{"id":1728,"date":"2026-03-07T15:51:07","date_gmt":"2026-03-07T12:51:07","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1728"},"modified":"2026-03-07T15:53:09","modified_gmt":"2026-03-07T12:53:09","slug":"enjsa-faaliyet-raporu-analizi-202512-enerjisa-enerji-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1728","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 ENJSA Faaliyet Raporu Analizi 2025\/12 | Enerjisa Enerji A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/6MDYxu6G3SAUhFmdRzUOia?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>Sadece Bir Enerji \u015eirketi De\u011fil: Enerjisa Enerji\u2019nin 2025 Entegre Raporundan Gelece\u011fi \u015eekillendiren 5 \u00d6nemli \u00c7\u0131kar\u0131m<\/h1>\n<h3>1. Enerjinin Sessiz D\u00f6n\u00fc\u015f\u00fcm\u00fc: Pasif T\u00fcketiciden &#8220;\u00dcreten T\u00fcketiciye&#8221;<\/h3>\n<p>G\u00fcnl\u00fck hayat\u0131n ak\u0131\u015f\u0131nda enerjiyi genellikle sadece ay sonunda \u00f6denen bir fatura ya da duvardaki bir priz olarak alg\u0131l\u0131yoruz. Ancak bu basit temas noktas\u0131n\u0131n ard\u0131nda, T\u00fcrkiye\u2019nin ekonomik dokusunu besleyen devasa bir ekosistem, sessiz ama k\u00f6kl\u00fc bir devrim ge\u00e7iriyor. Enerjisa Enerji\u2019nin 2025 Entegre Faaliyet Raporu, bu yap\u0131n\u0131n sadece finansal bir d\u00f6k\u00fcm\u00fc de\u011fil; vatanda\u015f\u0131n &#8220;pasif bir t\u00fcketici&#8221; olmaktan \u00e7\u0131k\u0131p, kendi enerjisini y\u00f6neten ve \u00fcreten bir &#8220;prosumer&#8221; (\u00fcreten t\u00fcketici) haline geldi\u011fi yeni d\u00fcnyan\u0131n stratejik manifestosudur. \u015eirket, T\u00fcrkiye\u2019nin enerji d\u00f6n\u00fc\u015f\u00fcm\u00fcne \u00f6nc\u00fcl\u00fck etme vizyonunu, \u015febekeyi sadece kablolardan ibaret bir yap\u0131dan, toplumsal d\u00f6n\u00fc\u015f\u00fcm\u00fcn dijital kataliz\u00f6r\u00fcne d\u00f6n\u00fc\u015ft\u00fcrerek somutla\u015ft\u0131r\u0131yor.<\/p>\n<h3>2. \u0130lklerin Raporu: &#8220;Entegre D\u00fc\u015f\u00fcnce&#8221; ile \u015eeffafl\u0131kta Yeni Standart<\/h3>\n<p>Enerjisa Enerji, 2025 y\u0131l\u0131nda kritik bir e\u015fi\u011fi a\u015farak ilk kez Uluslararas\u0131 Entegre Raporlama Konseyi (IIRC) \u00e7er\u00e7evesinde haz\u0131rlanan &#8220;Entegre Rapor&#8221;unu yay\u0131nlad\u0131. Bu de\u011fi\u015fim, finansal performans\u0131n art\u0131k \u00e7evresel ve sosyal etkiden ba\u011f\u0131ms\u0131z d\u00fc\u015f\u00fcn\u00fclemeyece\u011fi bir d\u00f6nemin ilan\u0131d\u0131r. Be\u015f y\u0131ll\u0131k performans metriklerini kapsayarak \u015feffafl\u0131\u011f\u0131 en \u00fcst seviyeye ta\u015f\u0131yan bu yakla\u015f\u0131m, s\u00fcrd\u00fcr\u00fclebilirli\u011fi kurumsal bir &#8220;yan dal&#8221; de\u011fil, temel bir mercek olarak konumland\u0131r\u0131yor.<\/p>\n<p>&#8220;K\u00fcresel beklentiler g\u00fcn\u00fcm\u00fczde \u015firketleri yaln\u0131zca finansal sonu\u00e7larla de\u011fil, y\u00f6neti\u015fimin s\u00fcrd\u00fcr\u00fclebilirlik performans\u0131n\u0131 ve uzun vadeli de\u011fer yarat\u0131m\u0131n\u0131 nas\u0131l entegre etti\u011fiyle \u00f6l\u00e7mektedir. S\u00fcrd\u00fcr\u00fclebilirlik m\u00fcnferit bir konu de\u011fil, temel bir mercektir.