Esteemed Stakeholders,

We have left behind 2025 - a year marked by significant uncertainties in the global economy, a reconfiguration of international trade policies, a notable rise in geopolitical tensions, and persistent inflationary pressures. In the energy sector, long-term structural risks and short-term supply security challenges had to be managed simultaneously, making this period dynamic, with energy at the center of geopolitical balance. New regulations affecting global trade, shifting tax practices, and tighter financing conditions moved the investment environment toward a more selective and cautious approach.

Within this global context, Europe sought to accelerate the energy transition while maintaining fiscal discipline. Following the Russia–Ukraine war, energy supply security remained one of Europe’s highest priorities. In this environment, renewable energy investments gained greater strategic importance – not only for combating climate change, but also for supply security and cost competitiveness. Meanwhile, the United States’ continued preference for policies supporting fossil fuel production, alongside the European Union’s sustained commitment to sustainable energy, further deepened the 4 divergence in the global energy landscape.

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