Spain To Raise Power Prices By 5%-7% In April-Industry Minister
March 27 2012 - 3:45AM
Dow Jones News
Spain's government plans to increase power prices by between 5%
and 7% at the beginning of April, Industry Minister Jose Manuel
Soria said Tuesday in an interview with broadcaster Antena 3.
The rise of what is known as "last recourse" prices--a price
ceiling for mostly domestic consumers of electricity--would affect
about 20 million households and small companies and will be
approved at the government's cabinet meeting Friday, Soria
said.
The increase, Soria said, must be implemented to comply with a
Supreme Court ruling forcing the government to raise prices when
the annual tariff deficit surpasses EUR1.5 billion.
The country's power utilities and the government itself will
also shoulder part of the cost of the deficit overrun, he said.
-By Christopher Bjork; Dow Jones Newswires; +34913958123;
christopher.bjork@dowjones.com
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