The Electric Authority submitted to the Treasury, Thursday, a three-year, 19-percent rate-hike program. If approved, rates would go up six percent this year.
The purpose of the program is to spread the damage of the cost of disruptions to the natural gas supply. Disruptions to the utility's supply of natural gas from Egypt has resulted in the use of more expensive diesel fuel. Even with the Tamar natural gas field beginning to supply the Israel Electric Company in 2013, the rate would not be adjusted until 2015.