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Iran economizes $2 billion on power consumption

Oil&Gas Materials 31 July 2011 12:20
By implementation of removing subsidies Iran saved $2 billion on power consumption, Fars News Agency reported quoting deputy energy minister Ali Zabihi as saying.
Iran economizes $2 billion on power consumption

Azerbaijan, Baku, July 31 /Trend/

By implementation of removing subsidies Iran economized $2 billion on power consumption, Fars News Agency reported quoting deputy energy minister Ali Zabihi as saying.

"After implementation of subsidies 10 percent economized in power industry compared to last solar year (ended on March20, 2011). Iran's power consumption growth is 8 percent per year, we haven't power consumption growth, but the power consumption reduced by 2 percent," he said.

The country saved at least 4,000 mega watt on power consumption valued $2 billion by implementation of removing subsides.

Iranian government cut a part of subsides for commodities and energy products in December 2010.

Iranian government expected to economize 540,000 billion rials ($51 billion) from removing subsides this solar year. Half of this figure will be transferred to citizens' bank accounts to compensate subsidy removal. Thirty percent will be assigned to industry and construction sectors and 20 percent of this figure will be transferred to government bank accounts for common expenses.

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