New hike in electricity rates approved

The Public Services Regulatory Authority (ARESEP) approved a 4.5 percent increase in electricity rates due to the cost of additional thermal generation incurred by the Costa Rican Electricity Institute (ICE) during the first half of 2012.

ICE had requested a 14.43 percent increase.

New rates will apply the day after publication in the official newspaper La Gaceta, and are valid through June 30, 2013.

Average monthly rates for a family, for example, will increased from about ₡14,400 ($28.80) to ₡15,000 ($30).

ICE asked for ₡23 billion ($47 million) in fuel costs during the first half of 2012 to be included in the rate hike.