Guangdong to lower electricity prices

Guangdong provincial authorities plan to lower the region's electricity prices for both industrial and residential users after conducting a survey on the local grid company’s profits last year, the official Xinhua News Agency reported. The survey showed the grid corporation posted a US$2 billion profit in 2007 at a capital return ratio of around 11%, which is 3-5% higher than the international average. Grid companies complained last year about rising oil prices and lobbied the National Development and Reform Commission to increase electricity prices. Their balance sheets are not available publicly as they are state-owned monopolies.