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China to cut thermal power prices as coal costs drop

China's state planning agency has issued a notice to cut the on-grid price of thermal electricity in order to reflect a fall in coal prices and encourage renewable power generation, Chinese utility SDIC Power (600886.SS) said on Thursday.

The firm disclosed to the Shanghai Stock Exchange that the price cuts at its various power plants would range from around 0.01 yuan per kilowatt hour to 0.025 yuan.

SDIC Power said China's National Development and Reform Commission issued the notice on September 30. Retail power prices will not be affected by the move.

Source: Reuters