EVN has just released its consolidated financial report for 2022, which has been audited by Deloitte.
According to the report, the parent company EVN's total losses in 2022 exceeded 26.5 trillion VND. In terms of consolidated business results, EVN incurred a loss of 20.7 trillion VND. In contrast, in 2021, the company made a profit of over 14.7 trillion VND.
In 2022, if EVN's consolidated revenue was over 463 trillion VND, revenue from electricity sales accounted for over 98%, or more than 456 trillion VND.
The audited figures also reveal the reason for the corporation's losses. This is due to the selling price of electricity being lower than the purchase price, as reflected in both electricity sales revenue and the cost of electricity.
Specifically, EVN's parent company's electricity sales revenue in 2022 was 372.9 trillion VND. However, the cost of electricity reached over 402.6 trillion VND. This means EVN sold electricity for 29.7 trillion VND less than its cost price. In contrast, EVN's cost of electricity in 2021 was only 331.6 trillion VND.
This shows that in 2022, EVN had to buy electricity at a higher price than it sold it for. The main reason was the high price of coal.
In its report to National Assembly deputies in May 2023, EVN also clearly explained the reasons for its losses last year.
In 2022, the cost of electricity generation accounted for 83.6% of the total cost; transmission, distribution, retail, and auxiliary stages accounted for only 16.4%. Due to a sharp increase in input parameters in the electricity generation stage in 2022, the cost of electricity generation increased significantly, from VND 1,506.4/kWh in 2021 to VND 1,698.45/kWh in 2022.
Power plants that are financially dependent on EVN produce only 20% of the system's total electricity output, with an average electricity price of 859.9 VND/kWh.
As the sole buyer, to ensure sufficient electricity for socio-economic development, EVN stated that it has to purchase 80% of the remaining electricity output from independent power plants under power purchase agreements. The electricity price is approved by the competent state agency, averaging 1,757.5 VND/kWh (excluding transmission, distribution, retail, and auxiliary costs) to supply customers.
In addition to its role as a power generation and distribution enterprise, the corporation also has to fulfill the political nhiệm vụ assigned by the Government in investing in transmission grids and electricity sales networks to mountainous and island regions, selling electricity below cost, contributing to poverty reduction, maintaining political stability, and ensuring national security and defense in key areas.
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