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Tuesday, June 25, 2024

National power development plan VIII approved

The Saigon Times

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HCMC – The prime minister issued a decision approving the national power development plan VIII yesterday, May 15, with a strong emphasis on renewable energy, according to the Ministry of Industry and Trade.

The power development plan VIII for the period 2021-2030, with a vision to 2050, is set to focus on developing electricity sources and transmission lines of 220kV and above, as well as the industrial and service sectors related to renewable energy and transmission line interconnection with neighboring countries.

As per the plan, Vietnam eyes 50% of office buildings and 50% of residential houses in the country using rooftop solar power for self-consumption by 2030.

The plan prioritizes the development of renewable energy and aims for those sources to make up 30.9-39.2% of the total electricity production in 2030.

It also targets achieving a 47% renewable energy ratio as part of Vietnam’s commitment to the Just Energy Transition Partnership.

By 2050, the renewable energy ratio is expected to reach 67.5-71.5%.

Renewable energy development looks to reduce greenhouse gas emissions from electricity production to 204-254 million tons by 2030 and around 27-31 million tons by 2050.

The country will also establish two regional centers for renewable energy industries and services by 2030 to facilitate electricity production, transmission and consumption.

Vietnam also aims to develop a renewable energy industrial ecosystem in the northern, south-central and southern regions.

It will foster favorable conditions for electricity generation from renewable energy sources and new energy for export. The target is to achieve an electricity export capacity of 5,000-10,000 MW by 2030.

The total investment in the development of energy sources and transmission lines is estimated at around US$134.7 billion for the 2021-2030 period and from US$399.2 billion to US$523.1 billion for the 2031-2050 period.

Among those, the investment in energy development accounts for US$364-511 billion, and the money for transmission lines is US$34.8-38.6 billion.

The Ministry of Industry and Trade has been tasked with finalizing the amended laws on electricity and renewable energy and submitting them to the National Assembly in 2024.

The ministry has also been required to propose direct power purchase policies to the Government.

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