EVN agrees with the proposal that the minimum time to adjust the average electricity price is 3 months from the most recent electricity price adjustment.
Vietnam Electricity (EVN) has just issued a document commenting on the draft Decision replacing Decision 24/2017/QD-TTg of the Prime Minister, regulating the mechanism for adjusting average retail electricity prices. Accordingly, the group agrees with the retail electricity price decreasing if input costs decrease by 1%. EVN will also be allowed to adjust electricity prices every 3 months if input costs increase by 3% or more.
EVN said that it had previously received Official Dispatch No. 4583 and Official Dispatch No. 5297 from the Ministry of Industry and Trade regarding the consultation on the draft Decision replacing Decision No. 24 of the Prime Minister regulating the mechanism for adjusting average retail electricity prices.
According to EVN, this unit agrees with the contents of the draft Decision after adjustment as discussed at the meeting on August 7 between the Electricity Regulatory Authority and EVN.
Every year, after checking the group's annual electricity production and business costs, the average annual electricity selling price is reviewed and adjusted according to objective fluctuations in input parameters of all stages of electricity generation, electricity transmission, electricity distribution - retail, industry operation - management and power system ancillary services.
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 downward.
When the average electricity price increases by 3-5% compared to the current average electricity price, the electricity price is allowed to be adjusted upwards; at the same time, EVN prepares a report to the Ministry of Industry and Trade, the Ministry of Finance and the State Capital Management Committee at Enterprises for inspection and supervision. However, the authority to adjust the price increase will be based on the increase level of the average electricity price.
If 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, the Ministry of Industry and Trade will have the authority to decide upon receiving full price plan documents from EVN. Within 15 working days from the date of receiving full price plan documents from Vietnam Electricity Group, the Ministry of Industry and Trade is responsible for responding in writing for EVN to implement.
EVN agrees with the proposal to adjust the average electricity price at least 3 months from the last adjustment. The draft also proposes to allow EVN to adjust the average electricity price up or down within the price range prescribed by the Prime Minister.
In case the calculated average electricity price is 10% or more higher than the current average electricity price or is outside the price range or affects the macro-economic situation, the Ministry of Industry and Trade shall preside over and coordinate with the Ministry of Finance and the State Capital Management Committee at Enterprises to inspect, review and report to the Prime Minister for consideration and comments on the adjustment of the average electricity price. 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.
The draft regulation stipulates that before the 25th 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 cumulative commercial electricity output from the beginning of the year, and estimate the cost of electricity generation for the remaining months of the year to recalculate the average electricity price.
New in the regulation on annual inspection of electricity production and business costs, the Ministry of Industry and Trade will preside over and coordinate with the Ministry of Finance to inspect electricity production and business costs, with the participation of the State Capital Management Committee at Enterprises, the Vietnam Fatherland Front, VCCI, State agencies and relevant associations.
In addition, the Ministry of Industry and Trade was also invited to provide independent advice to review the Electricity Production and Business Cost Report of EVN and its member units.
Within 30 days after the end of the inspection, the Ministry of Industry and Trade shall publicly announce the inspection results. The inspection results shall be publicly announced on the Ministry of Industry and Trade's Electronic Information page.
In case the average electricity price needs to be adjusted downward, but EVN does not adjust downward, the Ministry of Industry and Trade is responsible for requesting EVN to adjust downward the average electricity price. If errors are detected in the results of calculating the electricity price, the Ministry of Industry and Trade is responsible for requesting EVN to stop adjusting or readjust the average electricity price.
Under the new regulations, the General Statistics Office is responsible for assessing the impact of adjusting the average retail electricity price on the consumer price index, producer price index and gross domestic product.
(VTV)
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