Thông tư 30/2026/TT-BCT quy định phương pháp xác định giá dịch vụ phát điện nhà máy điện đầu tư theo hình thức xây dựng - kinh doanh - chuyển giao do Bộ trưởng Bộ Công Thương ban hành

CIRCULAR

ON THE METHOD FOR DETERMINING THE ELECTRICITY GENERATION TARIFF FOR BOT POWER PLANTS

Pursuant to the Law on Electricity No. 61/2024/QH15;

Pursuant to Decree No. 40/2025/ND-CP dated February 26, 2025 of the Government on the functions, duties, powers and organizational structure of the Ministry of Industry and Trade;

At the request of the Director of the Department of Electricity;

The Minister of Industry and Trade hereby promulgates a Circular on the method for determining the electricity generation tariff for BOT power plants.

Chapter I

GENERAL PROVISIONS

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1. This Circular provides detailed guidelines on clause 3 Article 12, point g clause 1 and point b clause 8 Article 51 of the Law on Electricity No. 61/2024/QH15 on the principles for electricity pricing for the implementation of power projects; and the method for determining the electricity generation tariff for power plants invested under the build-operate-transfer (BOT) model.

2. This Circular applies to the following regulated entities:

a) Agencies, organizations and individuals owning BOT power plants that conform to the National Power Development Plan for the period 2021-2030, with a vision to 2050, and that have not yet entered into a power purchase agreement (PPA);

b) Vietnam Electricity (EVN);

c) Related organizations and individuals.

Article 2. Definitions

For the purpose of this Circular, the following terms shall be construed as follows:

1. Seller means the power generation unit that owns the BOT power plant.

2. Buyer means Vietnam Electricity (EVN) (or an authorized representative unit in accordance with the delegation and authorization of authority).

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4. Dependable capacity means the capacity at the electricity delivery point determined by the annual dependable capacity testing method agreed and uniformly stipulated by the Seller and the Buyer in the power purchase agreement.

5. Liquidated damages (LD) means the amount that the party in breach must pay to the non-breaching party in specific cases as stipulated in the power purchase agreement.

6. Delivered energy means the total energy delivered by the Seller to the Buyer.

7. Power generation unit means the electricity sector entity that owns one or more BOT power plants.

8. Fuel supply agreement (FSA) means agreements between the power generation unit and the fuel trading unit for the supply of fuel to the power plant, signed in accordance with relevant applicable laws, ensuring a lawful fuel source and competitive, transparent pricing.

9. Fuel transportation agreement means agreements between the power generation unit or the fuel trading unit and the fuel transportation unit for transporting fuel to the power plant, signed in accordance with relevant applicable laws, ensuring competitive, transparent pricing.

10. Base year means the year in which the approved total investment is used to calculate the electricity generation tariff.

11. Net heat rate means the amount of heat consumed to produce one kWh of electricity at the electricity delivery point (BTU/kWh or kJ/kWh or kCal/kWh).

Chapter II

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Article 3. Principles for determining the electricity generation tariff

1. The electricity generation tariff of a BOT power plant shall be developed on the basis of:

a) The reasonable and valid costs of the investor throughout the economic life of the project.

b) A financial internal rate of return (IRR) not exceeding 12%.

2. The electricity generation tariff of a BOT power plant shall comprise the following components:

a) Capacity charge (VND/kW), comprising the levelized fixed charge and the fixed operation and maintenance (O&M) charge, developed in accordance with the method prescribed in clause 1 Article 4 of this Circular;

b) Energy charge (VND/kWh), comprising the variable fuel charge and the variable operation and maintenance (O&M) charge, developed in accordance with the method prescribed in clause 2 Article 4 of this Circular.

3. The pricing of the electricity generation tariff in foreign currency (if any) must comply with applicable regulations on foreign exchange management. The Seller and the Buyer may proceed after receiving a written approval from the competent state authority.

4. The electricity generation tariff shall not include value-added tax (VAT), water resource tax, water resource extraction rights fee, forest environmental service payment, environmental protection fee for solid waste and for industrial wastewater (applicable to thermal power plants) and other taxes, fees and monetary charges as prescribed by competent state management authorities (except for taxes and fees already included in the tariff scheme of the power purchase agreement).

