• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 18 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 10 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
  • 23 hours "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 7 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 10 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 11 days Goldman Betting on Cryptocurrencies
  • 14 days Сryptocurrency predictions

Turkey Hikes Gas And Power Prices By Up To 50%

Turkey is raising significantly the prices of natural gas and electricity for all users, by up to 50% for industrial customers, due to the war in Ukraine and the global surge in energy prices. 

The country’s energy regulator EPDK raised electricity prices for households by 20%, power prices for public and services sectors by 30%, and those for industry by 50%, Reuters reported on Thursday. 

Furthermore, state energy company BOTAS raised natural gas prices for households by 20.4%, by 47.6% for small- to medium-scale industrial customers, and by 50.8% for large industry customers.  

The hike in energy prices will further drive up inflation which was almost 80% in July. Turkey, which relies on energy imports for meeting most of its demand, is highly dependent on international energy prices.   

This is yet another major hike in energy prices in Turkey, after a hike in June, and a previous one in April. In June, natural gas prices were hiked by 30% for households, by 16.3% for gas used in electricity production and by 10.2% for industry. 

Still, Turkey continues to subsidize more than 80% of the price of gas used by households. 

The latest energy price hike makes the gas and electricity prices for households higher by 174% so far this year. Gas prices for small- to medium-scale industrial users have been hiked by 277%, while gas prices for big industry consumers have seen a massive 379% jump this year, per Reuters estimates.  

Soaring energy prices aren’t unique to heavily import-dependent Turkey. In the EU and in the UK, prices are also skyrocketing amid surging gas prices, limited Russian pipeline gas supply, lower nuclear power production due to extreme heat, and – at times – hot and still weather stifling wind power generation. 

In the UK, for example, energy market regulator Ofgem announced last week an 80% hike in the energy price cap aimed at shielding consumers from price swings, which could plunge millions of households more into energy poverty.    

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News