&#8221; \u2014 <b>\u0130hsan Erbil Bay\u00e7\u00f6l, Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/b><\/p>\n<h3>3. &#8220;Deep-Tech&#8221; D\u00f6n\u00fc\u015f\u00fcm\u00fc: Bir Altyap\u0131 Devinden Teknoloji \u015eirketine<\/h3>\n<p>Enerjisa, geleneksel bir da\u011f\u0131t\u0131m \u015firketi kimli\u011fini geride b\u0131rakarak, veri ve inovasyonu oda\u011f\u0131na alan bir &#8220;deep-tech&#8221; (derin teknoloji) altyap\u0131 \u015firketine evriliyor. 1.020 tescilli patent ve \u00e7al\u0131\u015fanlardan gelen 1.713 inovatif fikir, bu teknolojik pivotun ne kadar derin oldu\u011funu kan\u0131tl\u0131yor. \u015eirket art\u0131k sadece direkleri de\u011fil, &#8220;bitleri ve baytlar\u0131&#8221; y\u00f6netiyor.<\/p>\n<p>Bu teknolojik yetkinli\u011fin \u00f6ne \u00e7\u0131kan unsurlar\u0131 \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>OPERA Dijital \u0130kiz ve Hiper-Otomasyon:<\/b> Gartner \u0130novasyon \u00d6d\u00fcll\u00fc bu proje, \u015febeke y\u00f6netimini dijital bir kopyaya ta\u015f\u0131yarak m\u00fc\u015fteri deneyimini bir \u00fcst seviyeye \u00e7\u0131kar\u0131yor.<\/li>\n<li><b>Yapay Zeka Destekli Ekosistem (\u0130VME):<\/b> Edison AI ile elektrikli ara\u00e7 \u015farj sorunlar\u0131 hen\u00fcz olu\u015fmadan tahmin edilirken, Sensed AI uydu verilerini kullanarak yap\u0131sal sa\u011fl\u0131\u011f\u0131 otomatik olarak analiz ediyor.<\/li>\n<li><b>Dijital Afet Y\u00f6netimi:<\/b> Dijital ikiz teknolojisiyle desteklenen platform, afet an\u0131nda ger\u00e7ek zamanl\u0131 izleme ve h\u0131zl\u0131 aksiyon kapasitesi sunarak kritik altyap\u0131n\u0131n dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 garanti alt\u0131na al\u0131yor.<\/li>\n<\/ul>\n<h3>4. Ye\u015fil Finansman: S\u00fcrd\u00fcr\u00fclebilirlik Art\u0131k Finansal Bir Kald\u0131ra\u00e7<\/h3>\n<p>Enerjisa Enerji i\u00e7in s\u00fcrd\u00fcr\u00fclebilirlik bir maliyet kalemi de\u011fil, bir k\u00e2r ve verimlilik merkezi haline gelmi\u015f durumda. \u015eirketin CFO\u2019su Philipp Ulbrich\u2019in vurgulad\u0131\u011f\u0131 &#8220;fonlama kalitesi ve \u00e7e\u015fitlendirmesi&#8221; stratejisinin en somut \u00f6rne\u011fi, T\u00fcrkiye elektrik da\u011f\u0131t\u0131m sekt\u00f6r\u00fcnde bir ilk olan <b>340 milyon USD<\/b> e\u015fde\u011feri T\u00fcrk Liras\u0131 tutar\u0131ndaki &#8220;S\u00fcrd\u00fcr\u00fclebilirlik Ba\u011flant\u0131l\u0131 Kredi&#8221;dir.<\/p>\n<p>Bu model, finansman ko\u015fullar\u0131n\u0131 do\u011frudan s\u00fcrd\u00fcr\u00fclebilirlik hedeflerine endeksleyerek yat\u0131r\u0131mc\u0131 g\u00fcvenini peki\u015ftiriyor. \u015eirketin ye\u015fil kriterlere dayal\u0131 bu finansal ba\u015far\u0131s\u0131, y\u00fcksek enflasyon ortam\u0131nda &#8220;ger\u00e7ek de\u011feri&#8221; korurken ayn\u0131 zamanda d\u00fc\u015f\u00fck karbonlu ekonomiye ge\u00e7i\u015fi finanse edecek mali alan\u0131 yarat\u0131yor.