Friday 29 Mar 2024
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KUALA LUMPUR (Dec 24): Gas Malaysia Bhd has been directed to implement the new average base tariff for the utilisation of natural gas distribution system as approved by the government under the Incentive-Based Regulation framework.

The directive was issued via a letter from the Energy Commission dated Dec 6, Gas Malaysia said in a filing with Bursa Malaysia today.

It said the approved average base tariff for the regulatory period beginning Jan 1, 2020 to Dec 31, 2022 is RM1.573 per giga joule (GJ) per day.

Meanwhile, the approved surcharge to the average base tariff for the period beginning Jan 1, 2020 to Dec 31, 2021 is 52 sen per GJ per day.

"The average base tariff will be applicable for the next three-[year] regulatory period beginning Jan 1, 2020 to Dec 31, 2022.

"In addition, Gas Malaysia will be recovering its gas cost pass-through (GCPT) amount for the variation in gas costs incurred up to Dec 31, 2019 through a surcharge to its average base tariff over the next two years," it added.

Gas Malaysia said the surcharge will not be applicable for the utilisation of its natural gas distribution system to deliver gas to natural gas vehicle and gas district cooling.

"Gas Malaysia wishes to clarify that the tariffs approval is not applicable to sales of liquefied petroleum gas supplied in gas cylinder or in bulk supply," it said.

The company said the distribution tariffs for the three-year regulatory period are expected to contribute positively towards its financial position during the period.

Gas Malaysia's share price closed unchanged at RM2.65 today, giving it a market capitalisation of RM3.4 billion.

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