Electricity prices to drop 5%

The drop in prices was due to "a significant drop in the price of fuels used to produce electricity.

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