U.S. dollar appreciation in Turkey negatively affects energy sector

U.S. dollar appreciation in Turkey negatively affects energy sector

Baku, Azerbaijan, Oct.1

By Rufiz Hafizoglu - Trend:

The growth in the exchange rate of the U.S. dollar in Turkey has a negative impact on the country's energy sector, TRT Haber TV channel quoted Turkish Minister of Energy and Natural Resources Taner Yildiz as saying on Sept.30.

The U.S. dollar has appreciated by 4.9 percent compared to early 2014 and by 11.9 percent on an annual basis.

The minister said that currently, Turkey pays for the imported energy resources in U.S. dollars.

Yildiz added that the tariffs for gas and electricity will rise by nine percent in Turkey starting from October.

Nevertheless, the prices for the energy resources in Turkey will remain lower than in some European countries, the minister said.

Currently, the price of one KWh of electricity for the population in Turkey equals 0.18 Turkish liras, while 0.21 liras for subscribers of commercial facilities and 0.14 liras for industrial enterprises.

The price for a cubic meter of gas in Turkey fluctuates from 1.087 to 0.948 Turkish liras.

Turkish state-run pipeline company Botas imported 27.73 billion cubic meters of gas from various sources in January-August 2014 compared to nearly 25 bcm in the same period of 2013.

Turkey has contracts with Iran to supply 10 billion cubic meters of gas per year, with Russia it is 20 billion cubic meters of gas and with Azerbaijan - 6.6 billion cubic meters of gas.

Turkey also has an agreement with Algeria and Nigeria for the supply of 4.4 billion and 1.2 billion cubic meters of liquefied natural gas respectively per year.

Gas prices are not officially disclosed, but Turkey buys Iranian gas at $490 per 1,000 cubic meters, according to Turkish media. Turkey pays $335 for 1,000 cubic meters of Azerbaijani gas which is supplied via the South Caucasus Pipeline (Baku-Tbilisi-Erzurum pipeline). The country pays $425 for 1,000 cubic meters of Russian gas.

Turkey imported 45.2 billion cubic meters of gas in 2013. Around 20.7 percent of the total volume of gas imported by Turkey accounted for consumers among the population, 45.85 percent - electricity generation. Around 25.11 percent of the imported gas was used in the industrial sector of the country.

Electricity consumption in Turkey may increase by 45 percent and stand at 257 billion KWh, according to Turkish Electricity Transmission Company (TEIAS).

The country imports around three percent of electricity. The total electricity consumption in Turkey stood at 124 billion KWh and 3.6 billion KWh of this volume accounted for the imported product. The main electricity exporters to Turkey are Bulgaria and Greece. The country also imports electricity from Iran and Georgia.

The official exchange rate on Oct.1 is 2.2789 TL/USD.

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