Retail electricity price rises 4.5%

Electricity of Vietnam (EVN) has decided to increase the retail electricity price by 4.5 per cent to VND2,066.79 ($0.086) per kWh (excluding VAT) from November 9.

According to EVN, its Decision, issued on the same day, is based on the Prime Minister’s Decision No. 24/2017/QD-TTg on mechanisms to amend the average power retail price, and the results of inspections by the Ministry of Industry and Trade of EVN’s power production and trading costs in 2021 and 2022.

Those results showed that power production costs rose 9.27 per cent year-on-year in 2022 to over VND2,032.26 ($0,084) per kWh.

Costs are estimated to continue increasing this year, to VND2,098 ($0.087) per kWh.

This is the second time EVN has adjusted the retail electricity price this year.

It rose 3 per cent in May to VND1,920.73 ($0.080) per kWh.