In 2023, despite two electricity price adjustments, EVN still recorded a loss after tax of more than VND 26,772 billion.
Vietnam Electricity Group (EVN) has just announced its audited consolidated financial statements for 2023.
The report recorded that the group's consolidated revenue last year reached VND500,719 billion, an increase of about 8% over the same period in 2022. Of which, revenue from electricity sales last year reached more than VND498,436 billion, accounting for 99%.
EVN's gross profit is still VND 13,041 billion due to cost of goods sold accounting for VND 487,677 billion, but still increasing by more than 23% compared to 2022.
In 2023, EVN also recorded a sharp decrease in financial revenue to more than VND 4,065 billion, down nearly 50% compared to 2022. Meanwhile, financial expenses increased to nearly VND 22,686 billion, other expenses fluctuated slightly.
After deducting expenses, EVN recorded a loss after tax of more than VND 26,772 billion, while in 2022 it lost VND 20,747 billion. Accumulated in 2022-2023, EVN lost more than VND 47,519 billion.
EVN's record of a "huge" loss in 2023 has many people worried that the possibility of an electricity price increase in 2024 is very high.
Speaking to Lao Dong Newspaper reporters at the regular press conference of the Ministry of Industry and Trade in the second quarter at the end of June 2024, Mr. Nguyen The Huu - Deputy Director of the Electricity Regulatory Authority (Ministry of Industry and Trade) - said that before adjusting electricity prices, the Ministry of Industry and Trade had established a working group and the group was in the process of working with Vietnam Electricity Group and related parties to review and evaluate the input factors that make up the current electricity price, thereby serving as a basis for considering whether to increase or decrease electricity prices in the coming time.
"Currently, the Ministry of Industry and Trade has sent a delegation to inspect the 2023 electricity price of Vietnam Electricity Group to serve as a basis for reviewing and adjusting the electricity price in 2024," Mr. Huu said, adding that up to this point, the inspection has not yet had results. Therefore, how and when the electricity price will be adjusted will depend on the inspection results.
Also at the press conference, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said that previously, the policy basis for considering electricity price adjustments was Decision No. 24 of 2017 of the Prime Minister. However, recently, the Prime Minister issued Decision No. 05 with many changes.
"Now we should not think that electricity prices will only increase, but will also decrease," Mr. Tan said, adding that with the new decision, if there is enough basis and factors to reduce electricity prices when input costs decrease by 1%, then they will have to be reduced immediately.
Regarding price increases, according to Decision 05, if input costs cause electricity prices to increase by 3%, 5% or higher, each competent authority will consider adjusting them, but the review cycle must be every 3 months.
Therefore, he affirmed that when input costs and electricity prices decrease, the Ministry of Industry and Trade will monitor and consider requiring EVN to immediately reduce them. In case of increases, it will be reported for consideration within the authority of EVN or the Ministry of Industry and Trade or the authority of the Prime Minister.
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