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Producers Scrapping Price Forecasts as Electricity Costs Break Cap

TURKEY
  • In an investigation into electricity costs, Dunya write that some industries and factories are facing costs of TRY 4.2/KwH for energy supply – in excess of the TRY 4.00/KwH market cap imposed by regulators. Industry sources expect these price rises to accelerate now the cap has been broken, forcing models and price forecasts to be scrapped among producers.
  • Dunya reports that economic hardship is on the rise across Turkey, citing the newly launched ‘Extended Misery Index’ from the think tank SPM. The research flags specifically that inflation is the key driver for the worsening of the new indicator.
  • The Turkish military launched airstrikes on Syrian military outposts late yesterday, according to SANA reports. The operations had been expected following Erdogan’s meetings with Iranian and Russian counterparts – both of which voiced their opposition to further involvement in the region.
  • In a hastily scheduled visit, Erdogan is to meet with the Ukrainian President and the UN SecGen Guterres in Lviv tomorrow. The focus of the meeting will be on the grain corridors established in a trilateral agreement between Ukraine, Russia and Turkey.
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