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China to raise wholesale power tariffs by five percent
Shanghai (AFP) Aug 19, 2008 China said Tuesday it will raise average wholesale power tariffs by five percent to help coal-fired power generators offset losses from rising coal prices. The country will raise average on-grid price by 0.02 yuan per kilowatt hour, or 20 yuan (2.9 dollars) per megawatt hour, starting Wednesday, the National Development and Reform Commission said in a statement. The higher prices will apply to most provinces in the country, except the Tibet and Xinjiang regions in western China, the statement said. The tariff hike marked Beijing's latest move to ensure power supply as generators limit output on losses due to surging thermal coal prices and government-controlled tariffs, analysts said. Some provinces and regions have been rationing electricity during the summer peak period, according to reports by state media. The increased on-grid prices, or wholesale power tariffs, were only for electricity sold to state power grid firms. Retail prices for industrial and commercial users will not be affected, according to the statement. "All power grid operators and generators should strictly follow the state's power price policy... to ensure normal operations and safe and stable power supply," the economic planner said in the statement. The government last raised on-grid prices in July, when retail tariffs were also increased. "The tariff hike looks essential as many power plants cannot afford current high coal prices," Citigroup said in a research note on Tuesday. "National power generation growth was down to eight percent year-on-year in June-July, from 14 percent year-on-year for the first five months of the year," it said. Community Email This Article Comment On This Article Share This Article With Planet Earth
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