| A. PRICING MECHANISM FOR NEW SOLAR AND WIND POWER PROJECTS |
Under the previous mechanism, solar and wind power plants were entitled to a favorable feed-in-tariff (“FiT”). In particular, the applicable FiT for solar power plants was US cents 9.35/kWh, US cents 8.5/kWh (for onshore wind power projects), and US cents 9.8/kWh (for offshore wind power projects), respectively. These favorable FiTs apply for 20 years commencing from the commercial operation date of each project. They do not apply to new solar and wind projects that have been licensed after 2022.
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| B. INCREASE OF EVN’S RETAIL PRICE TO END-USERS |
On 8 November 2023, Electricity of Vietnam (EVN) issued a new decision (Decision 1416) to increase its selling prices. Accordingly, the average selling price is 2,006.79 VND/kWh (an increase by 4.5%). This is the second time in 2023 that an increase has been made. The new price applies from 9 November 2023. Consequently, large commercial consumers (e.g. cement and steel producers) will be particularly affected by the increase.
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