To finalize the Decree related to the gas and wind electricity trading mechanism in the second quarter of 2024 in Vietnam

To finalize the Decree related to the gas and wind electricity trading mechanism in the second quarter of 2024 in Vietnam (Internet image)

On February 14, 2024, the Prime Minister issued Directive 05/CT-TTg on ensuring electricity supply, coal and gas supply for electricity production in the coming time.

To finalize the Decree related to the gas and wind electricity trading mechanism in the second quarter of 2024 in Vietnam

Specifically, the Prime Minister requested the Minister of Industry and Trade perform the following tasks:

- Focus on leading and directing the implementation of a number of specific tasks, especially the plan to implement the National Electricity Development Plan for the period 2021–2030 with a vision to 2050 (Power Plan VIII). In particular, focus on implementing tasks to ensure supply for the Northern Power System in the coming years, as follows:

i) Coordinate with the State Capital Management Committee at enterprises, relevant ministries, sectors, and People's Committees of provinces and centrally-run cities. The Prime Minister directs, guides, and supports the Vietnam Electricity Group to implement and expedite the progress to complete as soon as possible the 500 kV Quang Trach - Pho Noi Circuit 3 power transmission line for the Northern region (with a target to complete and energize by June 2024).

ii) Urgently complete and submit the dossier to request the development of a Government Decree on mechanisms and policies to encourage the development of solar power and rooftop solar power installed in people's homes, public offices,
industrial area;

iii) Preside over and coordinate with Vietnam Oil and Gas Group and Vietnam Electricity Group to develop a Decree related to the gas and wind electricity trading mechanism in an abbreviated form that must be completed no later than the second quarter of 2024;

iv) Urgently review the power sources in the Northern region, report to the Prime Minister on measures to promote the progress of ongoing power generation projects, and promptly implement new power sources, specifically for each project in the Northern region.

- Direct the Vietnam Electricity Group and the National Load Dispatch Center to operate the power system, ensure electricity supply, develop electricity supply plans, and operate the national power system with the goal of ensuring electricity supply, ensuring backup power sources, and being able to respond to and control extreme operating scenarios that may occur.

- Forecast and develop plans to direct Vietnam Oil and Gas Group, Vietnam National Coal and Mineral Industries Group, and Northeast Corporation to provide sufficient and continuous supply of coal, ensure timely delivery, adequate quantity, and correct type of coal for electricity production according to the signed Contract/Commitment; or commitment, and coordinate with relevant units to forecast fuel use and supply, ensuring electricity supply security.

- Direct, inspect, and supervise Vietnam Oil and Gas Group to implement all solutions to ensure the progress of the Block B gas - electricity project chain according to Power Planning VIII, focus on solving problems within authority, and promptly report to the Prime Minister to resolve issues beyond authority.

- Monitor and supervise the progress of key energy projects, such as Blue Whale and Thi Vai-Nhon Trach projects; preside and coordinate with relevant ministries and branches to promptly handle issues within their authority, report to the Prime Minister on contents beyond their authority, and ensure project implementation according to the proposed plan.

- Promote serious, substantive, and effective implementation of the Prime Minister's Directive on enhancing electricity saving and the National Program on economical and efficient use of energy, the electricity demand management program, and green and clean energy conversion; coordinate research to promote domestic production, technology application, innovation, and increase labor productivity in the energy sector.

- Strictly and strictly implement effective state management of power sources produced, traded, and sold outside the state sector. Review commitments and develop electricity supply plans and prices in accordance with the law; All negativity and corruption of group interests are strictly prohibited during the production, business, and purchase of electricity in the non-state sector.

Thus, with the above regulations, there will be a Decree related to the gas and wind electricity trading mechanisms.

More details can be found in Directive 05/CT-TTg, dated February 14, 2024.

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