Businesses and households are being asked to decide whether they want the power tariff, which is used to calculate electricity bills, to remain unchanged or increase by 26-31% early next year, though fuel costs are projected to decrease, says the Energy Regulatory Commission (ERC).
The current tariff rate of 4.18 baht per kilowatt-hour (unit) is in use until Dec 31.
The ERC is conducting an online public opinion survey before announcing the new rate applicable between January and April 2025.
The increase results from the need to reimburse the Electricity Generating Authority of Thailand (Egat), which posted huge losses from past electricity price subsidy schemes.
Another portion of electricity bills is to be allocated to Egat and PTT Plc for their sales of natural gas at below-market prices to help cap electricity prices.
Gas, from domestic sources and liquefied natural gas (LNG) imports, makes up 60% of the fuels used to generate power in Thailand.
Electricity bills remain expensive, though LNG prices in the spot market are estimated to dip slightly by US$0.2 per million British thermal unit.
The country may also be able to produce more gas from the Gulf of Thailand, which is cheaper than LNG.
"We are unable to reduce power bills because of the debt owed to Egat and PTT," said Poonpat Leesombatpiboon, secretary-general of the ERC.
The commission met on Nov 6 to discuss the new power tariff and came up with three options for people to choose from.
The first option has the rate increase by 31% to 5.49 baht a unit, which means authorities can pay back the total debt worth 85.2 billion baht to Egat by April next year.
This power tariff rate also allows the ERC to settle debt on gas sales worth 15 billion baht.
The second option is a power tariff of 5.26 baht per unit, an increase of 26%, enabling the ERC to clear only the debt owed to Egat.
The third option keeps the tariff unchanged at 4.18 baht a unit. This is good for businesses and households, but the authorities would pay back only 15 billion baht to Egat.
"The debt is still high. We need to think about these financial burdens to maintain the stability of the national electricity system," said Mr Poonpat.
People can air their views on the new power tariff rates on the ERC's website until Nov 22.