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TNB gets government's approval to continue ICPT

KUALA LUMPUR, June 28 (Bernama) -- The government, via a letter from Energy Commission (ST) has given its approval for Tenaga Nasional Bhd (TNB) to continue implementing the Imbalance Cost Pass-Through (ICPT) mechanism for the period of July 1 to Dec 31, 2019.

In a filing with Bursa Malaysia today, TNB said, however, the current average base tariff would remain unchanged at 39.45 sen per kilowatt hour (kWh) despite the higher fuel and generation cost incurred for the period of Jan 1 to June 30, 2019.

The utility giant said the additional cost or imbalance cost was RM1,592 million, mainly due to the increase in average coal price to US$99.235/metric tonne, as compared with the forecast coal price set in the base tariff for Regulatory Period 2 (RP2) from 2018 to 2020, which is at US$75/metric tonne, as well as higher electricity demand.

 To cushion the impact of the additional fuel and generation cost for the period, TNB said the government had approved the use of Kumpulan Wang Industri Elektrik (KWIE) amounting to RM107 million.

The government also approved revenue adjustment of TNB in accordance with the Incentive Based Regulation mechanism amounting to RM336.7 million, which was agreed during the base tariff determination in RP2 under the Incentive Based Regulation framework.

Therefore, it said the remaining imbalance cost to be passed through via the ICPT mechanism was RM1,148 million.

TNB said no surcharge would be applied to the domestic customers while the ICPT surcharge for the non-domestic customers would be maintained at 2.55 sen/kWh for the period of July 1, 2019, to Dec 31, 2019. 

The ICPT is a mechanism approved by the government and implemented by ST since Jan 1, 2014, as part of a wider regulatory reform called the Incentive Based Regulation. 

The mechanism allows TNB to reflect changes in fuel and generation costs in consumer’s electricity tariff every six months. 

-- BERNAMA  

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