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a) The electricity generation tariff for comparison with the base year generation tariff ceiling (P_C) (VND/kWh) shall not exceed the generation tariff ceiling for BOT power plants issued by the Minister of Industry and Trade in the base year, where the electricity generation tariff for comparison with the base year generation tariff ceiling shall be calculated on the basis of the cost components corresponding to those used in calculating the generation tariff ceiling, as follows:

Where:

P_CS: Capacity charge (VND/kW) as prescribed in clause 1 Article 4 of this Circular;

T_max: Maximum capacity operation hours of the power plant;

P_ĐN: Base year energy charge (VND/kWh) as prescribed in clause 2 Article 4 of this Circular.

b) Where there is no generation tariff ceiling in the base year, the electricity generation tariff shall be recalculated by converting the corresponding cost components for comparison with the closest generation tariff ceiling after the base year.

Article 4. Method for determining the base year capacity charge and energy charge

1. The base year capacity charge PCS (VND/kW) shall be determined using the following formula:

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Where:

FC:

Levelized fixed charge determined in accordance with Article 5 of this Circular (VND/kW);

FOMC_b:

Base year fixed O&M charge determined in accordance with Article 6 of this Circular (VND/kW);

2. The base year energy charge (P_ĐN) shall be determined as follows:

P_ĐN = P_BĐ + VOMC_b

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P_BĐ:

Base year variable fuel charge determined in accordance with Article 7 of this Circular (VND/kWh);

VOMC_b:

Base year variable O&M charge determined in accordance with Article 8 of this Circular (VND/kWh).

3. The base year variable fuel charge (P_BĐ) shall be determined as follows:

Where:

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Variable fuel charge component adjusted for primary fuel cost fluctuations at the base year, determined in accordance with the method prescribed in clause 1 Article 7 of this Circular (VND/kWh);

:

Variable fuel charge component adjusted for secondary fuel cost fluctuations at the base year, determined in accordance with the method prescribed in clause 2 Article 7 of this Circular (VND/kWh);

:

Primary fuel transportation cost for electricity generation at the base year, determined in accordance with the method prescribed in clause 3 Article 7 of this Circular (VND/kWh).

4. The base year variable O&M charge (VND/kWh) shall be determined in accordance with the method prescribed in Article 8 of this Circular.

5. Testing, commissioning and acceptance costs of the power plant: The payment for testing, commissioning and acceptance costs incurred before the commercial operation date shall be agreed between the Seller and the Buyer, ensuring no double-counting with the total investment of the project used to calculate the electricity tariff.

Article 5. Method for developing the levelized fixed charge

1. The levelized fixed charge of the power plant (FC) shall be determined on the basis of the annual fixed charge (FC_j) of the power plant through the financial analysis of the project in accordance with Form 1 and Form 2 as prescribed in the Appendix attached to this Circular. The input parameters for developing FC and FC_j shall be determined in accordance with clause 2 of this Article.

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a) Investment costs: Investment costs shall be determined on the basis of the total investment of the project in the Project Approval Decision and the Feasibility Study Report approved in accordance with applicable laws on public-private partnership (PPP) investment, comprising all costs within the Seller's investment responsibility up to the connection point of the power plant, including the following items: the power plant; infrastructure and port facilities for the power plant; investment costs of the power grid from the power plant to the connection point; other related costs and costs allocated to the project (if any);

b) Economic life of the power plant, consistent with the operating period of the power plant as stipulated in the BOT contract;

c) Contracted capacity of the power plant (kW) as agreed by the parties in the power purchase agreement, consistent with the National Power Development Plan;

d) Depreciation period for each group of main fixed assets (years): Determined on the basis of the depreciation period for each group of main fixed assets within the depreciation period framework in accordance with applicable laws;

dd) Equity capital ratio, loan capital ratio and investment phasing within the total investment, determined on the basis of the capital structure in the Project Approval Decision and the approved Feasibility Study Report of the project; financial arrangement for project execution and equity capital contribution shall be carried out in accordance with applicable PPP laws.

e) Loan interest rates and loan repayment period during the operating period, determined on the basis of loan agreements or related documents and materials between the investor and lending credit institutions and banks, or the actual capital mobilization for the project at the time of electricity tariff negotiation.

