Electricity Group of Vietnam mulls power hike despite profits

Meant to recover losses.

The Electricity Group of Vietnam announced that prices will only be on an upward trend next year. .

Thanks to favorable production conditions, EVN is expected to enjoy profits this year, deputy director Dinh Quang Tri told a meeting announcing the company’s cost prices of power production in 2012.

“EVN will use some VND3.5 to 4 trillion from the profits to make up for the losses in the previous years,” Tri said.

The state-run company said it incurred a VND5.29 trillion loss in 2011 alone, as the VND1,226 a kWh power retailing price was lower than the cost price of VND1,282 a kWh.

EVN and the Ministry of Industry and Trade both said it remains to be seen how power prices will be adjusted next year.

“But there will be only an increasing trend for prices,” the company said.

https://www.tuoitrenews.vn/cmlink/tuoitrenews/business/evn-mulls-power-hike-despite-posting-profits-1.93452