Electric Rates May Rise 16% This Year

Increase in electricity prices schedule for 2013 will probably reach 15% to 16% and be divided into two stages.

Avi Bar-Eli
Avi Bar-Eli
Avi Bar-Eli
Avi Bar-Eli

The increase in electricity prices scheduled for 2013 will probably reach 15% to 16% and be divided into two stages.

Calculations of the Israel Electric Corporation's expected spending for this year keep on growing, which will lead to the higher electricity rates. Previous estimates were for an increase between 10% and 12%.

In addition, the first round of the rate hike will probably be moved up from April 1 to sometime after the January 22 election, probably March 1. The Public Utility Commission - Electricity is expected to publish its decision and hold a public hearing just after the election. It is still possible that part of the rise will be put off until April 2014 and this year's hikes will remain at no more than 10%.

One of the major unknowns about the IEC's fuel costs this year is whether the natural gas from the Tamar offshore field will arrive as scheduled starting in April. This would relieve some of the pressure on the company's cash flow.

Israel Electric Corp restored power to all bomb shelters and stairwells in the south that had had their electricity cut off because of nonpayment of bills.Credit: Reuters

Comments

SUBSCRIBERS JOIN THE CONVERSATION FASTER

Automatic approval of subscriber comments.

Subscribe today and save 40%

Already signed up? LOG IN

ICYMI

Mohammed 'Moha' Alshawamreh.

He's From a Small Village in the West Bank, One of Three at His School Who Went to College

From the cover of 'Shmutz.'

'There Are Similarities Between the Hasidic Community and Pornography’

A scene from Netflix's "RRR."

‘RRR’: If Cocaine Were a Movie, It Would Look Like This

Prime Minister Yair Lapid.

Yair Lapid's Journey: From Late-night Host to Israel's Prime Minister

Lake Kinneret. The high water level created lagoons at the northern end of the lake.

Lake Kinneret as You’ve Never Experienced It Before

An anti-abortion protester holds a cross in front of the U.S. Supreme Court in Washington, D.C.

Roe v. Wade: The Supreme Court Leaves a Barely United States