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Sunday, July 21, 2024

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Electricity market bottlenecks

The late execution of worthwhile electricity market mechanisms is a major bottleneck that needs to be quickly removed to develop the power sector and fuel socio-economic growth. Energy, especially electricity, plays a pivotal role in Vietnam’s economic development. According to National Power Development Plan VIII, Vietnam’s electricity demand will nearly double and quintuple the 2023 demand by 2030 and 2050, respectively, if the country is to obtain average annual GDP growth of 7% in 2021-2030 and 6.5-7% in 2031-2050. The total investment amount required for power sources and grids is estimated at nearly US$135 billion for the 2021-2030 period, and US$399-523 billion for the 2031-2050 period. To meet this demand, Vietnam has rolled out mechanisms, policies and solutions for energy and electricity development. However, some policies have recently stirred up significant public concern, such as power development planning, renewable energy (RE), direct power purchase agreements (DPPA), efficient and economical power use, and rooftop solar power for self-consumption. These have faced obstacles and delays in policy formulation and implementation. The author of this article will examine the bottlenecks brought up by each power development policy. What will be consequences if they are not promptly addressed? What are the fundamental requirements for […]
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