Of note, in 2022 EVN reported a loss of US$1.5 billion with rises in fuel costs vastly outstripping the electricity retail price which is regulated. That said, Decision 24 issued back in 2017, the precursor to Decision 5, already had provisions for the electricity price to be adjusted annually, however, between 2019 and November 2023 no adjustment was made. It’s not clear why and in this context the frequency at which power prices are reviewed may not have been the crux of the problem.