as in Turkey as a General Contractor

1992-1993• Establishment of Development Companies in Moscow• Primary Oil Services Contracts in Kazakhstan Oil Fields

1997• Development of Shopping Malls and Retail Business in Moscow

Milestones of ENKA


2000-2001• Power Generation as Independent Power Producer (IPP)• Certified by BSI for ISO 9001 Quality Management System

2002• Merged with ENKA Holding under ENKA İnşaat ve Sanayi A.Ş.• Certified by BSI for ISO 14001 Environmental Management System and OHSAS 18001

Occupational Health and Safety Management System• Turkey BOO Projects Have Been Accomplished by the ENKA BECHTEL Joint Venture

2003• New US Embassy Projects Started in West African Countries: Cameroon, Guinea, Mali

and Sierra Leone

2004• 790 MW Rijnmond Natural Gas Fired CCPP Has Been Completed in 22 Months by the

ENKA BECHTEL Joint Venture in the Netherlands

Milestones of ENKA


2008-2009• ENKA as a Main Contractor has been Awarded 400 MW Yajva State District Power Plant

EPC Project in Russia • Completion of Sheremetyevo Airport Terminal 3 in Moscow

2010• ENKA Set a New World Record For Power Plant Availability

(with 99.8% which is 7% Over the Industry Average) over the 12-Month Period with GE 9 FA Gas Turbines

2011

• First Contract Awarded in Continent America – New US Embassy Compound in Santa Domingo, Dominican Republic

• Development and Completion of the Design and Building of the Muscat International Airport (Main Contract 3) started in Sultanate of Oman

• ENKA’s Re-entry into Iraq Oil & Gas Market by Winning the Contract for ME&I Works of Early Production Facility in Majnoon Oil Field.

Milestones of ENKA


2012

• First Contract Awarded in Northern Iraq after Two Decades – Erbil Combined Cycle Power Plant Conversion Project

• Al-Najybia 500 MW Gas Turbine Power Plant and Rumaila Crude Oil Pumping Station Projects have been Awarded

• Steel Works Contract of Izmit Bay Crossing Suspension Bridge Project has been Awarded

2013-2014• Sulaymaniyah and Duhok Combined Cycle Plant Conversion Projects have been Awarded• A Contract related to South Caucasus Pipeline Expansion (SCPX) has been Awarded to

BECHTEL-ENKA JV• After Successfully Completing the Route 7 Motorway Project, the New Phase; Route 6 has

also been Awarded to BECHTEL-ENKA JV in Kosovo• An EPC Contract for a Simple Cycle Power Plant Project has been Awarded at Bazian,

Sulaymaniyah• 3,000 MW Combined Cycle Power Plant Project has been Awarded at Besmaya, Iraq

Milestones of ENKA


The Following Vision and Values Define What is Meant to be ENKA.

- Excellence

- Innovation

- Speed

- Safety

- Being a Good Member of the Community

- Its People

Vision and Values


50,15%

5,87%

12,60%

31,38% TARA FAMILY

ENKA FOUNDATION

FREE FLOAT

GÜLÇELİK FAMILY

As of March 27, 2015

Shareholder Structure


( Million USD ) 2015 (9M) 2014 2013 2012

TOTAL ASSETS 7.324 7.813 8.471 8.238

TOTAL EQUITY 5.182 5.157 5.597 5.099

CASH & MARKETABLE SECURITIES 2.899 2.990 2.752 2.707

REVENUE 3.532 5.821 6.457 5.746

EBITDA 584 830 1.026 725

EBITDA MARGIN % 16,5 14,3 15,9 12,6

NET PROFIT 427 659 656 629

NET MARGIN % 12,1 11,3 10,2 10,9

Consolidated Financial Highlights


( Million USD ) 2015 (9M) 2014 2013 2012

USD % USD % USD % USD %

CONSTRUCTION 1.145 32,4 2.139 36,7 2.550 39,5 1.384 24,1

POWER GENERATION 1.983 56,2 3.159 54,3 3.284 50,9 3.653 63,6

REAL ESTATE 293 8,3 485 8,3 478 7,4 442 7,7

TRADE 199 5,6 302 5,2 356 5,5 395 6,9

ELIMINATION (88) (2,5) (264) (4,5) (212) (3,3) (128) (2,3)