Where the total loan amount in the loan agreements or legally binding documents between the investor and credit institutions is lower than the total loan amount in the electricity tariff calculation scheme, the shortfall in the loan amount may be agreed between the Seller and the Buyer on the basis of the provisions at points e, e1 and e2 of clause 2 Article 5 of Circular No. 12/2025/TT-BCT of the Minister of Industry and Trade;

g) Corporate income tax (CIT) rate and other applicable taxes and fees: Determined in accordance with applicable laws.

Article 6. Method for developing the base year fixed O&M charge

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Where:

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Fixed O&M charge based on major maintenance costs and other costs at the base year, determined in accordance with clause 1 of this Article (VND/kW);

:

Fixed O&M charge based on labor costs at the base year, determined in accordance with clause 2 of this Article (VND/kW).

1. The fixed O&M charge based on major maintenance costs and other costs at the base year  (VND/kW) shall be determined using the following formula:

Where:

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Contracted capacity of the power plant as prescribed in clause 2 Article 5 of this Circular (kW);

TC_scl:

Total major maintenance costs and other costs (VND) at the base year, determined as follows:

TC_scl = VĐT_XD+TB x k_scl

Where:

VĐT_XD+TB: Total construction costs and equipment costs determined on the basis of the total investment as prescribed in point a clause 2 Article 5 of this Circular (VND);

k_scl: Major maintenance cost and other cost ratio (%) of the power plant, as agreed by the Seller and the Buyer.

2. The fixed O&M charge based on labor costs at the base year  (VND/kW) shall be determined using the following formula:

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TC_nc: Total labor costs (VND) at the base year, determined as follows:

TC_nc = VĐT_XD+TB x k_nc

Where:

VĐT_XD+TB:

Total construction costs and equipment costs determined on the basis of the total investment as prescribed in point a clause 2 Article 5 of this Circular (VND);

k_nc:

Labor cost ratio (%) of the power plant, as agreed by the Seller and the Buyer.

Article 7. Method for determining the base year variable fuel charge

The variable fuel charge of a thermal power plant at the base year P^BĐ (VND/kWh) shall be determined using the following formula:

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Where:

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Variable fuel charge component adjusted for primary fuel cost fluctuations at the base year, determined in accordance with clause 1 of this Article (VND/kWh);

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Variable fuel charge component adjusted for secondary fuel cost fluctuations at the base year, determined in accordance with clause 2 of this Article (VND/kWh);

:

Primary fuel transportation cost for electricity generation at the base year, determined in accordance with clause 3 of this Article (VND/kWh).

1. The variable fuel charge of a thermal power plant at the base year  (VND/kWh) shall be determined using the following formula:

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Where:

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Net heat rate of the power plant using primary fuel, agreed by the Seller and the Buyer at no higher than the basic/technical design corresponding to the total investment used to calculate the electricity tariff or the equipment manufacturer's parameters (kcal/kWh or kJ/kWh or BTU/kWh);

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Base year primary fuel price, calculated as the weighted average of the fuel supply agreements (FSAs) or written agreements (excluding VAT) (VND/kcal or VND/kJ or VND/BTU).

2. 2. The variable fuel charge component adjusted for secondary fuel cost fluctuations at the base year  (VND/kWh) shall be determined using the following formula:

Where:

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Base year secondary fuel price, calculated as the weighted average of the FSAs or written agreements (excluding VAT) (VND/kg or VND/kcal or VND/kJ or VND/BTU).

3. 3. The base year primary fuel transportation cost of the power plant  (VND/kWh) shall be determined using the following formula:

Where:

:

Net heat rate of the power plant as determined in clause 1 of this Article;

:

Base year primary fuel transportation cost for electricity generation (excluding VAT) (VND/kcal or VND/kJ or VND/BTU), determined as follows:

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For natural gas-fired thermal power plants: calculated as the weighted average of the approved pipeline gas transportation service tariff for electricity generation;

For LNG-fired thermal power plants: calculated as the weighted average of the LNG storage, regasification, transportation and distribution service tariff for electricity generation. The LNG storage, regasification, transportation and distribution service tariff for electricity generation shall be implemented in accordance with applicable laws;

For thermal power plants using a combination of multiple fuel types: agreed by the Seller and the Buyer based on the actual conditions of the power plant;

Where a FSA already includes the primary fuel transportation cost, the corresponding primary fuel transportation cost component  shall be zero (0).

