Vietnam Electricity (EVN), which holds a power distribution monopoly, is committed to not letting power shortages happen under “any circumstances” in order to accommodate economic growth of 6-6.5% this year.
EVN chairman Dang Hoang An said Sunday that the national power utility has prepared for a scenario of high growth in power consumption at 9.18% or more, where electricity output could reach 306.4 billion kWh, up 26 billion kWh from 2023.
He made the pledge of not repeating power shortages at a conference of state-owned enterprises (SOEs) chaired by Prime Minister Pham Minh Chinh.
In 2023, power consumption nationwide rose 4.56% year-on-year to total 280.6 billion kWh. EVN invested VND91 trillion ($3.68 billion) in power projects and disbursed VND87.55 trillion ($3.55 billion), the highest amount among SOEs, An noted.
Besides, it kick-started 146 power projects and completed work on 163 100-500kV grids.
However, power shortages spread across the northern region for 23 days early summer last year, affecting production and livelihoods of firms and retail consumers.
“This is an expensive lesson that EVN is still analyzing and working on measures to avoid its repetition,” An said.
To ensure power supply in 2024, EVN is speeding up investment in power generation and grid projects worth a combined VND102 trillion ($4.13 billion), up VND11 trillion from 2023.
Key projects include the upgrade of the Yaly and Hoa Binh hydropower plants, the Quang Trach 1 thermal power plant, preparing investment for the Quang Trach 2 LNG-to-power plant and construction of the expanded Tri An hydropower plant.
EVN will also focus resources to complete the new 500kV transmission line from the central province of Quang Binh to the northern province of Hung Yen by June 30 as requested by the prime minister, An said.