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MINISTRY OF
INDUSTRY AND TRADE
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No. 08/2025/TT-BCT
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Hanoi, February
1, 2025
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CIRCULAR
ON
THE METHOD FOR DETERMINING THE GENERATION COSTS OF POWER PLANTS DURING THE
PERIOD PRIOR TO PARTICIPATION IN THE COMPETITIVE ELECTRICITY MARKET FOR CERTAIN
TYPES OF POWER PLANTS
Pursuant to the Law on Electricity dated
November 30, 2024;
Pursuant to Decree No. 96/2022/ND-CP dated
November 29, 2022 of the Government stipulating the functions, tasks, powers,
and organizational structure of the Ministry of Industry and Trade; Decree No.
105/2024/ND-CP dated August 1, 2024 of the Government on amendments to certain
provisions of Decree No. 96/2022/ND-CP and Decree No. 26/2018/ND-CP dated
February 28, 2018 of the Government on the Charter of Organization and
Operation of Vietnam Electricity Corporation;
At the request of the Director General of the
Electricity Regulatory Authority;
The Minister of Industry and Trade hereby issues
this Circular on the generation costs of power plants during the period prior
to participation in the competitive electricity market for certain types of
power plants.
Chapter I
GENERAL PROVISIONS
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1. This Circular details Clause 4, Article 51 of
the Electricity Law No. 61/2024/QH15 on the method for determining the
generation costs of power plants during the period prior to participation in
the competitive electricity market.
2. This Circular applies to Vietnam Electricity
Corporation and power plants under Vietnam Electricity Corporation during the
period prior to participation in the competitive electricity market, including:
a) Strategic multipurpose hydropower plants;
b) Power plants operating in coordination with
strategic multipurpose hydropower plants to support system regulation, as
listed by the Ministry of Industry and Trade;
c) Other power plants that cannot determine the
electricity generation service price.
Article 2. Interpretation of
terms
For the purposes of this Circular, the terms below
shall be understood as follows:
1. Strategic multipurpose hydropower plant refers
to a hydropower plant listed among the large-scale power plants of special
economic, social, defense, and security importance as approved by the Prime
Minister in Decision No. 2012/QD-TTg dated October 24, 2016, or its replacement
decision.
2. Year N refers to the calendar year commencing on
January 1 and ending on December 31 of the same year.
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4. Year N-2 refers to the calendar year immediately
preceding Year N-1.
Chapter II
METHOD FOR DETERMINING
ANNUAL GENERATION COSTS
Article 3. Principles for
determining annual generation costs
The annual generation costs of power plants
specified in Clause 2, Article 1 of this Circular shall be determined based on
the principle of ensuring full recovery of actual, reasonable, and legitimate
costs necessary for electricity production and business operations, in
accordance with the technological type of the power plant. These costs do not
include the standard profit margin determined under the Government Decree
regulating the mechanism and timeframe for adjusting the average retail
electricity price.
Article 4. Method for
determining annual generation costs
1. The total generation cost of a power plant for
Year N (C_N) is determined using the following formula:
CN = CVL + CTL +
CKH + CDVMN + CSCL + CTC +
CK+ CNL+ CGT
Where:
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CVL:
Material costs in Year N (VND);
CTL:
Labor costs in Year N (VND);
CKH:
Depreciation costs of fixed assets in Year N
(VND);
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Outsourced service costs in Year N (VND);
CSCL:
Major repair costs in Year N (VND);
CTC:
Financial costs in Year N (VND);
CK:
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CNL:
Fuel costs in Year N (VND);
CGT:
Deductions in Year N (VND).
a) CVL: The material costs for Year N are
determined based on the audited data from Year N-2 by an independent audit
firm, excluding any extraordinary and abnormal costs incurred in Year N-2 (if
any). These costs are adjusted annually based on the average Consumer Price
Index (CPI) of the three most recent years prior to the cost determination
period, as published by the central statistical agency. Additionally,
reasonable projected costs arising in Year N that were not accounted for or not
fully accounted for in Year N-2 shall be included.
b) CTL: The labor costs for Year N
include total wages and wage-related expenses such as electrical safety
allowances, health insurance, social insurance, unemployment insurance, and
trade union fees, determined in accordance with relevant legal regulations;
c) CKH: The depreciation costs for
Year N are determined based on the value of existing fixed assets and the
projected assets to be put into operation in Year N, following the regulations
on the management, utilization, and depreciation of fixed assets issued by the
Ministry of Finance or other competent authorities.
