June 17, 2003, Washington, DC: Turkish Industrialists’ and Businessmen’s Association (TUSIAD) issued a press release pertaining to the recent developments in Turkish energy sector. In its statement, TUSIAD underlined the core function that independent regulatory agencies play in improving legal and institutional structures in market economies. TUSIAD statement reads as follows:

“Fortunately, troubles in Turkish financial sector have been significantly alleviated thanks to the measures implemented by the Banking Regulation and Supervision Agency (BRSA). BRSA’s capacity to act independently remains indispensable to transforming Turkish banking system into a healthy and robust nature.

On June 12, Turkish Energy Ministry, upon the decision taken by the Energy Market Regulatory Authority, revoked the contracts of two power facilities. This act should be interpreted as an attempt to regulate the energy market and increase its competitiveness in line with the existing laws in the country.

Legal procedures for appealing this decision are open to all parties at this time. However, it is necessary to expedite and increase the efficiency of the legal process in such economic disputes. Delaying a final solution in such longstanding issues hinder the competitiveness and fairness of the market mechanisms.”

Acknowledging the importance of the subject, TUSIAD has recently published its report on “Independent Regulatory Agencies and Turkish Case”. TUSIAD report, through comparisons with other countries, proposes recommendations regarding independence, responsibility, structure, accountability, and supervision of the independent regulatory agencies in Turkey.

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