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CURRENT INVESTMENT AND FINANCING MODELS FOR RENEWABLE ENERGY PROJECTS: AN EVALUATION ON SELECTED COUNTRY EXAMPLES

Year 2019, Volume: 2 Issue: 2, 138 - 172, 31.12.2019

Abstract

Renewable energy has different characteristics from
other types of energy in terms of continuity and inexhaustibility. In addition,
these resources are now seen as an important component of energy policy today
and are preferred in terms of reducing carbon emissions and dependence on
imported energy as they are a domestic resource. However, considering the
development level, competitiveness, and cost of existing technologies, special
investment and financing models are required to bring these resources into the
economy. 

In this
study, these models are examined through selected country examples. Although
different policies are implemented in each country, it is noteworthy that
feed-in tariff is often a preferred model. However, considering the burden of
this model to the end consumer and its negative impact on the
security of electricity supply, it
is considered appropriate to gradually switch to market-based models such as
premium guarantee, green certificate, and tender/auction model. For this
purpose, firstly premium guarantee and tender/auction models may be preferred,
after taking necessary measures for security of electricity supply and system
operation in the market, the green certificate model may be adopted in the final
stage considering the effective functioning of the market. Market-based model
has been implemented in Turkey since 2016 and positive results have been
achieved in practice in terms of investor interest and price level.
 

