BREAKING NEWS

IEC chair predicts electricity price hike of 20-30%

By JPOST.COM STAFF

NOVEMBER 29, 2011 17:14

Ongoing disruptions in the flow of natural gas from Egypt to Israel will cause a 20-30 percent jump in electricity prices in 2012, Israel Electricity Company (IEC) chair Yiftah Ron Tal said according to Israel Radio Tuesday.

Tal said Israel's domestic natural gas supply is running low, but predicted optimistically that gas prices may drop again after Israel begins to utilize its gas fields off the Mediterranean coast in the next few years.

Electricity rates have already gone up 15% in the last year, according to the report.

Israel Radio noted that the Electricity Authority, and not the IEC, sets the nationwide electricity rates.

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