Electricity price increased by 4.5% to more than 2,000 VND/kWh, applied today

Accordingly, the average retail electricity price is adjusted to increase by 4.5% (the adjustment is under the authority of EVN). Thus, the electricity price increases from VND 1,920.3 to VND 2,006.79/kWh (excluding VAT).

Electricity price increased by more than 142.35 VND/kWh since the beginning of the year

With the above price adjustment, the average retail electricity price increased by more than 86.41 VND/kWh. The electricity price adjustment officially applies from today, November 9.

Thus, since the beginning of the year, EVN has adjusted electricity prices twice and implemented within its authority, with increases of 3% and 4.5%. With the two increases this year, electricity prices have increased by more than 142.35 VND/kWh.

According to the reporter's source, the Ministry of Industry and Trade has issued a decision regulating electricity prices. This decision will specify the retail electricity price structure for each customer group after applying the price increase adjustment from today.

Previously, in March 2023, the Ministry of Industry and Trade held a press conference to announce the results of the inspection of EVN's electricity production and business costs in 2021 and 2022.

Total cost of electricity production and business in the years: 2021 is over 419,031 billion VND; 2022 is over 493,265 billion VND.

This cost includes the cost of electricity production and business of the stages of electricity generation, electricity transmission, electricity distribution - retail and industry management - support.

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The cost of electricity production and business in 2021 is 1,859.90 VND/kWh, an increase of 1.84% compared to 2020. The cost of electricity production and business in 2022 is 2,032.26 VND/kWh, an increase of 9.27% ​​compared to 2021.

However, the group's 3% increase in April only brought EVN additional revenue of VND8,000 billion, which was not enough to offset the price costs, causing the group to face many financial difficulties and continue to suffer losses.

The latest information, EVN's calculations show that the cost of electricity production in 2023 is estimated at about 2,098 VND/kWh, higher than the average retail price of electricity by about 178 VND/kWh. Thus, the above price increase may still not be able to offset the production and business costs of this group.

At 3:30 p.m. this afternoon, EVN had a meeting with press agencies related to power supply management.