References

  • Abdmouleh, Z., Alammari, R.A.M., & Gastli, A. (2015). Recommendations on renewable energy policies for the GCC countries. Renewable & Sustainable Energy Reviews, 50, 1181-1191.Adıyaman, Ç. (2012). Türkiye’nin yenilenebilir enerji politikaları. Yüksek Lisans Tezi, Niğde Üniversitesi.AEMO, Australian Energy Market Operator (2016). South Australian Renewable Energy Report. (Erişim: 14/07/2019), www.aemo.com.au/ media/Files/Electricity/NEM/Planning_and_Forecasting/SA_Advisory/2016/2016_SARER.pdfArık, A. (2016). Yenilenebilir enerji politikalarının sürdürülebilirliği: AB ülkeleri ve Türkiye açısından bir değerlendirme, Yüksek Lisans Tezi. Ordu: Ordu Üniversitesi.Bechberger, M., & Reiche, D. (2004). Renewable energy policy in Germany: pioneering and exemplary regulations. Energy for Sustainable Development, III(1), 25-35. (Erişim: 22/09/2019), http://citeseerx.ist. psu.edu/viewdoc/download?doi=10.1.1.459.5811&rep= rep1& type =pdfBobinaite, V. & Tarvydas, D. (2014). Financing instruments and channels for the increasing production and consumption of renewable energy: Lithuanian case. Renewable and Sustainable Energy Reviews, 38(2014): 259-276.Cengceng, L., Nan, L., & Donglan, Z. (2016). On the impact of FIT policies on renewable energy investment: Based on the solar power support policies in China's power market. Renewable Energy, 94, 251-267 (Erişim: 14/07/2019), http://www.sciencedirect.com/science/article/pii/S0960148 116302178CER, Clean Energy Council (2016). Clean Energy Australia Report 2016. (Erişim: 14/07/2019), http://gccn.org.au/wp-content/uploads/2018/01/ Clean-Energy-Australia-Report-2016.pdfCER, Clean Energy Regulator (2017). About the renewable energy target. (Erişim: 14/07/2019), http://www.cleanenergyregulator.gov.au/RET/ About-the-Renewable-Energy-TargetCiarreta, A., Espinosa, M.P., & Pizarro-Irızar, C. (2017). Optimal regulation of renewable energy: A comparison of feed-in tariffs and tradable green certificates in the Spanish electricity system. Energy economics, 67(2017): 387-399. DOI:10.1016/j.eneco.2017.08.028Couture, T.D., Cory, K., Kreycik, C. & Williams, E. (2010). A Policymaker’s Guide to Feed-in Tariff Policy Design, Technical Report NREL/TP-6A2-44849.CPUC, California Public Utilities Commission (2019). Net Energy Metering (NEM). (Erişim: 05/10/2019), https://www.cpuc.ca.gov/General.aspx?id= 3800Deloitte (2012), Making the most of R&D tax relief opportunities for the renewable energy and clean technology sector. (Erişim: 30/06/2019), https://www2.deloitte.com/content/dam/Deloitte/ie/Documents/Energy%20Resources/MakingthemostofRandDtaxreliefopportunities_DeloitteIreland_EnergyResources.pdfDentons (2019). Dentons 2019 Guide to investing in renewable energy projects in Europe. (Erişim: 14/07/2019), https://www.bcc.lu/news/ dentons-2019-guide-to-investing-in-renewable-energy-projects-in-europeDixon, R.K., Mcgowan, E., Onysko, G., Scheer, R.M. (2010). US energy conservation and efficiency policies: Challenges and opportunities. Energy Policy, 38(11), 6398-6408.EIA (2018). How much of U.S. carbon dioxide emissions are associated with electricity generation? (Retrieved from 9 August 2018) https://www.eia. gov/tools/faqs/faq.php?id=77&t=11EİGM, Enerji İşleri Genel Müdürlüğü (2019). Yenilenebilir enerji. (Erişim: 20/06/2019), http://www.yegm.gov.trEWEA, The European Wind Energy Association (2008). Making 180 GW a reality by 2020: EWEA position on the future EU legislation for renewable energy and its impact on the wind industry. (Erişim: 14/07/2019), http://www.qualenergia.it/UserFiles/Files/position_paper_EWEA_ott07.pdfEnerji Günlüğü (2019). Çin'in güneş kurulu gücü 100 GW’ı aştı. (Erişim: 30/06/2019), https://www.enerjigunlugu.net/cinin-gunes-kurulu-gucu-10 0-gwi-asti-24364h.htmEnergypedia (2019). Feed-in premiums (FIP). (Erişim: 12/07/2019), https:// energypedia.info/wiki/ Feed-in_Premiums_(FIP)Federal Ministry for Economic Affairs and Energy (2017). Revision of the Renewable Energy Sources Act. (Erişim: 14/07/2019), https://www.bmwi. de/Redaktion/EN/Downloads/eeg-novelle-2017-praesentation.htmlHong, L., Zhou, N., Fridley, D., & Raczkowski, C. (2013). Assessment of China's renewable energy contribution during the 12th five year plan. Energy Policy, 62(2013), 1533- 1543.IEA (2016). Energy Policies of IEA Countries: Japan 2016 Review. (Erişim: 10/07/2019), https://webstore.iea.org/energy-policies-of-iea-countries-ja pan-republic-2016-reviewIEA (2019a). Energy Policies of IEA Countries: United States 2019 Review. (Erişim: 05/10/2019), https://webstore.iea.org/energy-policies-of-iea-countries-united-states-2019-reviewIEA (2019b). Energy Policies of IEA Countries: Slovak Republic 2018 Review. (Erişim: 14/07/2019), https://webstore.iea.org/energy-policies-of-iea-countries-slovak-republic-2018-reviewIEA (2019c). Energy Policies of IEA Countries: Sweden 2019 Review. (Erişim: 12/06/2019), https://webstore.iea.org/energy-policies-of-iea-countries-sweden-2019-reviewIEA (2019d). Energy Policies of IEA Countries: Ireland 2019 Review. (Erişim: 14/07/2019), https://webstore. iea.org/energy-policies-of-iea-countries-ireland-2019-reviewIEA (2019e). Energy Policies of IEA Countries: France 2016 Review. (Erişim: 14/07/2019), https://www.iea.org/publications/freepublications/ publication/Energy_Policies_of_IEA_Countries_France_2016_Review.pdfIEA (2019f). Energy Policies of IEA Countries: Australia 2018 Review. (Erişim: 14/07/2019), https://webstore.iea.org/energy-policies-of-iea-countries-australia-2018-reviewIEA (2019g). Energy Policies of IEA Countries: Morocco 2019 Review. (Erişim: 09/07/2019), https://webstore.iea.org/energy-policies-of-iea-countries-morocco-2019-reviewIzadian, A., Girrens, N., & Khayyer, P. (2013). Renewable energy policies, A brief review of the latest U.S. and E.U. policies. IEEE Industrial Electronics Magazine, 7(3), 21-34.Karagöl, E.T. & Kavaz, İ. (2017). Dünyada ve Türkiye’de yenilenebilir enerji. SETA, 197, Nisan, 8. (Erişim: 13/10/2019), https://setav.org/assets/ uploads/2017/04/YenilenebilirEnerji.pdfLucas, H., Ferroukhi, R., & Hawila, D. (2013). Renewable energy auctions in developing countries. Abu Dhabi: IRENA Publications.Martinot, E. (2010). Renewable power for China: Past, present, and future. Frontiers of Energy and Power Engineering in China, 4(3):287-294.Mutlu, E. (2013). Türkiye’de yenilenebilir enerji ekonomisi ve Ankara iline ait swot analizler. Yüksek Lisans Tezi, İstanbul Kültür Üniversitesi.New York State (2019). Community solar. (Erişim: 14/07/2019), https://www.nyserda.ny. gov/All-Programs/Programs/NY-Sun/Solar-for-Your-Home/Community-SolarNREL, National Renewable Energy Labaratory (2019). Midmarket solar policies in the United States. (Erişim: 14/07/2019), https://www.nrel. gov/solar/rps/ny.htmlOmri, A. (2014). An international literature survey on energy-economic growth nexus: Evidence from country-specific studies. Renewable and Sustainable Energy Reviews, 38(2014), 951-959.Pocci, M. (2014). Feed-in tariff handbook for Asian renewable energy systems. Winston & Strawn. (Erişim: 23/10/2019), https://www.winston. com/images/content/9/1/v2/91697/Feed-In-Tariff-Handbook-for-Asian-Renewable-Energy-Systems.pdfRes Regal, Legal sources on renewable energy (2019a). Slovakia: Overall Summary. (Erişim:12/06/2019), http://www.res-legal.eu/search-by-country/slovakiaRes Regal, Legal sources on renewable energy (2019b). Sweden: Overall Summary. (Erişim: 14/07/2019), http://www.res-legal.eu/search-by-country/swedenRes Regal, Legal sources on renewable energy (2019c). Ireland: Overall Summary. (Erişim: 14/07/2019), http://www.res-legal.eu/search-by-country/irelandRickerson, W., Bennhold, F., & Bradbury, J. (2008). Feed-in tariffs and renewable energy in the USA – a policy update. Technical Report, Washington DC.: North Carolina Solar Center, Heinrich Böll Foundation, and World Future Council.Schuman, S., & Lin, A. (2012). China’s renewable energy law and its impact on renewable power in China: Progress, challenges and recommendations for improving implementation. Energy Policy, 51, 89-109.Sternkopf, T. (2019). Legal sources on renewable energy- Promotion in Germany. (Erişim: 14/07/2019), http://www.res-legal.eu/search-by-country/germany/toolslist/c/germany/s/res-e/t/promotion/sum/136/lpid/ 135Dışişleri Bakanlığı (2019). Paris Anlaşması. (Erişim: 15/10/2019), http://www.mfa.gov.tr/paris-anlasmasi.tr.mfaÜlgen, A. (2018). Yenilenebilir enerji kullanımını teşvik yolları üzerine bir değerlendirme. Yüksek Lisans Tezi, Hacettepe Üniversitesi, Ankara, 32. (Erişim: 13/10/2019), http://www.openaccess.hacettepe.edu.tr:8080/xm lui/bitstream/handle/11655/5470/10213221.pdf?sequence=1&isAllowed=yYan, Q.Y., Zhang, Q., Yang, L., & Wang X. (2016). Overall review of feed-in tariff and renewable portfolio standard policy: a perspective of China, IOP Conference Series: Earth and Environmental Science, 40(1), 012076.

