natural gas plants face as the Turk sh l ra tumbles and product on costs r se. In add t on, ncent ves prov ded to thermal power plants that use domest c coal also fueled pr ce pressure on natural gas plants. As of May, coal represents 37 percent of total electr c ty product on n Turkey wh le hydroelectr c power plants produce 39 percent.
Compan es that gambled on natural gas are now pay ng a steep f nanc al pr ce. Energy producers have nvested b ll ons of dollars n projects over the last 15 years but w th a plummet ng l ra they have not been able to recoup the r nvestments, even after ra s ng the pr ce of electr c ty. Of the $95 b ll on n nvestments made n the energy sector s nce 2003, n large part through fore gn currency loans, $51 b ll on rema ns unpa d. Because electr c ty compan es collect revenues n l ras, currency deprec at on puts mass ve pressures on the r ab l ty to pay back dollar-currency loans.