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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.
05/VBHN-BCT
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Hanoi,
February 01, 2023
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CIRCULAR
METHODS OF DETERMINING ELECTRICITY GENERATION PRICES AND
POWER PURCHASE AGREEMENT PRICES
Circular No. 57/2020/TT-BCT
dated December 31, 2020 of the Minister of Industry and Trade on methods of
determining electricity sale prices and procedures for inspecting power
purchase agreements, which comes into force from February 22, 2021, is amended
by:
1. Circular
No. 31/2022/TT-BCT dated November 08, 2022 of the Minister of Industry and
Trade on 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 range 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,
which comes into force from December 28, 2022.
2. Circular
No. 02/2023/TT-BCT dated January 19, 2023 of the Minister of Industry and Trade
on annulment of certain regulations in 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,
which comes into force from January 19, 2023.
Pursuant to Law on
Electricity dated December 3, 2004 and Law on amendments to Law on Electricity
dated November 20, 2012;
Pursuant to Decree No.
98/2017/ND-CP dated August 18, 2017 of the Government of Vietnam on function,
tasks, powers and organizational structure of the Ministry of Industry and
Trade of Vietnam;
Pursuant to Decree No.
137/2013/ND-CP dated October 21, 2013 of the Government of Vietnam elaborating
implementation of certain Articles of the Law on Electricity and the Law on
amendments to certain Articles of the Law on Electricity;
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Minister of Industry and
Trade hereby promulgates a Circular on methods of determining electricity sale
prices and procedures for inspecting power purchase agreements. 1
Chapter
I
GENERAL PROVISIONS
Article
1. Scope and regulated entities
1. This
Circular provides for:
a) Methods of determining
electricity sale prices and power purchase agreement price for various forms of
power plants specified under Clause 2 of this Article.
b) Procedures for conducting
self-inspection of power purchase agreements.
2. This
Circular applies to:
a) Power plants connecting
to national electrical grids with more than 30MW of gross installed capacity
and power plants with 30MW of installed capacity or lower participating in
electricity market on a voluntary basis;
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c) This Circular does not
apply to small hydroelectric power plants adopting schedules of avoidable
costs, multi-objective strategic hydroelectric power plants independent power
plants invested in form of BOT, power plants providing solely auxiliary
services, biomass power plants, wind power stations, solar power plants,
waste-to-energy plants and municipal solid waste-to-energy plants;
Other power plants not
specified by Prime Minister and Ministry of Industry and Trade shall conform to
Article 9 of this Circular.
Article
2. Term interpretation
For the purposes of this
Circular, the terms below are construed as follows:
1. “Seller”
refers to a generating entity owning power plants.
2. “Buyer”
refers to Vietnam Electricity (EVN) (or representatives
thereof by authorization), Northern Power Corporation, Central Power
Corporation, Southern Power Corporation, Hanoi Power Corporation, Ho Chi Minh
Power Corporation, primary energy consumers and other electricity traders according
to regulations of power market.
3. “project
developer” refers to an organization or individual directly managing,
utilizing capital to invest in power plant construction projects, power line
and electrical substation construction investment projects.
4. “connection
costs” refer to costs for construction of power lines and electrical
substations from power plants to connection points.
5. “specific
connection costs” refer to costs implemented by project developers or allocated
for:
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b) Constructing power lines
and electrical substations from power plants to connection points according to
agreements between project developers and the Buyer.
6. “connection
point” refers to a point at which electrical equipment, electrical
grids and power plants are connected to national electrical grid. Depending
on electrical grid structure and connecting lines, connection points are
determined to be:
- The
final points of ceramic insulators holding transmission lines connecting to
disconnector switches of power stations or power plants in case of overhead
power lines.
- The
ceramic insulators of disconnector switches of power stations or power plants
in case of underground cable.
In case of connection points
other than those specified above, substitute connection points shall be agreed
upon by the Seller and power distributors or transmitters.
7. “delivered
and received electricity” refers to electricity provided to the
Buyer by the Seller to serve payment for electricity sale between the Buyer and
the Seller.
8. “generating
entity” refers to an organization or individual owning at least a
power plant as per Vietnam laws.
9. “electrical
system and national electricity market operator” (hereinafter referred to as
“operator”) refers to National Load Dispatch Center or other load
dispatch centers depending on level of development of electricity market.
10. “parties”
refer to the Buyer and the Seller under power purchase
agreements.
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12. “power
purchase agreement (PPA)” refers to a contract serving power
purchase of each power plant and is specified under Annex 3 of this Circular.
13. “gas
sale and purchase agreement (GSPA)” refers to a gas purchase
agreement between gas seller and mine owner to purchase natural gas extracted
domestically and provide to gas buyer (downstream consumers).
14. “gas
sale agreement (GSA)” refers to gas sale agreement between gas
seller and downstream consumers.
15. “fuel
(coal, natural gas, LGN) sale contract” refers to an agreement between
a generating entity and a fuel trading entity to provide fuel for power plants,
is signed according to applicable law and guarantees legitimate fuel origin,
competitive price and transparency.
16. “fuel
(coal, natural gas, LGN) transportation agreement” refers
to an agreement between a generating entity or a fuel trading entity and a fuel
transport service provider to transport fuel to power plants, is signed
according to applicable law and guarantees competitive price and transparency.
17. “base
year” refers to a year in which total investment or total revised
project investment for calculating electricity generation price is approved.
18. “other
power plants” refer to power plants not specified under Points a and c
Clause 2 Article 1 hereof.
19. “new
power plants” refer to power plants that have not signed first time PPA.
20. “construction
commencement date” refers to the date on which the Seller is eligible for
commencing construction according to Construction Law.
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22. “total
investment” refers to total construction investment of a project
identified according to applicable laws and satisfactory to fundamental design
and other details under construction investment feasibility reports. Total
investment includes: compensation, assistance and relocation costs (if any);
construction cost; equipment cost; project management cost; construction
investment and consultancy cost; other costs; backup costs for additional
workload and inflation.
