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  "documentTitle": "Turkish NPL Purchasing Market Overview and the way forward",
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  "authorName": "PwC",
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  "notes": "The slide explains the rationale behind EMRA's tiered tariff implementation to mitigate price shocks.",
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      "kind": "callout",
      "text": "Throughout the last 5 years, residential retail tariff has been the lowest among all of the tariffs and was subjected to least amount of volatility.",
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      "kind": "chart",
      "text": "Retail Electricity Tariffs (2018-6M23, TL/MWh)",
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      "text": "Retail Electricity Tariffs (TL/MWh)",
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      "componentId": "019dd952-3be5-7612-8a1b-f98b107852dc",
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      "text": "As the distress in the international energy markets and surge in DAMP continued, EMRA introduced tiered tariffs for residential (January 2022) and commercial (March 2022) consumers to ease the impact of large-scale tariff hikes on smaller-scale users. Upper-bound for low-tier residential consumers was increased twice, in February and March 2022, allowing more and more residential consumers to benefit from lower tariffs. As the international energy markets started to normalize in 2023, both DAMP and retail electricity tariffs commenced their downward trend. It is expected that downward trend following normalization will be sustained.",
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      "kind": "paragraph",
      "text": "Consistent and relatively mild upward trend observed in retail electricity tariffs after mid-2018 was sustained until early 2022. Although the prices in the day-ahead market increased substantially throughout 2021 both in USD and TL terms as a result of internal and external shocks, hikes imposed on the retail electricity tariffs did not match the magnitude of those observed in DAMP. The main reason why retail electricity tariffs were subjected to such a suppression by EMRA was to curb the effect of electricity prices on the high inflation observed in the Turkish economy.",
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      "text": "Source: EMRA",
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      "kind": "title",
      "text": "Retail tariffs have sharply increased in 2022 mainly driven by distress in the international energy markets and depreciation on the value of Turkish Lira.",
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      "evidence": "The document proposes solutions to address the challenges faced by the Turkish electricity market, including increasing investments in renewable energy sources and implementing policies and regulations.",
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