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Higher Electricity, Gas Prices Approved.
(From The Moscow Times)
The Cabinet on Thursday agreed to let gas and electricity be sold at market prices in four years, approving a much-delayed plan that should avert an energy crisis and keep utilities fees in check until after the next presidential election.
Unified Energy Systems chief Anatoly Chubais criticized the proposal as "the softest and the most cautious option" of all those discussed in recent months.
"The future will show how adequate this option is for the situation," he said at the Cabinet session. "2007 doesn't get us anything new in terms of gas and electricity prices."
Under the plan, the current gas price of $44 per 1,000 cubic meters for industrial users will increase by $6.60 ahead of the State Duma elections in December 2007 and by another $13 in 2008, the year of the presidential election. Afterward, the price will be allowed to surge by $16.50 in 2009 and by $21 in 2010 to become free floating from the start of 2011.
Households will face more modest hikes over a longer period.
"A sharp increase in prices must not happen," Prime Minister Mikhail Fradkov said at the start of the Cabinet meeting. "That would affect the lives of people and negatively influence economic development by creating excessive inflation."
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