EFFECTS OF THE ENERGY CRISIS ON ELECTRICITY MARKETS

Abstract

Due to the drought affecting the whole world and our country, the reservoirs of hydroelectric power plants have not reached the desired occupancy levels and have not been able to produce at the required capacity. The electricity production of renewable energy sources such as Wind, Solar and Geothermal remained well below the expected amounts. It has commissioned base load power plants (which come into operation in a short time at the time of demand and meet the demand) that use fossil fuels such as natural gas and coal to meet the energy supply in other countries, especially in European countries. With the increasing demand for coal for electricity generation in thermal power plants, countries have started to look for coal [9] [12] The use of coal in power plants has led to an increase in countries' carbon footprints, carbon tax and emission values. In order for this situation not to cause a possible climate crisis, European countries have taken different policy steps. In October, in addition to the increase in coal demand, the reserves of natural gas in Europe have fallen to the lowest levels in the last three years [19] With the increase in natural gas demand in Europe to meet the electricity needs and the heating needs in winter, natural gas prices have risen to high levels. With the approach of winter months, it is expected that natural gas prices will increase in the coming periods