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MINISTRY
OF INDUSTRY AND TRADE OF VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No:
09/2025/TT-BCT
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Hanoi,
February 01, 2025
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CIRCULAR
APPLICATIONS,
PROCEDURES, METHODS FOR DETERMINING AND APPROVING ELECTRICITY GENERATION PRICE
BRACKET; APPLICATIONS, PROCEDURES, METHODS FOR DETERMINING AND APPROVING
ELECTRICITY IMPORT PRICE BRACKET
Pursuant to Law on Electricity
dated November 31, 2024;
Pursuant to Government’s Decree
No. 96/2022/ND-CP dated November 29, 2022 defining functions, tasks,
powers and organizational structure of the Ministry of Industry and Trade of
Vietnam; Government’s Decree No. 105/2024/ND-CP dated August 01, 2024 on
amendments to Decree No. 96/2022/ND-CP and Decree No. 26/2018/ND-CP dated
February 28, 2018 on Charter of organization and operation of Vietnam
Electricity;
At the request of the Director
of Electricity Regulatory Authority of Vietnam;
The Minister of Industry and
Trade promulgates the Circular on applications, procedures, methods for
determining and approving electricity generation price bracket; applications,
procedures, methods for determining and approving electricity import price
bracket.
Chapter I
GENERAL PROVISIONS
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1. Scope
This Circular elaborates some
Articles of the Law on Electricity No. 61/2024/QH15, including:
a) Clause 5, Article 46 providing
applications, procedures for developing and approving electricity import price
bracket, methods for determining electricity import price bracket;
b) Clause 3, Article 51 of the Law
on Electricity providing applications, procedures, methods for determining
electricity generation price bracket; and approving electricity generation
price bracket developed and submitted by electricity generation units.
2. This Circular applies to
following entities:
a) Any agency, organization or individual
owning a power plant within the territory of the Socialist Republic of Vietnam
connected with national power system, except for multi-purpose strategic
hydropower plants, renewable energy plants applying the avoided cost tariff,
power plants and generating sets providing ancillary services; power plants
applying electricity purchasing price mechanism as prescribed in documents of
competent authorities;
b) Any domestic organization
importing electricity from organizations or individuals within the territory of
the Lao People's Democratic Republic (hereinafter referred to as “Laos")
and the People's Republic of China (hereinafter referred to as “China”).
c) Vietnam Electricity;
d) Other relevant organizations and
individuals.
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For the purposes of this Circular,
the terms below shall be construed as follows:
1. Calculation specifications means
the specifications for calculating electricity generation price bracket
formulated by electricity generation units, on the basis of the approved feasibility
study reports on investment of construction and operation of projects on power
plants, which have their fundamental designs appraised within 48 months prior
to the time of calculating electricity generation price bracket of thermal
power plants using coal or gas; and within 48 months prior to the time of
calculating electricity generation price bracket of power plants other than thermal
power plants using coal or gas.
2. Units operating electricity
systems and electricity markets refer to units responsible for the
functions of national power system dispatch units and electricity market
transaction regulation units according to the Law on Electricity (currently the
National Power System and Market Operator Single-member Limited Liability
Company – NSMO)
3. Pumped-storage hydropower
plants refer to hydropower plants using a system of water reservoirs at
different elevations to store energy and generate electricity, in which water
is pumped from a lower elevation reservoir to a higher elevation reservoir during
non-generating times to store energy.
4. Floating solar power plants refer
to solar power plants connected to the national power system, with photovoltaic
panels installed on floating structures on the water surface.
5. Ground-mounted solar power
plants refer to solar power plants connected to the national power system,
other those described under Clause 4 of this Article.
6. Onshore wind power plants refer
to wind power plants connected to the national power system, other those
described under Clause 5 Article 20 of the Law on Electricity.
Chapter II
METHODS FOR DETERMINING ELECTRICITY GENERATION PRICE
BRACKET
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1. Electricity generation price
bracket is ranging from the minimum price (0 VND/kWh) to the maximum price.
2. The maximum price applicable to
each type of power plants (excluding hydropower plants) shall be the
electricity generation price determined using methods specified in Articles 4,
5, 6, and 7 of this Circular.
3. The maximum price applicable to
hydropower plants shall be developed on the basis of the annual avoided cost
tariff using methods specified in Article 8 of this Circular.
