The Council of Ministers has approved a reform to combat the 10.500 million euro deficit between the cost of supplying current and the price charged for electricity which will see domestic bills rise by a further 3.2% in the next few weeks.
Between 2003 and 2011 electricity bills have increased by 63% making Spain´s electricity one of the most expensive in Europe.
The 3.2% increase follows hard on the heels of the 1.2% extra introduced in the last quarter of this year.
Central Government has been under pressure from Europe to take measures to reduce the electrcity industry´s deficit and defends its reforms as the only way to avoid a 42% increase for domestic customers.
The reforms include renaming the TUR (Tariff of última recursa) and stimulating competition between the electricity companies with domestic customers encouraged to “shop around” for the best price.
