KUALA LUMPUR: Petronas Gas Bhd (PGB) has received the government's approval on the adjusted Incentive-based Regulation Tariff (IBR Tariff) for the regulatory period one (RP1) for the Peninsular Gas Utilisation (PGU) facility under PGB group of companies.

       "The adjusted RP1 IBR Tariff of RM1.128/Giga Joule (GJ)/day from RM1.129/GJ/ is in effect from Jan 1, 2022 to Dec 31, 2022 and published on PGB’s website," it said in a filing with Bursa Malaysia.

       PGB said the approval was received through the Energy Commission via its letters dated Feb 23, 2022.

       The PGU IBR Tariff adjustment is an annual process under the IBR framework to account for additional revenue received in the preceding year compared to the approved revenue set at the beginning of RP1.

       "The adjustment on PGU IBR Tariff for RP1 will have minimal impact (circa RM1.2million) on the group’s gas transportation business revenue.

       "PGB expects the gas transportation business to continue to contribute positively to the group’s revenue in 2022 under the revenue-cap mechanism of the IBR," it added. - Bernama