In some very good news for Israeli households, it appears that in all likelihood, the cost of electricity will drop 10-12% next month; attributing the move to the fact that Israel Electric Company (IEC) has turned to natural gas to produce 40% of its electricity.

The Marker reported on Sunday that the changeover to natural gas is expected to save the utility an estimated NIS 2.2 billion annually.

It should be pointed out that the optimism may be premature since the committee has not yet voted on the reduced rates. IEC officials are calling for less of a cut in rates, seeking additional funds to implement its emergency plan.

(Yechiel Spira – YWN Israel)