Tenaga Nasional Berhad (TNB) customers can enjoy slightly lower electricity bills for the first half of next year as the power utility company is offering rebates of 2 sen per kWh between 1st Jan to 30th June 2021. 7.5 million domestic users can expect a reduction between 3.6-9.2% in their bills while commercial users can look forward to a reduction of 4-5.2%. Meanwhile, industrial users will get to see a reduction of 4.6-6.1%.
According to Energy and Natural Resources Minister Datuk Dr Shamsul Anuar Nasarah, the government has agreed to extend TNB’s Second Regulatory Period under the Incentive Based Regulation (IBR) mechanism until 31st December 2021 during the announcement of next year’s electricity tariff rate.
He said the prices of coal and gas have dropped for the period between July to December 2020 and the government is passing the cost savings to all TNB users. According to TNB, the average global price of coal is USD 58.6/MT (about RM237.95/MT) versus the benchmark coal price of USD 75/MT (about RM304.54/MT). Meanwhile, the average gas price is at RM21.0/mmbtu versus the benchmark price of RM27.20/mmbtu.
The rebates are given in line with the implementation of the Imbalance Cost Pass Through (ICPT) mechanism for the period between 1st Jan to 30th June 2021. The Minister added that the first rebate given since July 2018 will be enjoyed by all TNB electric users which include both domestic and non-domestic users.
According to TNB’s announcement on Bursa Malaysia, the rebate of 2 sen per KWh for domestic customers is applicable to those who have a monthly electricity consumption of 300kWh and below. The statement added that any shortfall or excess in the ICPT will be funded or transferred to customers via Kumpulan Wang Industry Elektrik (“KWIE”) fund to aid the stabilisation of electricity tariff in the future. TNB’s current average base tariff rate at 39.45 sen per kWh will be maintained until 31st December 2021.
The ICPT mechanism was approved and implemented by the Energy Commission since January 2014. This is to allow TNB to reflect changes in fuel and generation costs for consumer electricity traffic every six months. The mechanism is implemented according to Section 26 of the Electricity Supply (Amendment) Act 2015. To learn more about the 2 sen per kWh rebate, you can check out TNB’s FAQ.
In case you missed it, TNB will not cut electricity supply for its domestic users between 1st January to 31st March 2021 for those who have outstanding bills of less than 6 months. For customers that have arrears of more than 6 months are advised to consult TNB to request for instalment payments to avoid power cuts.
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