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Wednesday, July 24, 2024

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New electricity market design and its impacts

Editor’s Note: Thai Doan Hoang Cau has a doctorate in economic behavior in electricity markets and over 25 years’ experience in researching and working in the Australian electricity market. The Saigon Times introduces his article on a new electricity market design that is expected to create an opportunity for Vietnam to catch up or even lead in the sustainable energy transition towards the goal of net-zero emissions by 2050. Vietnam has chosen the market mechanism as a means to implement its energy and electricity development strategies and is currently finalizing the legal framework to gradually implement the electricity retail market according to the proposed roadmap. At the same time, Vietnam faces new goals and challenges of sustainable energy transition, requiring a very high level of renewable energy penetration into the electricity system. According to National Power Development Plan VIII, the share of renewable energy in Vietnam’s electricity production structure will reach 30.9-39.2% by 2030 and 67.5-71.5% by 2050. A high level of renewable energy penetration has significant impacts on electricity markets worldwide. The question is whether a new electricity market design can help Vietnam, as one of the latecomers in building its electricity market, catch up or even lead in […]
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