BREAKING NEWS

IEC to raise electricity rates 9% in February

By AMIRAM BARKAT / GLOBES

JANUARY 3, 2012 16:55

Electricity rates will rise by nearly nine percent in February, under a deal reached between Israel Electric Corporation CEO Eli Glickman and Finance Ministry officials Tuesday. The Public Utilities Authority (Electricity) still has to approve the rate hike.

The pending rate hike is intended to blunt the expected 30% rate electricity hike due in April. The rate hike is in response to IEC's financial crisis, which has been aggravated by the suspension of natural gas deliveries from Egypt.

A Finance Ministry team headed by acting director-general Doron Cohen proposed spreading the rate out in three steps of 10% each, to avoid the economic disruptions of a one-time 30% rate hike.

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