May 23, 2017 / 2:06 AM / 6 months ago

China says to "adjust" prices on major power grid

BEIJING, May 23 (Reuters) - China said on Tuesday it would “adjust” power prices on a major grid connecting utilities in the west of the country and consumers in the east as part of ongoing reform in its mammoth energy sector.

The state planner did not give details on price changes, but said the step would lower power costs for companies.

The state planner also said on its website that prices would be adjusted on a grid connecting the western Ningxia region to south China’s Zhejiang and Hunan provinces, as well as on an intrastate grid in Hainan province.

The steps come as Beijing’s ambition to eventually liberalize the country’s power prices meets repeated hurdles.

Utilities in the Ningxia region have asked the government to temporarily halt the area’s new wholesale power trading market as they were selling their power at a discount.

Reporting by Meng Meng and Beijing Monitoring Desk; Editing by Joseph Radford

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