'From now on, we should not think that electricity prices will only increase, but will also decrease'

Deputy Minister Nguyen Sinh Nhat Tan - Photo: C.DUNG

In response to questions about the inspection of electricity prices in 2023 and the electricity price plan, Mr. Nguyen The Huu - Deputy Director of the Electricity Regulatory Authority - said that the Ministry of Industry and Trade has established a working group and the group is in the process of working with Vietnam Electricity Group (EVN) 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.

Checking electricity price, no results yet

"Currently, the Ministry of Industry and Trade has sent a delegation to inspect EVN's electricity prices in 2023 to serve as a basis for reviewing and adjusting electricity prices in 2024," Mr. Huu said, adding that up to this point, the inspection has not yet had results. Therefore, how much and when electricity prices will increase will depend on the results of this inspection.

Deputy Minister Nguyen Sinh Nhat Tan said that the previous policy basis for considering electricity price adjustment was Decision No. 24 of 2017 of the Prime Minister . However, the Prime Minister recently 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 it 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 increase, 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.

"At the same time, we must also assess the socio-economic impact of this price increase," said Mr. Tan.

Also related to ensuring electricity supply, Mr. Tan said that in the context of economic recovery, electricity supply is a great pressure. Therefore, with the direction of the Prime Minister and the Government Standing Committee, from the first quarter to the beginning of the second quarter of 2024, the ministry has prepared to ensure electricity supply.

Establish a rapid response team to deal with power shortages

The Deputy Minister also said that the Ministry of Industry and Trade has calculated and reviewed, basically this year there will be no power shortage. To ensure this, the ministry has organized a delegation to monitor and inspect raw materials such as water, coal, and gas; inspect the operation process, and draw lessons for management.

"At the same time, the leaders of the Ministry of Industry and Trade have requested that a rapid response team be established within the Electricity Regulatory Authority so that when problems arise, the electricity supply must be immediately resolved," said Deputy Minister Nguyen Sinh Nhat Tan.

For more information, Mr. Bui Quoc Hung - Deputy Director of the Department of Electricity and Renewable Energy - said that to ensure electricity for development in general and the industrial sector in particular, for implementation, in 2023, the Prime Minister approved the 8-year electricity plan...

Mr. Hung said, according to the forecast in the overall power supply diagram, this year's electricity demand increased by 8-9%, but now it has increased to 12%, and the electricity load will increase very quickly. Therefore, after having the 8th plan, the ministry submitted to the Prime Minister to issue a plan to implement the plan and the Prime Minister approved it.

Up to now, the Ministry is continuing to deploy the necessary project lists to issue the next plan and project implementation mechanism solutions. In which, LNG power plants have a price frame, and in the near future, there will be a mechanism to remove obstacles to deploy investment, construction and put into operation.

Source: https://tuoitre.vn/tu-nay-chung-ta-dung-nghi-gia-dien-chi-co-tang-ma-se-co-giam-20240619200157319.htm