<\/p>\n<h3>5. Operasyonel M\u00fckemmellik: 22 Milyon Ki\u015fi ve Ak\u0131ll\u0131 \u015eebeke Vizyonu<\/h3>\n<p>Enerjisa\u2019n\u0131n operasyonel \u00f6l\u00e7e\u011fi, T\u00fcrkiye\u2019nin enerji g\u00fcvenli\u011finin teminat\u0131 niteli\u011findedir. Bu devasa \u015febekede &#8220;ak\u0131ll\u0131 \u015febeke&#8221; yat\u0131r\u0131mlar\u0131 ve veri odakl\u0131 bak\u0131m sistemleri, hizmet kalitesini do\u011frudan art\u0131r\u0131yor. Nitekim 2025 y\u0131l\u0131nda kesinti s\u00fcrelerinde (SAIDI) ortalama <b>%4\u2019l\u00fck bir azalma<\/b> ve g\u00fcne\u015f enerjisi kurulu g\u00fcc\u00fcnde <b>%38\u2019lik bir art\u0131\u015f<\/b> yakalanmas\u0131, operasyonel m\u00fckemmelli\u011fin ka\u011f\u0131t \u00fczerinde kalmad\u0131\u011f\u0131n\u0131n en net g\u00f6stergesidir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>2025 Operasyonel \u00d6zeti<\/td>\n<td>Veri<\/td>\n<\/tr>\n<tr>\n<td>Hizmet Verilen N\u00fcfus<\/td>\n<td>22.3 Milyon<\/td>\n<\/tr>\n<tr>\n<td>M\u00fc\u015fteri Say\u0131s\u0131<\/td>\n<td>11 Milyon<\/td>\n<\/tr>\n<tr>\n<td>\u015eebeke Ba\u011flant\u0131 Say\u0131s\u0131<\/td>\n<td>12.5 Milyon<\/td>\n<\/tr>\n<tr>\n<td>\u015eebeke Uzunlu\u011fu<\/td>\n<td>332,249 km<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Analiz: 332 bin kilometreyi a\u015fan bu devasa a\u011fda, &#8220;Dijital \u0130kiz&#8221; teknolojisinin kullan\u0131m\u0131 bir l\u00fcks de\u011fil, operasyonel s\u00fcreklilik i\u00e7in stratejik bir zorunluluktur.<\/i><\/p>\n<h3>6. 2026-2030 Vizyonu: Yat\u0131r\u0131mda &#8220;Ye\u015fil I\u015f\u0131k&#8221; D\u00f6nemi<\/h3>\n<p>Be\u015finci Uygulama D\u00f6nemi (2026-2030), Enerjisa i\u00e7in bir &#8220;vites b\u00fcy\u00fctme&#8221; evresini temsil ediyor. EPDK taraf\u0131ndan g\u00fcncellenen ve <b>%12,30\u2019dan %13,49\u2019a y\u00fckseltilen<\/b> a\u011f\u0131rl\u0131kl\u0131 ortalama sermaye maliyeti (WACC), sekt\u00f6r i\u00e7in g\u00fc\u00e7l\u00fc bir d\u00fczenleyici sinyaldir. Bu 119 baz puanl\u0131k art\u0131\u015f, altyap\u0131 projelerini yat\u0131r\u0131mc\u0131lar i\u00e7in daha &#8220;bankalanabilir&#8221; hale getirirken, 2026 y\u0131l\u0131 i\u00e7in \u00f6ng\u00f6r\u00fclen <b>75-80 milyar TL\u2019lik<\/b> Operasyonel Kazan\u00e7 hedefinin de finansal temelini olu\u015fturuyor.<\/p>\n<p>&#8220;Enerjisa Enerji\u2019de ilerleme sadece b\u00fcy\u00fcme ile de\u011fil, altyap\u0131m\u0131z\u0131n dayan\u0131kl\u0131l\u0131\u011f\u0131 ve h\u0131zla geli\u015fen enerji ortam\u0131nda toplum i\u00e7in yaratt\u0131\u011f\u0131m\u0131z de\u011ferle \u00f6l\u00e7\u00fcl\u00fcr.&#8221; \u2014 <b>Murat P\u0131nar, CEO<\/b><\/p>\n<h3>7. Sonu\u00e7: Yar\u0131n\u0131n Enerjisine Haz\u0131r m\u0131y\u0131z?<\/h3>\n<p>Enerjisa Enerji\u2019nin 2025 Entegre Raporu, sadece ge\u00e7mi\u015fin bir bilan\u00e7osu de\u011fil, yar\u0131n\u0131n d\u00fcnyas\u0131na verilmi\u015f bir taahh\u00fctt\u00fcr. Raporun sordu\u011fu o kritik soru bug\u00fcn her zamankinden daha ge\u00e7erli: &#8220;Bir enerji \u015firketi, sadece \u0131\u015f\u0131klar\u0131 a\u00e7\u0131k tutman\u0131n \u00f6tesine ge\u00e7ip toplumsal bir d\u00f6n\u00fc\u015f\u00fcm\u00fcn kataliz\u00f6r\u00fc olabilir mi?