23. “total
revised investment” refers to total investment valid at the time of negotiating
electricity price, in which total investment is revised to calculate
electricity price when revising construction investment projects in following
cases:
+ Natural disasters,
environmental emergencies, conflicts, fire and other force majeure;
+ Appearance of factors that
introduce higher effectiveness for the projects once project developers have
proven the financial and socio-economic efficiency brought upon by revising the
projects;
+ Direct impact on the
projects due to changes to construction planning;
+ Construction price indices
publicized by Ministry of Construction, People’s Committees of provinces during
project execution period exceeding construction price indices employed to
calculate for inflation scenario under approved total project investment;
+ Project revision as a
result of investment guideline revision.
24. “investment
for settlement” refers to all legitimate costs required in investment process
to bring projects into use. Legitimate costs are all costs within the scope of
approved projects, designs, estimates; construction contracts signed as per the
law, including approved amendments thereto. Investment for settlement must be
within total approved (or revised) investment as per the law.
25. “Circular
No. 56/2014/TT-BCT” refers to Circular No. 56/2014/TT-BCT dated December 19, 2014
of Minister of Industry and Trade on methods of determining electricity
generation price; procedures for inspecting power purchase agreements.
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METHODS OF DETERMINING ELECTRICITY GENERATION PRICE
Section
1. METHODS OF DETERMINING ELECTRICITY GENERATION PRICE FOR NEW POWER PLANTS
Article
3. Principles of determining electricity generation price
1. Electricity
generation price of power plants shall be developed on the basis of:
a) Legitimate costs of
project developers throughout economic life of projects;
b) Internal rate of return
(IRR), which does not exceed 12%.
2. Electricity
generation price of power plants consists of:
a) PPA price: Agreed upon by
both parties and developed according to Article 4 of this Circular;
b) Specific connection
price: Agreed upon by both parties and determined according to Article 8 of
this Circular.
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4.2 Power
purchase agreement price for comparing with electricity generation price range
in the base year
a) Power purchase agreement
(PPA) price must be within price range for electricity generation in the base
year of power plants issued by Minister of Industry and Trade, in which, PPA
price of thermal power plants for comparing with price range for electricity
generation in the base year shall be calculated on the basis of cost components
corresponding to cost components serving calculation of price range for
electricity generation.
In case the base year of a
thermal power plant lacks electricity generation price range, PPA price of the
thermal power plant shall be calculated on the basis of corresponding cost
components in order to compare with electricity generation price range of the
latest year applied to the power plant;
b) In case projects have
commenced without entering into PPA before the effective date hereof:
PPA price must vary within
electricity price range in the PPA negotiation year, in which PPA price of
thermal power plants for the purpose of comparing with electricity generation
price range shall be calculated on the basis of cost components corresponding
to cost components serving calculation of electricity generation price range.
Article
4. Methods of determining PPA price in the base year of power plants
PPA price, or PC, (VND/kWh)
shall be determined using following formula:
PC
= PCD + PBD
1. PCD
(VND/kWh) refers to fixed price in the base year and is determined using
following formula:
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Where:
FC: Fixed cost determined
under Article 5 of this Circular (VND/kWh);
FOMCb:
Operational and maintenance costs in the base year determined under Article 6
of this Circular (VND/kWh);
2. PBĐ
(VND/kWh) refers to variable prices in the base year.
a) For thermal power plants,
PBD shall be determined using following formula:
Where:
: Variable
price revised according to variation of cost of primary fuel (coal, natural
gas, LNG) of power plants in the base year, determined using method under
Clause 1 Article 7 of this Circular (VND/kWh);
: Variable
price revised according to variation of cost of secondary fuel (oil) of power
plants in the base year, determined using method under Clause 2 Article 7 of
this Circular (VND/kWh);
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: Transportation
cost for primary fuel for generating electricity in the base year, determined
using method under Clause 4 Article 7 of this Circular (VND/kWh).
b) For thermal power plants,
regular maintenance cost in the base year is calculated in operational and
maintenance cost according to major repair cost and other costs of the base
year, thus, PBD equals 0.
3. Costs
for experimenting, testing operation and inspecting for acceptance of power
plants:
a) For costs for
experimenting, testing operation and inspecting for acceptance deriving before
commercial operation date (COD): payment for such costs before the COD shall be
agreed upon by both parties on the basis of total approved project investment;
b) For costs for test
operation deriving during operation of power plants: Agreed upon by both
parties.
Article
5. Methods of determining average fixed cost of power plants
1. Average
fixed cost (FC) of power plants is determined on the basis of financial
analysis of projects in Schedules 1 and 2 under Annex 2 attached to this
Circular. Input indices to determined FC of power plants are determined
according to Clause 2 of this Article.
2. Input
indices used for calculating FC of power plants
a) Total investment:
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- Power
plants;
- Infrastructure,
wharfs for power plants, LNG import ports (for power plants utilizing LNG),
other relevant costs and costs allocated to projects (if any);
Specific connection costs
shall conform to Article 8 of this Circular.
b) Economic life: Conform to
Annex 1 of this Circular, unless otherwise prescribed by competent authority;
c) Electricity generated on
average over multiple years at generator terminals:
- For
thermal power plants: Determine according to capacity of generator terminals
according to approved design and average number of hour in which power plants
are operating at maximum capacity (Tmax) over several years. Tmax
of power plants is determined according to approved design but must not be
lower than Tmax specified under Annex 1 hereof, unless otherwise
approved by competent authority in writing. Average
capacity degradation rate for economic life of power plants shall be agreed
upon by both parties on the basis of technical documents of equipment
manufacturers (kWh);
- For
hydroelectric power plants: Determine according to approved fundamental design
or written approval of competent agencies (kWh).
d) Percentage of used
electricity and depreciation of step-up transformers of power plants,
depreciation of power lines from step-up transformers of power plants to points
of connection (if any): Is a value smaller than value determined according to
approved fundamental design of power plants or according to technical documents
of equipment manufacturers (%);
dd) Period in which
depreciation of each primary fixed asset category is accounted for: Determined
on the basis of period in which depreciation of each primary fixed asset
category is accounted for based on the period regulated by Ministry of Finance
from time to time or based on written permission of competent regulatory
authority (if any) (year);
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Determined according to
decision on approving investment projects and capital mobilization situation at
the time of negotiating, conforming to regulations and law issued by competent
authority. Minimum owner’s equity shall be 15% of total investment of
projects;
g) Interest rate and
repayment period during operation period: Based on loan agreements, documents
between project developers and credit institutions, lending banks;
h) Corporate income tax
rate, other taxes, fees: Determined according to relevant law provisions.
