Energy Minister: Govt to implement new electricity tariff from Feb 1

Energy Minister: Govt to implement new electricity tariff from Feb 1

KUALA LUMPUR (Jan 27) : The government will on Feb 1 implement new electricity tariff rates that will be in effect from 2022 till 2024, said Energy and Natural Resources Minister Datuk Seri Takiyuddin Hassan.

The Minister, according to an Utusan Malaysia report, said the announcement on the new parameters of the Incentive-Based Regulation (IBR) under Regulatory Period 3 will be made in a few days.

However, Takiyuddin assured the public that the new tariff rates will not burden the people, especially domestic consumers or households, and told them not to be worried.

The Minister said he brought up the issue for discussion for six times in a row in the Cabinet. "Alhamdulillah, we finalised the rate on Wednesday. The implementation of the IBR for RP3 will take effect on Feb 1 and I am waiting for the Energy Commission," he reportedly told reporters after officiating the launch of a large scale solar project in the Satong Industrial Area in Paka, Dungun on Thursday.

On Dec 31, 2021, Tenaga Nasional Bhd (TNB) said the government would continue with the current parameters of the IBR under an RP2 extension, which meant that it would stick to the current electricity tariff schedule from Jan 1, 2022, until further notice.

At the time, TNB said the government had also decided to continue with the implementation of the Imbalance Cost Pass-Through (ICPT) mechanism and maintain an ICPT rebate of 2.00 sen/kWh for all customers, including domestic consumers with monthly consumption of 300 kWh and below, until further notice.

http://www.theedgemarkets.com/article/energy-minister-govt-implement-new-electricity-tariff-feb-1