The Shenzhen City government of south China's Guangdong Province announced Monday it would further slash selling prices for electricity by an average of 6.53 percent.
The city's third power fare cut will take effect Jun. 1. It is estimated that it will save 815 million yuan (about US$98.19 million) in consumption of electricity this year, said Wang Suiming, deputy mayor of Shenzhen.
After the fare reduction, one kw/hour of electricity will sell for 0.7155 yuan on average, 0.05 yuan lower than present price, but will vary depending on whether it is used for residence, commerce or industry purposes.
The price of one kw/hour of electricity for residents will be slashed from 0.73 yuan to 0.68 yuan, but that for commercial use will be cut from 0.89 yuan to 0.87 yuan.
The move will help improve the competitive power of Shenzhen in the world and will play a positive role in offsetting the negative impact brought by severe acute respiratory syndrome (SARS), said the deputy mayor.
The city also cut the selling prices for electricity in May and November last year, which saved both residents and businesses 1.66billion yuan (about US$199 million) in power consumption.
(Xinhua News Agency May 27, 2003)
