Turkey’s privatisation administration (OIB) received bids totalling $1.2bn at an auction of three power grids in Ankara on Friday, a test of market conditions that has persuaded it to press ahead with sales to ease strains on public finances.

Eti Gumus, a recently privatised silver mining company with no previous involvement in energy, bid $485m for the Osmangazi grid, which has one of the lowest ratios of electricity loss and theft in the country.