Time to adjust electricity price from 3 months to 2 months/time, EVN assigned to build Ninh Thuan nuclear power plant

The Ministry of Industry and Trade is proposing the above contents. Previously, electricity price adjustment was applied every 6 months.

Ministry of Industry and Trade chaired a press conference - Photo: C.DUNG

On the afternoon of January 7, the Ministry of Industry and Trade held a regular press conference, providing information related to the adjustment mechanism. Electricity prices, implementation of the Electricity Law and Ninh Thuan nuclear power project.

Building a new electricity pricing mechanism

To implement the Electricity Law, the Ministry of Industry and Trade has recently drafted a mechanism for adjusting retail electricity prices, reducing the adjustment period from 3 months to 2 months.

According to Mr. Nguyen Quang Minh - Head of Electricity Market Department, Electricity Regulatory Authority, the ministry is currently drafting a draft, collecting opinions from relevant units and assessing the impact, synthesizing opinions to report to the Prime Minister to advise on appropriate mechanisms.

"This proposal is currently seeking opinions from many units, especially those affected. And it may be necessary to have time to assess the impact when adjusting the average retail electricity price cycle down to 2 months," Mr. Minh emphasized.

Regarding this content, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan also said that the previous regulation on adjusting electricity prices applied every 6 months, but was later shortened to 3 months and in the latest draft guiding the implementation of the Electricity Law, the adjustment time is shortened to ensure the market nature of electricity prices and have a thorough impact assessment to have the most suitable plan.

For the mechanism Regarding the two-component electricity price, the leader of the Electricity Regulatory Authority said that the ministry has assigned relevant units to research and develop a mechanism to serve as a basis for consideration and submission to all levels. However, this is a new policy with a major impact on customers, so a thorough impact assessment is needed before making specific proposals to ask the Government for permission to apply it according to the roadmap.

"It will be applied to each customer, not uniformly," said Mr. Minh.

Implementing many steps to make nuclear power project

Regarding the implementation of the Electricity Law, Mr. Bui Quoc Hung - Deputy Director of the Department of Electricity and Renewable Energy - said that after the Electricity Law was passed by the National Assembly, the Ministry of Industry and Trade assigned units within the ministry to develop a series of mechanisms and policies to seek approval.

Regarding the development of Ninh Thuan nuclear power, along with the approval of the National Assembly, the Ministry of Industry and Trade has reported to the Prime Minister on the establishment of a steering committee for the construction of a nuclear power plant as well as proposed a number of tasks that need to be implemented soon.

It is the addition of the factory nuclear power Ninh Thuan is included in the 8th power plan, assigning Vietnam Electricity Group (EVN) as the investor and allowing this group to immediately carry out the appointment of consultants and pre-feasibility study of the project. Re-negotiate, sign and implement agreements with previous partners.

Deputy Minister Tan added that the amendment to the electricity planning is required to be completed before February 28 to be submitted to the Government.

Regarding the guiding documents of the Electricity Law, due to many revised contents, creating a legal framework and incentive mechanism for the development of power sources, especially renewable energy, the Ministry is urgently completing them.

Source