The time for adjusting electricity prices has been shortened from 6 months to 3 months. There will be 4 price changes each year. The average electricity price will be updated quarterly according to the cost of electricity generation. When this cost decreases by 1% or more compared to the current cost, the electricity price will be reduced accordingly. The retail price to consumers and businesses will increase when the production cost fluctuates by 3% or more.
The average retail electricity price has increased by 3-5%, EVN has the right to decide on the adjustment. The competent authority for the price increase is the Ministry of Industry and Trade when the average electricity price increases by 5-10% and over 10% by the Prime Minister’s consideration and decision.
Illustrative photo – KT
The Prime Minister assigned the Ministry of Industry and Trade to guide EVN in calculating the average electricity price, checking, and supervising the adjustment of electricity prices. The Ministry of Finance coordinates with the Ministry of Industry and Trade as the State agency responsible for prices.
The retail electricity price is currently implemented according to Decision 24/2017, the time between two electricity price adjustments is 6 months if the review and inspection of input costs cause the cost price to increase by 3% or more.
