Severe power prices to apply
Source: Bloomberg News |
May 20, 2011, Friday
|
Print Edition
Print Edition
CHINA will impose punitive power prices on businesses that exceed consumption limits in Zhejiang Province, a manufacturing hub bordering Shanghai, to curb demand during an expected electricity supply shortfall this summer.
The provincial government has set power consumption limits on 44 industries, including electricity generation, cement and dyeing businesses, according to a statement on its website yesterday, which didn't give a full list.
China faces the worst power shortage in seven years as the economy grows faster than forecast and some utilities cut production or shut, hit by rising coal prices and government caps on tariffs. Zhejiang is host to companies, including auto maker Zhejiang Geely Holding Group Co, owner of Volvo Cars.
Zhejiang will monitor more than 2,400 businesses and charge an additional 0.10 yuan (1.50 US cents) to 0.30 yuan per kilowatt-hour on power consumption above set limits, according to the statement from the provincial government. The ruling comes into effect on June 1.
The provincial government has set power consumption limits on 44 industries, including electricity generation, cement and dyeing businesses, according to a statement on its website yesterday, which didn't give a full list.
China faces the worst power shortage in seven years as the economy grows faster than forecast and some utilities cut production or shut, hit by rising coal prices and government caps on tariffs. Zhejiang is host to companies, including auto maker Zhejiang Geely Holding Group Co, owner of Volvo Cars.
Zhejiang will monitor more than 2,400 businesses and charge an additional 0.10 yuan (1.50 US cents) to 0.30 yuan per kilowatt-hour on power consumption above set limits, according to the statement from the provincial government. The ruling comes into effect on June 1.
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