Electricity prices may be adjusted every three months.

In addition to electricity prices being adjusted every three months with a minimum adjustment of 3% each time, an electricity price stabilization fund will also be established.

According to the draft Decision on the mechanism for adjusting the average retail electricity price, which the Ministry of Industry and Trade is seeking feedback on, in addition to adjusting electricity prices every three months with a minimum adjustment of 3% each time, an electricity price stabilization fund will also be established.

The draft also establishes principles for adjusting electricity prices according to the actual situation. According to the draft, during the fiscal year, the average electricity selling price will be reviewed and adjusted when basic input parameters (power generation, transmission, distribution - retail, operation - management, auxiliary services of the power system, etc.) fluctuate compared to the parameters used to determine the current average electricity selling price.

Electricity prices can be adjusted up to four times a year.

In the event that the basic input parameters at the time of calculation fluctuate compared to the parameters used to determine the current average electricity selling price, and the updated average electricity selling price at the time of calculation is lower than the current average electricity selling price and within the price range after deducting the Electricity Price Stabilization Fund, Vietnam Electricity Group (EVN) is responsible for reducing the average electricity selling price accordingly and reporting to the Ministry of Industry and Trade and the Ministry of Finance.

In cases where the basic input parameters at the time of calculation fluctuate compared to the parameters used to determine the current average electricity selling price, resulting in an updated average electricity selling price at the time of calculation that is higher than the current average electricity selling price (after utilizing the Electricity Price Stabilization Fund) by 3% to 5% and within the regulated price range, EVN is allowed to increase the average electricity selling price accordingly, reporting to the Ministry of Industry and Trade and the Ministry of Finance for verification in accordance with regulations. The minimum time between two consecutive adjustments to the average electricity selling price is 3 months.

If input costs increase by more than 5% or the calculated average electricity selling price after adjustment falls outside the regulated price range, EVN will prepare a pricing plan, report it to the Ministry of Industry and Trade, and send it to the Ministry of Finance for appraisal.

Within 10 working days of receiving EVN's complete pricing plan dossier, the Ministry of Finance is responsible for appraising and sending its written appraisal opinion to the Ministry of Industry and Trade. Within 10 working days of receiving the appraisal opinion from the Ministry of Finance, the Ministry of Industry and Trade is responsible for compiling and submitting it to the Prime Minister for consideration and comments.

The draft stipulates that before November 1st of each year, EVN must develop a plan for the average electricity selling price and submit it to the Ministry of Industry and Trade and the Ministry of Finance. If the average electricity selling price needs to be adjusted downwards compared to the current average price and within the regulated price range, EVN is responsible for reducing the average electricity selling price accordingly and reporting to the Ministry of Industry and Trade and the Ministry of Finance. According to the draft, the Ministry of Industry and Trade is permitted to invite independent consultants to review the dossiers for adjusting the average electricity selling price.

A fund to stabilize electricity prices will be established.

According to the draft, the Electricity Price Stabilization Fund is formed from electricity selling prices and is included in the cost of electricity production and business. The fund is established when input factors that determine electricity selling prices fluctuate, causing the average electricity selling price to decrease compared to the current price, and when the electricity production and business costs not yet fully accounted for in the electricity selling price have been fully allocated.

Accordingly, EVN will establish, manage, and utilize the Electricity Price Stabilization Fund in accordance with the guidelines of the Joint Ministry of Finance and Industry and Trade.

According to Zing.vn