Utility rates to reach record highs in May

Jiji

All 10 major power utilities and four major gas firms say they plan to raise rates to new records in May to reflect the consumption tax hike and high fuel prices.

All 14 announced Friday they will raise rates for a fourth straight month, with Tuesday’s tax hike to 8 percent from 5 percent impacting rates from May, when higher electricity surcharges are also set to kick in to promote solar and other renewable energy sources.

The May rates at the 14 power firms will reach the highest levels under the current calculation format introduced in May 2009.