Article
6. Methods of determining operational and maintenance costs of power plants
Operational and maintenance
cost in the base year FOMCb (VND/kWh) is determined using following
formula:
Where:
: Operational and
maintenance cost according to major repair cost and other costs of the base
year, determined according to Clause 1 of this Article (VND/kWh);
: Operational
and maintenance cost according to personnel cost in the base year, determined
according to Clause 2 of this Article (VND/kWh).
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(VND/kWh)
Where:
TCscl: : Total
major repair cost and other costs in the base year including major repair cost,
secondary material costs, externally purchased material cost, other monetary
cost (VND).
In case of failure to
determine total major repair cost and other costs after using formula under
this Clause, TCscl in the base year is calculated using following
formula:
TCscl
= VĐTXD+TB x kscl
Where:
VĐTXD+TB : Total
construction costs and equipment costs determined on the basis of total
investment specified under Point a Clause 2 Article 5 of this Circular (VND);
kscl: Percentage
of major repair cost and other costs (%) of power plants agreed upon by both
parties and not exceeding value under Annex 1 hereof;
AGN : Average
power generated over multiple years at delivery points between the Buyer and
the Seller (kWH) and calculated as follows:
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Where:
Pt: Generator
terminal capacity under approved design (kW);
Tmax : Average
hours in which power plants operate at maximum capacity, determined according
to Point c Clause 2 Article 5 hereof (hour);
ttd: Percentage
of electricity used and depreciation of step-up transformers of power plants,
power line depreciation from step-up transformers to connection points with
national electrical grids, determined according to Point d Clause 2 Article 5
hereof (%);
kCS: Average
percentage of capacity degradation for economic life of power plants determined
according to Point c Clause 2 Article 5 hereof (%).
- For hydroelectricity power
plants:
Where:
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ttd: Percentage
of electricity used and depreciation of step-up transformers of power plants,
power line depreciation from step-up transformers to connection points with national
electrical grids, determined according to Point d Clause 2 Article 5 hereof
(%).
2. Operational
and maintenance cost based on personnel cost in the base year 
(VND/kWh) is determined using
following formula:
(VND/kWh)
Where:
TCnc: Total
personnel cost in the base year include cost for salary, social insurance,
health insurance, union fee and other allowances (VND);
Total personnel cost TCnc
of the base year is determined on the basis of total personnel cost of power
plants and calculation to covert to the base year as follows:
- In
case salary for calculating personnel cost of power plants equals region-based
minimum wage of the year in which electricity price is calculated: Conversion
rate conforms to region-based minimum wage;
- In
case of inability to determine total personnel cost as specified above: Adopt
following formula to calculate the total personnel cost TCnc of the
base year:
TCnc=
VĐTXD+TB x knc
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VĐTXD+TB : Total
construction costs and equipment costs determined on the basis of total
investment specified under Point a Clause 2 Article 5 of this Circular (VND);
knc: Percentage
of personnel cost (%) of power plants agreed upon by both parties without
exceeding value under Annex 1 hereof;
AGN : Average
power generated over multiple years at delivery points between the Buyer and
the seller and calculated according to Clause 1 of this Article (kWh);
Article
7. Methods of determining variable price of thermal power plants
Variable price, PBD,
of thermal power plants in the base year (VND/kWh) is determined using
following formula:
Where:
: Variable
price revised depending on variation of primary fuel price of power plants in
the base year, determined using method under Clause 1 of this Article
(VND/kWh);
: Variable
price adjusted depending on variation of secondary fuel price (oil) of power
plants in the base year, determined using method under Clause 2 of this Article
(VND/kWh);
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: Transportation
cost for primary fuel for generating electricity in the base year, determined
using method under Clause 4 of this Article (VND/kWh).
1. Variable
price adjusted depending on variation of primary fuel price of power plants in
the base year 
, is
determined using the following formula:
(VND/kWh)
Where:
: Average
net heat loss rate of primary fuel agreed upon by both parties and not greater
than fundamental design/technical design corresponding to total investment for
calculation of electricity price or specifications of equipment manufacturers,
determined corresponding to load level under Annex 1 hereof;
: Primary
fuel price in the base year is determined as follows: Primary fuel price in the
base year is calculated by weighted average of PPA or written agreements (VAT
not included), unit of measurement: VND/kcal or VND/kJ or VND/BTU.
2. Variable
price adjusted depending on variation of secondary fuel price of power plants
in the base year 
, is
determined using the following formula:
(VND/kWh)
Where:
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: Price
of secondary fuel (oil) in the base year includes costs for transporting to
power plants and other fees as per the law (VAT not included) (VND/kg).
3.3 Variable
price adjusted depending on other variations of power plants in the base year 
is determined using the
following formula:
(VND/kWh)
Where:
: Total annual
auxiliary material cost of power plants determined based on quantity and unit
price of auxiliary materials used for electricity generation in the base year
(VND); If data required for the calculation of total annual
auxiliary material costs in the base year is insufficient, the costs components
can be calculated using data from a year with sufficient data and converted to
the base year at a rate of 2,5%/year;
Ckd: Total
initiation costs include fuel costs, other costs serving initiation (VND);
number of initiation sessions agreed upon by both parties on the basis of
electrical grid demand and operational characteristics of power plants; If
data required for the calculation of total initiation costs in the base year is
insufficient, these costs can be calculated using data from a year with
sufficient data and converted to the base year at a rate of 2,5%/year;
Ck: Annual
regular repair and maintenance costs including regular repair and maintenance
costs calculated on the basis of total construction and equipment investment of
power plants, percentage of regular repair and maintenance costs agreed upon by
both parties without exceeding value under Annex 1 hereof and costs for
dredging port entry agreed upon by both parties (if any) (VND). If
data required for the calculation of navigation channel dredging costs in the
base year is insufficient, these costs can be calculated using data from a year
with sufficient data and converted to the base year at a rate of 2,5%/year;
AGN : Average
electricity generated over multiple years at delivery points between the Buyer
and the Seller and calculated according to Clause 1 Article 6 hereof (kWh).
