Cost-Effectiveness Analysis of Power Generation in Turkish Republic of Northern Cyprus

Electrical energy has reached an indispensable position in production, transportation, distribution, and communication activities in the general economy. It is essential to human life with its prevalent use from lighting to heating, televisions to computers. With this feature, electrical energy rapidly replaces other forms of energy in proportion to the development level of countries. The situation is not different in the Turkish Republic of Northern Cyprus. With the increasing population and developing technology, the demand for electrical energy is increasing day by day. With the increase in demand, the installed power of the power plant is becoming more and more insufficient. This study analyzes the electrical energy supply sources "Fuel Oil, Natural Gas, and Interconnector," which can be used in the TRNC to meet the increasing energy demand. Cost-Effectiveness Analysis (CEA) and Levelized Cost Of Electricity (LCOE) production compare the most appropriate electricity supply to the country's conditions. It aims to identify the source of production.