Electricity prices up 5% today
Electricity prices up 5% today
The price of electricity will increase by 5 per cent to VND1,437 (US$0.06) excluding VAT for one kWh from today, following a circular issued by the Ministry ofIndustry and Trade on Thursday.
The retail price of electricity for households will increase from VND66-115 based on the price escalation chart.
But the price of electricity for low-income households, who use less than 50kWh per month, will remain unchanged at VND933 per kWh.
Other households will have to pay VND1,350 for their first 100kWh, up VND66 over the current price. They will be charged an extra VND88 per kWh (from current VND1,457 to VND1,545) from their 101st kWh while those using from 151-200 kWh will pay VND1,947 per kWh.
The electricity prices for voltages of over 110kV will range from VND754 to 2,117 per kWh. For voltages up to 110kV it will rise between VND783 to 2,263 per kWh.
Nguyen Tien Nghi, vice chairman of the Viet Nam Steel Association, said that the increase would impact on steel enterprises.
"The rise in production costs, including the heightened electricity price, will be a heavy burden for steel enterprises. However, it requires them to innovate technology and equipment to decrease their outlays and become more efficient," he said.
"Currently, the association does not provide them with any support. In a market economy, they have to solve these problems by themselves."
This is the second time prices have been hiked this year, after a 5 per cent increase in July.
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