Article 8. Method for determining the base year variable O&M charge

The base year variable O&M charge (VOMCb) (VND/kWh) of the power plant shall be determined using the following formula:

Where:

C_vlp:

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C_kd:

Total startup costs including fuel costs and other costs for startup (VND); the number of permitted startups shall be agreed by the Seller and the Buyer. Where base year calculation data for total startup costs are unavailable, the total cost value may be calculated at the time of negotiation and escalated to the base year at a rate of 2.5% per year;

C_k:

Annual routine maintenance and repair costs, including routine maintenance and repair costs calculated on the basis of the total construction and equipment investment of the power plant and the routine maintenance cost ratio as agreed by the Seller and the Buyer;

E_BOT:

Delivered energy of the power plant (kWh), determined using the following formula:

E_BOT = P_BOT x T_max

Where:

P_BOT: Contracted capacity of the power plant as prescribed in point c clause 2 Article 5 of this Circular (kW);

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Chapter III

METHOD FOR DETERMINING THE ELECTRICITY GENERATION TARIFF FOR BOT POWER PLANTS AT THE TIME OF PAYMENT

Article 9. Principles for annual adjustment of the electricity generation tariff in the power purchase agreement

1. The O&M charge components of the power plant shall be adjusted according to the following principles:

a) The fixed O&M charge component based on major maintenance costs and other costs shall be adjusted as agreed by the Seller and the Buyer. The Seller and the Buyer shall review, agree and reach consensus on the adjustment mechanism for the fixed O&M charge component based on major maintenance costs and other costs for items with foreign currency origins;

b) The fixed O&M charge component based on labor costs shall be adjusted as agreed by the Seller and the Buyer on the basis of the Consumer Price Index (CPI).

2. On an annual basis, based on the total foreign currency loan, the foreign currency loan repayment schedule, actual foreign currency principal and interest repayment data, the exchange rate agreed by the Seller and the Buyer in the electricity generation tariff scheme, and the actual exchange rate in the immediately preceding year, the Seller and the Buyer shall calculate and agree on the exchange rate differential settlement scheme. The exchange rate differential FED (VND) shall be calculated using the following formula:

Where:

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Number of foreign currency types in the electricity generation tariff scheme agreed by the Seller and the Buyer (types);

n:

Number of foreign currency principal and interest repayments for foreign currency i in the calculation year (times);

Dᵢ,ⱼ:

Actual foreign currency principal and interest repaid at payment j for foreign currency type i in the calculation year;

λᵢ,ⱼ:

Exchange rate at payment j for foreign currency type i in the calculation year (.../VND);

λᵢ,b:

Base exchange rate for foreign currency type i agreed by the Seller and the Buyer in the electricity generation tariff scheme (.../VND).

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1. The electricity generation tariff at the time of payment for electricity in month t, year j, comprising the capacity charge component P_CS,j,t (VND/kW) and the energy charge component P_ĐN,j,t (VND/kWh), shall be prescribed as follows:

a) The capacity charge in month t, year j shall be determined using the following formula:

P_CS,j,t = FC_j,t + FOMC_j,t

FC_j,t :

Levelized fixed charge determined on the basis of clauses 1 and 2 Article 5 of this Circular (VND/kW);

FOMC_j,t :

Fixed O&M charge in month t, year j, determined in accordance with clause 2 of this Article (VND/kW).

b) The energy charge in month t, year j shall be determined using the following formula:

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Variable fuel charge in month t, year j, determined in accordance with clause 3 of this Article (VND/kWh);

VOMC_j,t:

Variable O&M charge in month t, year j, determined in accordance with clause 4 of this Article (VND/kWh).

2. The fixed O&M charge in month t, year j shall be determined using the following formula:

Where:

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Fixed O&M charge based on major maintenance costs and other costs in year j, determined in accordance with point a of this clause (VND/kW);

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a) The fixed O&M charge component based on major maintenance costs and other costs shall be determined using the following formula:

Where:

:

Fixed O&M charge based on major maintenance costs and other costs at the base year, determined in accordance with the method prescribed in clause 1 Article 6 of this Circular;

i:

Escalation rate of the fixed O&M charge component based on major maintenance costs and other costs, as agreed by the Seller and the Buyer;

l:

Sequential number of the payment year from the base year (for the base year, l = 1, i = 0).

