The price frame for new solar power projects will be calculated based on the intensity of solar radiation in each region, to prioritize development in the North - where radiation is low.
According to the Ministry of Industry and Trade, the Power Plan 8 encourages and prioritizes the development of solar energy in the North, where the intensity of solar radiation is much lower than in the Central and Southern regions. Therefore, to encourage investment in solar power plants in the North, there needs to be a higher price framework mechanism (due to the low power output received) in the Central and Southern regions. That is, the electricity generation price framework will be determined based on the intensity of solar radiation in each region. Referring to data from consulting organizations for input parameters to calculate the price framework is carried out in accordance with the provisions of the Electricity Law.
According to the draft, the transitional electricity project group will still enjoy the old price.
Specifically, Vietnam Electricity Group (EVN) is the unit that calculates the price framework, submits it to the Ministry of Industry and Trade for appraisal and promulgation. Therefore, the draft circular continues to stipulate that EVN develops and selects appropriate consulting organizations and units to collect input data.
According to the draft circular, the method of developing the electricity price framework is similar to the one applied to transitional renewable energy projects. However, some input parameters for calculating the price framework will be different, such as installed capacity, project economic life, debt repayment period, equity/loan ratio, profit margin, standard distribution coefficient corresponding to expected electricity with wind power. The calculation method also updates parameters on investment rate, foreign currency loan ratio, operation and maintenance cost ratio (O&M), loan interest (domestic and foreign currency)...
Vietnam Electricity Group (EVN) is the unit that calculates the price framework based on selecting a suitable consulting unit to collect input data, then submits it to the Ministry of Industry and Trade on November 1 every year for appraisal and issuance. If necessary, especially in years when many solar and wind power plants agree on electricity prices with EVN, the Ministry of Industry and Trade will establish an advisory council to appraise the results of the price framework calculation submitted by this group.
In addition, another notable point in this revised circular is that the regulations on building price frameworks will not apply to groups of transitional wind and solar power projects, but only to renewable energy projects that have been invested in, constructed, and newly put into operation, and have signed power purchase contracts.
Power Plan 8 identifies Vietnam's solar power potential at about 963,000 MW, of which 87% is ground-mounted solar. By 2030, the total capacity of solar power sources is expected to increase by 4,100 MW, and by 2050 reach 168,594 - 189,294 MW. For wind power, Power Plan 8 sets a target that by 2030, onshore wind power capacity will reach 21,880 MW, offshore wind power will reach about 6,000 MW, and by 2050, it will reach 70,000 - 91,500 MW.
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