Electric co. VP says El-Arish explosion may cause rate hike

By GLOBES' CORRESPONDENT
February 6, 2011 12:47

 
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Israel Electric Corporation (IEC) Vice President Moshe Bachar on Sunday said that their is no concern of a disruption in electricity as a result of gas deliveries from Egypt being halted following an explosion at a gas terminal in El-Arish on Saturday. 

"IEC is prepared for such scenarios. It takes us about an hour to switch production from natural gas to alternatives, such as coal, heavy industrial oil, and diesel. There is no concern of a disruption in electricity in Israel, even if gas deliveries from Egypt are halted completely," Bachar stated in an Army Radio interview.

Asked about possible effects on electricity prices, Bachar replied, "Rising costs for fuels and coal, partly because of the events in Egypt, will likely cause a 10-20% increase in [electricity] prices in the medium term, until the start of gas deliveries from Tamar in 2013."

Egypt's Minister of Electricity and Energy Hassan Younes said today that gas deliveries to Israel would be delayed for at least two weeks.

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