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Where:

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Fixed O&M charge based on labor costs at the base year, determined in accordance with the method prescribed in clause 2 Article 6 of this Circular;

i₁:

Escalation rate of the fixed O&M charge component based on labor costs, as agreed by the Seller and the Buyer on the basis of the CPI;

l:

Sequential number of the payment year from the base year (for the base year, l = 1, i = 0).

3. The variable fuel charge of a thermal power plant in month t, year j  (VND/kWh) shall be determined using the following formula:

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Where:

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Variable fuel charge component adjusted for primary fuel cost fluctuations in month t, year j, determined in accordance with point a of this clause (VND/kWh);

:

Variable fuel charge component adjusted for secondary fuel cost fluctuations in month t, year j, determined in accordance with point b of this clause (VND/kWh);

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Primary fuel transportation cost in month t, year j, determined in accordance with point c of this clause (VND/kWh).

a) The variable fuel charge component adjusted for primary fuel cost fluctuations in month t, year j  shall be determined using the following formula:

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Where:

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Net heat rate in year j, agreed by the Seller and the Buyer;

k_HR:

Heat rate correction factor for actual operating conditions based on cooling water temperature, ambient temperature, humidity and load level, as agreed by the Seller and the Buyer or based on the actual operating conditions of the power plant;

k_HS:

Heat rate degradation rate in year j, as agreed by the Seller and the Buyer (%);

l:

Sequential number of the commercial operation year of the power plant;

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Primary fuel price for electricity generation at the time of payment in month t, year j, calculated as the weighted average by volume of invoices under FSAs during the period agreed by the Seller and the Buyer.

b) The variable fuel charge component adjusted for primary fuel cost fluctuations in month t, year j  shall be determined using the following formula:

Where:

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Variable fuel charge component adjusted for secondary fuel cost fluctuations at the base year, as determined in clause 2 Article 7 of this Circular;

k_HS:

Heat rate degradation rate in year j (%);

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Sequential number of the commercial operation year of the power plant;

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Secondary fuel price for electricity generation at the time of payment in month t, year j, calculated as the weighted average by volume of invoices under FSAs during the period agreed by the Seller and the Buyer;

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Secondary fuel price for electricity generation at the base year, as determined in clause 2 Article 7 of this Circular.

c) The primary fuel transportation cost in month t, year j  (VND/kWh) shall be determined using the following formula:

Where:

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k_HS:

Heat rate degradation rate in year j (%);

l:

Sequential number of the commercial operation year of the power plant;

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Primary fuel transportation cost at the time of payment in month t, year j, calculated as the weighted average by volume of invoices under fuel transportation agreements and LNG storage, regasification and distribution agreements (if any) (excluding VAT), specifically as follows:

For coal-fired thermal power plants: calculated as the weighted average under coal transportation agreements or written agreements;

For natural gas-fired thermal power plants: calculated as the weighted average of the pipeline gas transportation service tariff for electricity generation;

For LNG-fired thermal power plants: calculated as the weighted average of the LNG storage, regasification, transportation and distribution service tariff for electricity generation. The LNG storage, regasification, transportation and distribution service tariff for electricity generation shall be implemented in accordance with applicable laws;

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Where a FSA already includes the primary fuel transportation cost, the corresponding primary fuel transportation cost component  shall be zero (0).

4. The variable O&M charge in month t, year j shall be determined using the following formula:

VOMC_j,t = VOMC_b x (1 + (l -1) x k_HS ) x (1 + i)^m-1

Where:

VOMC_b:

Base year variable O&M charge of the power plant, as determined in Article 8 of this Circular;

i:

Escalation rate of the variable O&M charge, as agreed by the Buyer and the Seller;

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k_HS:

Heat rate degradation rate in year j (%);

l:

Sequential number of the commercial operation year of the power plant (from the commercial operation date of the power plant; the first commercial operation year of the power plant is counted from the commercial operation date of the first generating unit, l=1);

m:

Sequential number of the payment year from the base year (for the base year, m=1).

