Phu My Power Plant Complex, the largest source of electricity in Vietnam Energy-starved Vietnam will need between $8 billion and $14 billion a year to develop new power plants and expand its power grid by 2030, Deputy Industry and Trade Minister Dang Hoang An said, according to Reuters. The minister said 75% of this should be used for new power plants, with priority given to renewable energy sources, and 25% for grid expansion. Funding for new power projects is best raised from private investors, who…
Energy-starved Vietnam will need between $8 billion and $14 billion a year to develop new power plants and expand its power grid by 2030, said Dang Hoang An, Vietnam’s deputy minister of industry and trade. Reuters.
The minister said 75% of this should be used for new power plants, with priority given to renewable energy sources, and 25% for grid expansion.
Funding for new power projects is best raised from private investors, he added.
Vietnam urgently needs to expand its power generation and distribution facilities to support its rapidly growing economy and population. As a regional manufacturing and assembly hub, the country needs to increase its installed capacity by about 10 percent annually.
Focus on offshore wind power
However, Vietnam plans to go down the sustainable path to generate more electricity.
“Vietnam will not add new coal-fired power plants to its power development master plan and will only extend coal projects under construction until 2030,” An said.
Vietnam last year pledged to be carbon neutral by 2050 and plans to increase its offshore wind capacity to 7 gigawatts by 2030 and 65 gigawatts by 2045, while reducing the share of coal in its energy mix.
Fewer coal-fired power plants
The ministry last month asked the government to remove coal projects with a combined future capacity of 14.12 GW from the overall power development plan currently being drafted.
Under the latest draft of the plan, Vietnam’s total installed capacity will increase from 76.6 GW at the end of last year to 121 GW in 2030 and 284 GW in 2045, the report said.
