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Power companies fined 73 mln yuan over price collusion
PubTime:17-08-04 04:16:00
A total of 23 power companies in northern China's Shanxi Province, including subsidiaries of four state-owned enterprises (SOEs) supervised by the central government, have been fined over price fixing, China's economic planner said Thursday.
The companies colluded on the transaction price of direct power supply during a meeting in early 2016 organized by the Shanxi Province Electric Power Association, according to a statement by the National Development and Reform Commission (NDRC).
After checking sales data, the anti-monopoly department found that the companies involved had carried out the price fixing agreement.
The association was fined 500,000 yuan (about 74,400 U.S. dollars), the highest penalty imposed for such violation, while the 23 companies were fined 72.88 million yuan altogether.
The companies include several Shanxi subsidiaries of central SOEs: China Datang Corporation, China Guodian Corporation, China Huaneng Group, and China Huadian Corporation, as well as four provincial power companies and 15 power stations.
The price fixing breached anti-monopoly law and violated the principle of fair market competition encouraged by the country's ongoing power reform, the NDRC said.
China has been actively reforming the power pricing system, granting the market a decisive role in power sales. The reform is expected to lower the cost of power users, cutting the corporate burden.


From:Xinhua
 
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