&#8221; Enerjisa\u2019n\u0131n verileri ve stratejik vizyonu bu soruya g\u00fc\u00e7l\u00fc bir &#8220;evet&#8221; cevab\u0131 veriyor: \u015eirket art\u0131k sadece elektrik da\u011f\u0131tm\u0131yor; T\u00fcrkiye\u2019nin dijital ve ye\u015fil gelece\u011fini in\u015fa ediyor.<\/p>\n<p>&nbsp;<\/p>\n<h1>Enerjisa Enerji 2025 Entegre Faaliyet Raporu Bilgilendirme Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, T\u00fcrkiye&#8217;nin lider enerji \u015firketi Enerjisa Enerji\u2019nin (&#8220;Enerjisa&#8221;) 2025 y\u0131l\u0131 performans\u0131n\u0131, stratejik \u00f6nceliklerini ve s\u00fcrd\u00fcr\u00fclebilir de\u011fer yaratma modelini sentezleyen kapsaml\u0131 bir \u00f6zet sunmaktad\u0131r. 2025 y\u0131l\u0131, \u015firketin finansal ve finansal olmayan performans\u0131n\u0131 Uluslararas\u0131 Entegre Raporlama Konseyi (IIRC) \u00c7er\u00e7evesi ile uyumlu hale getirdi\u011fi ilk <b>Entegre Faaliyet Raporu<\/b>&#8216;nun yay\u0131mlanmas\u0131 bak\u0131m\u0131ndan kritik bir d\u00f6n\u00fcm noktas\u0131d\u0131r.<\/p>\n<p>Enerjisa, 2025 y\u0131l\u0131nda 14 ilde 22 milyondan fazla ki\u015fiye elektrik da\u011f\u0131t\u0131m ve perakende hizmeti sunarak T\u00fcrkiye&#8217;nin enerji altyap\u0131s\u0131n\u0131n modernizasyonunda merkezi bir rol oynam\u0131\u015ft\u0131r. \u015eirket, makroekonomik zorluklara ra\u011fmen disiplinli finansal y\u00f6netim ve stratejik yat\u0131r\u0131mlarla b\u00fcy\u00fcmesini s\u00fcrd\u00fcrm\u00fc\u015f; 58,3 milyar TL operasyonel kazan\u00e7 ve 9,5 milyar TL baz al\u0131nan net k\u00e2r elde etmi\u015ftir. Gelecek vizyonunu &#8220;Daha \u0130yi Bir Gelecek&#8221; olarak belirleyen Enerjisa; dijitalle\u015fme, karbonsuzla\u015fma ve m\u00fc\u015fteri odakl\u0131l\u0131k prensipleri do\u011frultusunda T\u00fcrkiye&#8217;nin enerji d\u00f6n\u00fc\u015f\u00fcm\u00fcne \u00f6nc\u00fcl\u00fck etmektedir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Kurumsal Yap\u0131 ve Operasyonel Kapsam<\/h2>\n<p>Enerjisa Enerji, Sabanc\u0131 Holding (%40) ve E.ON (%40) ortakl\u0131\u011f\u0131nda, %20&#8217;lik halka a\u00e7\u0131k pay ile T\u00fcrkiye&#8217;nin en b\u00fcy\u00fck elektrik da\u011f\u0131t\u0131m ve perakende sat\u0131\u015f a\u011f\u0131na sahiptir.<\/p>\n<h3>Temel \u0130\u015f Birimleri ve Ba\u011fl\u0131 Ortakl\u0131klar<\/h3>\n<p>\u015eirket, operasyonlar\u0131n\u0131 \u00fc\u00e7 ana b\u00f6lgede (Ankara\/Ba\u015fkent, \u0130stanbul Anadolu Yakas\u0131\/AYEDA\u015e ve Toroslar) dokuz ana i\u015ftirak \u00fczerinden y\u00fcr\u00fctmektedir:<\/p>\n<ul>\n<li><b>Da\u011f\u0131t\u0131m:<\/b> Ba\u015fkent EDA\u015e, AYEDA\u015e, Toroslar EDA\u015e (%100 sahiplik).<\/li>\n<li><b>Perakende Sat\u0131\u015f:<\/b> Ba\u015fkent EPSA\u015e, AYESA\u015e, Toroslar EPSA\u015e (%100 sahiplik).<\/li>\n<li><b>M\u00fc\u015fteri \u00c7\u00f6z\u00fcmleri ve Di\u011fer:<\/b> Enerjisa M\u00fc\u015fteri \u00c7\u00f6z\u00fcmleri A.