Law Amending the Electricity Market Law, Certain Laws and Decree No. 375 is Published
The Law Amending the Electricity Market Law, Certain Laws and Decree Law No. 375 (Omnibus Law) entered into force following its publication in the Official Gazette dated 28.12.2022 and numbered 32057. The Omnibus Law introduced significant amendments to the Law on Privatization Practices numbered 4046 (Privatization Law).
- With the Constitutional Court Decision dated 20.07.2022 and numbered 2022/22 E. 2022/92 K., published in the Official Gazette dated 02.08.2022 and numbered 31911, Provisional Article 30 of the Privatization Law was canceled. With the canceled Provisional Article 30, it was possible to extend term of the privatization contracts, signed for a period of less than 49 years as a result of the privatization of certain ports belonging to Turkish Maritime Enterprises Inc. (TDI) and the Republic of Turkey State Railways (TCDD) through the method of granting/transferring operating rights, up to 49 years.
- Provisional Article 31, added to the Privatization Law, stipulates that the term of contracts signed before the publication date of this article for a period of less than 49 years as a result of the privatization of certain ports belonging to TDI and TCDD by the method of granting/transferring operating rights may be extended up to 49 years from the starting date of the operating right and for one time only, provided that an application is made within 15 days at the latest from the date of publication of this article and that other conditions are met.
- Pursuant to Provisional Article 31, in addition to the investment requirement stipulated under the privatization contracts, the operator companies are obliged to make investments related to port activities at the rate of 10% of the additional contract price and to realize these investments within five years from the date of signature of the additional contracts.
- Details on how the additional contract price and the revenue share to be paid to the Privatization Administration will be calculated are also included in the Omnibus Law.
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