Electricity prices increased by 4.8%, to over 2,100 VND/kWh.
Vietnam Electricity Group (EVN) has decided to adjust and increase the average retail electricity price by 4.8% starting today.
With this decision, the electricity price increased from VND 2,006.79/kWh to VND 2,103.11/kWh (excluding VAT).
With the price increase as described above, the average retail electricity price has risen by more than 96.32 VND/kWh. According to EVN, this price increase is aimed at minimizing the impact on the economy and people's lives.
The Ministry of Industry and Trade also issued Decision No. 2699/QD-BCT dated October 11, 2024, regulating electricity prices, which includes retail electricity prices for different customer groups and retail electricity prices for electricity retailers.
Accordingly, the retail price of electricity for household use in tier 1 (0-50kWh) is 1,893 VND/kWh.
Tier 2, for kWh consumption from 51-100, has a price of 1,956 VND/kWh.
Tier 3 (for kWh consumption from 101-200) is priced at 2,271 VND/kWh.
Tier 4 (for kWh consumption from 201-300) is priced at 2,860 VND/kWh.
Tier 5 for kWh consumption from 301-400 has a price of 3,197 VND/kWh.
Tier 6, for kWh consumption of 401 or more, has a price of 3,302 VND/kWh.
Essentially, according to EVN, this electricity price adjustment will ensure that poor households and families receiving preferential treatment will be affected only minimally.
According to statistics, in 2023, the whole country had 815,000 poor households and households receiving social welfare benefits who received electricity subsidies under the Government's policy. These poor households and households receiving social welfare benefits continue to receive support as stipulated in Decision No. 28/2014/QD-TTg dated April 7, 2014, of the Prime Minister.
Specifically, poor households receive monthly support equivalent to 30kWh of electricity per household per month. Social policy households with electricity consumption not exceeding 50 kWh per month receive monthly support equivalent to 30kWh of electricity per household per month.
Previously, on October 10th, the Ministry of Industry and Trade announced the results of the audit of electricity production and business costs for 2023 of Vietnam Electricity Group (EVN).
According to the audit results, the total cost of electricity production and business in 2023 was VND 528,604 billion, including the costs of electricity production and business in the stages of power generation, transmission, distribution - retail and auxiliary - industry management, an increase of VND 35,338 billion (corresponding to a 7.16% increase) compared to 2022.
The cost of electricity production and business in 2023 was 2,088.9 VND/kWh, an increase of 2.79% compared to 2022 (of which the revenue of EVN and its member units from the liquidation and sale of fixed assets and recovered materials, and income from the rental of electricity poles, have been deducted from the production and business costs of EVN and its member units).
EVN's electricity production and business results for 2023 showed a loss of VND 34,244 billion. Income from activities related to electricity production and business in 2023 was VND 12,423 billion.
In total, EVN's electricity production and business activities in 2023, including income from financial activities and from the sale of reactive power, incurred a loss of over VND 21,821 billion (excluding income from other production activities).
In 2023, electricity prices were adjusted upwards twice. On November 9, 2023, the average retail electricity price increased to 2006.79 VND/kWh (excluding value-added tax). This adjustment is equivalent to a 4.5% increase compared to the current average retail electricity price.
Previously, on May 4, 2023, EVN decided to adjust the average retail electricity price by 3%, to 1,920.3732 VND/kWh (excluding value-added tax).
