Vietnam to purchase more power from Laos
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|PM Nguyen Xuan Phuc and his Lao counterpart Thongloun Sisoulith witness the signing of MoU on hydropower plant development. Photo: VNA|
Vietnam Electricity (EVN) has signed three memoranda of understanding with investors of power projects in Laos to develop and purchase electricity from the neighbouring country.
The signing of the deals took place during the 43rd meeting of the Vietnam-Laos Inter-Governmental Committee on bilateral cooperation.
Accordingly, EVN will buy power from two hydropower plants and one coal-fired power plant in Laos starting 2024.
The 84-megawatt Nam Yeuang hydropower plant and 300-megawatt Nam Phan coal-fired thermal power plant developed by Phongsubthavy Group are set to transmit electricity to Vietnam starting 2024 and 2025.
|Workers fix electric cables in District 1, Ho Chi Minh City. Photo: VnExpress|
Another hydropower plant, Nam Neun 1, with a capacity of 124-megawattd and developed by Kong Sup Hydro Development of Nam Neun 1 and Nam Neun 3, will also start delivering power to Vietnam in those two years.
The two sides plan to step up negotiations on power purchase agreements in the time ahead, in line with the Vietnamese Ministry of Industry and Trade’s guidelines.
The signing also marks noted strides in the friendship between the two nations, especially cooperation in energy./.
EVN in January signed five deals with two Laotian companies to purchase 1.5 billion kilowatt-hour of power each year in 2021 and 2022, according to VnExpress.
The Ministry of Industry and Trade had earlier warned of power shortages of 3.7 billion kWh in 2021 and nearly 10 billion kWh the following year, as construction of new thermal and gas-fired plants fall behind schedule.
2023 will be the most stressful with the shortage expected to be around 15 billion kWh. From then on, it will decrease, with shortages expected to drop to 7 billion kWh and 3.5 billion kWh in 2024 and 2025 respectively.
The ministry stated the only way out is to import more from Laos and China, although this is only a band-aid solution. In the long run, it would be necessary to speed up work on large power generation projects, it added.
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