\u015e. (ECS), E\u015farj, Enerjisa Ara\u00e7 Filo Hizmetleri A.\u015e. (%100 sahiplik).<\/li>\n<\/ul>\n<h3>Operasyonel \u00d6l\u00e7ek (2025 Sonu \u0130tibar\u0131yla)<\/h3>\n<ul>\n<li><b>Hizmet Alan\u0131:<\/b> 14 il, 22,3 milyon n\u00fcfus.<\/li>\n<li><b>M\u00fc\u015fteri Say\u0131s\u0131:<\/b> 11 milyon \u015febeke ba\u011flant\u0131s\u0131; 10,9 milyon perakende m\u00fc\u015fterisi.<\/li>\n<li><b>\u00c7al\u0131\u015fan Say\u0131s\u0131:<\/b> 10.671 (3.992 beyaz yakal\u0131, 6.679 mavi yakal\u0131).<\/li>\n<li><b>Altyap\u0131:<\/b> 332.249 km da\u011f\u0131t\u0131m hatt\u0131 uzunlu\u011fu.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Finansal Performans ve Sermaye Tahsisi<\/h2>\n<p>Enerjisa, 2025 y\u0131l\u0131nda y\u00fcksek enflasyon ve s\u0131k\u0131la\u015fan finansal ko\u015fullara ra\u011fmen sa\u011flam bir bilan\u00e7o yap\u0131s\u0131 sergilemi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal G\u00f6sterge<\/td>\n<td>2025 De\u011feri<\/td>\n<td>Y\u0131ll\u0131k De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Operasyonel Kazan\u00e7<\/b><\/td>\n<td>58,3 Milyar TL<\/td>\n<td>+%8<\/td>\n<\/tr>\n<tr>\n<td><b>Baz Al\u0131nan Net K\u00e2r<\/b><\/td>\n<td>9,5 Milyar TL<\/td>\n<td>+%73<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00fczenlenmi\u015f Varl\u0131k Taban\u0131 (RAB)<\/b><\/td>\n<td>83,6 Milyar TL<\/td>\n<td>+%42<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Yat\u0131r\u0131m (Capex)<\/b><\/td>\n<td>23,5 Milyar TL<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Hisse Ba\u015f\u0131na Temett\u00fc (\u00d6neri)<\/b><\/td>\n<td>5,08 TL<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Net Finansal Bor\u00e7 \/ Operasyonel Kazan\u00e7<\/b><\/td>\n<td>1,1x<\/td>\n<td>Sabit<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Finansman Stratejisi<\/h3>\n<ul>\n<li><b>S\u00fcrd\u00fcr\u00fclebilirlik Ba\u011flant\u0131l\u0131 Kredi:<\/b> T\u00fcrkiye elektrik da\u011f\u0131t\u0131m sekt\u00f6r\u00fcnde bir ilk olarak, IFC, AIIB, FMO ve GGF ile toplam 340 milyon ABD Dolar\u0131 muadili T\u00fcrk Liras\u0131 tutar\u0131nda, 6 y\u0131l vadeli s\u00fcrd\u00fcr\u00fclebilirlik odakl\u0131 finansman anla\u015fmas\u0131 imzalanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Bor\u00e7 Portf\u00f6y\u00fc:<\/b> 2025 sonu itibar\u0131yla bor\u00e7 portf\u00f6y\u00fcn\u00fcn %61&#8217;i tahvil, %39&#8217;u kredilerden olu\u015fmaktad\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Stratejik \u00d6ncelikler: &#8220;Enerjisa Strateji Evi 2025&#8221;<\/h2>\n<p>\u015eirketin stratejisi, k\u00fcresel mega trendler ile uyumlu d\u00f6rt temel direk \u00fczerine in\u015fa edilmi\u015ftir: <b>\u0130nsan ve K\u00fclt\u00fcr, Dijital, Finans ve ESG (\u00c7evresel, Sosyal, Y\u00f6neti\u015fim).<\/b><\/p>\n<h3>K\u00fcresel Mega Trendler ve Yan\u0131tlar<\/h3>\n<ol>\n<li><b>Dijitalle\u015fme:<\/b> Yapay zeka destekli m\u00fc\u015fteri otomasyonu, &#8220;Dijital \u0130kiz&#8221; teknolojisi (OPERA projesi) ve ak\u0131ll\u0131 \u015febeke uygulamalar\u0131.