4. Electricity generation price
applicable to solar power plants shall be developed on the basis of the average
annual radiant intensity of 3 regions: Northern region, Central region, and
Southern region.
5. In the case where a power plant
does not have its feasibility study report for investment construction
approved, and does not have its fundamental design appraised, specifications
for calculating electricity generation price bracket shall be determined using
methods specified in this Circular, based on reference to consulting
organizations.
6. For renewable energy power
plants using combined energy storage systems, if the energy storage system only
consumes electricity from these renewable energy power plants during the charging
cycle, the total investment amount for calculating the electricity generation
price bracket shall include the investment costs of the energy storage system
components.
Article 4. Methods for
determining electricity generation price bracket
Electricity generation price PC
(VND/kWh) shall be determined using the following formula:
Pc =
FC + FOMC + VC
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Fixed operation and maintenance
costs per base year determined in accordance with Article 7 of this Circular
(VND/kWh)
VC:
Variable price determined in
accordance with Article 6 of this Circular (VND/kWh)
Article 5. Methods for
determining average fixed costs
1. The average fixed costs FC
(VND/kWh) serves as a component for the purpose of investment recovery and is
determined using the formula below:
FC
=
TC
Ebq
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TC
Annual converted investment
capital for construction (excluding VAT) determined in accordance with Clause
2 of this Article (VND);
Ebq
Average electricity yield over
multiple years determined in accordance with Clause 6 of this Article (kWh).
2. Annual converted investment
capital shall be determined using the following formula:
In which:
SDT:
Calculated investment rate
determined in accordance with Clause 4 of this Article (VND/kW or VND/kWp).
kWp measures peak capacity of a solar panel in standard condition;
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Calculated capacity (kW or kWp)
in accordance with Clause 3 of this Article;
n:
Economic life of the power plant
specified under Appendix attached hereto (year);
i:
Discount rate of the power plant
determined in accordance with Clause 5 of this Article (%).
4. The calculated investment rate
is the investment cost per 1 kW (or 1 kWp) of capacity of the power plant,
where the total effective investment (including only items serving electricity
production) is updated with the foreign exchange rate at the time of
calculating the electricity generation price bracket, and is determined based
on one of the following bases:
a) Calculated investment rate of
the power plant is the value of the calculated capacity selected in Clause 3 of
this Article;
b) Average investment rate of power
plants of the same technology type is calculated based on Calculation specification
set.
In cases where the calculated
investment rate is not determined according to the options specified in points
a, b of this Clause, the calculated investment rate is selected based on actual
negotiation contract data or reference data from consulting organizations.
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i:
=
(D
x rd + E x re) x nD + re x (n - nD)
n
In which:
D:
Percentage of borrowed capital in
total investment prescribed under Appendix attached hereto (%);
E:
Percentage of owner’s equity in
total investment prescribed under Appendix attached hereto (%);
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E economic life of the power
plant in accordance with Clause 2 this Article (year);
nD:
Average debt repayment period is
10 years;
rd:
Borrowed capital interest rate
determined in accordance with Point a of this Clause (%);
re:
Pre-tax interest rate of owner’s
equity is determined in accordance with Point b of this Clause (%).
a) Borrowed capital interest rate rd
(%)is calculated using weighted average interest rate of capital borrowed in
VND and capital borrowed in foreign currency using the formula below:
rd = DF x rd,F +
DD x rd,D
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DF:
Percentage of capital borrowed in
foreign currency in total investment prescribed under Appendix attached
hereto (%);
DD:
Percentage of capital borrowed in
VND currency in total investment prescribed under Appendix attached hereto
(%);
rd,F:
Interest rate of capital borrowed
in foreign currency is determined by 180-day average SOFR (Secured Overnight
Financing Rate) of 36 consecutive months from the first day of the nearest
March, June, September, or December of the negotiation year, as announced by
the Fed (Website: www.newyorkfed.org) plus the average annual loan arbracketment
fee charged by the bank, which is 3% per year
rd,D:
The interest rate for capital
borrowed in VND currency is determined by the average interest rate for
12-month deposits in VND, applicable to individual customers, on the first
day of the 60 months preceding the nearest March, June, September, or
December of the price bracket calculation year of 04 commercial banks
(Vietnam Bank for Foreign Trade, Joint Stock Commercial Bank for Industry and
Trade of Vietnam, Joint Stock Commercial Bank for Investment and Development
of Vietnam, Agriculture and Rural Development Bank of Vietnam, or their
lawful successors) plus the average annual loan arbracketment fee charged by
the bank, which is 3% per year.
b) Pre-tax interest rate of owner’s
equity re (%) is determined using the formula below:
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In which:
re,pt:
Post-tax return on owner’s equity
(%), which is 12%;
t:
Average corporate income tax rate
over the economic life of power plants determined in accordance with current
State regulations (%), ensuring that the power project benefits from
corporate income tax incentives (if any).
