Electricity rates are set for a major hike next year, as Public Power Corporation, which effectively holds a monopoly in electricity supply, has asked the Regulatory Authority for Energy (RAE) to approve increases ranging between 14.5 and 48.7 percent for 2013, RAE confirmed on Tuesday.

The average increase for low-voltage consumers, which includes the vast majority of households, small industries and commercial shops, amounts to 24.9 percent and is expected to burden electricity bills in three stages up to July 2013.

According to the proposal that PPC has submitted to RAE, the first hike on January 1 will amount to 10.8 percent, the second on May 1 to another 6.3 percent, and the third on July 1 by a further 6.1 percent.

RAE will examine the proposal and submit its own to the Environment and Energy Ministry in the next few days.