Retail electricity price starts increasing from December 1

Retail electricity price has increased by 6.08 percent compared to the previous price of VND1,622.01 a kWh, to reach VND1,720.65 a kWh not including value added tax from today December 1 with the Prime Minister’s approval.

Retail power prices increase to VND1,720.65 a kWh from December 1, 2017  (Photo: SGGP)

Retail power prices increase to VND1,720.65 a kWh from December 1, 2017 (Photo: SGGP)

That was announced by the Ministry of Industry and Trade yesterday.
The price increase based on inspection results of power production and trading cost prices in 2016, which have been audited independently and inspected by an inter-ministry working group according to the PM’s Decision 24 issued on June 30 this year about retail power price adjustment mechanism.
The price for each group of customers accords regulations at PM Decision 28 on April 7, 2014 on retail price structure.
According to the ministry, last year power production and trading total cost of country's largest power company Vietnam Electricity was VND266,104 billion in 2016 while revenue hit VND265,511 billion with the average selling price of commercial power of VND1,662 a kWh. That resulted in a  a loss of about VND594 billion.
Counting VND3,252 billion revenue from activities relating to electricity production and trading, the company earned a profit of VND2,658 billion.

By VAN PHUC – Translated by Hai Mien

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