4. Transportation
cost for primary fuel of power plants in the base year 
is determined using following formula:
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Where:
: Average net heat loss
rate determined according to Clause 1 Article 7 hereof.
: Transportation
price for primary fuel for generating electricity in the base year (VAT not
included), unit of measurement: VND/kcal or VND/kJ or VND/BTU and determined as
follows:
- For
coal-fired thermal power plants: weighted average according to coal
transportation agreements or written agreements;
- For
gas-fired thermal power plants: weighted average according to fees for
collecting, transporting and distributing gas approved by competent authority
as per the law or according to written agreements.
- For
LNG-fired thermal power plants: weighted average according to LNG
transportation agreements, LNG storage, regasification and distribution
contracts (if any) or other written agreements.
For fuel sale contracts in
which primary fuel price, 
, has inlcuded transportation price for
primary fuel, fees for collection, transportation, distribution, storage and
regasification, respective 
shall equal 0.
Article
8. Methods of determining specific connection prices of power plants
1. Specific
connection prices (PDT) serve to salvage specific connection costs
implemented by project developers of power plants or is allocated and agreed
upon with the Buyer on the basis of specific connection costs, investment
capital components, loan interest during operation period according to loan
agreements, costs for managing, operating and maintaining and other factors
according to agreement between both parties to ensure that project developers
recover costs for constructing, managing, operating and maintaining as per the
law. Unit of measurement: VND/kWh or VND/kW or VND/month.
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3. Specific
connection costs shall be considered legitimate costs and included in
electricity purchase costs in formulating average electricity retail pricing
plans of EVN.
Article
9. Methods of determining electricity generation price for other power plants
For other power plants,
based on principles under Section 1 of this Chapter, the Buyer and the Seller
shall develop electricity generation pricing plans and PPA depending on
practical situations of power plants, request Electricity Regulatory Authority
of Vietnam and report to Ministry of Industry and Trade for consideration and
decision.
Section
2. METHODS OF DETERMINING ELECTRICITY GENERATION PRICE OF POWER PLANTS ENTERING
COMMERCIAL OPERATION
Article
10. Methods of determining electricity generation price for power plants with
expired PPAs and power plants with unexpired economic life
For power plants with
expired PPAs and unexpired economic life: Electricity generation price under
current PPAs shall continue to apply to subsequent years until economic life
expires.
Article
11. Methods of determining electricity generation price for power plants with
expired economic life
1. Fixed
price of power plants with expired economic life is determined in a manner that
enables power plants to recover costs serving electricity production, according
to period for calculation shall conform to frequency of major repair of primary
equipment and according to agreement on reasonable interest. In
case competent regulatory authority approves period for calculation in writing,
comply with written approval of competent regulatory authority.
2. Variable
price of power plants with expired economic life is determined according to
Article 7 hereof.
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Article
12. Methods of determining electricity generation price for power plants under
renegotiation based on settled investment capital
For power plants where both
parties have the rights to renegotiate electricity price based on settled
investment capital according to Clause 2 Article 28 hereof: After determining
settled investment capital, the Seller is responsible for sending documents
related to settled investment capital to the Buyer. Both
parties shall renegotiate electricity price based on following principles:
1. Methods
of determining PPA value according to Article 4 hereof.
2. Indicators
for calculating PPA price shall conform to Article 4 hereof and input
indicators are updated at the same time settled investment capital is
determined.
3. PPA
price for comparing with price range for electricity generation must be within
the price range of the year in which settled investment capital is approved.
4. Electricity
generation price shall be applied from the commercial operation date of power
plants, fixed price of each year according to Article 13 hereof; do not revise
annual fixed price of years preceding the date on which parties sign contracts
for revising PPA based on electricity price identified on the basis of settled
investment capital.
5.4 The base year
of power plants negotiating electricity price under finalized investment
capital shall be the year in which the investment capital is finalized.
Section
3. METHODS OF DETERMINING POWER PURCHASE AGREEMENT VALUE BY EACH YEAR OF PPAs
Article
13. Principles of determining annual fixed price of power purchase agreements
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In case both parties agree
on converting average fixed price to fixed price of each year, these fixed
prices must be determined in a manner satisfactory to Clause 2 of this Article.
2.5 On the basis
of practical loan capacity and financial capacity of projects, both parties
shall negotiate about average fixed price of power plants and convert to annual
fixed cost (FCj: fixed cost of year j) as long as average fixed cost does not
change compared to mutually agreed value and following principles are complied:
a) Financial discount rate
when calculating annual fixed price agreed by both parties using the IRR of
power plants;
b) Projects developers shall
return loans for investment and construction of power plants according to
deadline for repaying loan capital.
Article
14. Principles of adjusting electricity generation price of each year under
power purchase agreements
1. Operational
and maintenance costs of power plants shall be adjusted according to following
principles:
a) Operational and
maintenance costs according to major repair costs and other costs shall be
adjusted based on inflation rate of average costs under Annex 1 hereof. Both
parties shall conduct research, propose solutions for adjusting operational and
maintenance costs according to major repair costs and other costs for items in
foreign currency;
b) Operational and
maintenance costs according to personnel costs shall be adjusted based on
variation of minimum region-based wages at the time of payment or based on CPI
publicized by General Statistics Office of Vietnam without exceeding 2.5%/year.
2. On
an annual basis, based on total loan in foreign currency, plans for repaying
loan in foreign currency, figures on principle debt paid in practice,
conversion rate agreed upon by both parties in electricity pricing plan and
conversion rate of the previous year, both parties shall calculate difference
in rates, propose payment solutions, send to Electricity Regulatory Authority
of Vietnam and request Ministry of Industry and Trade to consider approving
payment solutions.
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Where:
m: Number of foreign
currency in electricity pricing plan on which both parties agree (number);
n: Number of times principle
debt in foreign currency i paid in calculating year (time);
Di,j: Number
of principle debt in foreign currency paid for the jth time foreign
currency i in practice in calculating year. Principle
debt in foreign currency i paid in practice in calculating year must not be
greater than principle debt in foreign currency i in respective year in the
electricity pricing plan agreed upon by both parties;
Conversion rate in
the jth payment of foreign currency i in the year (.../VND);
Base
conversion rate of foreign currency i agreed upon by both parties under the
electricity pricing plan (.../VND).
