58 ARTICLE / MAKALE RiSK AVERSION TO CONVENTIONAL CENTRAL PLANT INVESTMENT Tah anh dl el mbsauur scktc' eoafsnssdfuucol cvaeensrt ssi cfeui pal sa Ct oi oi pDnpEoa rsnt tdur na mi tt ei eagsni eawsg ei l gl mobi een ng ta fnoo fri mw' baporoodr m. t a n t tAl ah nrego etghl ope bor wawl ei lmrl bap err kotej het esc t etshx, att eth nes thmtoowa wi nshi cigconhms cpooefmt i rtpi i soaknn i aet voseCcr sa/ i Dno Eni dtieon n t i f y t t b s e h h a e n e r t t e o i hs n u la u f g y t s in e h i i n a o g d s 1 u e m9 t d c 9 t e l h 0 f i m n o e s e r a w l n e i i n n d o d v r m e f l t d o o s a , r t n m s b n y i u e e g t c w n n m o t i f u c i ai c n n aa n t pn y r la a i t e rh ci s ga i n t . e y v v T . e e c h Ss e n e t i n m o n t c b t e r e u a b n o l e t 2 y p e 0 i a n ln a 0 n n 0 p t s t ,u r y s o c e f h h a it a r a p s s b l a ole n f . t s T e gF e v h in a n e g e p r e e o r r a r s a a t o r t h e e r a s . i v n T a e d h n ie n c b o e a c u t e h i n o n ie c n f e b s e u d t r x h n i e n a t c t a M u t n t h a i d v e r e c c c h s a a o t u u h f t t a i i t o o h t n n e t h w r m e e i y a l m l j h b o a a e r in d U s s . K l n oowptloans to ttchhoeonssoei dn el cyro cmae pnr eat rtnaui lrenps l t. aon itn ov pe tsi ot mn ecnot mi nmgear sc -i af i l rl ye da vCaCi l Ga bTl e p tl ao n t - p ai ln n l n a d d B n e tr e i s a t d z i o , s il v t, h b e t a h e r t e c t c h o e e o m x u i p p n n e a t g r s r yi t c e l f n f e a e ca c w e r e y s oth e f a a a in nt r v s c i e m o h s g m a t e o s i n r n s n e e or n in a t t t b c li a o e a r n e p g , a n e b c sa t i h t u s y e c e r c c d m e r u o sa n n s l c f h ul . on ap tt ui orna,l agtalse aasnt do nb i tohme assusp, pol yffesri ds et,hfeo rbaevsot i cdoi nmg mi te. r c i a l f di pin n o a r f r a r t e e a m n m n s e a t t w e r ti u r c c g c c ha i t e a n l u ly n l gr le e . t r m n T a i g l a h n e e r c p k . r l a e e n T n at o h s t s t e o e a a r s n s s io d h t a u e h t s e e h w r e D h p sa o a o cb l c t e a e h c , l n o e o ct l m i o o a p p u f l r a n o e in t j n x e r v y y p ce i n o t s r g si t i s n m u k n r e l e e n r n te d w t m ia o r a e r i ki q s n u s o i r n e a e d w or s e c f o d a t r u h l l e d e c . e o b Fd f e o , a s r n t b o s k i t m g nl e o a p w a l r le o s n j t r e o f C c o f t / r d D t c ho E o a z g t e p e c n la n a s n e n t or s a g f , t o e i t o x h h n a i o s m r p r r l p i a i b s l n e l k y t s s i w s a t r h r s o o a i n g u t g n n h i d f o a i cv n th a e a e n t v ly a st m p p hr r e a o o a r d v k t u i i e d n c e t g t s r / s c s w o a c h o n a e l d i n n r e g s s e e t a h r r s v e v i e c a r e e n th s l a e. a t mdi vdesi et irol ivsnekasl pwev raecl l uel epb tyisoti ndr eewanmti l il f. yf Cai nvigoDutEhr ot sh ee i r Ati hn se Or eeEnf oeCrr eDg ymc moouraner tkrvei eot ssl a, tbai l ee cp, oai nmr vaeel l esml t mroi sreekn tcd oui f mfnecmr ee en rtaicai ni al t yl hl yai nsdcr dri veeeavnse, el oaspn. edd . rt Tsg crheai sal et iesor far ini sn kvi seasssut emwetehnl al t. tAr aesfqf Feu ici rgtesd afl ol rp tl ahnet sl a, rbgi eg r apnl ad nst sm aml le, abnust t h e ure 2 shows, the growing vpmur ai lcnr egesi rnaaabrl iel ci t oyf os ort cfoecfdenndetowr wa l np pl atl aon nt l .te Bvi sei gl ms pabl naei nfl oet wsi nt evt hdeeswt loohr nes gnl -ormsu ena r tkheet i r lsifheirtins imn athneysmeacroknedtsit.ions - but they are becoming a fact of ENERJİ & KOJENERASYON DÜNYASI C: nı ... Q) C: Q) cı .... o o u nı C: -� nı C: ::ı o .r: !/) Price before new planı addiıion Price after new planı addiıion New planı Cumulative electrical capacity Figure 2. The growing risk of investment in /arge plants. Source: Boston Consulting Group Tisni hgv i nes i sf iti scmal ei nkntet l vyf aotrroi ay tbei oeancr os bmteoet wcaoenme ni em, mptoharortkauegnt ths daar ginvadei nr p ftrohorev Cirde/eDwr sEi l l wbi lel ntheeedrigtohtmcaokuentraiessseasnsdmerengtsiotnos.be sure they are targeting ASSESSING ENVIRONMENTAL RiSK sci nco hmEeupmrl i ocepa fet ri o, o ntmh ef 1o ri Jn ttahr noo uds aeu rcydt i eo2 vn0 e0ol 5of pwt ihni el gl aEedUf df eeac mt i fvi userst imhoenar sr k ter ta d i n g drmeei ptvi rgeeal sotepi onmnt s,e tnaht ni ss ti wrmai ptl l eomgr ti aeaksne. t Wol i tpthl pei l oedr ticfuofneai trl -yet nofc-oerg taeosmt hifsuesei loo vns ews r i at cl l h i n g Col epCvt eGi ol Tno, ft ioinn ssctaaat rli l sbefody n nc aea l wpl oawdc eiat ynm. caHenodt we wremvi l l se , br , et hi naavnel esi snt smv eeastntt trmai nec tnci vt eei nn t r a l ash edi gcdhui teri roe- nebaf efl i cnf aieevf ni otcsuyr uaCnba/ l Dev Eat ri . l eaCab tol meg eet onn tecri ena nt i rtoer nas l paepl scl aat notl of fonr okesmw l i sek oen mtl yr aetnot aap l l l aon nect wa -t i ado ni nsd. i n i tcnhei Esn tuwi vr oi el l p cfeoe, rr tgai nr iovn wel ysi ntdmgi f ef cenar t r fbi r noo mnc orcinsovkuencnt otr iyuo l ntdoa l bc teohcueonr mtmr yea. l f eo f O r ir mn i v e m e e n i , s r r d a s g h ly u l i a l n e s e p g s n o r c ve w ino ic r e c m eo r l n n u p g tm d e l e y t i e n n i t an g e iv ts r e a s e a l e tn a i rs v o d i s s i n r v ek . o a d n l p n n mr t t n o a h e o e g v n v i e d t e U a e f s S l s o t , r r a E i a sm nl k e o f o , c i t n r t h c e r a e o i c n e rr c p n Pi i n o a v od r l i w a r i s o c t e e e a n r r t m vo s i e r c e n ec o t s t f a o lr ly governance, and product and service risk. The 13 firms
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