Vietnam Ministry to Submit Plans to Raise Coal, Power Prices to Govt in Q1
The Ministry of Industry and Trade will submit plans to raise coal and power prices by the state-owned Vietnam National Coal-Mineral Industries Group (Vinacomin) and Electricity of Vietnam Group (EVN) to the government for approval within the first quarter of this year, said Minister Vu Huy Hoang.
Vinacomin is seeking approval from the government to double coal prices for the power sector from Jan 1, 2010 provided that domestic prices are 10% lower than the exported prices, noted Minister of Industry and Trade Hoang.
EVN has mapped out five scenarios to raise electricity prices by between 6.2% and 17% in 2010 in line with the increase in its productions costs as a result of coal price rise.
The country’s average power price will be up 17% to VND1,110.8/kWh in accordance with a proposal to raise the coal prices by between 140% and 150% by the state-owned Vietnam National Coal-Mineral Industries Group (Vinacomin). If the coal price hike proposal is approved, it will drive up EVN’s costs by VND4.229 trillion this year.
EVN said energy use in Vietnam is inefficient as the country has to spend VND2.42 worth of energy in order to make VND1 worth of GDP. (Vietnam Economic Times)
Vietnamese
