d eB 19 m u u 9 r t e i 0 t nr h g g s e e w t n h m h c is e a e n r pk o e e f m r t i m o a e n d o n y r v w e i m r ilo c l a n o b r m m k e e e p q t n e s u t t i w i t t f e i o v e r e d r e C if e f / l e a n D e r s E e t r g n b i ty n u f o r m m o y a a m a r n n k y t t e h . c t a T s o t, h u o e g n f r t e t r h i a e e t s e r uncertainty about energy pricing and ever-changing policy prb aruti soh i reni trei ets hss aemns al neyos wms . aThkoaevsetph i aec be cu thnhadi sl al enmnt gi xoepf pumor torhtr eue rn, ci tCoy /mtDopEl ei cxat teendd tkt ohneobi wrr eli enatdkegri enntaoot fi tohfnoearmle .ri gena cmh ,a rbkuet t st h ai sn dw i tl lh er e sq turi ar et e gg ri eesa t reerq u i r e d Trb eer al eadnt i i toi tonh nseah liml py a, bi t enh tews i peg reni cna el t hfooi fsr eaCl en/ cdDt Ert i hc ebi t yu p, s riani cneeds soi nef stph. aeTr t hfi cueue l hl a, i rgh thaheser tws hi ti eteh . p eTo nwhei esr rgi nyp dr mi i cceaa ,rt kot ehr et s ctgi ol ri enhadoti tel idor snt hst reuc ei hn acanel mgn i toni vgs et f teaovs etg, reyanwnedhr ea lr ee , i t b ou nt tbrey ct oo mu inndge rmsot ar ned cao vmaprlieetxy, odfeovtehl oepr ef ar sc t oarnsd. o t h e r s s h o u l d AVOI DING THE 'BOOM AND BUST' TRAP tACr a/ fDca Ekc t somi rmaoi r l fka enr tescwyt coi l megspo oi ntr ht at r hnoecu egohvi se' brt oah eol l mph oeawi gn edh rt ebmnu aes rdt k' etcety. ncdSl eeusnc cth hy a ot f cwyhcelenspaerreiofdesatoufreosveorf commodity markets and are caused -investment lead to falling prices, c(irnetahtiinsgcapseerioedlesctorficuitnyder-investment and product scarcity -generating capacity) that in turn wl Te hoa i rsdl ds i ' ssa gap aon i wn i net cor r mer i asa si rni kngegt l psy r i-cc eao ssm mamnoadnn yap ehs xtea-ncmoopmmeepdnaeon nti eo si ni n i vnt he et sh t e. cECou/ Dmr oEppaesnei hecatsos ri nbceot ehunel d asteedcsett oisf tyr r. . uTc thi veer epceer inotdmf ao rr k me ta dn oy w n t u r n i n Acmosamr i kmpeapt nsr oi ewvsei l dl t hhamat va wer k aet ont t caaon nt si dcuii stpi toaatniesn e' rpdeot psu trr -nebsot eoonmwc ' eo dr i l odn wtmhn eat usr krene st s, , rbt eer nao ddu egt nhh cteydsoci gwa nnna bwl sei t ahenxtdhp el roei rtseepsdot . ni süd tntooe stweh eal i ymt o i ni fe wn! heher i gyc yha rtuhes eenrnoset twthoe b e bbeusntefpitricoef Ccy/DcEle.pOronje-sci tt se ci no rgeednuecr ian tgi oenx, pi no spuarret i ct ou l at hr ,eobf foeor sm a potentially useful hedge. GEOGRAPHICAL SPREAD tpWor ohqdi l ueui ct eseor smse aep l asproar otsevei drsveeercstt ohcreaa nl o mi rl eaadrnkudec tegs ar s(i ss koi nsmd teuhsrgt orayus, g fhtour sr bu i pn pe l y i n g example), geographical flexibility provides one of the besi possible hedges for the sector in reducing exposure to ARTICLE / MAKALE ms( su uaf fcr i kchei etansct ott hl ol ae po sUf feSsse) t i