State Grid promises cheaper electricity for businesses

BEIJING, March 9 (Xinhua) -- CHINA's state-owned electric utility company promised further reduction of power costs for business users in an effort to relieve the burden on the real economy.

After the cut in 2018, there will be another 10-percent drop in the average electricity price this year, according to State Grid Corporation of CHINA.

The power price for commercial purposes went down 10.6 percent to 0.72 yuan (about 0.11 U.S. dollar) per kwh last year, saving 79.2 billion yuan for businesses. If taking into account industrial companies, the power costs saved totaled 91.5 billion yuan.

In the face of an economic slowdown, CHINA has adopted an array of measures to reduce business burden, including more tax breaks and lower administrative fees.

State Grid topped the list of 500 largest Chinese companies last year, with its revenue at 2.36 trillion yuan, a private report showed.