TOTAL 3.532 100 5.821 100 6.457 100 5.746 100

Revenues by Business Lines


2015 (9M) 2014 2013 2012

( Million USD ) USD % Margin USD % Margin USD % Margin USD % Margin

CONSTRUCTION 130 22 11 198 24 9 357 35 15 119 16 9POWERGENERATION 222 38 11 260 31 8 273 27 8 267 37 7

REAL ESTATE 213 37 73 337 41 70 346 34 73 308 43 70

TRADE 17 3 9 27 3 9 42 4 11 23 3 6

ELIMINATION 2 0 7 1 7 0 8 1

TOTAL 584 100 830 100 1.026 100 725 100

EBITDA by Business Lines


Date Previous Share Capital Increase Increase (%) Increased Share

Capital25.05.2010 1.800 400 22,22% 2.20002.06.2011 2.200 300 13,64% 2.50025.05.2012 2.500 300 12,00% 2.80012.06.2013 2.800 400 14,29% 3.20021.05.2014 3.200 400 12,50% 3.60007.05.2015 3.600 400 11,11% 4.000

Date Cash Dividend Cash Dividend (USD) Gross Rate Net Rate D.P.F.S.* (TL)17.05.2010 144 93,7 8,00% 6,80% 12.220.12716.05.2011 160 100,8 7,27% 6,18% 13.619.94515.05.2012 210 116,9 8,40% 7,43% 18.104.81710.10.2012 80 44,2 2,86% 2,43% -08.05.2013 224 124,9 8,00% 6,80% 19.316.67716.04.2014 272 127,6 8,50% 7,45% 23.442.77815.08.2014 288 133,6 8,00% 6,80% -14.04.2015 300 113,4 8,33% 7,58% 25.887.670

**D.P.F.S.: Dividend Paid to Founder Shares

Share Capital Increases and Dividends (Million Turkish Liras)


Board of DirectorsM. Sinan Tara Chairman of the BoardHaluk Gerçek Vice Chairman of BoardErdoğan Turgut Member of Board (Non-executive Member)E. Melih Araz Member of Board (Non-executive & Independent Member)V. Ergin İmre Member of Board (Non-executive & Independent Member)

Executive CommitteeA. Mehmet Tara President and Chairman of the Executive CommitteeM. Gökhan Sağnaklar Vice Chairman of the Executive CommitteeB. Burak Özdoğan Member of the Executive Committee (Moscow Projects)C. Şan Gürdamar Member of the Executive Committee (Nuclear Related Projects)Özger İnal Member of the Executive Committee (Infrastucture Projects)S. Oğuz Kırkgöz Member of the Executive Committee (Oil & Gas and Petrochemical Projects)Zafer Gür Member of the Executive Committee (Special Projects)Asaf Yener Member of the Executive Committee (Industrial Production and Fabrication)H. Fehmi Bayramoğlu Member of the Executive Committee (Energy Projects)

Top Management


As of September 2015 TechnicalStaff

Administrative Staff Workers TOTAL

ENKA Istanbul Head Quarters 320 105 76 501

ENKA Subsidiaries in Turkey 779 530 1.733 3.042

ENKA Abroad 758 395 17.756 18.909

ENKA Subsidiaries Abroad 50 17 670 737

TOTAL 1.907 1.047 20.235 23.189

Work Force


Total work force of ENKA was 21.340 as of 30.06.2015.

15

Specifically in Oil & Gas and Petrochemical Industry, ENKA Provides Engineering,Fabrication Construction, Commissioning and Start Up Services for MajorInternational Clients Such as; Exxon Mobil, Shell, Chevron, Lukoil etc.

ENKA has also Solid Relations with Leading OEMS & Extensive Experience withLeading EPCM Companies such as; Bechtel, Fluor, Technip etc.