Article
15. Methods of determining PPA price of power plants at the time of payment
PPA price of a power plant
at the time of paying electricity bill in month t, year j: PC,j,t (VND/kWh)
is determined using following formula:
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Where:
FCj: Fixed cost
in year j determined according to Clause 1 of this Article (VND/kWh);
FOMCj,t:
Operational and maintenance cost in month t, year j determined according to
Clause 2 of this Article (VND/kWh);
: Variable price in
month t, year j determined according to Clause 3 of this Article (VND/kWh).
1. Fixed
cost in year j FCj determined according to Article 13 hereof.
2. Operational
and maintenance cost in month t, year j is determined using following formula:
Where:
: Operational and
maintenance cost according to the major repair cost and other costs in year j
(VND/kWh);
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a) Operational and
maintenance cost according to the major repair cost and other costs 
, is determined using the
following formula:
Where:
: Operational and
maintenance cost according to the major repair cost and other costs in the base
year determined according to Clause 1 Article 6 hereof;
i: Inflation rate of the operational
and maintenance cost according to the major repair cost and other costs specified
under Annex1 hereof;
Order of payment year
from the base year (for base year, 
=1)
b) Operational and
maintenance cost according to the personnel cost in month t, year j 
, is determined as
follows:
- In
case the wage calculated in the electricity pricing plan equal the minimum
region-based wage, apply the following formula:
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: Operational and
maintenance cost according to the personnel cost in the base year determined
according to Clause 2 Article 6 hereof;
: Minimum region-based
wage at the time of payment in month t, year j (VND/month);
: Minimum region-based
wage in the base year (VND/month).
- In
case the total personnel cost TCnc is calculated based on
construction and equipment investment, apply following formula (VND/kWh):
Where:
: Operational
and maintenance cost according to the personnel cost in the base year,
determined according to Clause 2 Article 6 hereof;
: Inflation rate of the
operational and maintenance cost according to the personnel cost, determined
based on consumer price index (CPI) in year (j-1) compared to year (j-2)
publicized by General Statistics Office of Vietnam in December of year (j-1)
without exceeding 2.5%/year;
Order of payment year
starting from the base year (for the base year: = 1, 
= 0).
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Where:
: Variable price
adjusted according to variation of the primary fuel price of the thermal power
plant in month t, year j, determined according to Point a of this Clause
(VND/kWh);
: Variable price
adjusted according to variation of the secondary fuel (oil) price of the
thermal power plant in month t, year j, determined according to Point b of this
Clause (VND/kWh);
: Variable price adjusted
according to variation of other variations of the power plant in the base year,
determined according to Point c of this Clause (VND/kWh).
: Transportation cost
for primary fuel of the power plant in month t, year j, determined according to
Point d of this Clause (VND/kWh).
a) Variable price adjusted
according to variation of the primary fuel price of the power plant in month t,
year j 
, is determined
using the following formula:
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kHR: Coefficient
for average net heat loss rate for actual operating conditions depending on
temperature of coolant and ambient temperature agreed upon by both parties;
kHS: Percentage
of capacity reduction in year j (%);
Year of commercial
operation of the power plant;
: Primary fuel price
for electricity generation at the time of payment in month t, year j,
determined by weighted average based on quantity of invoices under fuel sale
contracts at the time of calculation.
b) Variable price adjusted
according to variation of the secondary fuel (oil) price of the power plant in
month t, year j 
, is
determined using the following formula:
Where:
: Variable price
adjusted according to variation of secondary fuel (oil) prices of power plants
in the base year, determined under Clause 2 Article 7 hereof;
kHS: Percentage
of capacity reduction in year j (%);
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: Secondary fuel (oil)
price for electricity generation including the fee for transporting to the
power plant at the time of payment in month t, year j;
: Secondary fuel (oil)
price for electricity generation in the base year determined under Clause 2
Article 7 hereof.
c)6 Variable cost
adjusted according to other variations of the power plant in the year j 
, is determined using the
following formula:
Where:
: Variable cost
adjusted according to other variations of the power plant in the base year
determined under Clause 3 Article 7 hereof;
i: Inflation rate of the
variable price adjusted according to other variations based on the rate under
Appendix I hereof;
kHS: Percentage
of capacity reduction in year j (%);
Year of commercial
operation of the power plant (starting from commercial commencement date of the
power plant). The first commercial operation year of the power plant starts
from commercial commencement date of the first genset to the end of the first
commercial operation year, 
);
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d) Fee for transporting
primary fuel of the power plant in month t, year j 
(VND/kWh), is determined using following
formula:
Where:
: Average net heat loss
rate determined according to Clause 1 Article 7 hereof.
kHR: Coefficient
for average net heat loss rate for actual operating conditions depending on
temperature of coolant and ambient temperature agreed upon by both parties;
kHS: Percentage
of capacity reduction in year j (%);
Year of commercial
operation of the power plant;
: Fee for transporting
primary fuel at the time of payment in month t, year j, determined by weighted
average based on quantity of invoices according to fuel transport agreements,
LNG storage, regasification and distribution contracts (if any) (VATnot
included), to be specific:
- For
coal-fired thermal power plants: weighted average according to coal
transportation agreements;
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- For
LNG-fired thermal power plants: weighted average according to LNG
transportation agreements, LNG storage, regasification and distribution
contracts (if any).
For fuel sale contracts
already including primary fuel transportation prices, primary fuel
transportation prices 
shall equal 0.
4. Total
cost for initiation in month t of the thermal power plant 
(VND), is determined using following
formula:
Where:
u: Genset order of the power
plant;
U: Number of gensets of the
power plant;
f: Type of fuel (for primary
fuel f = 1; secondary fuel f = 2);
s: Initiation status of
genset;
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pu,f,s:
Number of ignitions of genset u, use fuel f, in initiation status s in the
month;
Mu,f,s:
Consumption mass of coal fuel (kg) for coal-fired power or dissipated heat of
gas (BTU) for gas turbines for a single instance of initiation of genset u,
using fuel f in initiation status s;
Du,f,s: Fuel unit
price for a single instance of initiating genset u, using fuel f, in initiation
status s, determined in VND/kg for coal and VND/BTU for gas;
: Total of other costs for a
single instance of initiation, calculated in VND.
