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September 14, 2008

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China mulls hikes in retail electricity prices
WATCH VIDEOSource: CCTV.com
09-14-2008 13:58
Easing inflation over the last few months may be good news for China's power regulator. It's saying continued falls in the growth rate of the Consumer Price Index leaves ample room for hikes in the retail prices of electricity.

The State Electricity Regulatory Commission says it's mulling over hiking retail electricity prices. Experts say plans to adjust prices could be due to the 14-month low in CPI growth rate hit in August.

August saw CPI growth dip to 4.9 percent, the fourth consecutive monthly drop in consumer inflation, after a 12-year high of 8.7 percent was hit in February.

And some think the latest figure provides a good basis for adjustment of retail electricity prices.

Gao Huiqing, Director Strategic Planning Division, State Information CTR., said, "Price hikes in electricity, coal and oil will be a focus of the government's new round of reforms. The price adjustments of these basic resources will definitely affect prices of other products. And in turn, this may lead to a higher CPI growth rate. For this reason, the CPI is a crucial reference for prices hikes for resources."

Experts say the price hikes will help transfer the pressure of rising coal cost to end users.

Over the past two months, domestic on-grid electricity prices have been raised twice. So far, the on-grid prices have been increased around 0.04 yuan on average. The electricity regulator says grid companies will find it hard to handle rising costs if they are not allowed to raise retail prices.

The watchdog says there is little possibility for a rebound in CPI growth rates, providing further room for raising retail prices. But it says the exact time still needs to be fixed.

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