Electricity rates in Israel to rise sharply in August

Electricity pylons credit: Shutterstock Xiang Li

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The price of coal, which produces 23% of Israel's electricity, has almost doubled from $210 per ton to $400 per ton.

The electricity rate in Israel will rise by 9.6% in August, the Public Utilities Authority (Electricity) has decided. The hike is subject to a hearing. The Public Utilities Authority (Electricity) had wanted to put up electricity prices last month due to the steep rise of coal on world markets but the tariff hike was put on temporary hold.

This will be the second electricity price hike this year, after prices rose 5.7% at the end of January. The price rise was 2.2% lower than originally planned after the intervention of Minister of Finance Avigdor Liberman who cancelled excise tax on coal.

Usually the electricity price is revised annually but since the last update in January, the price of coal, which produces 23% of Israel's electricity, has almost doubled from $210 per ton to $400 per ton.

Published by Globes, Israel business news - en.globes.co.il - on July 11, 2022.