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Electricity boss reveals shock price increases

The interim head of Switzerland's electricity transmission grid operator, Swissgrid, says prices will rise by between 50 and 100 per cent during the next five years.

Hans Schweickardt, who is chief executive of the EOS electricity company in western Switzerland, told the Sonntag newspaper that prices would increase again after 2014 when households were free to choose their electricity supplier.

Schweickardt blamed administrative costs in a liberalised Swiss electricity market for the increases.

The market is due to be opened for large electricity clients from next year, but there have already been voices against planned rises.

Representatives of the electricity industry have said that prices increases of around 20 per cent next year were moderate.

The issue of electricity prices is due to be discussed in the current three-week session of the Swiss parliament.

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