Iran has suspended gas supplies to Turkey for up to 10 days due to a technical failure, prompting Turkish authorities to order gas-fired power plants to cut their gas consumption by 40%, Reuters reported with reference to representatives of the sector.

Turkish natural gas distributors have also been asked to cut their supply by up to 60% for large consumers, except for those used for heating, Turkish sector officials said.

Iran has notified Turkey of a 10-day halt to natural gas supplies, but negotiations to start supplies earlier continue, officials added.

Turkey is almost entirely dependent on gas imports from Russia, Azerbaijan and Iran. Iran alone provided 16% of Turkey's natural gas needs in the first ten months of 2021, according to the latest official figures.

Turkey's energy prices have risen sharply due to global growth and the lira's 44% fall against the dollar last year.

This month, electricity prices have risen by 125% for high-demand commercial customers and about 50% for low-demand households.

Natural gas prices for residential use jumped 25% and 50% for industrial use in January, national distributor BOTAS said.