Beijing to float electricity prices

Beijing will implement a new electricity pricing scheme beginning in July and lasting until September, according to media reports citing the Beijing Municipal Development and Reform Commission. The new scheme will float prices to help ameliorate the estimated 1.2 million kilowatt-hours (kwh) power shortage in the capital. Electricity prices during off-peak times will decrease by 20% and will increase for industrial users during peak periods by an average of 5.5%. Beijing imports 59% of its electricity needs from other parts of the country. Beijing's demand for power this summer is expected to rise to 9.5 million kwh, while the city and neighboring areas are capable of supplying only 8.3 million kwh.