Abstract
The energy sector is growing all over the world with the effect of increasing energy demand due to developing technology, globalizing markets, structural regulations, and increasing population. Electrical energy has the largest share in the energy sector. Electricity production is the most important input for the industrial sector and therefore for the economies. As in the whole world, electricity production and electricity consumption in Turkey have been affected by this process due to the Covid-19 pandemic. The purpose of this study is to evaluate the financial performance of electricity generation companies traded in the Borsa Istanbul Electricity Index (XELKT) during the Covid-19 pandemic. In the evaluation, seven electricity generating energy companies traded in the XELKT index of Borsa Istanbul were selected. Consolidated financial statement data of companies for 2020 are taken from Public Disclosure Platform (PDP). ROC and SMART methods, which are multi-criteria decision-making methods, were used in the analysis of the study. The weights of the evaluation criteria were found with the ROC (Rank Order Centroid) method, and the performance ranking was made by evaluating the financial performance of seven electrical energy producing companies with the SMART (Simple Multi-Attribute Rating Technique) method. In the financial performance ranking of 2020, AKSA Energy Generation took the first place and ZORLU Energy Electricity Generation took the last place. Although multi-criteria decision-making methods are frequently used in financial performance evaluation, no study has been found in which ROC and SMART methods are used in the financial performance evaluation of electrical energy producing companies. It is thought that this study will contribute to the literature and will be beneficial to the sector.