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| Hungarian Parliament Approves 11.1% Utility Price Cut |
| Budapest, 01.11.2013 |
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| The Hungarian parliament late Monday approved cutting household energy prices for the second time this year, saying the country's utility bills are higher than elsewhere in the European Union as a percentage of incomes.
The government will impose an 11.1% cut in natural gas, district heating and electricity prices from Nov. 1, following the 10% cut that took effect on Jan. 1.
The governing Fidesz party is keen to cut household utility, energy and services prices ahead of a general election in the first half of next year.
Hungary's utility sector is mostly owned by foreign companies, which will have to bear the costs of the cuts. Neither the local arm of Germany's E.ON SE (EOAN.XE) nor RWE.AG (RWEOY)--both local energy providers--were immediately available to comment.
The Fidesz party also signaled earlier Monday that it was prepared to challenge the EU if the bloc said Hungarian energy regulation goes against EU law.
Write to Veronika Gulyas at veronika.gulyas@wsj.com
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