Workers of EVN are checking the transmission system in Đắk Nông Province. Việt Nam Electricity incurred a loss of more than VNĐ21 trillion (US$845 million) in 2023 on rising electricity production costs. — VNA/VNS Photo Huy Hùng

Việt Nam Electricity incurred a loss of more than VNĐ21 trillion (US$845 million) in 2023 on rising electricity production costs, according to the results of an inspection announced by the Ministry of Industry and Trade on Thursday.

The ministry found that EVN’s total cost of electricity production and business was VNĐ528.6 trillion, in which the cost for power generation, transmission, distribution and management totalled VNĐ35.34 trillion, up 7.16 per cent against 2022.

The cost of electricity production and business was around VNĐ2,088.9 per kWh, up 2.79 per cent over a year ago. The electricity generation cost amounted VNĐ441.36 trillion, or an average of 1,744.12 per kWh.

Compared to 2022, the electricity generation cost rose by VNĐ29.11 trillion.

The commercial electricity output totalled 253.05 billion kWh in 2023, up 4.26 per cent against 2022.

EVN earned VNĐ494.36 trillion in revenue from selling commercial electricity in 2023, up 8.18 per cent. Electricity selling price averaged VNĐ1,953.57 per kWh, up 3.76 per cent.

Although electricity prices were increased in 2023, the increases could not make up for the rise in electricity production cost, resulting in a loss of VNĐ21.82 trillion in 2023, the findings showed. — VNS