Although electricity prices were increased twice in 2023, Vietnam Electricity (EVN) has reported an after-tax loss of VNĐ26.77 trillion (US$1.053 billion) on high electricity production costs, including higher fuel prices and rising foreign exchange rates.
In 2023, EVN reported revenues of around VNĐ500 trillion, up by 8% over 2022. The revenue from selling electricity accounted for 99%.
EVN must pay a total of VNĐ18.985 trillion worth of interest expenses last year, around VNĐ4 trillion higher than 2022, or more than VNĐ50 billion per day.
The company has also increased electricity supply sources from thermoelectricity and renewable energies which had higher production costs than hydropower.
The losses trigger worries that electricity prices might be increased further this year.
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