6. The average annual electricity
delivered Ebq (kWh) is determined as follows:
a) For thermal power plants, Ebq
is determined using formula below:
Ebq
= Pt x Tmax x (1 -Kcs)
In which:
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Calculated capacity (kW or kWp)
in accordance with Clause 3 of this Article;
Tmax:
Maximum operating hours specified
under Appendix attached hereto (hour);
Kcs:
Average capacity degradation over
the economic life of the power plant specified under Appendix attached hereto
(%);
For the power plant where its Tmax
is not specified under Appendix attached hereto, Tmax is
determined based on the Calculation specification set and referencing data from
consulting organizations (if necessary)
For the power plant where its Kcs
is not specified under Appendix attached hereto, Kcs is set at 0
(zero).
a) For solar power plants, Ebq
is determined using formula below:
Ebq
= A x r x H x PR
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A:
Total solar panel installation
area (m2) corresponding to the calculated capacity;
H:
Average annual radiant intensity
of 3 regions: Northern region, Central region, and Southern region
(kWh/m2/year);
R:
Solar panel efficiency (%);
PR:
Solar power plant efficiency (%).
A, r, PR parameters are determined
on the basis of: The calculation specification set applicable to solar power
plants; referencing data of consulting organizations or actual operational data
from solar power plants.
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c) Ebq is determined as the
forecasted average electricity yield over multiple years of 50% of the wind
power plant using the Calculation specification set or the following formula:
Ebq
= 8760 x Pt x kCF
In which:
Pt :
Calculated capacity (kW or kWp)
in accordance with Clause 3 of this Article;
kCF
Capacity factor (%) corresponding
to the forecasted average electricity yield over multiple years of 50%;
kCF parameters are
determined on the basis of: Calculation specification set; referencing data of
consulting organizations or actual operational data from power plants.
d) For pumped-storage hydropower
plants, Ebq is determined on the basis of electrical system's
demand, the amount of water pumped into the reservoir as specified in the
approved feasibility study reports on investment of construction of projects. In
cases where it cannot be determined, Ebq is selected based on data
from pumped-storage hydropower plants with similar scales where Ebq
has been determined.
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1. The variable price (VC) refers
to a component used to recover fuel costs and other variable expenses of the
power plant, which is determined using the following formula:
VC
= HR x Pnlc x (1 + f)
In which:
VC:
Variable cost of the power plant
(VND/kWh).
HR:
Net fuel consumption calculated
at 85% load and determined based on the net fuel consumption of the
corresponding type of power plant in the Calculation specification set or
referencing data of consulting organizations (kg/kWh, kJ/kWh, kCal/kWh, or
BTU/kWh);
Pnlc:
Price of the primary fuel for the
power plant (VND/kcal or VND/kJ or VND/BTU or VND/kg);
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Percentage of startup costs,
auxiliary fuel and material costs and other transformation costs for
electricity generation compared to the primary fuel costs specified in the
Appendix attached hereto (%).
For the power plant where its f is
not specified under Appendix attached hereto, f is set at 0 (zero).
2. Price of the primary fuel (Pole)
is determined as follows:
a) For coal-fired thermal power
plants and biomass power plants, Pnlc includes losses, operating
fees, management fees, insurance (if any), and transportation prices;
b) For gas turbine combined cycle
power plants, Pnlc includes gas price at the wells and costs for
transporting gas to power plants (if any);
c) For gas turbine combined cycle
power plant using LNG, Pnlc includes LNG import prices, LNG import
taxes (if any), costs for transporting LNG to regasification ports and costs
for storage, regasification, and distribution after regasification;
d) For waste-to-energy power
plants, Pnlc includes subsidies for collection, transportation, and
processing of the fuel as regulated by environmental protection laws (if any).
