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 express concerns that increased electricity rates from 57.1 to potentially 84.1 sen per kWh will burden EV owners and households, especially with comparisons to international tariffs. Many skepticism about the actual environmental benefits of EVs, noting reliance on fossil fuels and battery production impacts. Some criticize the government’s policies, subsidy withdrawals, and the higher costs for the privileged, while a few see the move as a necessary transition or lament the infrastructure and affordability hurdles. Overall, sentiments are mixed, leaning toward apprehension over rising costs and efficacy.