The Ministry of Industry and Trade has approved the provisional electricity prices for 15 wind and solar power plants after its negotiations with the Vietnam Electricity Group (EVN).

According to Electricity of Vietnam (EVN) and some independent experts, the 3 percent electricity price will help EVN have an additional VND8 trillion, and will have only a small impact on households and the economy.

Electricity of Vietnam (EVN) is buying electricity from different sources, including hydropower, coal-fired, wind power, solar power, gas turbines and imports.

The Prime Minister has signed Decision 500/QD-TTg dated May 15, 2023 approving the national power development plan for 2021-2030 with a vision towards 2050. The plan is known as PDP 8.

The NA's Economics Committee has asked the government to specify the major reasons behind the VND26.2 trillion loss incurred by Electricity of Vietnam (EVN) in 2022 and draw up solutions to fix the problems in the electricity pricing scheme.

Electricity of Vietnam (EVN) has proposed that customers connecting to the grid at a voltage level of 110kv or more buy electricity directly from sellers. If so, EVN would no longer be the only buyer in the electricity market.

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.