Payment for the initiation
cost of the thermal power plant shall comply with regulations on electricity
market promulgated by Ministry of Industry and Trade.
Chapter
III
PROCEDURES FOR NEGOTIATING AND INSPECTING OF POWER PURCHASE
AGREEMENTS
Article
16. Adoption of model power purchase agreements
1. For
new power plants and power plants negotiating according to Article 10 hereof,
on the basis of model power purchase agreements under Annex 3 hereof, the
Buyers and the Sellers shall negotiate and add clauses depending on practical
situations of power plants (if necessary).
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Article
17. Procedures for negotiating power purchase agreements
1. 7 (annulled)
2. The
Sellers are responsible for preparing applications for power purchase agreement
negotiation and send them to the Buyers for negotiation and adoption of
procedures for signing power purchase agreements.
3. Within
15 working days from the date on which adequate written applications from
project developers are received, the Buyers are responsible for organizing
power purchase agreement negotiation with the Sellers. At
the end of negotiation process, both parties shall initial the draft power
purchase agreements.
4. After
draft power purchase agreements have been initialed, the Buyers and the Sellers
shall agree and be responsible for reporting to Electricity Regulatory
Authority of Vietnam.
Article
18. Applications for power purchase agreement negotiation
1. Applications
for power purchase agreement negotiation applied to new power plants include
but are not limited to:
a) Official Dispatches
requesting power purchase agreement negotiation;
b) Draft power purchase
agreements using form under Annex 3 hereof and proposed revisions depending on
practical conditions of power plants (if any);
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d) Decisions on investing in
construction, attached explanations and reports on appraisal of power plant
investment projects of independent consultants, enclosures;
dd) Decisions on approving
total investment for the first time or revised total investment of projects
valid at the time of negotiating electricity price and primary contents in
fundamental designs of investment projects relating to power purchase agreement
negotiation, appraisal reports on fundamental designs;
e) Agreements on connecting
power plants to national grids together with connection solutions; agreements
on SCADA/EMS and regulating information systems; agreements on protective and
automatic relay systems;
g) Loan agreements or
documents between project developers and creditors, plans or facts of
disbursement of loans;
h) Fuel supply contracts for
power plants, specifying fuel prices for electricity generation, fuel
transportation costs, LNG storage, regasification and distribution costs and
additional costs, fuel delivery points and deadlines for fuel supply;
i) Documents on calculating
capacity and electricity loss of transformers and power lines from step-up
transformers to connection points with national electrical grids and documents
on electricity used in power plants;
k) Documents on calculating
net heat loss rates for thermal power plants;
l) Power sales pricing plans
determined according to Section 1 and Section 3 Chapter II hereof;
m) Other relevant documents.
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a) Official Dispatches
requesting power purchase agreement negotiation;
b) Draft power purchase
agreements using form under Annex 3 hereof;
c) Available documents on
power purchase agreements;
d) Technical documentation
of power plants, technical specifications of SCADA/EMS systems, protective and
automatic relays, machine P-Q operational characteristics;
dd) Fuel supply contracts
for power plants;
e) Power sales pricing plans
of power plants determined according to Section 1, Section 2, and Section 3
Chapter II hereof;
g) Audited financial
statements of power plants of the nearest year from the date of negotiating
power purchase agreements.
Article
19. Procedures for inspecting power purchase agreements
1. After
negotiating power purchase agreements, both parties shall agree and be
responsible for submitting reports on inspection of power purchase agreements
and documents under Article 18 hereof to Electricity Regulatory Authority of
Vietnam.
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3. Within
30 working days from the date on which adequate applications for inspection of
power purchase agreements are received, Electricity Regulatory Authority of
Vietnam is responsible for examining and providing feedback on power purchase
agreements.
4. Within
30 working days from the date on which feedback on power purchase agreements
are provided, both parties are responsible for officially signing the power
purchase agreements. In case Electricity Regulatory Authority of Vietnam fails to
provide feedback on power purchase agreements before the deadline under Clause
3 of this Article, both parties may officially sign the power purchase
agreements based on clauses agreed upon. The
Buyers are responsible for sending 1 copy of signed power purchase agreements
to Electricity Regulatory Authority of Vietnam for storage and implementation
monitoring.
5. In
case electricity prices under Clause 4 Article 3 hereof according to
recommendations of the Sellers exceed the electricity generation price range
promulgated by Minister of Industry and Trade, both parties are responsible for
reporting, explaining and proposing solutions to enable Electricity Regulatory
Authority of Vietnam to consider and report to Minister of Industry and Trade.
Article
20. Revision of power purchase agreements in case of changes to regulations and
policies promulgated by competent authority
1. In
case changes to regulations and policies promulgated by competent authorities
affect legal benefits of the Buyers or the Sellers in a negative manner, both
parties hold the right to renegotiate electricity generation prices.
2. In
case the Sellers are assigned to invest in upgrade and renovation of power
lines and electrical substations according to planning, both parties hold the
right to negotiate additional specific connection costs to enable project
developers of power plants to recover construction, management, operation and
management costs as per the law.
3. In
case active power plants must be invested for renovation and upgrade to meet
national technical regulations on environment, the Sellers and the Buyers must
add these costs to electricity prices of power plants. Calculation
of electricity prices shall conform to methods agreed upon by both parties
under signed power purchase agreements, and be reported to Ministry of Industry
and Trade and Electricity Regulatory Authority of Vietnam.
4. In
case solutions developed by power plants for disposing, selling ashes and slags
are approved by competent authorities to be satisfactory to refuse, emission
and environmental protection standards, the Buyers and the Sellers shall add
these costs to costs for disposing, selling ashes and slags which are specific
costs for disposing, selling ashes and slags under power purchase agreements
following these principles: (i) Investment scope, procedures for ash and slug
disposal must be approved by competent authorities; (ii) Selection of entities
for disposing ashes and slags of power plants must conform to regulations and
law, ensure competitiveness and transparency; (iii) Both parties shall settle
costs for disposing ashes and slags according to practical situations of the
previous year. Revenues generated from sale of ashes and slags of power
plants shall be utilized to reimburse costs for disposing ashes and slags and
reduce electricity price of power plants.
