摘要：This study aims to investigate the pricing of biofuels in Turkish energy market.
The traditional the Central Bank of the Republic of Turkey’s discount rate pricing
approach may not be applicable for pricing biofuels in Turkey. The weighted
average cost of capital (WACC) expenditure approach, which was implemented
by the MIT Energy Initiative for Natural Gas Monetization has been used in this
study to model sugar beet based biofuels pricing in Turkish ethanol market. The
results reveal that weighted average discount rate provides more realistic returns
than the one off ered by the Central Bank of the Republic of Turkey. The fi ndings
also indicate that investing in sugar beet based biofuels in Turkish ethanol market
results negative returns. Biofuels technologies are stabilized and mature, and
became viable and directly competitive with hydrocarbons when the crude prices
started to increase during the period 2001-2014, especially ethanol, benefi ting from
the permanent improvement from the alcohol program in Brazil. A similar trend
will probably be followed by biodiesel technologies, yet not for Turkey.