YENİLENEBİLİR ENERJİ PROJELERİNE YÖNELİK GÜNCEL YATIRIM VE FİNANSMAN MODELLERİ: SEÇİLMİŞ ÜLKE ÖRNEKLERİ ÜZERİNDEN BİR DEĞERLENDİRME

Year 2019, Volume: 2 Issue: 2, 138 - 172, 31.12.2019

Abstract

Yenilenebilir
enerji, süreklilik göstermesi ve tükenmemesi bakımından diğer enerji
türlerinden farklı özelliklere sahiptir. Ayrıca bu kaynaklar, günümüzde enerji
politikasının önemli bir bileşeni olarak görülmekte ve bu çerçevede karbon salınımının
ve yerli kaynak olduğu için enerjide ithalata bağımlılığın azaltılması
açısından tercih edilmektedir. Ancak, mevcut teknolojilerin gelişmişlik düzeyi,
piyasada rekabet edebilirliği ve maliyeti dikkate alındığında, bu kaynakların
ekonomiye kazandırılması için özel yatırım ve finansman modelleri gerekli
olmaktadır. Bu çalışmada, söz konusu modeller seçilmiş ülke örnekleri üzerinden
incelenmiştir. Her ülkede farklı politika uygulanmakla birlikte sabit fiyat
garantisinin çoğunlukla tercih edilen bir model olduğu dikkati çekmektedir. Ancak
bu modelin nihai tüketiciye getirdiği yük ve elektrik arz güvenliğine olumsuz
etkisi dikkate alındığında, aşamalı olarak prim garantisi, yeşil sertifika ve
ihale/açık eksiltme gibi piyasa bazlı modellere geçilmesinin uygun olacağı
değerlendirilmektedir. Bu amaçla; öncelikle prim garantisi ve ihale/açık
eksiltme modelleri tercih edilebilir, piyasada elektrik arz güvenliği ve sistem
işletmeciliği için gerekli tedbirler alındıktan sonra piyasanın etkin işleyişi
gözetilerek nihai aşamada yeşil sertifika modeline geçilebilir. Türkiye’de 2016
yılında piyasa bazlı modele geçilmiş ve uygulamada yatırımcı ilgisi ve fiyat
seviyesi bakımından olumlu sonuçlara ulaşılmıştır.

