Vietnam: From February 03, 2023, how much will the price bracket of the average retail price of electricity increase compared to the old level?
- From February 03, 2023, how much will the price bracket of the average retail price of electricity increase compared to the old level in Vietnam?
- In what form is the purchase and sale of electricity in the electricity market in Vietnam carried out?
- In case the buyer does not pay the electricity bill and has been notified twice by the seller, after how long does the seller have the right to cut off the electricity in Vietnam?
From February 03, 2023, how much will the price bracket of the average retail price of electricity increase compared to the old level in Vietnam?
On February 3, 2023, the Prime Minister has just issued Decision 02/2023/QD-TTg on the price bracket of the average retail price of electricity
Pursuant to Article 2 of Decision 02/2023/QD-TTg stipulating as follows:
Price bracket of the average retail price of electricity
The price bracket of the average retail electricity price (excluding value added tax) is as follows:
1. The average retail price of electricity is at least VND 1,826.22/kWh;
2. The maximum average electricity retail price is VND 2,444.09/kWh.
Compared to the price bracket of the average retail price of electricity previously issued, based on Article 1 of Decision 34/2017/QD-TTg stipulates as follows:
Price bracket of the average retail price of electricity in the period 2016 - 2020
Promulgate the price bracket of the average retail electricity price for the period 2016 - 2020 (excluding value added tax) as follows:
1. The average retail price of electricity is at least VND 1,606.19/kWh;
2. The maximum average electricity retail price is VND 1,906.42/kWh.
Accordingly, it can be seen that the price bracket of the average retail price of electricity has increased compared to the old level.
From February 03, 2023, the price bracket of the average retail price of electricity will be:
- The average retail price of electricity is at least VND 1,826.22/kWh;
- The maximum average retail price of electricity is VND 2,444.09/kWh.
Vietnam: From February 03, 2023, how much will the price bracket of the average retail price of electricity increase compared to the old level?
In what form is the purchase and sale of electricity in the electricity market in Vietnam carried out?
Pursuant to Clause 2, Article 20 of the 2004 Law on Electricity of Vietnam provides as follows:
Buying and selling electricity in the electricity market
1. Subjects of electricity purchase and sale in the electricity market include:
a) Power generation units;
b) Electricity wholesalers;
c/ Electricity retailers;
d) Customers using electricity.
2. The purchase and sale of electricity in the electricity market shall be carried out in the following two forms:
a) Purchase and sale through a fixed-term contract between the electricity seller and the electricity buyer;
b) Spot purchase and sale between electricity sellers and electricity buyers through electricity market transaction operators.
3. Operators of electricity market transactions shall be responsible for regulating and coordinating electricity purchase and sale transactions and ancillary services in the electricity market.
Thus, according to the regulations on the purchase and sale of electricity on the electricity market, it is carried out in the following two forms:
- Purchase and sale through a fixed-term contract between the seller and the buyer.
- Spot purchase and sale between electricity sellers and buyers through electricity market transaction operators.
In case the buyer does not pay the electricity bill and has been notified twice by the seller, after how long does the seller have the right to cut off the electricity in Vietnam?
Pursuant to Article 23 of the 2004 Electricity Law of Vietnam (amended by Clause 9, Article 1 of the Amended Electricity Law of Vietnam 2012) provides as follows:
Article 23.- Electricity money payment
1. The electricity buyers must pay fully and on time the billed electricity money to the electricity sellers according to the electricity price tables already approved by competent state bodies. The electricity money shall be paid at the headquarters or residence places of the electricity buyers or at convenient places agreed upon by the two parties in the electricity purchase and sale contracts.
2. The electricity buyers that pay the electricity money late must also pay the interests on the late-paid sums to the electricity sellers.
3. The electricity sellers that collect the electricity money in surplus must reimburse to the electricity buyers the surplus amounts plus the interests thereon.
4. The interests on the late-paid amounts or the excessively-collected amounts shall be agreed upon by the parties in the contracts, which, however, must not exceed the highest lending interest rates of the banks where the electricity sellers open their accounts, as inscribed in the contracts at the time of payment.
5. The electricity buyers may request the electricity sellers to re-examine the payable electricity money amounts. Upon receiving the requests of the electricity buyers, the electricity sellers shall have to settle them within fifteen days. Where they disagree with the settlement by the electricity sellers, the electricity buyers shall propose competent agencies or organizations to organize the conciliation. In case of not proposing the conciliation or failed conciliation, the electricity buyers may initiate lawsuits at courts according to law provisions on civil procedures. Pending the settlement, the electricity buyers shall still have to pay the electricity money and the electricity sellers must not stop the electricity supply.
6. In cases where the electricity buyers do not pay the electricity money though they have been notified of the payment twice by the electricity sellers, fifteen days after the first notification, the electricity sellers may stop supplying the electricity. The electricity sellers must notify the time for stopping the electricity supply to the electricity buyers 24 hours in advance and shaft not bear responsibly for the damage caused by the electricity supply stoppage.
Accordingly, in case the buyer fails to pay the electricity bill and has been notified twice by the seller, after fifteen days from the date of the first notification, the seller has the right to stop supplying electricity.
Note: The seller must notify the buyer of the power supply stop 24 hours in advance and is not responsible for damage caused by the power outage.
LawNet
