Wednesday, July 22, 2009

No raise in rates: Peter Chin

KUALA LUMPUR: The Cabinet has decided to retain gas prices at their current level, and in line with this, also keep the average electricity rate at its current level until the end of the year.

Energy, Green Technology and Water Minister Datuk Peter Chin Fah Kui said the Cabinet had discussed on Wednesday morning the proposal by the Economic Planning Unit to review the gas price for the electricity sector in Peninsular Malaysia

“After careful deliberation and taking into account the current economic scenario, the Government has decided that the existing gas price of RM 10.70/MMBtu be retained.

“In line with this decision, the average electricity rate will be retained at 31.31sen/kWh until the end of the year,” he said in a statement on Wednesday.

There expectations earlier that the gas price will be raised by 4% to 5%, followed by a corresponding upward revision in electricity tariffs.

In March, the Government allowed Tenaga Nasional Bhd (TNB) to reduce electricity rates by an average of 3.7% and said it would be reviewed again in July.

Taken from The Star Online

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