The Fields of Engineering & Construction Activities are;

Oil & Gas Facilities, PipelinesPetrochemical Plants Power PlantsIndustrial PlantsMotorways, Bridges, and TunnelsAirports, Harbors, and Offshore WorksNew Towns and Housing Complexes

Business CentersAdministrative BuildingsCultural CentersShopping MallsHotelsHospitalsStadiums

Engineering & Construction


ENKA’s 411MWe CCPP Yajva State District Power Plant EPC Project has been Awarded “TheBest Project in the Power/Industrial category” in 2013 Global Best Projects Competition ofENR (Engineering News-Record)

ENKA’s Kosovo Motorway EPC Project (Sections 1, 2, 3 & 4a) has been Awarded “The BestProject in the Roads/Highways category” in 2013 Global Best Projects Competition of ENR(Engineering News-Record)

Program and Project Management of the Kosovo Motorway Project” in the “ProgramManagement” Category of the 2012 IRF - International Road Federation Global RoadAchievement Awards (GRAA)

Cityscape Awards for Emerging Markets - 2012 Category: Retail Project" Award to ENKA TCfor its Kuntsevo Multifunctional Trade and Business Center in Moscow

Awards


”Most Admired Construction Company of Turkey Awards” for the Years 2005 - 2012 byCapital, a Business and Economics Magazine

In 2011, ENKA’s Adapazari Power Plant has been Selected as the Power Plant of the Year withan Availability of 99.8 % by the Power Magazine

In 2011, ENKA’s Insurer Factory Mutual Global (FM), Awarded All Three ENKA PowerPlants the Status of Highly Protected Risk in Recognition of ENKA’s Commitment to theReduction of Potential Losses Through a Stringent Programme of Risk Mitigation andPrevention.

Turkish Power Company ENKA Power has World Class Risk Management” Article whichPraises ENKA's Commitments and Achievements in Protecting the Power Plant AssetsPublished in Utility Week Magazine on 28 January 2011 Edition.

The Most Prestigious and innovative leisure, shopping, business and residential complex ofMoscow, was honored with the Best Shopping Center 2015 Award given by Russian Councilof Shopping Centers (RCSC).

Awards


ISO 9001: 2008QUALITY MANAGEMENT SYSTEM

ISO 14001: 2004ENVIRONMENTAL MANAGEMENT SYSTEM

OHSAS 18001: 2007HEALTH & SAFETY MANAGEMENT SYSTEM

ASME SPOWER BOILERS

ASME APOWER BOILER ASSEMBLIES

ASME UPRESSURE VESSELS

ASME U2ALTERNATIVE RULES FOR PRESSURE VESSELS

Certificates


ASME Nuclear NPT STAMP ASME Nuclear NA STAMP ASME Nuclear NS STAMP EnBW KTA 1401

's Nuclear Certificates

Certificates


COUNTRY (Million USD) %

IRAQ 731 33US EMBASSY PROJECTS 367 17RUSSIA 270 12KOSOVO 261 12GEORGIA 260 12UNITED STATES 129 6KAZAKHSTAN 110 5TURKEY 49 2OTHERS 35 2TOTAL 2.212 100

Backlog as of 30.09.2015


Erbil, Sulaymaniyah and Duhok Combined Cycle Power Plant Projects –Iraq

Besmaya Combined Cycle Power Plant Project – Besmaya, Iraq

Bazian Simple Cycle Power Plant Project – Sulaymaniyah, Iraq

Al Najybia 4x125 MW Gas Turbine Power Plant Project – Basra, Iraq

US Embassies - Afghanistan, Russia, the Netherlands, Djibuti, Mauritania and Turkmenistan

Route 6 Hani i Elezit Motorway Project - Kosovo

South Caucasus Pipeline Expansion (SCPX) Project – Georgia

Crude Shipment Capacity New Tank Farm Project – Kazakhstan

Selected Projects Under Construction


Combined Cycle Power Plant Projects – Erbil, Sulaymaniyah and Duhok, Iraq

Job Owner: MGH - Mass Group Holding Ltd.

