China cuts electricity costs of enterprises from February to June

The electricity price of enterprise users except those in high energy consuming sectors will be cut by 5 percent from Feb 1 to June 30, China's economic planner said on Feb 22.

The price reduction policy can benefit about 50 million users, accounting for about three quarters of all industrial and commercial users, the National Development and Reform Commission said.

It will cut the electricity consumption cost of enterprises by about 44 billion yuan ($6.29 billion) from February to June.

The supportive two-part tariff will be implemented in the same period and is expected to save about 15 billion yuan for enterprises in electricity costs.

Meanwhile, the off-season natural gas price policy will be implemented in advance.

The off-season price policy usually will be implemented from mid-March to mid-November. This time, the off-season natural gas price policy will be implemented in advance and more price concessions will be given before the end of June, according to the economic planner.