New regulations on methods for setting prices for regulating operations of electrical systems, and prices for regulating electricity market transactions in Vietnam

New regulations on methods for setting prices for regulating operations of electrical systems, and prices for regulating electricity market transactions in Vietnam

Circular 10/2024/TT-BCT applies to Vietnam Electricity, units operating the power system and electricity market from the time they become independent accounting units, and other relevant organizations and individuals.

Circular 10/2024/TT-BCT contains 3 Chapters and 14 Articles, detailing:

- Methods for setting dispatch prices for power system operation and electricity market transaction administration;

- Methods for determining the total allowable revenue from power system operation dispatch and electricity market transaction administration annually;

- Methods for determining allowable profit;

- Methods for determining the total allowable capital cost;

- Methods for determining the total allowable operation and maintenance costs;

- Documentation for calculating dispatch prices for power system operation and electricity market transaction administration, including adjustments;

- Service contracts for power system operation and electricity market administration…

Each method is accompanied by specific formulas to serve as the basis for implementation.

It also prescribes the responsibilities of relevant units as follows:

- The unit operating the power system and electricity market is responsible for taking the lead, cooperating with the Vietnam Electricity to develop and report according to the law on dispatch prices for power system operation and electricity market transaction administration.

- The unit operating the power system and electricity market, in taking the lead, cooperating with the Vietnam Electricity, is responsible for determining and accounting for revenue and costs; issuing and using invoices; fulfilling obligations to the state budget according to legal regulations on corporate accounting, tax law, and legislation on managing and using state capital invested in production and business at enterprises, and other relevant laws.

- The Department of Electricity Regulation is responsible for taking the lead, cooperating with the Planning and Finance Department and the Personnel Organization Department to appraise the dispatch prices for power system operation and electricity market transaction administration, and submitting them for approval by the competent authority.

The Department of Electricity Regulation is responsible for submitting the dispatch prices for power system operation and electricity market transaction administration for approval, in accordance with legislative documents on the assignment of the Government of Vietnam concerning the authority to approve dispatch prices for power system operation and electricity market transaction administration.

See the full content at Circular 10/2024/TT-BCT, which comes into force in Vietnam from July 31, 2024.

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