Electricity rates will fall 10.05% for household consumers and 11.84% on average next month, the Public Utilities Authority (Electricity) decided last night at its plenary meeting. The new tariffs will come into effect on February 1, the electricity regulatory body decided.
The new rates mean that a kilowatt for homes will cost NIS 0.48.6 per hour compared with the current rate of NIS 0.54.03. The average household should save NIS 550 as a result of the price reduction.
The fall in prices is a result of the introduction of massive use of natural gas from the Tamar field in order to produce electricity, and the completion of repaying debts taken after the Egyptian gas pipeline crisis in 2011, which put up electricity prices by 30%.
Public Utility Authority (Electricity) chairwoman Orit Farkash-Hacohen said, "Lowering the electricity price marks the end of a three year period in which there was a shortfall of electricity in the grid and fuel and moving to a grid in which clean, private electricity is produced. The Authority will continue to work towards promoting an electricity grid that is efficient and competitive for the sake of the public."
Minister of Energy Silvan Shalom said, "Lowering the price by a double-digit percentage is part of the aims I set for the electricity grid and the cost of living to make lives easier for Israelis.
Published by Globes [online], Israel business news - www.globes-online.com - on January 22, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015