OREANDA-NEWS. Turkey's regulated gas prices will be reduced by 10pc for residential and industrial users from 1 October, energy minister Berat Albayrak said today.

But the cut will not be reflected in regulated power tariffs, he said.

In late July, the minister had signalled a "significant" cut in gas prices ahead of winter. Most power market participants expected a gas cut between 7pc and 10pc, an Argus survey earlier this week showed.

The October power baseload traded at a record low of 134.75 Turkish lira/MWh following the minister's announcement. The contract changed hands at TL135.70-136.50/MWh earlier in the morning session.

Power market participants had expected an average fall of TL3.45/MWh in the power front-month contract in the event of a cut in gas prices.