5. The total startup costs in month t of a thermal power plant  (VND) shall be determined using the following formula:

Where:

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U:

f:

s:

S:

Sequential number of the generating unit of the power plant;

Total number of generating units;

fuel type (for primary fuel f=1; secondary fuel f=2);

startup state of the generating unit;

Number of startup states;

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Number of startups of generating unit u, using fuel type f, in startup state s in the month, as agreed by the Seller and the Buyer;

M_u,f,s:

Quantity of fuel consumed (kg) or heat quantity consumed of gas (BTU) for one startup of generating unit u, using fuel type f, in startup state s;

D_u,f,s:

Unit price of fuel for one startup of generating unit u, using fuel type f, in startup state s, expressed in VND/kg and VND/BTU;

:

Total other costs for one startup, expressed in VND.

Article 11. Electricity payment

1. After the commercial operation date, the electricity payment (R_tt) for the power plant shall be calculated specifically as follows:

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Where:

R_t: Electricity payment for month t, year j, excluding VAT (VND), determined as follows:

R_t = P_CS,j,t x P_DC,j,t + P_ĐN,j,t x Q_m,j,t + R_k + R_Th

Where:

P_CS,j,t:

Capacity charge in month t, year j, as prescribed in Article 10 of this Circular (VND/kW);

P_ĐN,j,t:

Energy charge in month t, year j, as prescribed in Article 10 of this Circular (VND/kWh);

Q_m,j,t:

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P_DC,j,t:

Dependable capacity in year j of the power plant (kW); where the dependable capacity of the power plant exceeds the contracted capacity, PDCj,t shall be taken as equal to the contracted capacity of the power plant;

R_k:

Other costs (VND) as prescribed in clause 2 of this Article;

R_Th:

Total taxes, fees and amounts payable in the month in accordance with relevant applicable laws, as agreed by the Seller and the Buyer (accompanied by valid supporting documents) (VND);

VAT:

Value-added tax (VAT) rate as prescribed by the State (%).

2. Other cost components (R_k) include:

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b) Adjustment payment costs, penalty interest, and supplementary interest (if any), as agreed by the Seller and the Buyer;

c) Liquidated damages during the liquidated damages period, as agreed by the Seller and the Buyer.

d) Other costs agreed by the Seller and the Buyer in accordance with applicable laws.

Chapter IV

IMPLEMENTATION PROVISIONS

Article 12. Responsibilities of the Department of Electricity

The Department of Electricity shall guide and inspect the implementation of the provisions of this Circular. Where necessary, it shall propose amendments and supplements to this Circular to ensure conformity with practical requirements and consistency with applicable laws.

Article 13. Responsibilities of the Buyer

1. Negotiate the power purchase agreement with the Seller in accordance with this Circular; bear responsibility for and ensure the accuracy, reasonableness and validity of the data and materials provided.

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3. Cooperate with the Seller in calculating and reaching consensus on the exchange rate differential in the implementation of the power purchase agreement in accordance with this Circular.

4. Where the electricity generation tariff of BOT power plants is priced in foreign currency in accordance with clause 3 Article 3 of this Circular, cooperate with the Seller in researching and proposing to the Ministry of Industry and Trade the principles for annual adjustment of the electricity generation tariff on the basis of Article 9 of this Circular for consideration and supplementation of applicable regulations.

Article 14. Responsibilities of the Seller

1. Negotiate the power purchase agreement with the Buyer; bear responsibility for and ensure the accuracy, reasonableness and validity of the data and materials provided.

2. Provide all necessary information; bear responsibility for and ensure the accuracy, reasonableness and validity of the data and materials provided to relevant units and agencies in the course of negotiating the power purchase agreement.

3. Cooperate with the Buyer in calculating and reaching consensus on the exchange rate differential settlement scheme in the annual implementation of the power purchase agreement in accordance with this Circular (if any).

4. Agree and reach consensus with the Buyer on the annual dependable capacity testing method for stipulation in the power purchase agreement.

5. Where the electricity generation tariff of BOT power plants is priced in foreign currency in accordance with clause 3 Article 3 of this Circular, cooperate with the Buyer in researching and proposing the principles for annual adjustment of the electricity generation tariff on the basis of Article 9 of this Circular.

Article 15. Adjustment of the electricity generation tariff

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Article 16. Entry into force

1. This Circular comes into force as of July 28, 2026.

2. In the course of implementation, where difficulties arise, organizations and individuals shall be responsible for reporting to the Ministry of Industry and Trade for supplementation and amendment as appropriate./.

PP. MINISTER
DEPUTY MINISTER




Nguyen Hoang Long