Vietnam Electricity (EVN) is seeking permission to increase retail prices as the national power provider expects losses of VND31 trillion ($1.26 billion) this year due to surging production costs.
“Input costs have been rising globally and domestically and a price hike is needed, but by exactly how much has yet to be decided,” Deputy Minister of Industry and Trade Do Thang Hai told reporters on the sidelines of a government meeting Thursday.
Vietnam allows EVN to raise prices by 3-5% annually on its own, but the energy company must seek Ministry of Industry and Trade approval for increases of 5-10%. Approval from the Prime Minister is needed for even higher hikes.
EVN said last week that input costs such as coal, oil and gas have surged three to five times year-on-year.
The state electricity provider is having cashflow problems and output could be affected next year and beyond.
In June, EVN said the then-current retail prices of VND1,915.59 per kilowatt-hour were already 2.74% higher than in 2019.
Phan Tu Long, deputy CEO of EVN’s northern subsidiary EVNNPC, said the utility was facing losses of VND4.71 trillion in what he called the “most challenging year ever.”
Power supplies to 27 northern localities are in danger because the company is having trouble paying contractors and partners, he added.
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