Russia's Ministry of Economic Development Expects 11% Tariff Growth For Utility Fees From July 2012

Minister of Economic Development Elvira Nabiullina provided details of the recent budget committee meeting, which shows that utility fees are to receive 11% tariff growth from July, 1 2012 (5.5% full-year average), followed by 9-10% in 2013 and 10-12% in 2014. Residential electricity prices are to rise by 6% from 1 July 2012.

MRSK Holding had earlier expected 10-12% tariff growth for 2012, while Federal Grid Company guided for 15%-17% growth. What had come as unexpected was the recent decision to move the tariff hike from January, 1 to July, 1, and we now see confirmation that the tariffs will see no upward adjustment for the 1H2012 shortfall in revenues. 

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