Electricity price spread in peak and valley periods will further widen to over 0.82 yuan/KWh at the maximum for large industrial firms from October 15 this year, according to a notice from the Zhejiang development and reform commission on September 10.
In Eastern China's Zhejiang province, different electricity prices are set based on different time periods to ease the mismatch of power supply and demand and optimize the allocation of power resources, which is called time-of-use pricing.
Firstly, the critical peak demand period is adjusted to 9:00-11:00 and 15:00-17:00; peak demand period will be 8:00-9:00, 13:00-15:00 and 17:00-22:00; valley demand period will be 11:00-13:00 and 22:00- 8:00 on next day.
In particular, 13:00-15:00 will be changed to critical peak demand period in July-August of summer season and December-January of winter season, and the corresponding electricity prices for critical peak demand period will be applied.
Secondly, electricity price spread in peak and valley demand periods will further expand by raising electricity prices by 0.056 yuan/KWh and 0.06 yuan/KWh respectively for critical peak and peak demand periods while reducing it by 0.0638 yuan/KWh in valley demand period.
The critical peak pricing policy has been adopted in many Chinese provinces like Shaanxi, Shandong, Gansu and Guangxi, and will extend to Ningxia and Guangdong in October this year.
Power price in critical peak demand period should be lifted by no lower than 20% compared to the price in peak demand period, said a notice from the National Development and Reform Commission in July.
The current electricity price policy will remain unchanged for general industrial and commercial companies, residents and agriculture producers with general industrial and commercial companies expected to execute time-specific power pricing from 2024.
(Writing by Shengnan Liu Editing by Tammy Yang)
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