Provinces increase electricity rates

Due to high commodity prices and to meet climate targets, two provinces have increased electricity rates for industrial companies. In Jiangsu, 30 companies that have not met their energy efficiency targets or used old equipment have been affected. They will soon have to pay seven cents more per kilowatt-hour. In Zhejiang, 600 companies in energy-intensive sectors such as cement, metals and glass will pay the equivalent of about 2.5 cents more per kilowatt-hour. The increase is said to be necessary to cover the rising costs of the province’s gas-fired power plants, according to Bloomberg.