Price of electricity to drop by 5% on Wednesday

The price of electricity will drop by five percent on Wednesday, the Israel Electric Company (IEC) announced Monday. IEC chairman Amnon Shapira said the drop in prices was due to "a significant drop in the price of fuels used to produce electricity." The fuels used to run electricity-generating turbines dropped in price by some 11.3 percent over the past few months. The main contributing factor is a 24% drop in the price of coal. A kilowatt of electricity for home usage will cost just over NIS 0.44 starting Wednesday at midnight.