ENERGY: HEP Reduces Electricity Prices

Croatia Electra (HEP) submitted a request to the Croatian Energy Regulatory Agency (HERA) to approve a 10.7% reduction on electric production, which could mean an end cost reduction of 6-7% for households.  HEP was the sole electricity supplier in Croatia until June, when electric companies Slovenian GEN-I and German-RWE entered the Croatian electricity market, which began the process of market liberalisation.

Minister of Economy, Ivan Vrdoljak (HNS), welcomed HEP’s price reduction and indicated that the new price will be more competitive and realistic than what the company previously offered.  On the open market, HEP will need to adjust its business practices, including pricing, to remain competitive. The price of electricity can no longer be frozen in the name of social peace and then skyrocket when it is no longer politically profitable…

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