Chapter
IV
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Article
21. Responsibilities of Ministry of Industry and Trade
1. Guiding
natural gas consumption mechanisms in power purchase agreements conforming to
regulations under gas sale and purchase agreements and gas sale agreements
approved by competent authorities.
2. Deciding
on paying for differences in rates of power plants.
Article
22. Responsibilities of Electricity Regulatory Authority of Vietnam
1. Examining
and providing feedback on power purchase agreements and revisions of power
purchase agreements of power plants.
2. Guiding
and dealing with difficulties arising during negotiation on power purchase
agreements between parties.
3. On
an annual basis, consolidating feedback of entities regarding input figures for
calculating power purchase agreement prices specified under Annex 1 hereof and
proposing to Minister of Industry and Trade for consideration, decision and
revision (if any).
4. Dealing
with conflicts that arise during execution of power purchase agreements in case
both parties agree to settle conflicts at Electricity Regulatory Authority of
Vietnam.
5. Examining,
consolidating and reporting to Ministry of Industry and Trade to consider
paying for difference in rates among power plants after receiving reports of
EVN.
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1. Before
January 31 each year, taking charge and cooperating with the Buyers and the
Sellers in calculating difference in rates in execution of power purchase
agreements of the previous year according to Clause 2 Article 14 hereof, and
reporting to Electricity Regulatory Authority of Vietnam.
2. On
an annual basis, considering and requesting Electricity Regulatory Authority of
Vietnam to revise input figures for calculating power purchase agreement prices
according to Annex 1 hereof and other contents in this Circular (if any).
Article
24. Responsibilities of the Buyers
1. Agreeing
with the Sellers on redistributing specific connection costs to project
developers of power plants connecting to power lines, electrical substations
and revising specific connection costs (if any) to enable the Sellers to
recover construction, management, operation and maintenance costs for power
lines and electrical substations as per the law.
2. Negotiating
power purchase agreements with the Sellers; being responsible and guaranteeing
accuracy, legitimacy of provided figures and documents. Agreeing
with the Sellers on submitting reports on inspection of power purchase
agreements to Electricity Regulatory Authority of Vietnam as per the law
3. Before
January 15 each year, taking charge and cooperating with the Sellers in
calculating difference in rates in execution of power purchase agreements of
the previous year according to Clause 2 Article 14 hereof, providing to EVN and
reporting to Electricity Regulatory Authority of Vietnam.
Article
25. Responsibilities of the Sellers
1. Negotiating
with the Buyers, reporting to Electricity Regulatory Authority of Vietnam
regarding inspection and signing of power purchase agreements as per the law8;
being responsible and ensuring accuracy, legitimacy of provided figures and
documents.
2. Developing
construction investment projects for power lines and electrical substations to
load capacity of power plants when assigned to implement construction
investment by competent authorities according to national electricity
development plannings and provincial plannings (if any). Power
lines and electrical substations must operate and load all capacity and
electrical production of power plants in vicinity according to approved plans.
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4. Agreeing
with project developers of power plants on distributing and revising specific
connection costs to enable project developers to recover construction,
management, operation and maintenance costs for power lines and electrical
substations as per the law.
5. Being
responsible for managing, operating and maintaining power lines and electrical
substations within their investment and construction capacity as per the law.
6. Providing
adequate information, being responsible, ensuring accuracy and legitimacy of
figures and documents provided to relevant entities and agencies during power
purchase agreement negotiation and inspection process.
7. The
Sellers is responsible for selecting fuel suppliers and/or transporters
according to bidding laws, other regulations and law and legally responsible
for ensuring equality, competitiveness and transparency except for following
cases:
(i) The Sellers have signed
mid-term or long-term fuel supply contracts with fuel suppliers;
(ii) Natural gas supply
contracts and fees for collecting, transporting and distributing natural gas
conform to regulations of competent authorities.
In case of inability to
select fuel transporters via bidding due to special reasons (other than
exceptions 7.i and 7.ii above), the Sellers are responsible for negotiating
with fuel suppliers or fuel transporters (depending on cases under Article 26
of this Circular) according to unit prices promulgated by competent authorities;
if unit prices have not been promulgated by competent authorities, the Sellers
are responsible for negotiating with fuel suppliers or transporters (depending
on cases under Article 26 of this Circular) according to unit prices calculated
on the basis of internal unit prices of selected fuel transporters, ensuring
effectiveness, competitiveness and not exceeding unit prices of other transport
service providers within the same means of transport (if any), and prices of
fuel transported to warehouses of the Sellers not exceeding price of the same
fuel at warehouses of the Sellers provided by other providers (if any).
Prior to signing fuel
transport contracts without bidding, the Sellers must provide the Buyers with
documents agreed upon under power purchase agreements. Within
20 days from the date on which the Sellers provide adequate documents and the
Buyers have not provided feedback on selection of fuel transporters, the
Sellers and/or fuel transporters (depending on delivery conditions) may sign fuel
transport contracts based on terms agreed upon.
The Sellers are responsible
for signing fuel purchase, sale and transport agreements according to
applicable laws while ensuring competitive price and transparency.
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9. Before
January 15 of each year, the Sellers shall submit reports on execution of power
purchase agreements of the previous year with the Buyers, difficulties that
arise during execution of power purchase agreements and proposed solutions (if
any) to Electricity Regulatory Authority of Vietnam.
10. Before
January 15 each year, cooperating with the Buyers in calculating difference in
rates in execution of power purchase agreements of the previous year according
to Clause 2 Article 14 hereof, sending to EVN and reporting to Electricity
Regulatory Authority of Vietnam.
Article
26. Responsibilities of fuel suppliers and transporters
1. For
gas fuel
(i) Domestic natural gas
suppliers and transporters sign GSPA, GSA, gas transport agreements (GTA) as
per relevant laws, in which:
- Price
of domestically extracted natural gas is price of gas extracted from gas mines.
- 9
(ii) Fuel suppliers and
transporters for fuel imported by pipes and for LNG shall provide gas according
to relevant law provisions, in which:
- 10
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- In
case of delivery at gas distribution stations or LNG warehouses in Vietnam, gas
price includes costs for purchasing import gas, LNG and legitimate costs
related to import activities (if any) namely import tariffs, financial
expenses, insurance, norm interest and other costs related to import activities
of fuel suppliers.