Scope: To Convert its Independent Power Projects (IPP) from Simple-Cycle to Combined-Cycle Technology.

The Project is on an EPC basis.

Erbil Gas Power Station has 8 GE - 9E gas turbines at present.

All Turbines are Under Operation Now.

When Converted into a Combined Cycle will have a TotalCapacity of 1,500 MW.

Erbil is the First Combined Cycle Power Plant in Iraq.

Will Provide Approximately 25% of the Power Demandof Kurdistan Region.

Sulaymaniyah and Duhok Power Plants have been Awardedin the Second and Fourth Quarters of 2013 respectively.



Besmaya Combined Cycle Power Plant Project

Contract Price : USD 555 Million

Job Owner : Mass Energy Group Holding Ltd.

Location : Besmaya, Baghdad – Iraq

ENKA is awarded to Build the First Phase of Besmaya Combined Cycle Power Plant. TheGreen Field Project, Located Near to the City of Baghdad at Besmaya and will be on EPCTurnkey Basis.

The Scope:Design, Engineering, Procurement, Construction, Commissioning and Testing of 1,500 MWGas Fired Combined Cycle Power Plant in Besmaya.

The Project is Planned to be Completed in the Second Half of 2017.



Bazian Simple Cycle Power Plant Project

Contract Price : USD 240 Million

Job Owner : Qaiwan Group

Location : Bazian, Sulaymaniyah – Iraq

ENKA is awarded to Build the First Phase of Bazian Combined Cycle Power Plant, the SimpleCycle Portion. The Green Field Project, Located Near to the City of Sulaymaniyah and will beon EPC Turnkey Basis.

All Design, Engineering, Procurement and Construction Works will be Completed by ENKAand Major Suppliers will be GE for Combustion Turbines and Siemens for the Air InsulatedSwitchyard. The Design will Support Plant Operation with Two Types of Fuel – Liquid FuelGas and Liquid Fuel Oil.

The Project is Planned to be Completed in 15 months.



Al Najybia 4x125 MW Gas Turbine Power Plant Project

Located in Basra, Iraq

Contract Price: USD 237 Million

The Project is in the Scope of “Mega Deal Projects” by Ministry of Electricity of Iraq.

Engineering, Procurement, Construction, Commissioning and Start-Up of 4 x 125 MW Simple Cycle Power Generation Plant on Turn-Key Basis.

Plant will Consist 4 Units of GE Frame 9E Gas Turbine Generator Sets.



US Embassy Projects - Afghanistan, Russia, the Netherlands, Mauritania, Djibuti and Turkmenistan

The Collaboration between ENKA and CADDELL Construction Co. of USA Startedin Early 2000’s.

Companies Agreed to Jointly Carry Out the Construction of the US Embassy Buildings in Various Countries.

Number of Completed US Embassy Projects: 14

Job Owner: The Bureau of Overseas Construction Operations of the US State Department.

The Total Contract Value of 6 Ongoing Projects is Reaching USD 1.3 Billion.



Route 6 Hani i Elezit Motorway Project - Kosovo

BECHTEL – ENKA General Partnership (50% - 50%)

Contract Price: EUR 600 Million

60-Kilometer Motorway Linking the Capital,Pristina to Neighboring Macedonia.

The New Motorway, Route 6, will ConnectKosovo with the Surrounding Regionand will be the Country’s Second Motorway.

The Country’s First Motorway Route 7, Which Runs from Morina on the Albanian Border tothe North of Pristina, was also Built by BECHTEL-ENKA and was Delivered a Year Ahead ofSchedule in November 2013.



South Caucasus Pipeline Expansion (SCPX) Project – Georgia


Contract for the Construction and CommissioningSupport of the SCPX Project Facilities in Georgiahas been Awarded to the BECHTEL-ENKA Joint Venture

The Scope of Work Under This Contract IncludesConstruction of a 16km Access Road, Two 120 MegawattCompressor Stations and a Pressure Reductionand Metering station.

