The National Assembly Economic Committee has asked the Government to clarify why Vietnam Electricity Group (EVN) has made losses of more than VND26.4 trillion.

Wind and solar power investors continued to voice their grievances over difficulties in price negotiations and extending project deadlines with the Power Trading Company (EVNEPTC), a subsidiary of Vietnam Electricity (EVN) Group.

With the 3 percent retail electricity price increase from VND1,864.44 per kwh to VND1,920.3732 per kwh, commencing from May 4, EVN will have VND8 trillion more from now to the end of 2023.

The ministry late last week held a press conference announcing the results of the inspection of EVN’s electricity production costs in 2021 and 2022.

Electricity of Vietnam (EVN) lost more than $1.12 billion in 2022. The Ministry of Industry and Trade (MoIT) presented the findings of its investigation of EVN's power output and business expenses during a press conference on March 31.

The Electricity of Vietnam (EVN) has once again proposed to increase electricity prices to combat enormous losses, which may reach more than VND93 trillion (nearly US$4 billion) in 2022 and 2023.

The Ministry of Industry and Trade (MOIT) has asked the Electricity of Vietnam (EVN) to negotiate with solar and wind power project developers and reach agreements about electricity prices prior to March 31.

The Ministry of Industry and Trade has requested the Vietnam Electricity Group (EVN) to complete pricing talks on solar and wind power with investors before March 31 to put 85 power plants into operation.

The Ministry of Industry and Trade has urged the Electricity of Vietnam (EVN) and investors of transitional solar and wind plants to negotiate and agree to fix electricity prices before March 31.

“You would feel tormented if you saw a vast field of wind turbines, each of which is worth VND150 billion, standing still for the last year,” a renewable-energy investor said.

Investors involved in renewable energy project have proposed Vietnam Electricity Group (EVN) purchase power from eligible projects at an interim price equivalent to 90% of the electricity import price.

Thirty-six wind and solar power investors have sent a document to the Prime Minister requesting to fix problems in the pricing mechanism for transitional wind and solar power projects.

Vietnam Electricity (EVN) has revealed plans to ramp up the use of coal and gas sources to generate electricity to lessen dependence and conserve water resources during the dry season.

The substantial rise in input parameters, influenced by the prices of imported coal, gas, and oil, led to EVN's significant loss last year.

The Commission for Management of State Capital at Enterprises (CMSC) has submitted to the Prime Minister for approval the restructuring proposal for the Electricity of Vietnam (EVN) for the 2021-2025 period.

Electricity price adjustments are being considered amid input material price increases.

Compared to the previous bracket, which has been applied since 2017, the floor price increased by VND220 and the ceiling price by VND538 per kWh.

The Electricity of Vietnam (EVN) recorded a big loss of VND29 trillion in 2022. The figure may even double this year.

Despite Electricity of Vietnam’s (EVN) intention to increase energy rates to rebalance its budget for 2023, the status of coal-fired power does not yet seem to be declining.

Electricity output and import this year are estimated at 284.5 billion kilowatt hours (kWh), up around 5.5% over last year, according to the latest power supply plan approved by the Ministry of Industry and Trade.