ECONOMY

Power rates set for hike

Electricity rates are set to increase considerably as of January, although the government and Public Power Corporation are yet to agree by precisely how much.

The political leadership of the Energy Ministry is desperately seeking ways to minimalize the expected hike, which according to PPC?s revised data will be reduced from the original level of 19 percent to 17.5 percent.

The ministry?s effort is supported by the Regulatory Authority for Energy (RAE), which is making a downward revision of the average cost data for PPC on which the new rates will be based.

PPC opposes the effort to bring the increase down to just 10-12 percent, as RAE?s revision would entail, or even below 10 percent, as the ministry intends, as the power provider suggests it would cripple the company.