No rise in power prices this year: EVN

Stabilizing electricity prices would support Vietnam’s economic recovery, EVN deputy director Nguyen Tai Anh said Friday at a power investment conference.

But keeping the prices unchanging for longer will be “extremely challenging,” he added, pointing out the cost of electricity production has gone up because of surging input costs.

Prices of imported coal and liquefied natural gas (LNG), two main sources of electricity generation in Vietnam, have tripled since the Russia-Ukraine conflict began, he said.

The price of materials for constructing power grids has also surged, Anh said.

“We can manage this year without profit, but anything longer than that could prove impossible, as input costs keep rising”.

He asked the government and related agencies to come up with solutions to ensure the interests of both businesses and consumers, and to keep electricity prices at a reasonable level.

Electricity prices in Vietnam have stayed unchanged for three years, despite skyrocketing input costs.

Should power prices not be increased, it would be difficult to secure electricity supply, or attract investment in the power industry, which needs an annual $14 billion from now to 2030, said Bui Xuan Hoi, rector of Northern Electricity College.