Turkey will freeze electricity price increases for three months

Turkey will not increase electricity prices in the first quarter of 2020, Bloomberg HT and other local media reported, citing Mustafa Yılmaz, head of the Energy Market Regulatory Authority (EPDK).

Turkish authorities last increased prices by 14.9 percent on Oct. 1, taking hikes during 2019 to almost 30 percent. Businesses in the country have complained about the price rises, delayed due to local elections in March, saying they were squeezing profits and preventing investment.

Turkey’s government is looking to companies and consumers to increase spending and borrow more to help achieve an economic growth goal of 5 percent for 2020. It is also seeking to curb inflation, which accelerated to an annual 10.6 percent in November from 8.6 percent the previous month.

Turkish Energy Minister Faith Dönmez said earlier in December that proceedings were started against 3.4 million people who could not pay their electricity bills during the first nine months of the year. Dönmez was responding to questions in parliament from the main opposition Republican People's Party (CHP).