Page 50 - TURKRptDec22

For November, Botas left its prices unchanged.
As of November, the gas price for industry (highest level) has risen by 646% y/y, and 416% y/y for power plants and 174% y/y for households.
As of November 21, the Dutch TTF December 2022 Natural Gas Futures contract was higher by 25% y/y at €114/MWh ($1,241/1,000 m3).
Brent oil was up 10% y/y to $86. The USD/TRY pair was up 66% y/y at 18.6.
As of November, the government ended gas price subsidies for power plants and big industrial producers as TTF fell (thanks to the mild autumn weather in Europe) and the lira remained stable. The government also significantly hiked gas prices across 2022.
Meanwhile, subsidies to households are on hold. Households in Ankara paid TRY 6/m3 in October while households in London, who pay the second cheapest price in Europe, paid TRY 21, according to Botas.
In November, natural gas remained the cheapest source of heating in Turkey as the price of producing 1,000 kcal heat from electricity is 204% higher compared to gas, Botas also said.
In 2021, Turkish power plants consumed 21bn m3 of gas, equivalent to a 35% share of Turkey’s overall consumption of 60bn m3 and up 53% y/y due to drought that hit hydropower production.
Also last year, households consumed 17bn m3 of gas, equivalent to a 28% share and up 7% y/y. Industry consumed 15bn m3, representing a 26% share and up 20% y/y due to pandemic effects in 2020.
50 TURKEY Country Report December 2022 www.intellinews.com