Cost of electricity will increase by 5.9% starting 1st of January 2014.
This meansthere will be a slight increase in what customers will be paying for this service.
This was announced bPNG Power Limited today.
PNG Power says this increase was approverd bytheIndependent Consumer and Competition Commission, and is caused by many factors, including fluctuations in fuel prices.
Apart from fluctuations in fuel prices,the annual review in electricity tariffs came about as a result ofthe depreciation ofthe kina as well.
This annual tariff determination is also to ensure thatthe State Owned Enterprise has sufficient funds to implement projects set out in its regulatory contract.
ICCC’s approval of 5.9% per cent will be imposed inthe first quarter of 2014.
This change means industrial customers have an increase of 3.74 toea on all energy demands and anther 4.55 toea on demand charge.
General supply for credit meters customers an increase of 5.82 toea per kilowatts will be imposed.
There will not be much change for esipay customers, however, a slight change for all energy in this category, an increase of 4.11 toea per kilowatt.
Apart fromthe increasesPNG Power also announced thatthe cost of excluded services such as inspection and testing of existing lines, will be met bythe customer.
The SOE’says it does not rely onthe national government budgetary system,therefore tariffs set for electricity services providesthe only source of major revenue for them.
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