Completion is Expected in 2018.



Crude Shipment Capacity New Tank Farm ProjectTengiz, Kazakhstan

Job Owner: TengizchevroilContractor: Senimdi Kurylys (Bechtel – ENKA Joint Venture with equal shares)

An EPC Contract of New Crude Oil Storage Tanks, Switching Manifolds and Export pumps along with all their associated piping systems, utilities and control systems.

The projected completion is within June 2017.




Type Location Size (NLA) Occupancy Rate

Class A Office Area Moscow 337.000 m2 86% USD 775/m2/Year

Retail Area Moscow** 276.000 m2 89% USD 475/m2/Year

5 Star Hotel Moscow* 235 Rooms * *

* Occupancy and Rate of rooms of the Hotel may vary daily.* * 1 out of 11 Shopping Centers is located in St.Petersburg.

Real Estate Portfolio


21.000 m2 drop in the retail area is related to re-development project of Kashirskaya.

33

Investments in Russia

34

Year Rental Revenue Million USD

EBITDA Million USD

EBITDAMargin

2015 (9M) 293 213 72,6%

2014 485 337 69,6%

2013 478 346 72,5%

2012 442 308 69,7%

Real Estate


ACCENTURE

BASF

CHANNEL

CITIBANK

CLEARY GOTTLIEB

STEEN & HAMILTON

E.ON

ELI LILLY

FORTUM

GENERAL ELECTRIC

HSBC

MITSUI & CO.

NATIONAL OILWELL VARCO

NESTLE

NINTENDO

PFIZER

QUALCOMM

RENAISSANCE CAPITAL

RICHEMONT

SAIPEM

SBERBANK ASSET MANAGEMENT

SUN CAPITAL

IATA

IBM

INGOSTRAKH

KPMG

LA PRAIRE

LEGO

SERVIER

LG ELECTRONICS

LINDE GAS

LINKLATERS

MEDTRONIC

SUMITOMO MITSUI

STATOIL

SYMANTEC

TOMMY HILFIGER

UBS

UNIVERSAL PICTURES

ZARA

Real Estate (Some Tenants)


Kuntsevo Multifunctional Complex

Owner : ENKA TC (Fully Owned By ENKA)Total Investment : USD 465 Million

The Existing Shopping Center which was Opened In 1997 with a Total Area of 19.400 m2

was Demolished in 2012

The Complex Includes: Shopping Center with a Net Leasable Area of 63.800 m2

Office Space with a Net Leasable Area of 25.800 m2

A Car Park of 2.350 spaces With a Building Area of Approximately 245.000 m2 in Total

Grand Opening was within March 2015Won the “Cityscape Awards for Emerging Markets, 2012 Category Best Retail Project Future” Prize between 36 Projects from 13 Different Countries in the International Cityscape Global Real Estate Conference held in Dubai, 2012

Real Estate


Sergiev Posad Shopping Center

Owner: ENKA TC (Fully Owned By ENKA)

Total Investment: USD 59 Million

The Complex Includes:

Shopping Center with a Net Leasable Area of 25.000 m2

A Car Park of 723 spaces With a Building Area of Approximately 38.000 m2 in Total

Started Operation in August 2014

Real Estate


Investment Projects of ENKA TC (Fully Owned By ENKA)

Kashirskaya Shopping Center Existing Shopping Center will be Demolished in 2Q 2015 Total Investment: USD 260 Million Total Area: 173.000 m2, Net Leasable Area: 75.000 m2

Marino Rosha Shopping Center Existing Shopping Center will be Demolished in 2016 Total Investment: USD 335 Million Total Area: 210.000 m2, Net Leasable Area: 80.000 m2

Vernadskovo Office Center A-Class Offices including Multistorey Car Park Project Total Investment: USD 55 Million Total Area: 37.800 m2, Net Leasable Area: 20.000 m2 & Car Park

