Audit finds loss of more than 20 trillion VND at EVN

EVN incurred loss in 2022 as its cost of production was higher than the electricity sale. (Photo: VNA)

Hanoi (VNS/VNA) - In its recently audited financial report, Vietnam Electricity (EVN) Group announced a loss of 20 trillion VND, attributing it to the acquisition of electricity at costs exceeding its selling prices.

The report disclosed that EVN had suffered a loss of 20.7 trillion VND in 2022. While the company earned over 372.9 trillion VND from electricity sales in 2022, its cost of production was considerably higher, reaching 402.6 trillion VND. This figure was a significant increase from the cost of 331.6 trillion VND 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 419 trillion VND in 2021 and swelled to 493.2 trillion VND in 2022.

The production cost in 2021 was 1,859.9 VND per kWh, marking a 1.84% increase from 2020. This cost saw a further surge in 2022, amounting to 2,032.26 VND per kWh, which was 9.27% higher than in 2021.

Contrastingly, the average retail price in 2022 was just 1,854.44 VND per kWh. This meant that the production cost was 177.82 VND per kWh more than the average price at which electricity was sold.

Beginning May 4, the average electricity price witnessed a 3% increase to 1,920.3732 VND per kWh./.

VNA