From May 15, 2014, Circular No. 12/2014/TT-BCT of the Ministry of Finance of Vietnam on the calculation of the average retail price of electricity will take effect.
According to Article 12 of Circular No. 12/2014/TT-BCT of the Ministry of Finance of Vietnam, responsibilities of the Electricity Regulatory Authority in calculation of the average retail price of electricity are as follows:
- Take charge, cooperate with the relevant agencies in assessing the average price, then submit the assessment to The Ministry of Industry and Trade. i.e.
+ Consider approving the plan for adjusting electricity price if the average price needs to rise from 7% to below 10% and is in the prescribed bracket of electricity price after rising.
+ Consider and inform the Prime Minister of the cases that the average price needs to rise 10% and above or is out of prescribed bracket of electricity price after rising (after having assessment of the Ministry of Finance)
- Assist Vietnam Electricity in developing the annual plan for the electricity generation and economic – technological criteria; Assess and then submit the assessment to The Ministry of Industry and Trade for approving such plans and criteria.
- Carry out inspection and supervision within the competence of Vietnam Electricity in adjusting the electricity price and publishing the adjustment.
View more details at Circular No. 12/2014/TT-BCT of the Ministry of Finance of Vietnam, issued on March 31, 2014.
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