World News | Israel Opens Electricity Services to Competition | LatestLY

Source: LatestLY

Tel Aviv [Israel], February 14 (ANI/TPS): Israel's Ministry of Energy and Infrastructure said that, for the first time since the establishment of the state, the electricity industry will be opened to competition. The change will come this summer. As such, all residents of Israel will be able to choose their electricity supplier.

The ministry said the competition will cause electricity prices to drop, "saving every family hundreds and even thousands of Shekels a year." The rates are expected to drop by as much as 20 per cent.

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This decision came after private suppliers last January were given the opportunity to purchase electricity directly from electricity producers. Together with the reform announced today by the Minister of Energy and Infrastructure, electricity suppliers will be able to optimize their energy sources.

Chairman of the Electricity Authority, Amir Shavit: "The Authority works to promote competition and remove barriers to competition - such as the issue of the smart meter obligation. The reform is good news both for the consumer public and for companies that supply electricity privately. The Electricity Authority continues to promote competition also in the field of production and storage in the market model from an overall view of an efficient, reliable and clean electricity economy." (ANI/TPS)

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(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)