<\/li>\n<li><b>Yerinden Y\u00f6netim (Decentralization):<\/b> \u00c7at\u0131 tipi g\u00fcne\u015f enerjisi (GES), batarya depolama ve mikro \u015febeke tasar\u0131mlar\u0131.<\/li>\n<li><b>Serbestle\u015fme (Deregulation):<\/b> Performans odakl\u0131 d\u00fczenlemelere uyum ve katma de\u011ferli hizmetler.<\/li>\n<li><b>Karbonsuzla\u015fma:<\/b> Elektrifikasyon (E\u015farj) ve ye\u015fil enerji sertifikasyonu.<\/li>\n<li><b>Kentle\u015fme ve M\u00fc\u015fteri Odakl\u0131l\u0131k:<\/b> \u00c7ok kanall\u0131 hizmet yap\u0131lar\u0131 ve dinamik fiyatland\u0131rma modelleri.<\/li>\n<\/ol>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. S\u00fcrd\u00fcr\u00fclebilirlik ve \u00c7evresel Y\u00f6netim (ESG)<\/h2>\n<p>Enerjisa, s\u00fcrd\u00fcr\u00fclebilirli\u011fi bir yan konu de\u011fil, de\u011fer yaratma modelinin temel merce\u011fi olarak konumland\u0131rmaktad\u0131r.<\/p>\n<h3>\u00d6nemli Ba\u015far\u0131lar ve Hedefler<\/h3>\n<ul>\n<li><b>CDP Puanlar\u0131:<\/b> Hem \u0130klim De\u011fi\u015fikli\u011fi hem de Su G\u00fcvenli\u011fi mod\u00fcllerinde <b>&#8220;A&#8221; skoru<\/b> alarak k\u00fcresel liderler aras\u0131nda yer alm\u0131\u015ft\u0131r.<\/li>\n<li><b>Emisyon Azalt\u0131m\u0131:<\/b> 2021 baz y\u0131l\u0131na g\u00f6re Kapsam 1 ve 2 emisyonlar\u0131nda %26,5 mutlak azalt\u0131m sa\u011flanm\u0131\u015ft\u0131r. Kapsam 3 emisyon yo\u011funlu\u011funda ise %27,6 azalma kaydedilmi\u015ftir.<\/li>\n<li><b>Net S\u0131f\u0131r Taahh\u00fcd\u00fc:<\/b> 2050 y\u0131l\u0131na kadar Net S\u0131f\u0131r emisyon hedefi benimsenmi\u015ftir.<\/li>\n<li><b>At\u0131k Y\u00f6netimi:<\/b> %99,96 at\u0131k geri d\u00f6n\u00fc\u015f\u00fcm oran\u0131 ile &#8220;S\u0131f\u0131r At\u0131k&#8221; sertifikasyon hedeflerine ula\u015f\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00c7e\u015fitlilik:<\/b> Y\u00f6netici ve \u00fczeri rollerde kad\u0131n oran\u0131 %28,5&#8217;e ula\u015fm\u0131\u015ft\u0131r. \u015eirket, Bloomberg Cinsiyet E\u015fitli\u011fi Endeksi&#8217;ndeki (GEI) tek T\u00fcrk kamu hizmeti (utilities) \u015firketidir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. \u0130novasyon ve Dijital D\u00f6n\u00fc\u015f\u00fcm<\/h2>\n<p>\u015eirket, hem kurum i\u00e7i giri\u015fimcili\u011fi hem de d\u0131\u015f ekosistemi destekleyen sistematik bir inovasyon yakla\u015f\u0131m\u0131 benimsemektedir.<\/p>\n<ul>\n<li><b>Nar Program\u0131 (Kurum \u0130\u00e7i):<\/b> 9 y\u0131ld\u0131r devam eden program kapsam\u0131nda bug\u00fcne kadar 1.480 fikir \u00fcretilmi\u015ftir. 2025 temas\u0131 &#8220;U\u00e7tan Uca Yenilik\u00e7i \u00dcr\u00fcn ve \u0130\u015f Modelleri&#8221; olarak belirlenmi\u015ftir.<\/li>\n<li><b>\u0130VME Program\u0131 (A\u00e7\u0131k \u0130novasyon):<\/b> Start-up&#8217;lara y\u00f6nelik bu programdan 2025&#8217;te Edison AI, Oasis, Pivony ve Sensed AI gibi giri\u015fimler mezun olmu\u015ftur.