Leningradsky Pravaberejnaya Office Center A-Class Offices including Multistorey Car Park Project Total Investment: USD 70 Million Total Area: 55.000 m2, Net Leasable Area: 22.000 m2 & Car Park

Real Estate (New and Further Investment Projects)


Operator Ownership: 100% ENKA

Debt-to-Equity Ratio: 75/25

Export Credit Agency (ECA) and OPIC Facilities

Fully Covered Political and Commercial Risk is Approximately 94%

Exhaustive Due Diligence Over 2 Years by ECA and OPIC

No Local Currency Risk: Payments Calculated in USD and Payable in Turkish Lira Equivalent

Financial Overview


3 Gas-Fired Combined Cycle Power Plants (Total 3,854 MW)

Gebze 1,554 MWAdapazarı 777 MWIzmir 1,523 MW

Annual Generation is 32 Billion kWh Net and the Annual Natural Gas Consumption is around 6.5 Billion cbm,

Capability of Meeting 12% of Turkey’s Total Demand, since Turkey’s Consumption in 2014 was 255 Billion kWh,

Developed under the ‘Build-Own-Operate’ Programme,

Take-or-Pay Off-Take with State-Owned Turkish Electricity Trading Corporation (TETAŞ)under 16-Year Electricity Sales Agreements.

Project Overview


BOTAŞ Turkish Pipeline Corporation, a Turkish State Entity, Supplies Natural Gas Under16-Year-Term Contract (Will expire at the end of 2018)

Turkish Undersecreteriat of Treasury Guarantees Back Obligations of TETAŞ and BOTAŞ,

Very Competitive Tariffs - 4.2 Cent/kWh Average Sales Price for 16 Years,

Natural Gas is a Pass-Through Item, Thus Enka Does Not Take Any Natural Gas Price Risk

Located Near Areas of High Demand in West Turkey,

Separate Legal Entities:

Separate Sets of Project and Financing Documentation

Share Near-Identical Commercial Framework

Project Overview


Strong and Growing Projected Demand for Electricity (8% p.a. at that Time)

Existing and Forecasted Energy Shortage at that Time,

Improving Economic Situation in Turkey.

Proximity to Main Electricity Load Centres

Will Reduce Transmission Losses from Plants in East(Near Domestic Coal and Hydro Sources)

Proven and Environmentally Friendly Technology.

Will still be Operative and Owned by Enka after 16 years from 2019.

35 – 40 Years of Economic Life

Project Rationale


COMMITTED AMOUNTS TOTAL (Million USD)

TOTAL DEBT (75%) 1.530TOTAL EQUITY (25%) 510TOTAL PROJECT COST 2.040

PROJECT FINANCE TOTAL (Million USD)

US EXIM, USA 860HERMES, GERMANY 185OND, BELGIUM 125OPIC, USA 300OTHER BANKS 60TOTAL 1.530

All Outstanding Project Finance Loans have been Fully Paid Back in 2013

Debt Funding


BOTAŞ

NATURAL GAS SALES AGREEMENT

ELECTRICITY SALES AGREEMENT

TREASURY GUARANTIES

EPC CONTRACT

OPERATIONS & MAINTENANCEAGREEMENT

PARTS & SERVICES AGREEMENT

TETAŞ

TREASURY

BECHTELENKA JV

ENKASANTRAL BAKIM

GEPROJECTCOMPANY

Overview of Project Agreements


SOURCES MILLION KWH %

NATURAL GAS + LNG 120,438 47.1HYDRO 40,396 15.8

COAL 73,086 28.6WIND, GEO & OTHERS 16,516 6.5

IMPORT 7,805 3.1EXPORT (2,696) (1.1)

TOTAL PRODUCTION 250,436 98.0

TOTAL CONSUMPTION 255,545 100.0

Source: TEIAS

Turkey’s Energy Consumption in 2014


95 106 114 119 128 127 133 141 150 161 175 190 198 194 210 230 242 246 255-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

50

100

150

200

250

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Billion KWh Change %

Turkey’s Energy Demand


3Q 2015 - enka.com

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