gnl oo aes ssceoi nsut nowt rhryee cnoer as rsemi go ai noj , on br. uwTt hoi it rs l cdma mna yamr nka oek tet b t eh e dae i nnf fseou rbr eevni oca eu ms b aee rtxkwaeemt eppnl rees suo erf vnsi cvueac l hi na an bdso tetrhax tt Eei ngucyr toi owp neo. uaOl dnndboeNn eot or tl eh v e l , w tA 2 o 0 m e h 0 l e l a 3 a r v . i f c e t E a e u e. r r x t M o t h e p a e n e n d c y a e o n Ud l la C S a p / c s s D t e t i E a v t o it e b y f u a m t s o c a i t n t ir v e h k i e s e ty st U s e i n S s c o E w w n u h o t r i i u n o le u l p d e e t h d h f e a r t o v o g m e o b i e n d 1 g 9 o b n 9 wu e 9 o a y t w s o a e n l t l ga2 o0f o0o d0r m, i noe nrt l hcyel i et ol an tll ,oe tsh1ea9 ti 9n l 0toesor. keWes dt e avksenri oyt swc El ooufsr eoo l npy eeaamt n tahmj i osar or dkpeet vti oewnl oei pnn et r , aoi ncpt topi vodi rt yteucni lni i nt i eEe . su rToi nhpaeCt , acal oi nf mod rpnmai ani syas enn dod cl eool nsngesewi dr heher araesb. l en emw a br kuest i n e s s cı, E o Q) (') ·5 � O" ' cı, (1) >, a, -� � o ro o. ro o 3: cı, 3000 2500 2000 1500 1000 500 o Developing and transition economies OEDC Figure 1. Emerging markets cannot be ignored. Source: lnternational Energy Agency, 2003 w t SE o u i h m l r e a o i r l k p a e e r e l t y a h a, n e l c o m p o n o m a g w r p k h e a e a r n t r s m i d e i s a n lo r o o k a e p k n t e t n i r i c o s a i p w t s i a n t a g t il i i t o o r n s e n o c ol m y o f v e t in e h o e r N i f n eo t g h x r , t e p h w e l c e o At a u m e d l d d e i nr d u g ic o p a t w u , r e n l l c o c m o o v a e n n r s t r k i i n te d h e t e e s n r t a n s , b e h c l x o e o t u r f d rl e e d iv c w e t b r y r i s d i e n it e a g y n r ts o s i . f f i i g W c m n a h ai t f i i i o r l c e k n a e t n t o h t f e a r c b t e h t u i e vs i s i i t n m y ce o e a s s r c s t t r a f o ri a n e s v sw t o o a t u h br r e d a e . b le e t c Eo c o q o m nu e n a p o w l a ly m n, m i i e e sa s s o r m k a lo e r e o t e s k o . i i f n n C g c th h r i e e t n o aa w s e , i o x n B t r g r e ld a ly n ' z s d i p l, m r t o h lno e v d s i i d r t ia in p i , m g r T op h d a o a u n r c i t l a a t o s n n p t d t a i, e o n m n M d e e f s o x r e g r ic r i v n o i g c , es n R E m e u u a w r s y o s p o d iae p w p a a a o n r n f r d d t t u h N m n e i o t a i r e l n e t y h s s . s A o T t m r h h is e e e k r r y i p c c o a a o t nu e ( d s n n t e t r m i e a ie l o s F r s ei c a g a r f u e l a e r me a o l i 1 r l f i e a ) ! .a r h d l i m n s y v a oe p r p s k r p t o e o o v t r s r i s d t u ii w n n n g i it l l y nc ea reedf ut lol y w, neoi tg hl e au spt tahcecs oe r df ai ncgt otros tahnedeiadseen toi ffy mmaar kr keet tes n t r y . ENERJi & KOJENERASYON DÜNYASI 57
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