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Argentina Will Double Electricity Rates as Deficit Widens

Argentina is more than doubling electricity rates for the biggest commercial users as President Cristina Fernandez de Kirchner seeks to stem a widening budget deficit without a return to international debt markets.

Argentine power rates will more than double for some industries beginning next month as the government reduces subsidies, according to a statement in today’s official gazette. Power rates during peak hours will increase to 254 pesos ($60) per megawatt hour from 111 pesos.