BREAKING NEWS

Israel Electric announces 20% rate hike; says out of gas

By GLOBES / AMIRAM BARKAT

JULY 11, 2011 18:39

"Electricity rates will rise by 18 percent," Public Utilities Authority chairman Amnon Shapiro told a special session of the Knesset Economic Affairs Committee, which convened to discuss the issue.

Shapiro presented figures which broke the reasons for the rate hike: disruption of natural gas deliveries from Egypt (7%), the directive by Environmental Protection Minister Gilad Erdan for Israel Electric Corporation to use diesel instead of fuel oil (7%), and a routine update because of delays in the construction of power stations (4%).

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