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Friday, June 21, 2024

Trade ministry proposes electricity tariff hike in 2024

The Saigon Times

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HCMC – The Ministry of Industry and Trade has proposed revising up electricity tariffs this year, citing mounting input costs and Vietnam Electricity Group’s (EVN) losses of over VND37 trillion in 2022-2023.

Last year, retail electricity tariffs were adjusted up twice, leading the average tariff to rise by 7.5% to VND2,092.78 per kWh. Currently, the power tariff adjustment mechanism is governed by the Prime Minister’s Decision 24/2017, with a six-month interval between reviews.

If the ministry’s proposal is approved, the next tariff revision may occur in May this year.

The proposal to raise electricity tariffs comes against the backdrop of EVN’s ongoing financial woes, with losses amouting to VND17 trillion in 2023. In the 2022-2023 period, the State utility reported losses of a staggering VND37 trillion.

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