Dropping by the largest percentage in Israel’s history, household electricity prices are expected to fall 10.05 percent on February 1, the Public Utility Authority announced on Wednesday evening.
Israel’s residential customers will pay a rate of 48.60 agorot per kilowatt-hour, as opposed to the 54.03 agorot price they are currently paying, the PUA said. This 5.43 agorot per kilowatt-hour drop amounts to an average annual savings of about NIS 550 per household, the authority added.
While household electricity tariffs are set to drop 10.05%, the average decline in electricity prices among all types of consumers in the country will be an even greater 11.84%, according to the PUA. The sharp declines in prices are in large part to the “massive penetration” of natural gas into the Israeli energy market, as well as the end of the repayment of losses caused by the severance of Egyptian gas in 2011, the PUA said.