EVN incurred loss in 2022 as its cost of production was hgiher than the electricity sale. – VNA/VNS Photo Huy Hùng

HÀ NỘI – In its recently audited financial report, the Vietnam Electricity (EVN) announced a loss of VNĐ20 trillion, attributing it to the acquisition of electricity at costs exceeding its selling prices.

The report disclosed that EVN had suffered a loss of VNĐ20.7 trillion in 2022. While the company earned over VNĐ372.9 trillion from electricity sales in 2022, its cost of production was considerably higher, reaching VNĐ402.6 trillion. This figure was a significant increase from the cost of VNĐ331.6 trillion in 2021.

Earlier, an audit by the Ministry of Industry and Trade discovered that the total expenditure for power production and business operations amounted to VNĐ419 trillion in 2021 and swelled to VNĐ493.2 trillion in 2022.

The production cost in 2021 was VNĐ1,859.9 per kWh, marking a 1.84 per cent increase from 2020. This cost saw a further surge in 2022, amounting to VNĐ2,032.26 per kWh, which was 9.27 per cent higher than in 2021.

Contrastingly, the average retail price in 2022 was just VNĐ1,854.44 per kWh. This meant that the production cost was VNĐ177.82 per kWh more than the average price at which electricity was sold.

Beginning May 4, the average electricity price witnessed a 3 per cent increase to VNĐ1,920.3732 per kWh. — VNS