DNVN - The Electricity Law (amended) passed by the National Assembly on November 30 covers major policies such as electricity planning, electricity market and renewable energy development, ensuring consistency with related laws, and adding many regulations to remove bottlenecks that have existed for a long time.
Many new points
On October 26, discussing in groups, General Secretary To Lam emphasized the need to amend the Electricity Law in response to the requirements of infrastructure and energy - one of the pillars, leading factors, and breakthroughs for socio-economic development, ensuring national energy security.
According to the General Secretary, in addition to a good investment environment and favorable business environment, it is also necessary to calculate the electricity output supplied to the economy to attract foreign investors to Vietnam. Therefore, amending the Electricity Law needs to have a vision to meet development requirements in the coming time; along with that, focusing on prioritizing the development of clean electricity, striving to achieve the goal of zero net emissions by 2050; calculating electricity planning and harmonious electricity transport between regions and areas in the country.
On November 30, with 91.65% of delegates in favor, the National Assembly passed the Electricity Law (amended). This is an important law project, having a great impact on the economy, ensuring the country's growth and development goals as well as national energy security in the short and long term.
The National Assembly passed the Electricity Law (amended) on November 30, 2024.
Effective from February 1, 2025, the Electricity Law 2024 has fully implemented and institutionalized the spirit of Resolution No. 55-NQ/TW dated February 11, 2020 of the Politburo on the orientation of Vietnam's national energy development strategy to 2030, with a vision to 2045.
The Electricity Law 2024 covers major policies such as electricity planning, electricity market and renewable energy development, ensuring consistency with related laws, adding many regulations to remove bottlenecks that have existed for a long time, such as the mechanism for implementing emergency electricity projects; clarifying the mechanism for handling and replacing slow-progressing electricity projects.
The new law creates great opportunities for all economic sectors to invest in power generation and grid projects, while encouraging the transition from fossil fuels to renewable and low-emission energy sources. In particular, incentive mechanisms for offshore wind power and liquefied natural gas power are expected to promote diversification and sustainability in energy supply.
A notable point in the Electricity Law 2024 is the commitment to develop a competitive electricity market with State regulation. This will help optimize the efficiency of electricity operations, separate natural monopolies and encourage private sector participation.
Regarding electricity prices, the Law affirms the market-based pricing mechanism, eliminates cross-subsidy between customer groups, and ensures the interests of power units and customers. These improvements aim to provide stable, high-quality electricity at reasonable prices.
Removing bottlenecks, promoting investment capital flows
National Assembly deputies highly appreciated the practicality of the Electricity Law (amended). Delegate Dang Bich Ngoc (Hoa Binh delegation) said that the Electricity Law (amended) this time will have a profound impact on people's lives and production and business activities of enterprises, because electricity is an important resource serving all economic and social fields.
In particular, encouraging businesses to invest in renewable energy projects will help businesses reduce their dependence on the national grid and cut long-term electricity costs. This will also help businesses minimize negative impacts on the environment and increase sustainability.
Delegate Dang Bich Ngoc (Hoa Binh delegation).
The draft law also opens the door for many economic sectors to participate in the production, distribution and trading of electricity, creating opportunities for private enterprises and foreign-invested enterprises to participate in the market. This creates competition, leading to improved service quality and reduced costs for electricity-using enterprises. Therefore, the promulgation of the Electricity Law (amended) this time is extremely necessary and urgent for the socio-economic development of Vietnam at present as well as in the near future.
Delegate Pham Van Thinh (Bac Giang delegation) assessed that the Law will reduce difficulties in ensuring energy security, while attracting international investment capital into energy as well as diversifying international investment capital into Vietnam, promoting the development of renewable energy and new energy sources that reduce emissions. This is a necessary step for Vietnam to meet the goal of reducing emissions and developing a sustainable economy.
With comprehensive reforms, the Electricity Law 2024 not only addresses long-standing bottlenecks but also opens the door to strong development for the energy industry, contributing to bringing Vietnam closer to the goal of becoming a modern industrial nation.
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Source: https://doanhnghiepvn.vn/kinh-te/chinh-sach/luat-dien-luc-2024-go-diem-nghen-thuc-day-dong-von-dau-tu/20241201103946356
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