Ministry approves base price for LNG-fired power at 10.56 US cents per kWh
Vietnam’s Ministry of Industry and Trade has approved the base price for LNG-fired power produced by combined cycle gas turbine thermal power plants at VND0-2,590.85 per kWh, equivalent to 10.56 U.S. cents per kWh.
In a decision released on Monday, the ministry (MoIT) clarified that the figure does not include VAT, and that VND2,590.85 is the ceiling price.
Based on the figure, state utility Vietnam Electricity (EVN) and power generation units will negotiate further over power prices, the ministry highlighted.
PV Gas's LNG tank in Ba Ria-Vung Tau province, southern Vietnam. Photo courtesy of Ba Ria-Vung Tau newspaper.
Besides, the ministry noted the details for calculations in 2024, including power plants’ raw output of 1.58 million kWh, heat loss at 85% capacity of 6,330.2 BTU per kWh, and LNG prices of $12.98 per million BTU.
The base price is higher than EVN’s retail electricity price, which ranges from VND1,806-VND2,167 per kWh for the first 200 kWh, and VND2,729-3,151 per kWh for usage beyond 200 kWh.
The price is also higher than the preferential feed-in-tariff (FiT) of 9.35 U.S. cents per kWh for solar power, which was lowered to 7.09 U.S. cents in June 2019. For wind power, the FiT is 8.5 U.S. cents per kWh.
Vietnam currently has no operational LNG-to-power projects. Nhon Trach 3 and Nhon Trach 4, the first two in Vietnam, are under construction in the southern province of Dong Nai.
Meanwhile, Phu My 3 gas-fired power plant in the southern province of Ba Ria-Vung Tau switched to using LNG for power generation in April.
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