The National Development and Reform Commission (NDRC), the nation's top economic planning agency, announced Wednesday plans to further cut prices for electricity used during the production and circulation of farm produce, in a bid to help stabilize farm produce prices.

Starting June 1, charges on electricity used for feed farming and vegetable planting nationwide will be based on electricity pricing for agricultural production, approximately 0.4 yuan ($0.07) per kilowatt-hour, or half the current reference standard for industrial production, the NDRC announced in a statement on its website.

This move is expected to reduce about 500 million yuan in electricity costs for enterprises engaged in the production and transportation of farm produce, according to the statement.