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The outsourced service costs in Year N exclude
purchased electricity costs and are determined based on audited data from Year
N-2 by an independent audit firm, excluding any extraordinary and abnormal
costs incurred in Year N-2 (if any). These costs are adjusted annually based on
the average CPI of the three most recent years prior to the cost determination
period, as published by the central statistical agency. Additionally,
reasonable projected costs arising in Year N that were not accounted for or not
fully accounted for in Year N-2 shall be included.
dd) CSCL: Major repair costs in Year N
are determined based on the estimated repair items for Year N as approved by
the competent authority.
e) CTC: Financial costs in Year N
(VND)
Financial costs in Year N include total interest
expenses, bond issuance costs, financial lease expenses, and loan-related fees
payable in Year N. These costs are determined based on contracts, legally
binding documents, and projected loans for production and business activities
in Year N. Foreign exchange rate differences, if any, shall be determined in
accordance with financial accounting regulations.
g) CK: Other monetary costs in Year
N (VND)
Other monetary costs in Year N include land
lease fees, resource taxes, environmental service fees for forests, fees for
water resource exploitation rights, various taxes, fees, meal allowances as per
regulations, and other monetary expenses.
Land lease fees, resource taxes, environmental
service fees for forests, water resource exploitation rights fees, various
taxes, fees, and meal allowances shall be determined in accordance with
prevailing regulations.
Other monetary costs of the power plant in Year N
shall be determined based on audited data from Year N-2 by an independent audit
firm, excluding extraordinary and abnormal costs in Year N-2 (if any). These
costs shall be adjusted annually based on the average Consumer Price Index
(CPI) of the three most recent years prior to the cost determination period, as
published by the central statistical agency. Additionally, reasonable projected
costs arising in Year N that were not accounted for or not fully accounted for
in Year N-2 shall be included.
h) CNL: Fuel costs in Year N (VND)
shall be determined based on input parameters used for planning electricity
supply and national power system operations for Year N and/or fuel purchase
contracts.
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2. For costs determined based on data audited by an
independent audit firm in Year N-2, if audited data from Year N-1 is available,
these costs shall be calculated based on the audited data from Year N-1.
Vietnam Electricity Corporation shall be responsible for establishing the cost
estimates for Year N for dependent-accounting power plants newly commissioned
or newly transferred.
3. If major repairs of power plants specified in
Clause 2, Article 1 of this Circular are conducted centrally through a
dependent accounting repair unit under Vietnam Electricity Corporation, the
costs of this unit shall be determined in the same manner as other dependent
accounting power plants specified in Clause 1 of this Article.
Article 5. Documents for
calculating annual generation costs
1. The reports on the economic and technical
performance of power plants specified in Clause 2, Article 1 of this Circular
shall be prepared by September 30 and estimated for completion by December 31
of Year N-1, including:
a) Reports on electricity output delivered and
average fuel consumption rates for Year N-1;
b) Reports on production and business results,
including cost data for power plants specified in Clause 2, Article 1 of
this Circular, completed as of September 30 and estimated until December 31 of
Year N-1.
2. The cost explanations and calculations for Year N
for power plants specified in Clause 2, Article 1 of this Circular shall
include:
a) Explanations and tables detailing material
costs, outsourced service costs, and other monetary costs estimated for Year
N-1 and projected for Year N, as specified in Points (a), (d), and (g), Clause
1, Article 4 of this Circular;
b) Explanations and tables detailing labor costs as
specified in Point (b), Clause 1, Article 4 of this Circular;
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d) Explanations and tables detailing depreciation
costs and financial costs for Year N, as specified in Points (c) and (e),
Clause 1, Article 4 of this Circular.
3. Supporting documents:
a) Audited financial statements for Year N-2
conducted by an independent audit firm, including the balance sheet,
income statement, cash flow statement, and explanatory notes;
b) Summary of labor data for Year N-1 and the plan
for Year N;
c) Report on major repair works conducted in Year
N-1 and projected repairs for Year N;
d) Fuel purchase contracts and other relevant
documents.
4. If audited financial statements for Year N-1 are
available, the cost data for Year N-1 specified in Clause 2 of this Article
shall be updated based on the audited financial statements for Year N-1.
Chapter III
IMPLEMENTATION
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1. Review the annual generation costs of power
plants specified in Clause 2, Article 1 of this Circular in the electricity
pricing plan.
2. Provide guidance and resolve any issues arising
during the process of calculating the annual generation costs of power plants
specified in Clause 2, Article 1 of this Circular.
Article 7. Responsibilities of
Vietnam Electricity Corporation
Vietnam Electricity Corporation shall be
responsible for implementing the provisions of this Circular.
Article 8. Entry into force
1. This Circular comes into force as of February 1,
2025.
2. Circular No. 26/2017/TT-BCT dated November 29,
2017, of the Minister of Industry and Trade on the method and procedure for
determining the annual costs and electricity prices of strategic multipurpose
hydropower plants, shall be repealed.
3. Clause 3, Article 4 of Circular No.
09/2024/TT-BCT dated July 30, 2024, of the Minister of Industry and Trade on
calculation of the average electricity selling price, shall be repealed./.
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PP. MINISTER
DEPUTY MINISTER
Truong Thanh Hoai