Life is not what it was. A year ago, Turkey was on a roll, and power developers were looking to a decade of opportunity. Today, it is a whole new world, with the banks talking of retirements being needed. Part of this is to do with a new consensus on how fast the country can grow – and a change in expectations. But much of it reflects realities already evident today. Demand for power has not been growing as it used to. A flurry of new projects has hit the grid. Prices are low, far lower than the forecasts used by investors earlier this decade.