The power grid in Quang Nam Province. There would be no increases in electricity prices this year. — VNA/VNS Photo Ngoc Ha

There are no plans to increase electricity prices this year, according to the Electricity Regulatory Authority of Viet Nam.

At a recent meeting of the Ministry of Industry and Trade discussing the fight against the novel coronavirus (COVID-19) pandemic, director of the Electricity Regulatory Authority Nguyen Anh Tuan confirmed that there would be no increases in electricity prices this year, in line with the Government’s request.

Tuan said that the authority asked Viet Nam Electricity (EVN) to strictly comply with regulations on retail electricity prices.

Close watch would be placed on electricity consumption to raise measures for operating the power system in the most efficient way, together with reducing energy losses and improving labour productivity to lower production costs.

According to the Ministry of Industry and Trade, energy consumption saw significant decreases in the first two months of this year. Statistics showed that as of March 19, average power consumption was at 623 million kWh per day, much lower than the planned volume of 690.7 million kWh.

Sectors which saw strongest declines in power consumption were industrial production, trade and services.

Under the ministry’s Directive No 06/CT-BCT to fight the COVID-19 pandemic, the ministry called for no increases in the electricity price until the end of the second quarter at the earliest to support businesses amid the COVID-19 pandemic.

Deputy Minister of Industry and Trade Hoang Quoc Vuong also asked EVN to act to ensure enough power supply for socio-economic development with a focus on speeding up the construction of power projects. — VNS