<\/li>\n<li><b>Yat\u0131r\u0131mlar:<\/b> Revo Capital Fund II \u00fczerinden teknoloji start-up&#8217;lar\u0131na yat\u0131r\u0131m yap\u0131lmaktad\u0131r. 2025 Ar-Ge b\u00fct\u00e7esi 170,8 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Veri Y\u00f6netimi:<\/b> ESG verilerinin dijitalle\u015fmesi projesi ile 1.000&#8217;den fazla metrik merkezi bir platform \u00fczerinden takip edilmeye ba\u015flanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>6. Sekt\u00f6rel G\u00f6r\u00fcn\u00fcm ve 2026 Projeksiyonu<\/h2>\n<p>T\u00fcrkiye&#8217;de elektrik talebinin 2025 ve 2026 y\u0131llar\u0131nda tarihsel ortalamalar\u0131n \u00fczerinde (%3,3 &#8211; %3,7) b\u00fcy\u00fcmesi beklenmektedir.<\/p>\n<h3>Be\u015finci Uygulama D\u00f6nemi (2026-2030)<\/h3>\n<p>2026 y\u0131l\u0131 itibar\u0131yla da\u011f\u0131t\u0131m \u015firketleri i\u00e7in yeni bir d\u00fczenleme d\u00f6nemi ba\u015flamaktad\u0131r. EPDK, bu d\u00f6nem i\u00e7in a\u011f\u0131rl\u0131kl\u0131 ortalama sermaye maliyetini (WACC) %12,30&#8217;dan <b>%13,49<\/b>&#8216;a y\u00fckseltmi\u015ftir. Bu art\u0131\u015f\u0131n, \u015febeke yat\u0131r\u0131mlar\u0131n\u0131n getirisini ve finansal geliri olumlu etkilemesi beklenmektedir.<\/p>\n<h3>2026 Finansal Hedefleri (Guidance)<\/h3>\n<ul>\n<li><b>Operasyonel Kazan\u00e7:<\/b> 75 &#8211; 80 Milyar TL.<\/li>\n<li><b>Baz Al\u0131nan Net K\u00e2r:<\/b> 11 &#8211; 13 Milyar TL.<\/li>\n<li><b>D\u00fczenlenmi\u015f Varl\u0131k Taban\u0131:<\/b> 110 &#8211; 120 Milyar TL.<\/li>\n<li><b>Planlanan Yat\u0131r\u0131m:<\/b> 30 &#8211; 35 Milyar TL.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>\u00d6nemli Al\u0131nt\u0131lar<\/h2>\n<p>&#8220;Enerjisa Enerji\u2019de ilerleme sadece b\u00fcy\u00fcme ile de\u011fil, altyap\u0131m\u0131z\u0131n dayan\u0131kl\u0131l\u0131\u011f\u0131 ve h\u0131zla de\u011fi\u015fen enerji ortam\u0131nda toplum i\u00e7in yaratt\u0131\u011f\u0131m\u0131z de\u011ferle \u00f6l\u00e7\u00fcl\u00fcr.&#8221; \u2014 <b>Murat P\u0131nar, CEO<\/b><\/p>\n<p>&#8220;Disiplinli finansal y\u00f6netim, 2025 y\u0131l\u0131nda Enerjisa Enerji&#8217;nin T\u00fcrkiye&#8217;nin enerji d\u00f6n\u00fc\u015f\u00fcm\u00fcne yat\u0131r\u0131m yapmaya devam etmesini sa\u011flarken, zorlu makroekonomik ortamda finansal dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 korumas\u0131na olanak tan\u0131m\u0131\u015ft\u0131r.&#8221; \u2014 <b>Dr. Philipp Ulbrich, CFO<\/b><\/p>\n<p>&#8220;S\u00fcrd\u00fcr\u00fclebilirlik ba\u011f\u0131ms\u0131z bir konu de\u011fil, dayan\u0131kl\u0131l\u0131k ve de\u011fer yaratman\u0131n de\u011ferlendirildi\u011fi temel bir mercektir.&#8221; \u2014 <b>\u0130hsan Erbil Bay\u00e7\u00f6l, Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/b><\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1728\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Enerjisa Enerji\u2019den 2025\u2019te G\u00fc\u00e7l\u00fc Performans: Daha \u0130yi Bir Gelecek \u0130\u00e7in S\u00fcrd\u00fcr\u00fclebilir B\u00fcy\u00fcme<br \/>\nEnerjisa Enerji, 2025 y\u0131l\u0131na ait ilk Entegre Faaliyet Raporu&#8217;nu yay\u0131mlayarak finansal ve finansal olmayan performans\u0131n\u0131 \u015feffaf bir \u015fekilde payla\u015ft\u0131. T\u00fcrkiye\u2019nin enerji d\u00f6n\u00fc\u015f\u00fcm\u00fcne \u00f6nc\u00fcl\u00fck eden \u015firket, zorlu makroekonomik ko\u015fullara ra\u011fmen disiplinli finansal y\u00f6netimiyle dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 kan\u0131tlad\u0131<br \/>\n.