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| Latest household electricity price list from November 9, 2023 - highest 3,151 VND/kWh. |
Average retail electricity price increased to 2006.79 VND/kWh from November 9, 2023
EVN has just issued Decision 1416/QD-EVN dated November 8, 2023 on adjusting the average retail electricity price.
Accordingly, the average retail electricity price is VND 2,006.79/kWh (excluding VAT) from November 9, 2023.
This adjustment is equivalent to an increase of 4.5%.
Latest household electricity price list from November 9, 2023: Highest 3,151 VND/kWh
Accordingly, the latest retail price list for household electricity applied from November 9, 2023 is as follows:
Level | Usage level | Old price | New price |
1 | 0-50 kWh | 1,728 | 1,806 |
2 | 51-100 kWh | 1,786 | 1,866 |
3 | 101-200 kWh | 2,074 | 2,167 |
4 | 201-300 kWh | 2,612 | 2,729 |
5 | 301-400 kWh | 2,919 | 3,050 |
6 | 401 kWh or more | 3.015 | 3.151 |
Unit: VND/kWh
Mechanism for adjusting average electricity price
According to Decision 24/2017/QD-TTg, the mechanism for adjusting average electricity prices is as follows:
Mechanism for adjusting average annual electricity price
1. Based on the annual electricity supply and power system operation plan issued by the Ministry of Industry and Trade and the results of the inspection of electricity production and business costs in the previous year as prescribed in Article 7 of Decision 24/2017/QD-TTg, and the estimated results of electricity production and business in the year, Vietnam Electricity Group calculates the average electricity selling price according to the formula prescribed in Clause 2, Article 4 of Decision 24/2017/QD-TTg.
2. In case the average electricity price decreases compared to the current average electricity price and is within the prescribed price range, Vietnam Electricity Group is responsible for reducing the average electricity price at the corresponding level, preparing a report to the Ministry of Industry and Trade and the Ministry of Finance for inspection and supervision.
3. In case the average electricity price needs to be adjusted to increase from 3% to less than 5% compared to the current average electricity price and within the prescribed price range, Vietnam Electricity Group shall decide to increase the average electricity price by the corresponding level. After increasing the price, Vietnam Electricity Group shall prepare a report to the Ministry of Industry and Trade and the Ministry of Finance for inspection and supervision.
4. In case the average electricity price needs to be adjusted to increase from 5% to less than 10% compared to the current average electricity price and within the prescribed price range, Vietnam Electricity Group is allowed to adjust the average electricity price to increase at the corresponding level after reporting and being approved by the Ministry of Industry and Trade. Within 15 working days, the Ministry of Industry and Trade is responsible for responding in writing for Vietnam Electricity Group to implement. After making the adjustment, Vietnam Electricity Group is responsible for reporting to the Ministry of Industry and Trade and the Ministry of Finance.
5. In case the average electricity price needs to be adjusted to increase by 10% or more compared to the current average electricity price or adjusted outside the prescribed price range or affecting the macro-economic situation, based on the electricity price plan submitted by Vietnam Electricity Group, the Ministry of Industry and Trade shall preside over and coordinate with the Ministry of Finance to inspect, review and report to the Prime Minister for consideration and comments. If necessary, the Ministry of Industry and Trade shall coordinate with the Ministry of Finance to report to the Price Management Steering Committee before reporting to the Prime Minister.
Mechanism for adjusting average electricity price during the year
1. Before the 25th day of the first month of the second, third and fourth quarters, based on the synthesis of basic input parameters in the power generation stage of the previous quarter, Vietnam Electricity Group shall determine the power generation cost of the previous quarter, the cumulative power generation cost from the beginning of the year, the actual commercial electricity output of the previous quarter and the total cumulative commercial electricity output, estimate the commercial electricity output of the remaining months of the year, and recalculate the average electricity selling price according to the formula specified in Clause 2, Article 4 of Decision 24/2017/QD-TTg (other parameters remain unchanged).
2. In case after the updated calculation, the calculated average electricity price is lower than the current average electricity price and within the price range, Vietnam Electricity Group is responsible for adjusting the average electricity price down to the corresponding level, preparing a report to the Ministry of Industry and Trade and the Ministry of Finance for inspection and supervision.
3. 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% and within the prescribed price range, Vietnam Electricity Group decides to adjust the average electricity price up by the corresponding level. After increasing the price, Vietnam Electricity Group prepares a report to the Ministry of Industry and Trade and the Ministry of Finance for inspection and supervision.
4. 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% and within the prescribed price range, Vietnam Electricity Group is allowed to adjust the average electricity price to the corresponding level after reporting and being approved by the Ministry of Industry and Trade. Within 15 working days, the Ministry of Industry and Trade is responsible for responding in writing for Vietnam Electricity Group to implement. After making the adjustment, Vietnam Electricity Group is responsible for reporting to the Ministry of Industry and Trade and the Ministry of Finance.
5. In case after the updated calculation, the average electricity price needs to be adjusted higher than the current average electricity price by 10% or more or is outside the prescribed price range or affects the macro-economic situation, based on the electricity price plan submitted by Vietnam Electricity Group, the Ministry of Industry and Trade shall preside over and coordinate with the Ministry of Finance to inspect, review and report to the Prime Minister for consideration and comments. If necessary, the Ministry of Industry and Trade shall coordinate with the Ministry of Finance to report to the Price Management Steering Committee before reporting to the Prime Minister.
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