State-run Electricity of Vietnam, often known as EVN, currently has no plan for a power price hike this year, although its output can face many difficulties due to El Nino impacts, a company representative told the press on Sunday.
Deputy CEO Dinh Quang Tri was responding to some media reports suggesting that his company may increase the average retail price to VND1,651 per kWh this year, up 1.3 percent.
"If EVN adjusts its prices, other businesses who are facing difficulties will be in bigger trouble," Tri said.
With the current El Nino ranked as the strongest and longest in 60 years, most of Vietnam's hydropower plants do not have enough water, but EVN will try to solve the problem, he said.
Under the current rules, EVN can increase its average retail price by 7-10 percent every six months.
The company, which has been citing losses for its price hikes every year, raised its average price by 7.5 percent to VND1,622 per kWh in March last year, with the government's permission.