The Ministry of Industry and Trade (MoIT), on May 26, reported that out of the 85 renewable energy projects (including wind and solar power), only 18 projects have been granted electricity operation licenses.
While renewable energy sources are currently in surplus, the national power system in 2023 is at risk of experiencing electricity shortages due to extreme weather conditions and many hydropower plants reaching dangerously low water levels.
Many hydroelectric reservoirs are experiencing critically low water levels while the hot summer season has just begun. The power sector has urgently suggested measures to cut down and save electricity during the challenging summer of 2023.
The Government Office recently sent an urgent dispatch to the MoIT regarding recommendations to deal with shortcomings in the building and issuance of a pricing mechanism for electricity generation of transitional wind and solar power plants.
Although the Ministry of Industry and Trade expects the total loss in 2022 to be more than VND64.8 trillion, thanks to internal solutions, it is estimated that the total loss of Vietnam Electricity (EVN) will be reduced to only about VND31.36 trillion by the end of 2022, due to high costs, fuel prices, and exchange rates.
The British Embassy in Hanoi has just cooperated with Vietnam Electricity and the National Power Transmission Corporation (EVNNPT) to host the seminar series ‘Experience Sharing from the UK on effectively Operating and Managing the National Electricity Grid’.
The Department of Industry and Trade of Quang Tri Province, on November 22, said that there were 12 wind power projects in the province with a total capacity of 454MW. However, only two projects had completed construction and installation, while the remaining projects were behind schedule.
Many wind power projects in Central, Central Highlands, and Mekong Delta provinces cannot sell electricity because they are finished behind schedule, so they are suffering debts of trillions of Vietnamese dong.
In response to the Government's policy of solar power development, many businesses have invested trillions of Vietnamese dong. However, for many objective and subjective reasons, many projects could not complete before January 1, 2021, so they cannot sell electricity, wasting billions of Vietnamese dong every day.
Vietnam Electricity (EVN) yesterday informed that the pause of mobilizing over 172MW of electricity from Trung Nam Solar Power (the largest in Vietnam, sited in Ninh Thuan Province) is in compliance with the regulation because of a lack of a price mechanism.
Vietnam Electricity (EVN) has just announced a profit loss of over VND16.5 trillion (US$695 million) in the first half of this year, along with a proposal of electricity price increase. It blamed this loss on the considerable rise in fuel to produce electricity, yet this reason seems illogical to the public.
Vietnam Electricity warned that the prolonged hot weather would increase household electricity consumption, mainly due to the use of many cooling devices, such as air conditioners. This leads to a high risk of local grid failure due to having to operate at full load and overload many times.
The Deputy General Director of Vietnam Electricity (EVN) said that while the cost price of coal-fired power was reaching VND4,000 per kWh due to the sharp increase in imported coal prices, that of hydroelectricity was only VND1,000 per kWh.