(In)Visible Hand Of EMRA: Recent Regulatory Developments In Turkish Electricity Prices

Our last article stated that one of the most discussed issues in the energy sector in 2022 would be the increase in energy prices¹. This article touches upon this foreseen increase in electricity prices and how Energy Market Supervisory Board ("EMRA") intervenes to the electricity market.

Measures and precautions that can be taken have started to be discussed with the ringing alarm bells for electrical energy supply security due to the effects of the Covid-19 pandemic, harsh winter conditions, and the Russia-Ukraine war². Coal prices, which were about 50 dollars per ton in international markets before July 2020, reached 410 dollars in March 2022, and natural gas prices, which were 190 dollars per thousand cubic meters, reached 1400 dollars. Unexpected increases in the prices of these commodities, used as inputs in electrical energy generation, primarily affect the end consumers. Efforts to reflect the rise in energy prices to consumers as of the end of 2021 in our