The Ministry of Finance argued that it was only a coordinating agency, while the main responsibility for management lay with the Ministry of Industry and Trade - the electricity management unit.
This view was stated by the leader of the Ministry of Finance when giving opinions on the Draft Decision replacing Decision 24/2017 on the mechanism for adjusting average retail electricity prices.
Citing the provisions of the Law on Prices and the Law on Electricity, the Ministry of Finance said that the Ministry of Industry and Trade is responsible to the Government for state management of electricity and electricity use, including electricity prices. That is, the Ministry of Industry and Trade is the agency in charge of developing price frameworks, adjustment mechanisms, and retail electricity price lists to submit to the Prime Minister, as well as providing guidance on establishing price frameworks for electricity generation, transmission, ancillary services, and dispatch fees, etc.
The Ministry of Finance proposed not to stipulate their coordination responsibilities in the Draft Decision and to remove the content "Vietnam Electricity Group (EVN) sends a report on electricity price plans to the Ministry of Finance". Instead, the ministry will only coordinate in cases of unusual fluctuations or major impacts. If the average retail electricity price increases by 5-10%, the Ministry of Industry and Trade will proactively review and comment on the plan submitted by EVN. If the electricity price increases by 10% or more, affecting the macro economy, the Ministry of Finance will be one of the ministries and branches that will comment on the price plan after the review by the Ministry of Industry and Trade.
At the same time, the Ministry of Finance said that they are not responsible for checking EVN's reports; they are not required to attend meetings, report and give opinions on the annual electricity price plan. The Ministry will only give opinions if the Ministry of Industry and Trade requests it.
Electricity workers check and maintain equipment during hot weather. Photo: EVN
Electricity prices may soon include additional costs that have not been previously calculated, such as exchange rate differences. The Ministry of Finance has proposed reviewing which costs are allowed to be included in retail electricity prices.
The time for adjusting electricity prices is expected to be shortened from 6 months to 3 months at a time. That means there will be 4 changes per year and prices will be updated quarterly according to electricity generation costs.
Yesterday, electricity prices increased for the second time this year, to over VND2,000 per kWh. The Ministry of Industry and Trade said that the revision of the retail electricity price structure after nearly 6 years of implementation aims to accurately and fully calculate production costs, bringing this item closer to the market price.
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