Increase the average retail price of electricity from 4/5/2023

Increase the average retail price of electricity from 4/5/2023

From May 4, 2023, following the direction of the Ministry of Industry and Trade, Vietnam Electricity has issued Decision No. 377/QD-EVN dated April 27, 2023 on adjusting the average retail electricity price, whereby the average retail price of electricity is 1,920,3732 VND/kWh (excluding value added tax) from May 4, 2023. This adjustment is equivalent to an increase of 3% compared to the retail electricity price current average.

Pursuant to the Prime Minister's Decision No. 24/2017/QD-TTg dated June 30, 2017 stipulating the mechanism for adjusting the average retail electricity price,

Pursuant to Document No. 304/BCT-DTDL dated April 27, 2023 of the Ministry of Industry and Trade,

On March 31, 2023, the Ministry of Industry and Trade announced the results of EVN's inspection of electricity production and business costs in 2021 and 2022 according to the provisions of Decision No. 24/2017/QD-TTg. The results of EVN's inspection of electricity production and business costs in 2021 and 2022 show that the cost of electricity production and business in 2022 is VND 2,032.26/kWh, an increase of 9.27% compared to 2021.

In 2023, according to calculations, due to fuel prices continuing to rise, electricity prices in 2023 will be higher than in 2022. However, to ensure minimal impact on the economy and people's lives, follow the direction of the Ministry of Industry and Trade, Vietnam Electricity has issued Decision No. 377/QD-EVN dated April 27, 2023 on adjusting the average retail price of electricity, whereby the average retail price of electricity is VND 1,920,3732 /kWh (excluding value added tax) from May 4, 2023. This adjustment is equivalent to an increase of 3% compared to the current average retail electricity price.

 

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