By Yantoultra Ngui
KUALA LUMPUR, Malaysia--Malaysia's electricity utility, Tenaga Nasional Bhd. (5347.KU), said Wednesday the government has announced a rebate of 1.52 cents per kilowatt-hour from July 1 to the end of the year.
The imbalance cost pass-through mechanism allows Tenaga to reflect changes in fuel and generation costs in consumers' electricity tariff every six months, subject to government approval.
Tenaga said in a stock-exchange filing the rebate totaled 758.0 million ringgit (US$187.0 million) and was made possible due to lower liquefied-natural-gas and coal prices, higher performance of coal-power plants and a reduction in the use of LNG for electricity generation.
Shares of Tenaga ended Wednesday 0.6% higher at 14.06 ringgit a share prior to the announcement. The local benchmark index closed up 0.5%.
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