Electricity prices to rise by up to 30%: Tethys Sea cuts gas supplies

23.12.2011                      27.Kislev. 5772                       Channuka 3

Wirtschaft:

Electricity prices to rise by up to 30%: Tethys Sea cuts gas supplies

Tethys Sea is now Israel's sole gas supplier after Egyptian gas supplies were halted due to repeated terror attacks on the Egyptian pipeline carrying gas to Israel.

The natural gas crisis is worsening now that the Tethys Sea gas supplier told its customers on Thursday it would reduce the supply of natural gas by 30%. Tethys Sea, which is jointly owned by Delek Group (53% ) and U.S. firm Noble Energy (47% ) did not provide any explanation for its announcement.
Tethys Sea is now Israel's sole gas supplier after Egyptian gas supplies were halted due to repeated terror attacks on the Egyptian pipeline carrying gas to Israel. The Public Utilities Authority (Electricity ) forecasts that a complete shutoff of Egyptian gas for all of 2012 would raise Israeli electricity prices by some 30%….