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Friday, June 14, 2024

Mechanism proposed to remove hindrances to offshore LNG and wind power projects

By Nguyen Tan

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HCMC – The Electricity and Renewable Energy Authority has been tasked with drafting a report for the National Assembly, seeking guidance on removing impediments to the implementation of offshore liquefied natural gas (LNG) and wind power projects.

During a recent meeting with electricity authorities, the Ministry of Industry and Trade emphasized the need for a dedicated mechanism to facilitate the development of offshore LNG and wind power projects.

According to the ministry, a special resolution will help to ensure that the development of these projects aligns with the National Electricity Development Plan (Power Plan VIII).

As per Power Plan VIII, by 2030, offshore LNG and wind power projects are expected to contribute 30,424 MW and 6,000 MW, respectively, to the national power grid. This will account for 50% of the additional power capacity in the coming years.

The development of these projects aims to fulfill Vietnam’s commitments to carbon emission reduction by 2050 and ensure power security for the entire country.

Some of the major obstacles cited by the ministry include determining the minimum quantity of LNG to be purchased, establishing a price conversion mechanism, and formulating LNG purchasing policies.

For offshore wind projects, challenges encompass the allocation of sea waters authority, granting approvals for organizations to utilize sea waters for surveying and exploration in preparation for project implementation.

The ministry has also proposed including offshore wind projects in the list of major national projects subject to special mechanisms.

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