3. For hydropower plants (excluding
pumped-storage hydropower plants), solar power plants, and wind power plants: variable
price is set at 0 (zero).
4. For pumped-storage hydropower
plants, variable price refers to a component used to recover water storage
costs determined based on the electricity consumption during the water storage
cycle, retail electricity prices during off-peak time applicable to industries
specified in laws, and costs for buying reactive power.
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Article 7. Methods for
determining fixed operation and maintenance cost
1. The fixed operation and
maintenance cost FOMC (VND/kWh) refers to a component used to recover annual
costs of major repairs, employment costs, and other costs, determined by the
following formula:
In which:
TCFOMC:
Total fixed operation and
maintenance cost of the power plant determined in accordance with Clause 2 of
this Article (VND);
Ebq
Average electricity yield over
multiple years of the power plant determined in accordance with Clause 6
Article 5 of this Circular (kWh).
2. Total fixed operation and
maintenance cost TCFOMC (VND) of the power plant determined using
the following formula:
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In which:
SDT:
investment rate of the power
plant determined in accordance with Clause 4 Article 5 of this Circular.
Pt :
Calculated capacity in accordance
with Clause 3 Article 5 of this Circular;
kO&M:
Ratio of fixed operation and
maintenance costs within the investment rate specified under Appendix
attached hereto (%).
In cases where kO&M of
other types of power plants is not available in the Appendix attached hereto. kO&M
is determined on the basis of reference data from consulting
organizations or actual operational data from similar projects.
Article 8. Methods for determining
the maximum price of electricity generation price bracket for hydropower plants
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In which:
ACTbq,j:
Average annual avoided costs of
Northern, Central, and Southern regions specified in annual avoided cost
tariff issued by the Ministry of Industry and Trade;
tj:
Percentage of annual electricity
production by season and by hour specified under Appendix attached hereto
(%).
Chapter III
METHODS FOR DETERMINING PRICE BRACKET FOR ELECTRICITY
IMPORTED FROM LAOS AND CHINA
Article 9. Methods for
determining price bracket for electricity import
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1. In cases where there are
provisions in international treaties to which Vietnam is a member (Agreement
between Governments of the two countries), the maximum price of electricity
import price bracket shall be determined in accordance the Agreement.
2. In cases where electricity is
imported from power plants, the maximum price shall be determined by the
average avoided cost tariff of the Northern, Central, and Southern regions, on
the basis of calculation results of avoided cost tariff calculated by units
operating electricity systems and the national electricity market. The
calculation results shall be submitted to electricity authorities affiliated to
the Ministry of Industry and Trade, applying methods for determining and rules
for applying the avoided cost tariff for small renewable energy power plants
issued by the Minister of Industry and Trade.
3. In cases where electricity is
imported through the national grid (excluding importing electricity from power
plants), the maximum price shall be the price margin based on the average
electricity source for the base scenario in the most recent National Power
Development Planning approved by the National Power Development Planning
Approval Council.
Chapter IV
APPLICATIONS, PROCEDURES, AND APPROVAL OF ELECTRICITY
GENERATION PRICE BRACKET AND ELECTRICITY IMPORT PRICE BRACKET
Article 10. Applications,
procedures, and approval of electricity generation price bracket
1. Within 15 days from the approval
of the feasibility study report on investment of construction of the power
plant and the appraisal of fundamental design, the investors shall provide the
feasibility study report on investment of construction of the power plant and
fundamental design to Vietnam Electricity.
2. Before November 1st
of each year, Vietnam Electricity shall:
a) Propose the Calculation
specification set and select calculation specifications for electricity
generation price bracket for different types of power plants;
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c) Prepare the application for
Calculation specification set specified in Article 12 of this Circular, submit
to electricity authorities for appraisal.
3. Within 5 working days from
receiving the application for Calculation specification set as specified in
Clause 2 of this Article, the electricity authority shall verify the adequacy
and legitimacy of the application. If necessary, the electricity authority
under the Ministry of Industry and Trade shall request Vietnam Electricity to
amend, supplement, or provide explanation. Within 15 days from receiving the
request for amending, supplementing, or providing explanation from the
electricity authority under the Ministry of Industry and Trade, Vietnam
Electricity shall submit a written explanation as requested.
