Residential electricity rates will rise an average of 11% to 41%, according to the Public Services Regulatory Authority (ARESEP).
Fernando Herrero, the regulator general, cited increased demand for electricity, a recent reduction in hydroelectric generation capacity, and the rapid rise of petroleum prices among the reasons for the higher rate of increase this year.
Residential users who consume 200 kilowatt-hours per month of electricity will see an average increase of 11% in their bills.
Users of between 200 and 300 kwh will see a 14% increase, and consumers of more than 300 kwh will be dinged with a 41% increase. Rates for factories will go up 22%.
“There is no more cheap electricity,” Herrero said.
The new rates take effect in mid-April.