Sunday, April 14, 2024 6:17:48 AM - Markets open
VN-INDEX 1,276.60 +18.40/+1.46%
HNX-INDEX 241.34 +2.27/+0.95%
UPCOM-INDEX 91.21 +0.29/+0.32%
PM calls for efforts to ensure power supply
Vietnam News - 12/27/2023 3:51:02 PM
 (0 ratings. You must sign in to rate.)
Prime Minister Phạm Minh Chính has called for drastic efforts to speed up the implementation of key and pressing power projects to ensure an adequate supply of power in 2024 and the following years.
Of note, the three-circuit 500-kW transmission line from Quảng Trạch in the central province of Quảng Bình to Phố Nối in the northern province of Hưng Yên, must be completed and put into full operation in June 2024 to transmit electricity to the northern region.
While the transmission line has yet to be completed, the Ministry of Industry and Trade must keep a close watch on the power demand and power supply to raise measures to ensure enough power, especially for the Northern region.
“No electricity shortages are allowed to happen and affect production, business and people’s lives,” the PM asked.
The PM also asked for a focus on completing the mechanism and policies for direct purchase between renewable energy producers and large customers together with a mechanism to encourage rooftop solar, which must be submitted for consideration before the end of this month.
Việt Nam Electricity (EVN) must speed up the construction of power generation and grid projects while developing appropriate electricity system operation plans to ensure adequate supply. The PM required EVN to be more proactive in buying and selling electricity, especially renewable energy, in accordance with market rules and the spirit of harmonised benefits and shared risks.
In addition, EVN must enhance cooperation with Việt Nam National Coal – Mineral Industries Holding Corporation Limited and Việt Nam Oil and Gas Group (PVN) to enhance cooperation to ensure the supply of coal and gas for electricity generation.
In late May and early June, the northern region faced power outages, which significantly affected production and business and undermined investors’ confidence.
Việt Nam is facing the risk of electricity shortages not only in the short term of 2024-25 but also in the medium (2025-30) and long term (2030-50), according to a report of the National Assembly Standing Committee’s supervision group.
EVN forecast that the electricity demand would increase by an average 9 per cent per year, meaning that the production capacity must increase by 4,000 – 4,500MW. Meanwhile, new power sources expected to be put into operation in 2024 is only at 1,950MW and 3,770MW in 2023, mostly in the central and southern regions.
With the power demand growing by around 10 per cent per year, the northern region encounters a high risk of electricity shortage, especially in the summer months of 2024.
With regard to electricity supply for 2024, Đặng Hoàng An, EVN’s chairman, said that the group is preparing for the economic growth scenario of 6-6.5 per cent, meaning a growth of 9.4-9.8 per cent in electricity demand.
EVN also develops scenarios to cope with the last three months of the dry seasons to avoid shortages as what had happened in 2023, he said.
Regarding the 500-kV transmission line, An said that the progress is being accelerated with 219 bidding packages completed within four months which will be implemented from early January 2024.
Recently, EVN has proposed to import wind power from Laos to reduce the risk of power shortage for the northern region. — VNS
Read original article here
Newer News
12/04 Việt Nam’s growth projected at 6% in 2024 with policy adjustment: AMRO
12/04 Public investment projects: big push for construction materials sector
10/04 Việt Nam's exports to India maintain growth momentum
05/04 Stock market struggles as large-caps decline, casting negative shadow
05/04 MPI unveils two economic growth scenarios for this year
03/04 Hà Nội’s development investment increases by 8.5% year on year
03/04 HCM City sees highest economic growth for Q1
03/04 Seafood exports rise to $2 billion in Q1
03/04 Việt Nam learns from China’s experiences in building int’l free trade zone model
28/03 Petrol prices increase on March 28
Older News
27/12 Việt Nam aims to increase export turnover by 6% by 2024
27/12 Logistics chains crucial for boosting exports of agro-forestry-aquatic products
27/12 2023 export success boosts rice sector outlook
23/12 Bắc Ninh strives to become leading electronics centre
23/12 Việt Nam urged to strengthen ties with international logistics networks
23/12 Việt Nam promotes development of green industrial parks
23/12 Wood processing industry to see slow export growth next year
22/12 Fishery sector seeks sustainable growth, aiming for $9.5 billion export value in 2024
20/12 Economy picking up, support still needed: WB
20/12 VN to purchase wind power from Laos: EVN
Newsletter Signup
Top Stories
PM Chính requires strengthened gold market management
Bank shareholders to receive high dividends, stock bonuses
Shares sustain gains on strong investor confidence
Banks given advantages to CASA ratio
Man owes bank nearly VNĐ9 billion in credit card's interest after 11 years
Market Update
Last updated at 3:05:01 PM
VN-INDEX 1,276.60 +18.40/+1.46%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.