4. Within 25 days from receiving a
satisfactory application, the electricity authority under the Ministry of
Industry and Trade shall evaluate the electricity generation price bracket and
submit it to the Ministry of Industry and Trade for approval. In cases where
the electricity generation price bracket has not been announced, the
electricity generation price bracket of the previous year shall be temporarily
applied.
Article 11. Preparation,
appraisal, and approval of electricity import price bracket
1. Units operating national
electricity systems and electricity markets shall prepare annual avoided cost
tariff and submit it to electricity authorities affiliated to the Ministry of
Industry and Trade for approval. The tariff shall be appraise on the basis of
determination methods and rules for applying the avoided cost tariff for small
renewable energy power plants issued by the Minister of Industry and Trade.
2. Within 25 days from receiving
the avoided cost tariff submitted by the unit operating electricity systems and
national electricity markets, the electricity authority affiliated to the
Ministry of Industry and Trade shall appraise and submit it to the Ministry of
Industry and Trade for approving the electricity import price bracket in accordance
with Clause 2 Article 9 of this Circular. In cases where the electricity import
price bracket for the following year has not been announced, the electricity
import price bracket of the previous year may be temporarily applied.
Article 12. Application for
approving electricity generation price bracket
1. Application for approving
electricity generation price bracket includes:
a) Application form for appraisal
and approval of electricity generation price bracket;
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c) Related documents concerning the
parameters used in calculating the maximum price of the electricity generation
price bracket.
2. The application shall be
prepared in written form, or as a legally valid electronic message in
accordance with legal regulations. Vietnam Electricity shall send 01 set of
application in the form of electronic message and 01 set of application in
written form (if necessary) to the electricity authority affiliated to the
Ministry of Industry and Trade.
Chapter V
IMPLEMENTATION CLAUSE
Article 13. Implementation
1. The electricity authority
affiliated to the Ministry of Industry and Trade shall:
a) Appraise and submit the
electricity generation price bracket to the Minister of Industry and Trade for
approval;
b) Appraise and submit the
electricity import price bracket to the Minister of Industry and Trade for
approval;
2. Vietnam Electricity shall
prepare application for annual electricity generation price bracket calculation
in accordance with Article 10 and Article 12 of this Circular.
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Article 14. Transitional clauses
For organizations and individuals
involved in implementing investment in solar or wind power plants that have
signed power purchase agreements with Vietnam Electricity but fail to meet the
conditions for applying the electricity purchasing prices specified in the
Prime Minister's decisions before the effective date of this Circular, the maximum
price of the electricity generation price bracket for each type are as follows:
No.
Type
Maximum
price of electricity generation price bracket (VND/ kWh)
1
Ground-mounted solar power plants
1.184,90
2
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1.508,27
3
Onshore wind power plants
1.587,12
4
Nearshore wind power plants
1.815,95
Article 15. Effect
1. This Circular comes into forces
from February 01, 2025.
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a) Circular No. 57/2014/TT-BCT
dated December 19, 2014 of the Minister of Industry and Trade on methods and
procedures for developing, promulgating electricity generation price bracket;
b) Circular 31/2022/TT-BCT dated
November 08, 2022 of the Minister of Industry and Trade amendments to Circular
No. 57/2014/TT-BCT dated December 19, 2014 of the Minister of Industry and
Trade on methods and procedures for developing, promulgating electricity
generation price bracket and Circular No. 57/2020/TT-BCT dated December 31,
2020 of the Minister of Industry and Trade on methods for determining
electricity generation price and power purchase agreement price;
c) Circular No. 19/2023/TT-BCT dated
November 01, 2023 of the Minister of Industry and Trade on methods for
determination of solar power and wind power generation pricing bracket;
d) Circular No. 20/2024/TT-BCT
dated October 10, 2024 of the Minister of Industry and Trade on method for determination
of generation pricing bracket for waste-to-energy and biomass power plants;
dd) Circular No. 15/2022/TT-BCT
dated November 03, 2022 of the Minister of Industry and Trade on methods for
determination of generation pricing bracket for solar power plants and wind
power plants;
3. Difficulties that arise during
the implementation of this Circular should be reported to the Ministry for
consideration./.
PP.
MINISTER
DEPUTY MINISTER
Truong Thanh Hoai