Turkey, electricity and gas prices

New increases in price of electricity and gas in Turkey

The cost of electricity has increased by 15% from June 1, while the rise in gas for households reaches 30%.

Turkish authorities have announced new increases in the price of electricity and gas, both for households and for industry, which in some cases reach up to 25% and which are added to the growing problem of access to housing due to runaway inflation and high demand.

As announced in a statement by the Energy Market Regulatory Agency (EPDK), the price of electricity for households has increased by 15% from June 1, while in the case of industry the announced rise reaches 25%.

In turn, the state oil company BOTAŞ has announced in another statement a 30% increase in natural gas fares for private consumers, which however is reduced to 16.3% for electricity generation plants, and at 10.2% for industry.

BOTAŞ justifies the price increase by recalling that Turkey imports 99% of the natural gas it consumes, and that energy costs have not stopped rising since 2021 throughout the world due to what he defined as a “perfect storm”, although it adds that the transfer of this increase has been done trying to minimize the impact on consumers.

These new increases in the price of electricity and gas in Turkey adds to the growing problem of rising housing costs, which has led the government to announce plans to sell land to families with lower incomes for housing construction, especially in big cities like Istanbul, Ankara or İzmir. The Turkish executive is also working on a law to temporarily limit the rise in rents to the increase in inflation, which last April nevertheless reached 70%, the highest figure in two decades.