Spain to hike power rates

Spain’s centre-right government may decree on Friday an electricity rate hike of up to 7 percent for consumers and cut subsidies to power distributors by 10 percent, several newspapers reported on Saturday.

However, government sources told Reuters there was no decision yet on the exact content or timing of pending energy sector reforms.

The cut in subsidies to distributors would hold down Spain’s rising tariff deficit, which is backed by the government, by some 500 million euros in a year, the media reports said.

The government is in the middle of an austerity drive to keep the euro zone debt crisis at bay.

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