Turkey has raised electricity and natural gas prices by around 20% for Turkish households and by around 50% for industry, putting further upward pressure on inflation, which reached nearly 80% in July 2022.
EPDK, Turkey’s energy regulator, has raised household electricity prices by 20%, public and services sectors prices by 30% and industry prices by 50%. For its part, Turkish energy importer BOTAŞ has increased the natural gas price for domestic use by 20.4%, by 47.6% for small and medium scale industrial customers, and by 50.8% for large industrial users. In addition, the price of gas used for electricity production was raised by 49.5%, according to BOTAŞ.
In June 2022, Turkey already raised gas and electricity prices: BOTAŞ increased natural gas prices by 30% for households, by 16.3% for gas used in electricity production and by 10.2% for gas used in industry. EPDK also raised electricity prices by between 15% and 25%.
Overall, household natural gas prices have been hiked 174% in 2022, small and medium scale industrial gas prices were raised 277% and large industrial prices by 379%. Turkey imports almost all of its energy needs (99% of its gas and 89% of its oil in 2020), leaving it vulnerable to global price rises.
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