EVN proposes to amend Prime Minister Decision No. 24/2017/QD-TTg in order to modify the retail price of electricity for the period 2023-2025.

EVN reports that by altering the price by 3 per cent, the average retail price of electricity rose from its previous level of 7.9 US cents per kWh (excluding VAT) to 8.2 US cents per kWh (excluding VAT). However, this increase has been insufficient to offset the cost of purchasing electricity this year, and the company is projected to incur a loss for 2023. The company saw a loss of $1.13 billion in 2022 and this year's losses are set to reach $1.74 billion.

Although electricity sales are anticipated to increase by approximately $341 million for the remaining months of the year, EVN suggests the group and its constituent entities will have a hard time balancing their finances as a result of abrupt fluctuations in fuel prices and the foreign exchange rate.