<br \/>\nFinansal G\u00fc\u00e7 ve Yat\u0131r\u0131m Odakl\u0131l\u0131k 2025 y\u0131l\u0131nda operasyonel kazan\u00e7lar\u0131n\u0131 58,3 milyar TL&#8217;ye \u00e7\u0131karan Enerjisa, 9,5 milyar TL baz al\u0131nan net kar ile yat\u0131r\u0131mc\u0131lar\u0131 i\u00e7in de\u011fer yaratmaya devam ediyor<br \/>\n. \u015eirket, sadece finansal b\u00fcy\u00fcmeye de\u011fil, ayn\u0131 zamanda T\u00fcrkiye&#8217;nin enerji altyap\u0131s\u0131na da odaklanarak y\u0131l boyunca 23,5 milyar TL\u2019lik dev bir yat\u0131r\u0131m program\u0131n\u0131 hayata ge\u00e7irdi<br \/>\n. Bu yat\u0131r\u0131mlar, 14 ilde 22 milyondan fazla insana ula\u015ft\u0131r\u0131lan enerjinin s\u00fcreklili\u011fi ve kalitesi i\u00e7in kritik rol oynuyor<br \/>\n.<br \/>\nS\u00fcrd\u00fcr\u00fclebilirlik Stratejik Bir \u00d6ncelik &#8220;Daha \u0130yi Bir Gelecek \u0130\u00e7in&#8221; vizyonu do\u011frultusunda Enerjisa, karbon ayak izini azaltma konusundaki taahh\u00fctlerini de ba\u015far\u0131yla yerine getirdi. 2025 y\u0131l\u0131nda emisyon hedeflerini a\u015fan \u015firket, operasyonlar\u0131nda %100 yenilenebilir elektrik kullan\u0131m\u0131n\u0131 s\u00fcrd\u00fcr\u00fcrken, E\u015farj ve &#8220;\u0130\u015fimin Enerjisi&#8221; gibi \u00e7\u00f6z\u00fcmlerle m\u00fc\u015fterilerinin de ye\u015fil d\u00f6n\u00fc\u015f\u00fcm\u00fcne destek verdi<br \/>\n.<br \/>\nGelece\u011fe Bak\u0131\u015f: 2026 ve Sonras\u0131 2026-2030 y\u0131llar\u0131n\u0131 kapsayan 5. Uygulama D\u00f6nemi&#8217;ne g\u00fc\u00e7l\u00fc bir ba\u015flang\u0131\u00e7 yapmaya haz\u0131rlanan Enerjisa Enerji, 2026 y\u0131l\u0131nda yat\u0131r\u0131mlar\u0131n\u0131 30-35 milyar TL band\u0131na \u00e7\u0131karmay\u0131 hedefliyor<br \/>\n. \u015eirket, teknoloji ve insan odakl\u0131 yakla\u015f\u0131m\u0131yla T\u00fcrkiye\u2019nin enerji ekosistemini daha dijital ve karbon-n\u00f6tr bir gelece\u011fe ta\u015f\u0131maya kararl\u0131<br \/>\n.<br \/>\nEnerjisa Enerji&#8217;nin 2025 y\u0131l\u0131 performans\u0131n\u0131 ve gelecek hedeflerini i\u00e7eren entegre raporun tamam\u0131na \u015firketin yat\u0131r\u0131mc\u0131 ili\u015fkileri sayfas\u0131ndan ula\u015fabilirsiniz.<\/p>\n","protected":false},"author":4,"featured_media":1730,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[251],"tags":[290],"class_list":["post-1728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-faaliyetraporuanalizi","tag-enjsa"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1728"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1728\/revisions"}],"predecessor-version":[{"id":1732,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1728\/revisions\/1732"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1730"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}