The Federation of Thai Industries (FTI) remains hopeful a last-minute cut to the new power tariff, slated to take effect in less than two weeks, can help businesses and households cope with energy bills as authorities meet on Friday to review the rate.
The FTI views this as a "crucial decision" by the Prayut Chan-o-cha government to reduce the rate of 4.77 baht per kilowatt-hour (unit), proposed by the Energy Regulatory Commission (ERC), said Isares Rattanadilok na Phuket, vice-chairman of the FTI.
The ERC previously announced both businesses and households would pay the same tariff rate of 4.77 baht per unit between May and August.
The current power tariff rates, applicable from January to April, are 5.33 baht per unit for businesses, up 13% from the previous record high of 4.72 baht per unit, and 4.72 baht per unit for households.
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) argued the new rate could be reduced for the sake of households and businesses in a petition letter sent to Gen Prayut on April 10, asking him to reconsider the new tariff rate.
A high power tariff, which is mainly determined by the fuel tariff (Ft), means expensive electricity bills.
The Ft calculation sub-committee is scheduled to review its calculation on Friday before forwarding a resolution to the ERC on April 26 for approval.
"The business sector and people countrywide expect the government to kindly provide help by adjusting the Ft," said Mr Isares.
"The power tariff should be lower than 4.4 baht a unit to reduce the cost of living for households and help entrepreneurs who are facing uncertainties."
The ERC based its latest power tariff calculation on liquefied natural gas (LNG) prices and a need to pay back money to the Electricity Generating Authority of Thailand, which posted a loss of 150 billion baht after subsidising the price of electricity between September 2021 and December 2022.
The JSCCIB wants the ERC to maintain the payback period at three years, not cutting it to two years, which is blamed for increasing the power tariff between May and August.
The commission was also asked to keep its imported LNG price estimate in line with a drop in the price in the spot market to less than US$13 per million British thermal units (BTU), not basing the power tariff calculation on the average price of $20 per million BTU in January.
