Electricity rates set to rise 10% by April

"Yediot Ahronot": The Public Utilities Authority wanted to bring the rate hike forward to February to help financially troubled IEC.

Hebrew daily "Yediot Ahronot" reports that the Public Utilities Authority (Electricity) plenum will this week discuss raising electricity rates by 10% within six weeks, around the time of the Passover holiday. The Public Utilities Authority wanted to bring the rate hike forward to February to help financially troubled Israel Electric Corporation (IEC) (TASE: ELEC.B22), but ultimately decided to raise rates from NIS 0.5947 per kilowatt/hour to NIS 0.66 per kilowatt/hour only towards the end of March.

Since August 2011, electricity rates have risen 38% altogether. On the basis of the average electricity consumption, annual expenditure on electricity per household has increased by NIS 1,400 within 18 months.

The Public Utilities Authority will hold several meetings to discuss the rate hike, after which it will be submitted for a public hearing.

Published by Globes [online], Israel business news - www.globes-online.com - on February 17, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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