The Electricity Authority has decided to forgo the third round of electricity rate increases, meaning that rates will not increase this year - the Electricity Company announced in a report to the stock exchange.
As you may recall, in March 2012, the Electricity Authority decided to increase rates in three waves so that the public would absorb the jump in the Electric Company's fuel expenses following the gas crisis with Egypt at the time. The price increase was spread over three years (2012-2014): March 2012 (an increase of 8.91% in rates), May 2013 (an increase of 5.51%), and this year the third wave was scheduled to take place.
""The Authority determined that in light of the current electricity tariff level, the remaining debt will be returned to the Electric Company without the need for a third increase in the electricity tariff (the third increase)," the Electric Company reported to the stock exchange. "In addition, as part of the decision, the Electric Authority noted that, subject to actual data at the end of this year, the electricity tariff is expected to be significantly reduced, due to the completion of the collection of the remaining fuel debt due to the fuel supply crisis that hit the company and the electricity sector in 2011-2012.".
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