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    MOSCOW, March 1, 2004 (RIA Novosti) - The Federal Energy Commission (FEC) has proposed amending the Law on Tariff Formation, FEC chief Georgy Kutovoi said at an extended meeting of the commission board.

    Energy tariffs should be fixed twice, rather than once a year, which is the case now, said Mr Kutovoi.

    "The tariff regulation arrangements need to be seriously reformed. Fixing energy tariffs two times a year is a more effective system," said Mr Kutovoi.

    Electricity tariffs should be set on January 1 for the first time. "This will be the first tariff level, which can be adjusted afterwards," said Mr Kutovoi. "A tariff rate should be contingent on the forecast," he added.

    Then the tariffs should be adjusted on June 1.

    "The amendments to the Law on Tariff Formation are designed to differentiate between the process of economic forecasting and fixing tariffs in accordance with the forecasts, and the tariff regulation process," said Mr Kutovoi.

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