(Bloomberg) --

The average cost of electricity will rise by about 30% for Swiss households in 2023, newspaper Tages Anzeiger reported.

“Half of the utilities will increase the price for households by 30% or more,” a spokesperson for the Association of Swiss Electricity Companies told the newspaper.

Like much of Europe, electricity costs in Switzerland are rising because of reduced natural gas supplies following Russia’s invasion of Ukraine. With most of its electricity coming from hydropower and nuclear, though, the price shock is smaller than in neighboring countries. 

The increase in electricity costs would amount to about 315 Swiss francs ($328.39) annually for a five-room household, the newspaper said. Businesses such as a large bakery, for example, are facing power cost increases of about 10,000 francs.

Details of the price rises will be disclosed at the end of the month, once regulators have signed off on the new prices.  

Switzerland’s government recently launched a 10 billion-franc rescue package to prevent Swiss electricity providers from going bust. 

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