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BUSINESS

Tenaga's shares down amid news of no change to ICPT

28/06/2022 12:02 PM

KUALA LUMPUR, June 28 (Bernama) -- Shares of Tenaga Nasional Bhd (TNB) were lower at mid-morning today amidst news that there would be no change to the imbalance cost pass-through (ICPT).

At 11.42 am, TNB's share price was three sen lower at RM7.97 with 2.88 million shares transacted.

On Monday, the Energy Commission (ST) said that domestic and non-domestic electricity consumers in Peninsular Malaysia would not be hit by higher bills as there will be no change to the ICPT from July 1, 2022 - Dec 31, 2022.

This means that the two sen per kilowatt-hour (kWh) rebate for domestic customers and 3.7 sen/kWh surcharge for non-domestic customers remain unchanged.

It said that the rebate and surcharge cost borne by the government would come to RM5.8 billion, and that the six-month period was agreed upon on June 24.

“The government has allocated RM2.3 billion to cover the cost of maintaining the ICPT rebate and bear the surcharge for domestic consumers,” said the ST.

It added that another RM3.5 billion was allocated to maintain the ICPT surcharge for commercial and industrial (non-domestic) customers, which should be 11.81 sen/kWh.

According to the ST, the price of fuel and electricity generation increased by RM7 billion, equivalent to an ICPT surcharge of 11.81 sen/kWh from Jan 1-June 30, 2022.

It noted that the price of coal in the international market had increased to US$265 (US$1=RM4.39) per tonne compared with the US$79 per tonne calculated by TNB for base electricity tariff, due to the current global crisis and a supply constraint of coal, among others.

Over 80 per cent of energy for the country's electricity generation comes from coal and gas.

-- BERNAMA

 


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