Vietnam Electricity plans to now base its monthly pricing by adjusting to the fluctuating costs of such factors as the US dollar exchange rate, changing fuel prices and also the power output level from its plant.
|Workers replacing electric wires in Ho Chi Minh City (Photo: SGGP)|
Before the 20th of each month, Vietnam Electricity (EVN) will calculate the average power price as against its current price.
In case the difference is the same or five percent higher than the current price, EVN can hike the price by five percent after a five day period if the Ministry of Industry and Trade does not respond.
For increasing the price to more than five per cent, EVN will have to seek approval from the two ministries of Industry and Trade and that of Finance.
The ministries in turn need to approve the pricing within a ten day period after which they will submit the same for approval from the Prime Minister. Should there be no response from the Prime Minister’s office within 15 days EVN will only be permitted to raise by a maximum five percent. If the price falls short of five percent, EVN can maintain its current price level.