Cates Thermal Power Plant

Cates Elektrik Uretim A.S. is a power generation company that operates the Catalagzi Thermal Power Plant in Zonguldak. The plant joined Aydem Holding in 2014. The company's shares began trading on Borsa Istanbul under the ticker CATES following its initial public offering (IPO) in December 2023.

The plant generates electricity by burning a mix of middlings, slurry and shale coal from the region's hard coal washeries, material that cannot be used elsewhere because of its high ash content. This setup makes it possible to turn low-quality domestic coal into energy. The facility consists of two generating units; cooling water is drawn from the sea thanks to a breakwater built offshore, while boiler feed water is sourced from a nearby pond and treated. The electricity produced is sold in the wholesale electricity market, and the plant has regional importance for security of supply based on domestic coal.

For coal-fired plants, the main topics investors follow are the market clearing price, capacity mechanism payments, purchase regulations for domestic coal, coal supply costs, carbon regulations, maintenance outages and the plant's availability rate. For CATES shares, the group strategy of the main shareholder is also part of the assessment.