2. For
coal fuel
(i) In case of delivery at
warehouses and ports of the Sellers, selected coal suppliers are responsible
for:
- Organize
selecting coal transporters as per bidding laws and relevant law provisions on
the basis of equality, competitiveness, transparency and legal responsibility.
- In
case coal suppliers are unable to select coal transporters via bidding due to
special causes, coal suppliers are responsible for selecting coal transporters
following similar principles applied to the Sellers under Clause 7 Article 25
hereof.
- Signing
coal transport agreements with selected coal suppliers as per the law. Prior
to signing coal transport contracts not via bidding, selected coal suppliers
are responsible for providing relevant documents to the Sellers.
(ii) In case of delivery at
warehouses and ports of coal suppliers:
- The
Sellers shall organize selection of coal transporters according to Clause 7
Article 25 hereof.
- Coal
transporters selected by the Sellers shall sign coal transport agreements as
per the law with the Sellers. Prior to signing coal
transport contracts not via bidding, selected coal suppliers are responsible
for providing relevant documents to the Sellers.
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Article
28. Transitional clauses
1. For
power purchase agreements signed before the effective date hereof, both parties
shall execute signed power purchase agreements until said agreements expire.
2. For
electricity projects entering into power purchase agreements using methods
under Circular No. 56/2014/TT-BCT , Circular No. 51/2015/TT-BCT dated December
29, 2015 and electricity projects executed before September 19, 2017, when
settled investment capital is approved, both parties hold the rights to request
recalculation of electricity prices according to Article 12 hereof.
3. For
power plants entering into power purchase agreements, if necessary, both
parties shall negotiate and add kHR according to Article 15 hereof.
4. For
power plants entering into power purchase agreements, in case agreements on
upstream consumption of gas are approved by competent authorities, Ministry of
Industry and Trade shall provide guidelines on gas consumption mechanisms for
power plants and permit both parties to revise power purchase agreements.
5. 12 (annulled)
6. 13 In
case power plants have entered into PPAs, if necessary, the parties shall
negotiate in order to revise formula of variable costs adjusted according to
other variations of power plants specified under Point c Clause 3 Article 15
hereof.
Article
29. Effect 14
1. This
Circular comes into force from February 22, 2021 and replaces following
Circulars:
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b) Circular No.
51/2015/TT-BCT dated December 29, 2015 of Minister of Industry and Trade on
amendments to Circular No. 30/2014/TT-BCT dated October 2, 2014 of Minister of
Industry and Trade on operation of competitive electricity generation market
and Circular No. 56/2014/TT-BCT ;
2. Annuls
Article 1 of Circular No. 13/2017/TT-BCT dated August 3, 2017 of Minister of
Industry and Trade on amendments of Circular No. 56/2014/TT-BCT ; Circular No.
30/2014/TT-BCT on operation of competitive electricity generation market and
Circular No. 57/2014/TT-BCT on methods and procedures for developing and
issuing price range for electricity generation;
3. Annuls
Article 134 and Annex 5 of Circular No. 45/2018/TT-BCT dated November 15, 2018
of Minister of Industry and Trade on operation of competitive electricity
generation market and amendments to Circular No. 56/2014/TT-BCT ;
4. Difficulties
that arise during the implementation of this Circular should be reported to the
Ministry for consideration./.
CERTIFIED
BY
PP.
MINISTER
DEPUTY MINISTER
Dang Hoang An
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“Decree No. 96/2022/ND-CP
dated November 29, 2022 of the Government on functions, tasks, powers, and
organizational structure of the Ministry of Industry and Trade;
Law on Electricity date
December 3, 2004; the Law on amendments to the Law on Electricity dated
November 20, 2012; and the Law on amendments to the Law on Electricity dated
January 11, 2022;
Decree No. 137/2013/ND-CP
dated October 21, 2013 of the Government of Vietnam elaborating implementation
of certain Articles of the Law on Electricity and the Law on amendments to
certain Articles of the Law on Electricity;
At request of the Director
of Electricity Regulatory Authority of Vietnam;”
Circular No.02/2023/TT-BCT
on annulment to certain regulations in Circular No. 57/2020/TT-BCT dated
December 31, 2020 of Minister of Industry and Trade on methods of determining
electricity generation price and power purchase agreement price, is promulgated
pursuant to:
“Law on Promulgation of
Legislative Documents dated June 22, 2015; The Law on amendments to certain
Articles of Law on Promulgation of Legislative Documents dated June 18, 2020;
Electricity Law No.
28/2004/QH11 dated December 03, 2004; Law on amending some articles of the
Electricity Law dated November 20, 2012;
Decree No. 96/2022/ND-CP
dated November 29, 2022 of the Government on functions, tasks, powers, and
organizational structure of the Ministry of Industry and Trade;
Decree No. 137/2013/ND-CP
dated October 21, 2013 of the Government of Vietnam elaborating implementation
of certain Articles of the Law on Electricity and the Law on amendments to
certain Articles of the Law on Electricity;
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9 The paragraph “Đối với khí thiên nhiên khai thác trong
nước qua hệ thống đường ống thu gom, vận chuyển, phân phối có tính độc quyền tự
nhiên thì cước phí thu gom, vận chuyển, phân phối khí phải được cơ quan nhà nước
có thẩm quyền phê duyệt.” (“For natural gas domestically extracted via
pipelines for collecting, transporting and distributing that are exclusive in
nature, fees for collecting, transporting and distributing emission must be
approved by competent authority.”) is annulled according to Clause 3 Article 1 of Circular No.
02/2023/TT-BCT of the Minister of Industry and Trade on annulment of certain
regulations in 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, which comes into force
from January 19, 2023.
10 The paragraph ““Trong trường hợp hạng mục tồn trữ, phân phối
khí có tính độc quyền tự nhiên, cước phí tồn trữ, tái hóa và phân phối khí phải
được cơ quan nhà nước có thẩm quyền phê duyệt.” (“In case clauses of gas
storage and distribution are exclusive in nature, fees for storage,
regasification and distribution must be approved by competent authority.”) is annulled according
to Clause 3 Article 1 of Circular No. 02/2023/TT-BCT of the Minister of
Industry and Trade on annulment of certain regulations in 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, which comes into force from January 19, 2023.