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ECONOMY | 02-08-2018 12:59

Electricity prices in City, GBA to rise by 24 percent

The Energy Ministry also announced the full removal of electricity subsidies for shopping centres, banks, big businesses and casinos.

Electricity prices in Buenos Aires City and Greater Buenos Aires will rise 24.4 percent on average in August, the Energy Ministry confirmed.

Around 35 percent of the capital's population will pay 233 pesos (US$ 8.50) per month on average following in the increase, while 37 percent will pay 643 pesos (US$ 23.30) and 10 percent will pay 1,000 (US$ 36.20), according to Energy Ministry calculations.

"It means that almost everybody in the Buenos Aires Metropolitan Area (AMBA) will pay less than 1,000 pesos per month", Energy Minister Javier Iguacel said at a press conference.

The Mauricio Macri government has been rolling back multibillion-peso subsidies on consumer energy and transport prices since it took office in late 2015.

Iguacel took aim at former officials of the Cristina Fernandez de Kirchner administrations for encouraging the use of electric heating devices.

"It's not that the price is wrong", he said, referring to the new price scheme, rather that electric heating "is a naturally and scientifically inefficient type of energy".

The Energy Ministry also announced the full removal of electricity subsidies for shopping centres, banks, big businesses and casinos. "They will pay for electricity what it is worth", Iguacel said.

The minister insisted that the increases are "in line with inflation" and "not the dollar because the cost of electricity is tied to the peso".

-TIMES

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