Electricity rates in Israel to rise 6% next month

Power lines  photo: Eyal Izhar
Power lines photo: Eyal Izhar

The prices of LNG, Tamar gas and coal for producing electricity have risen over the past year.

Following the rise in fuel prices, Israel's Public Utilities Authority (Electricity) has published that there will be a public hearing on the annual revision of electricity prices. The price is slated to rise by 6% to household consumers to NIS 0.49 per kilowatt hour.

The average Israeli household will consequently be required to pay an extra Nis 30 per month or NIS 360 per year. Subject to the hearing, the new price will go into effect on January 1, 2019. The Public Utilities Authority (Electricity) stresses that the electricity reform plan, which was approved earlier this year, has had no impact on the price hike.

The Public Utilities Authority (Electricity) says that two major reasons have contributed to the price rise: a rise in fuel prices and the more extensive use of renewable energy. The weakening of the shekel against the dollar had exacerbated the rise in fule prices. Over the year the price of LNG rose 37% and the price of coal and gas from the Tamar field rose 10%.

Published by Globes, Israel business news - en.globes.co.il - on December 3, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Power lines  photo: Eyal Izhar
Power lines photo: Eyal Izhar
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