Retail power price up 3% from May 4

Illustrative image (Source: EVN)

The average retail price of electricity increases 3% to 1,920.373 VND (0.082 USD) per kWh from May 4, following a decision by the Vietnam Electricity (EVN) on adjusting the electricity retail prices.

According to the EVN, the decision, issued on April 27, was based on the Prime Minister’s Decision No.24/2017/QD-TTg on the mechanisms to amend the average power retail prices, and the Ministry of Industry and Trade’s Document No.304/BCT-ĐTDL on the implementation by the Cabinet.

Earlier, on March 31, the Ministry of Industry and Trade announced the inspection results on EVN’s power production and trading cost in 2021 and 2022, which showed that the cost rose 9.27% year on year in 2022 to over 2,032.26 VND per kWh, leading to a loss of over 26.46 trillion VND for the firm in the year.