At the meeting, after listening to reports from the Electricity and Renewable Energy Authority, PVN, EVN, PVPower, and PVGas on the implementation of gas power and offshore wind power projects in compliance with Master Plan VIII, delegates discussed and contributed opinions on solutions to promote the implementation of gas power and offshore wind power projects. Opinions unanimously agreed that these projects play a very important role in ensuring electricity supply for socio-economic development while contributing to energy transition to achieve the carbon-neutral target by 2050 as Vietnam committed at COP 26.
Minister of Industry and Trade chairing meeting
Chairman of EVN’s Board of Directors Dang Hoang An speaking at meeting
To promote the implementation progress of gas power projects (domestically exploited gas and LNG) and offshore wind power in compliance with Master Plan VIII, contributing to ensuring national energy security and electricity supply activities in the coming time, the Minister of Industry and Trade requires Vietnam Electricity, Vietnam Oil and Gas, Vietnam Gas Corporation, and PetroVietnam Power Corporation to urgently review legal regulations and base on the actual situation of implementing projects as well as refering the experience of countries with strengths in developing gas power and offshore wind power to make specific proposals and reports to the Prime Minister and the Minister of Industry and Trade before 20 December 2023; assigns the Electricity and Renewable Energy Authority to sponsor and coordinate with relevant units, based on the reports of the units, to synthesize reports to the Government to propose to the National Assembly to consider and promulgate a specialized resolution on specific policy mechanisms in implementing gas power and offshore wind power projects in compliance with Master Plan VIII.
In compliance with Master Plan VIII for the period 2021 - 2030, vision to 2050 approved by the Prime Minister in Decision No. 500/QD-TTg dated 15 May 2023, the total installed capacity of power sources until 2030 is 150,489 GW (nearly double the current total installed capacity, about 80 GW). Of which, the total capacity of gas power sources that must be invested in new construction is 30,424 MW (10 domestic gas projects with a total capacity of 7,900 MW and 13 LNG projects with a total capacity of 22,824 MW). The total capacity of offshore wind power sources is about 6,000 MW and can increase in case of rapid technology development and reasonable electricity prices and transmission costs.
The actual implementation of a gas power project (including selecting investors, preparing and approving FS, negotiating power purchase contracts, arranging loans, and implementing EPC contracts) takes 7-8 years. For offshore wind power projects, implementation time takes about 6-8 years from the time of survey. Therefore, implementing gas power and offshore wind power projects to meet the schedule of putting them into operation before 2030 is a large challenge and requires the attention of competent authorities as well as coordination between relevant units to contribute to ensuring national energy security as well as realizing the carbon neutral target by 2050 as Vietnam committed at COP 26.