November 24 (SeeNews) - The ministry of energy and mining of Bosnia's Serb Republic said it will raise the electricity price for businesses next year due to rising costs of power production and trading.
The decision was taken at a meeting between the energy ministry, the entity's power utility Elektroprivreda Republike Srpske (ERS) and Union of Employers' Associations of the Serb Republic, the ministry said in a statement on Wednesday.
The three parties will continue consultations to determine the details of the planned power price hike for businesses.
Earlier in November, the Serb Republic's energy regulator proposed a new tariff model for charging electricity consumption of households that pegs the price per kilowatt hour (kWh) to the monthly level of consumption. Under the proposed three-tiered pricing model, all consumers would pay a basic rate for electricity consumption of up to 500 kWh per month and higher rates for consumption between 500 kWh and 1,500 kWh, and above 1,500 kWh.
The regulator also proposed to apply lower tariff rates from April 1 to September 30 and higher tariffs from October 1 to March 31.
The Serb Republic is one of two autonomous entities that form Bosnia and Herzegovina. The other one is the Federation.