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Budget 2024: electricity subsidies for top 10% of consumers to be reduced | Scoop
The current system of providing bulk electricity subsidies disproportionately benefits wealthier individuals, according to Prime Minister Datuk Seri Anwar Ibrahim. – Scoop pic, October 13, 2023
News

Budget 2024: electricity subsidies for top 10% of consumers to be reduced

90% of consumers won't be affected, govt to save RM4.6 bil, says prime minister

Main Author Image
A. Azim Idris
Updated
5:03 PM MYT

 

KUALA LUMPUR – Prime Minister Datuk Seri Anwar Ibrahim said the government will reduce subsidies for the top 10% of electricity consumers while retaining subsidies for the remaining 90% of users.

Anwar, who is also finance minister, explained that the current system of providing bulk electricity subsidies disproportionately benefits wealthier individuals. 

“In 2022, data indicated that the top 10% of electricity users received 50% of the subsidy, while the bottom 50% of users received only 10% of the subsidy,” he said when tabling Budget 2024 in Parliament today.

“To address this imbalance, the government is implementing a targeted subsidy approach starting this year. This means that the highest 10% of electricity consumers will no longer receive subsidies, while the remaining 90% will continue to benefit from the subsidy.”

He said this targeted approach is expected to result in substantial savings, with over RM4.6 billion saved from the projected electricity subsidy budget of RM20 billion. 

However, the government will still allocate RM16 billon for electricity subsidies in 2023, especially for residential users and micro, small and medium-sized enterprises.

Anwar said that the government will further refine the targeted electricity subsidy approach based on electricity consumption levels. The government’s objective is to encourage consumers to adopt energy-efficient and cost-conscious practices in their daily electricity use, he said.

In addition, Anwar announced that the government will continue to provide electricity bill rebates of up to RM40 per month to hardcore poor households, with an allocation of RM55 million. – October 13, 2023

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