The Prime Minister stipulates cases in which EVN is allowed to adjust average retail electricity prices.

The Ministry of Industry and Trade said that on March 26, Deputy Prime Minister Le Minh Khai signed and issued Decision No. 05/2024/QD-TTg of the Prime Minister regulating the mechanism for adjusting the average retail electricity price, replacing Decision 24/2017/QD-TTg.

Thủ tướng quy định trường hợp EVN được điều chỉnh giá bán lẻ điện bình quân- Ảnh 1. — The Prime Minister issued a new decision regulating the mechanism for adjusting average retail electricity prices.

According to this decision, before the 25th day of the first month of the second, third and fourth quarters, EVN shall determine the actual commercial electricity output of the previous quarter and the total accumulated commercial electricity output from the beginning of the year, and estimate the commercial electricity output of the remaining months of the year.

In addition, EVN must determine the electricity generation costs of the previous quarter, the cumulative electricity generation costs from the beginning of the year (including the cost of purchasing electricity from factories providing ancillary services), estimate the electricity generation costs for the remaining months of the year based on the basic input parameters in the electricity generation stage and update other costs not included in the electricity price to recalculate the average electricity selling price.

In case after the updated calculation, the calculated average electricity price is lower by 1% or more compared to the current average electricity price, EVN is responsible for adjusting the average electricity price down to the corresponding level.

In case after the updated calculation, the average electricity price needs to be adjusted higher than the current average electricity price from 3% to less than 5%, EVN decides to adjust the average electricity price up at the corresponding level.

For the two cases of adjusting the average electricity price mentioned above, within 5 working days from the date of adjustment, EVN is responsible for preparing a report for the Ministry of Industry and Trade to preside over and coordinate with relevant ministries and agencies to inspect and supervise.

In case after the updated calculation, the average electricity price needs to be adjusted higher than the current average electricity price from 5% to less than 10%, EVN is allowed to adjust the average electricity price up at the corresponding level after reporting and being approved by the Ministry of Industry and Trade.

Within 15 working days from the date of receiving the complete price plan dossier from EVN, the Ministry of Industry and Trade is responsible for responding in writing for EVN to implement. Within 5 working days from the date of adjustment, EVN is responsible for reporting to the Ministry of Industry and Trade.

In case after the updated calculation, the average electricity price needs to be adjusted to be 10% or more higher than the current average electricity price or affects the macroeconomic situation, based on the electricity price plan submitted by EVN, the Ministry of Industry and Trade shall preside over the inspection, review and send it to the Ministry of Finance and relevant ministries and agencies for comments.

Based on the comments of the Ministry of Finance and relevant ministries and agencies, the Ministry of Industry and Trade will synthesize and report to the Prime Minister for consideration and comments. If necessary, the Ministry of Industry and Trade will coordinate with relevant ministries and agencies to report to the Price Management Steering Committee before reporting to the Prime Minister.

Regarding the principle of adjusting the average retail electricity price, Decision No. 05/2024/QD-TTg stipulates that during the year, the average electricity price will be considered for adjustment based on updated electricity generation costs, electricity purchase costs from power plants providing ancillary services according to basic input parameters in the electricity generation stage and other costs not yet included in the electricity price.

Specifically, when the average electricity price decreases by 1% or more compared to the current average electricity price, the electricity price is allowed to be adjusted down accordingly. When the average electricity price increases by 3% or more compared to the current average electricity price, the electricity price is allowed to be adjusted up.

The minimum time for adjusting the average electricity price is 3 months from the most recent electricity price adjustment.

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