References

  • Abdmouleh, Z., Alammari, R.A.M., & Gastli, A. (2015). Recommendations on renewable energy policies for the GCC countries. Renewable & Sustainable Energy Reviews, 50, 1181-1191.Adıyaman, Ç. (2012). Türkiye’nin yenilenebilir enerji politikaları. Yüksek Lisans Tezi, Niğde Üniversitesi.AEMO, Australian Energy Market Operator (2016). South Australian Renewable Energy Report. (Erişim: 14/07/2019), www.aemo.com.au/ media/Files/Electricity/NEM/Planning_and_Forecasting/SA_Advisory/2016/2016_SARER.pdfArık, A. (2016). Yenilenebilir enerji politikalarının sürdürülebilirliği: AB ülkeleri ve Türkiye açısından bir değerlendirme, Yüksek Lisans Tezi. Ordu: Ordu Üniversitesi.Bechberger, M., & Reiche, D. (2004). Renewable energy policy in Germany: pioneering and exemplary regulations. Energy for Sustainable Development, III(1), 25-35. (Erişim: 22/09/2019), http://citeseerx.ist. psu.edu/viewdoc/download?doi=10.1.1.459.5811&rep= rep1& type =pdfBobinaite, V. & Tarvydas, D. (2014). Financing instruments and channels for the increasing production and consumption of renewable energy: Lithuanian case. Renewable and Sustainable Energy Reviews, 38(2014): 259-276.Cengceng, L., Nan, L., & Donglan, Z. (2016). On the impact of FIT policies on renewable energy investment: Based on the solar power support policies in China's power market. Renewable Energy, 94, 251-267 (Erişim: 14/07/2019), http://www.sciencedirect.com/science/article/pii/S0960148 116302178CER, Clean Energy Council (2016). Clean Energy Australia Report 2016. (Erişim: 14/07/2019), http://gccn.org.au/wp-content/uploads/2018/01/ Clean-Energy-Australia-Report-2016.pdfCER, Clean Energy Regulator (2017). About the renewable energy target. (Erişim: 14/07/2019), http://www.cleanenergyregulator.gov.au/RET/ About-the-Renewable-Energy-TargetCiarreta, A., Espinosa, M.P., & Pizarro-Irızar, C. (2017). Optimal regulation of renewable energy: A comparison of feed-in tariffs and tradable green certificates in the Spanish electricity system. Energy economics, 67(2017): 387-399. DOI:10.1016/j.eneco.2017.08.028Couture, T.D., Cory, K., Kreycik, C. & Williams, E. (2010). A Policymaker’s Guide to Feed-in Tariff Policy Design, Technical Report NREL/TP-6A2-44849.CPUC, California Public Utilities Commission (2019). Net Energy Metering (NEM). (Erişim: 05/10/2019), https://www.cpuc.ca.gov/General.aspx?id= 3800Deloitte (2012), Making the most of R&D tax relief opportunities for the renewable energy and clean technology sector. (Erişim: 30/06/2019), https://www2.deloitte.com/content/dam/Deloitte/ie/Documents/Energy%20Resources/MakingthemostofRandDtaxreliefopportunities_DeloitteIreland_EnergyResources.pdfDentons (2019). Dentons 2019 Guide to investing in renewable energy projects in Europe. (Erişim: 14/07/2019), https://www.bcc.lu/news/ dentons-2019-guide-to-investing-in-renewable-energy-projects-in-europeDixon, R.K., Mcgowan, E., Onysko, G., Scheer, R.M. (2010). US energy conservation and efficiency policies: Challenges and opportunities. Energy Policy, 38(11), 6398-6408.EIA (2018). How much of U.S. carbon dioxide emissions are associated with electricity generation? (Retrieved from 9 August 2018) https://www.eia. gov/tools/faqs/faq.php?id=77&t=11EİGM, Enerji İşleri Genel Müdürlüğü (2019). Yenilenebilir enerji. (Erişim: 20/06/2019), http://www.yegm.gov.trEWEA, The European Wind Energy Association (2008). Making 180 GW a reality by 2020: EWEA position on the future EU legislation for renewable energy and its impact on the wind industry. (Erişim: 14/07/2019), http://www.qualenergia.it/UserFiles/Files/position_paper_EWEA_ott07.pdfEnerji Günlüğü (2019). Çin'in güneş kurulu gücü 100 GW’ı aştı. (Erişim: 30/06/2019), https://www.enerjigunlugu.net/cinin-gunes-kurulu-gucu-10 0-gwi-asti-24364h.htmEnergypedia (2019). Feed-in premiums (FIP). (Erişim: 12/07/2019), https:// energypedia.info/wiki/ Feed-in_Premiums_(FIP)Federal Ministry for Economic Affairs and Energy (2017). Revision of the Renewable Energy Sources Act. (Erişim: 14/07/2019), https://www.bmwi. de/Redaktion/EN/Downloads/eeg-novelle-2017-praesentation.htmlHong, L., Zhou, N., Fridley, D., & Raczkowski, C. (2013). Assessment of China's renewable energy contribution during the 12th five year plan. Energy Policy, 62(2013), 1533- 1543.IEA (2016). Energy Policies of IEA Countries: Japan 2016 Review. (Erişim: 10/07/2019), https://webstore.iea.org/energy-policies-of-iea-countries-ja pan-republic-2016-reviewIEA (2019a). Energy Policies of IEA Countries: United States 2019 Review. (Erişim: 05/10/2019), https://webstore.iea.org/energy-policies-of-iea-countries-united-states-2019-reviewIEA (2019b). Energy Policies of IEA Countries: Slovak Republic 2018 Review. (Erişim: 