Charging your electric car at home might get more expensive soon if the government’s electricity subsidy scheme is revised.
According to MKini reporting from the National Economic Action Council (NEAC) meeting press conference earlier today, PM Anwar Ibrahim said households with “excessive” power consumption will no longer enjoy electricity subsidies.
The PM did not go into specifics at what level of kWh usage per month is power consumption deemed to be excessive, but he gave an example of three fans and four air conditioners running at the same time.
If your household happens to be categorised as not qualifying for electricity subsidies anymore, you could see your per kWh cost rise from RM0.571 per kWh up to RM0.841 per kWh.
The difference of RM0.27 per kWh is the ICPT cost that the government has decided to subsidise for the period of January to June 2023.
ICPT is basically a mechanism to review the electricity tariff every six months to take into account fluctuating fuel pricing, which contributes to 65% of the cost component of the electricity tariff.
It is revised every six months based on the six months period before it. Based on actual fuel costs from July 2022 to December 2022, the ICPT for January 2023 to June 2023 has been determined to be a 27 sen surcharge. The ICPT rate will be calculated again for the July 2023 to December 2023 period.
Subsidising this 27 sen surcharge for domestic users is expected to cost RM10.76 billion for this six month period of January to June 2023.
We previously calculated who gets more subsidies – does an ICE car user get more fuel subsidies or does an EV car user get more electricity subsidies?
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AI-generated Summary ✨
Comments reflect mixed reactions towards the potential increase in electric car charging costs in Malaysia. Many users express concern that higher tariffs, up to RM 0.841 per kWh, will burden consumers, especially since overseas rates are lower. Some criticize the government for promoting EVs mainly for the wealthy, highlighting issues like expensive EVs, limited infrastructure, and misleading range claims. Others point out that the reliance on fossil fuels for electricity negates environmental benefits, and question the fairness of subsidies supporting the rich. Several comments emphasize that EV affordability is still out of reach for most Malaysians, and some worry about the broader economic implications and infrastructure readiness. Overall, sentiments range from skepticism and frustration to criticism of government policies and concern about increased costs impacting the average citizen.