World Daily News
Business
Turkey / Germany / Russia

Turkey's Akkuyu Nuclear Power Plant Delayed: Siemens Energy's Component Shortage Forces Shift to China

Images from the reference sources
Turkey's Akkuyu nuclear power plant faces delays due to component shortages from Siemens Energy, prompting a shift to Chinese suppliers. The $20 billion project aims to enhance Turkey's energy independence and sustainability.


Turkey's Akkuyu Nuclear Power Plant Faces Delays Due to Component Shortages

Turkey's ambitious plans for its first nuclear power plant, the Akkuyu facility, have encountered significant delays, primarily attributed to the German company Siemens Energy withholding essential components. Turkish Energy Minister Alparslan Bayraktar revealed that the initial target of operationalizing the first reactor by 2023 has been postponed to 2024 due to these setbacks. The project, which is being constructed by Russia's Rosatom, is crucial for Turkey's energy independence, aiming for full operational capacity by the end of 2028.

Political Tensions and Alternative Solutions

The delays have not only frustrated Turkish officials but have also led to discussions about potential fines against Siemens Energy. Minister Bayraktar indicated that over 90% of the first reactor's construction is complete, yet technical challenges and external factors continue to hinder progress. In a bid to mitigate these issues, Rosatom has turned to Chinese companies for the necessary parts, marking a significant shift in the project's supply chain. This move underscores the political implications of the situation, as Turkish President Recep Tayyip Erdogan has expressed dissatisfaction with the German government's handling of export regulations affecting the project.

Turkey's Nuclear Ambitions and Future Collaborations

The Akkuyu nuclear power plant, a $20 billion project, is a cornerstone of Turkey's strategy to diversify its energy sources and enhance energy security. Experts believe that Turkey aims to generate 11.1% of its electricity from nuclear energy by 2030, contributing to its long-term sustainability goals. Furthermore, ongoing negotiations for additional nuclear plants with countries like China and South Korea highlight Turkey's commitment to expanding its nuclear capabilities, potentially reducing reliance on traditional suppliers. As global demand for clean energy rises, Turkey's partnerships in the nuclear sector may position it as a key player in the industry.

Clam Reports
Refs: | Aljazeera |

Trends

Business

Volkswagen's Factory Closures Signal Deepening Crisis in Germany's Manufacturing Sector

2024-11-02T09:16:30.509Z

Volkswagen's decision to close factories and lay off thousands of employees underscores a deepening crisis in Germany's manufacturing sector, as the government struggles to respond effectively.

Business

France's 2025 Budget: Corporate Tax Hikes and Enhanced Tax Evasion Measures

2024-11-02T06:16:36.342Z

The French Parliament is debating the 2025 budget, which includes significant corporate tax increases and measures to combat tax evasion, potentially affecting shareholders and investment.

Business

BIS Withdrawal from mBridge Project: Implications for Putin's Economic Strategies

2024-11-02T11:26:23.846Z

The BIS's withdrawal from the mBridge project raises questions about the future of cross-border payments and highlights Putin's ambitions for alternative financial systems in response to US sanctions.

Business

Egypt and Turkey Experience Credit Rating Upgrades Amid Economic Challenges

2024-11-02T12:26:24.575Z

Fitch Ratings has upgraded Egypt's credit rating to B, while Standard & Poor's has raised Turkey's rating to BB-. Both nations face significant economic challenges but show signs of recovery.

Business

US Job Growth Stalls Amid Hurricane and Strikes Before Election

2024-11-02T10:26:18.831Z

The US labor market shows signs of weakness with only 12,000 new jobs added in October, influenced by Hurricane Milton and strikes, raising concerns ahead of the presidential election.

Business

Aviation Crisis Hits Israeli High-Tech Companies Amid War on Gaza

2024-11-02T05:06:07.402Z

Israeli high-tech companies face an aviation crisis, negotiating seasonal flights to New York amid rising ticket prices and government inaction.

Latest