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Vietnam Electricity wants power prices to be managed in the same way as fuel by taking into account the changing costs of production and not fixed at certain levels.
Input costs surged to high this year, with oil and gas prices rising by double-digits and coal by 600%, EVN CEO Tran Dinh Nhan said at a meeting on December 12.
Yet electricity prices remained the same as in 2019, he said.
He blamed this for his company’s severe financial challenges and the risk of not paying its partners.
“Eventually EVN’s credit ratings will be lowered. The company will have difficulty accessing loans and this will affect national security.”
The government allows EVN to adjust prices by up to 5% a year, a 5-10% change needs approval from the Ministry of Industry and Trade and anything more than 10% requires the Cabinet’s green light.
EVN also wants Power Development Plan 8 to be approved quickly so that it can start building new plants and grids to keep up with demand.
