PNG welcomes New Year with 5.9% increase in electricity tariffs
|PNG Power CEO|
John Tangit, chief executive officer (CEO) of PNG Power Ltd, in a statement, said the increase is approved by the Independent Consumer and Competition Commission (ICCC) and is based on the fluctuations in fuel prices, consumer price index and exchange rates over the last 12 months.
Electricity consumers will now pay PGK0.86 more for domestic use. According to the old rate K14.54 will get you 19 units, however, the new rate will cost K15.42 for the same amount.
Tangit said the company does not rely on the government budgetary system and tariffs would enable acceptable returns on “assets to fund new capital works and provide electricity to the majority of the population.”