14/07/2019), https://webstore.iea.org/energy-policies-of-iea-countries-slovak-republic-2018-reviewIEA (2019c). Energy Policies of IEA Countries: Sweden 2019 Review. (Erişim: 12/06/2019), https://webstore.iea.org/energy-policies-of-iea-countries-sweden-2019-reviewIEA (2019d). Energy Policies of IEA Countries: Ireland 2019 Review. (Erişim: 14/07/2019), https://webstore. iea.org/energy-policies-of-iea-countries-ireland-2019-reviewIEA (2019e). Energy Policies of IEA Countries: France 2016 Review. (Erişim: 14/07/2019), https://www.iea.org/publications/freepublications/ publication/Energy_Policies_of_IEA_Countries_France_2016_Review.pdfIEA (2019f). Energy Policies of IEA Countries: Australia 2018 Review. (Erişim: 14/07/2019), https://webstore.iea.org/energy-policies-of-iea-countries-australia-2018-reviewIEA (2019g). Energy Policies of IEA Countries: Morocco 2019 Review. (Erişim: 09/07/2019), https://webstore.iea.org/energy-policies-of-iea-countries-morocco-2019-reviewIzadian, A., Girrens, N., & Khayyer, P. (2013). Renewable energy policies, A brief review of the latest U.S. and E.U. policies. IEEE Industrial Electronics Magazine, 7(3), 21-34.Karagöl, E.T. & Kavaz, İ. (2017). Dünyada ve Türkiye’de yenilenebilir enerji. SETA, 197, Nisan, 8. (Erişim: 13/10/2019), https://setav.org/assets/ uploads/2017/04/YenilenebilirEnerji.pdfLucas, H., Ferroukhi, R., & Hawila, D. (2013). Renewable energy auctions in developing countries. Abu Dhabi: IRENA Publications.Martinot, E. (2010). Renewable power for China: Past, present, and future. Frontiers of Energy and Power Engineering in China, 4(3):287-294.Mutlu, E. (2013). Türkiye’de yenilenebilir enerji ekonomisi ve Ankara iline ait swot analizler. Yüksek Lisans Tezi, İstanbul Kültür Üniversitesi.New York State (2019). Community solar. (Erişim: 14/07/2019), https://www.nyserda.ny. gov/All-Programs/Programs/NY-Sun/Solar-for-Your-Home/Community-SolarNREL, National Renewable Energy Labaratory (2019). Midmarket solar policies in the United States. (Erişim: 14/07/2019), https://www.nrel. gov/solar/rps/ny.htmlOmri, A. (2014). An international literature survey on energy-economic growth nexus: Evidence from country-specific studies. Renewable and Sustainable Energy Reviews, 38(2014), 951-959.Pocci, M. (2014). Feed-in tariff handbook for Asian renewable energy systems. Winston & Strawn. (Erişim: 23/10/2019), https://www.winston. com/images/content/9/1/v2/91697/Feed-In-Tariff-Handbook-for-Asian-Renewable-Energy-Systems.pdfRes Regal, Legal sources on renewable energy (2019a). Slovakia: Overall Summary. (Erişim:12/06/2019), http://www.res-legal.eu/search-by-country/slovakiaRes Regal, Legal sources on renewable energy (2019b). Sweden: Overall Summary. (Erişim: 14/07/2019), http://www.res-legal.eu/search-by-country/swedenRes Regal, Legal sources on renewable energy (2019c). Ireland: Overall Summary. (Erişim: 14/07/2019), http://www.res-legal.eu/search-by-country/irelandRickerson, W., Bennhold, F., & Bradbury, J. (2008). Feed-in tariffs and renewable energy in the USA – a policy update. Technical Report, Washington DC.: North Carolina Solar Center, Heinrich Böll Foundation, and World Future Council.Schuman, S., & Lin, A. (2012). China’s renewable energy law and its impact on renewable power in China: Progress, challenges and recommendations for improving implementation. Energy Policy, 51, 89-109.Sternkopf, T. (2019). Legal sources on renewable energy- Promotion in Germany. (Erişim: 14/07/2019), http://www.res-legal.eu/search-by-country/germany/toolslist/c/germany/s/res-e/t/promotion/sum/136/lpid/ 135Dışişleri Bakanlığı (2019). Paris Anlaşması. (Erişim: 15/10/2019), http://www.mfa.gov.tr/paris-anlasmasi.tr.mfaÜlgen, A. (2018). Yenilenebilir enerji kullanımını teşvik yolları üzerine bir değerlendirme. Yüksek Lisans Tezi, Hacettepe Üniversitesi, Ankara, 32. (Erişim: 13/10/2019), http://www.openaccess.hacettepe.edu.tr:8080/xm lui/bitstream/handle/11655/5470/10213221.pdf?sequence=1&isAllowed=yYan, Q.Y., Zhang, Q., Yang, L., & Wang X. (2016). Overall review of feed-in tariff and renewable portfolio standard policy: a perspective of China, IOP Conference Series: Earth and Environmental Science, 40(1), 012076.
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Details

Primary Language Turkish
Subjects Business Administration
Journal Section Articles
Authors

Vedat Akdağ 0000-0001-9346-8339

Mustafa Gözen 0000-0002-5195-757X

Publication Date December 31, 2019
Published in Issue Year 2019 Volume: 2 Issue: 2

Cite

APA Akdağ, V., & Gözen, M. (2019). YENİLENEBİLİR ENERJİ PROJELERİNE YÖNELİK GÜNCEL YATIRIM VE FİNANSMAN MODELLERİ: SEÇİLMİŞ ÜLKE ÖRNEKLERİ ÜZERİNDEN BİR DEĞERLENDİRME. Izmir Democracy University Social Sciences Journal, 2(2), 138-172.