Ninh Thuan wants EVN to purchase Trungnam’s unpriced solar power capacity

By Huong Dung
Mon, October 17, 2022 | 4:37 pm GMT+7

Ninh Thuan authorities have proposed the government to direct state utility Electricity Vietnam (EVN) to purchase the 40% portion of the Trungnam Group solar power plant's capacity that has yet to gain a pricing mechanism.

A solar power farm of Trungnam group in Ninh Thuan province, south-central Vietnam. Photo courtesy of the group.

A solar power farm of Trungnam group in Ninh Thuan province, south-central Vietnam. Photo courtesy of the group.

“This aims to win investor trust and enhance the investment environment in Ninh Thuan province, contributing to promoting local socio-economic development,” the provincial people's committee said in a document sent to Deputy Prime Minister Le Van Thanh last week.

From September 1, EVN stopped purchasing 172.12 megawatts from the Trung Nam-Thuan Nam solar power plant's 450-MW capacity, saying this portion is yet to have a pricing mechanism.

Trungnam then sent a petition to the government, claiming that slashing 40% of the Ninh Thuan province-based project’s capacity would mean severe losses.

“It will break the investor’s commitment on the financial plan approved by credit institutions, leading to the project’s inability to repay loans,” the group said.

Chairing a meeting on this matter earlier this month, Deputy PM Thanh asked the Ministry of Industry and Trade (MoIT) to review and thoroughly handle all petitions by the investor - Trungnam Group’s Trung Nam-Thuan Nam Solar Power Company Limited, ensuring all are managed in line with the law.

In response to this direction, the MoIT’s Electricity and Renewable Energy Authority later (EREA) in a statement requested EVN to “follow the solar power purchase contract signed with Trungnam Group in line with relevant legal regulations.”

Previously, EVN and Trungnam Group had held talks on solutions for the power purchase deadlock during which the state utility asked Trungnam to put the 172-MW portion into the “competitive power generation market”.

The prolonged suspension of utilizating Trung Nam-Thuan Nam solar power will cause a waste of electricity from renewable energy and cost the company nearly VND2 billion ($82,270) per day, it said, adding its losses amounted to about VND80 billion ($3.3 million) as of October 10.

Comments (0)
  • Read More
Korea SK Group sells 76 mln shares of Vietnam’s MSN, no longer major shareholder

Korea SK Group sells 76 mln shares of Vietnam’s MSN, no longer major shareholder

South Korea’s chaebol SK Group has sold 76.28 million shares of Vietnam’s conglomerate Masan, lowering its ownership in Masan to 3.67% of the charter capital and 3.86% of the voting shares.

Companies - Fri, November 1, 2024 | 3:16 pm GMT+7

HCMC-based Bamboo Capital's energy arm fulfils 98% of profit target in 9 months

HCMC-based Bamboo Capital's energy arm fulfils 98% of profit target in 9 months

BCG Energy JSC, a subsidiary of Vietnamese private conglomerate Ho Chi Minh City-Bamboo Capital Group, posted a consolidated after-tax profit of VND504 billion ($19.94 million) in the first nine months of 2024, fulfilling 98% of its yearly profit target.

Bamboo Capital - Fri, November 1, 2024 | 2:32 pm GMT+7

Vietnam refinery operator suffers heavy loss in Q3

Vietnam refinery operator suffers heavy loss in Q3

Binh Son Refining and Petrochemical JSC (BSR), the operator of Vietnam’s first oil refinery Dung Quat, incurred a net loss of VND1.21 trillion ($47.74 million) in Q3/2024, marking the fourth consecutive quarter of dim earnings.

Companies - Fri, November 1, 2024 | 2:10 pm GMT+7

Vietnam T&T Group, Qatar partner to build $3.2 bln Disneyland park in Hanoi

Vietnam T&T Group, Qatar partner to build $3.2 bln Disneyland park in Hanoi

Vietnam’s conglomerate T&T Group and Qatar’s JTA International Investment Holding will jointly build a $4.5-billion sports and entertainment complex in Hanoi, featuring a Disneyland theme park worth $3.2 billion.

Real Estate - Fri, November 1, 2024 | 12:08 pm GMT+7

AirAsia to collect mandatory carbon fee starting 2025

AirAsia to collect mandatory carbon fee starting 2025

Malaysia-based carrier AirAsia will begin imposing a mandatory carbon fee on all passengers starting January 1, 2025, according to the country’s Transport Minister Anthony Loke.

Southeast Asia - Fri, November 1, 2024 | 12:05 pm GMT+7

At least seven killed in bridge collapse in Indonesia

At least seven killed in bridge collapse in Indonesia

At least seven people were killed and dozens of others were injured when a seaside bridge collapsed in the Maluku island region in eastern Indonesia on Thursday.

Southeast Asia - Fri, November 1, 2024 | 12:04 pm GMT+7

Thailand to raise retirement age to 65

Thailand to raise retirement age to 65

Thailand's Labor Ministry plans to raise the retirement age for both private and government sectors to 65 years, the same as in Singapore and Switzerland, according to Labour Minister Phiphat Ratchakitprakarn.

Southeast Asia - Fri, November 1, 2024 | 12:03 pm GMT+7

A quarter of Singapore’s fish farms stop operations in past year

A quarter of Singapore’s fish farms stop operations in past year

About a quarter of Singapore’s sea-based fish farms have exited the industry over the past year, figures from Singapore Food Agency (SFA) showed.

Southeast Asia - Fri, November 1, 2024 | 12:02 pm GMT+7

Malaysia plans to launch national AI office

Malaysia plans to launch national AI office

The Malaysian Government plans to launch the National Artificial Intelligence Office (NAIO) in Kuala Lumpur on December 12, according to the country’s Digital Minister Gobind Singh Deo.

Southeast Asia - Fri, November 1, 2024 | 12:00 pm GMT+7

Vingroup posts Q3 earnings of $80 mln, highest in five years

Vingroup posts Q3 earnings of $80 mln, highest in five years

Vingroup, the largest private multi-industry conglomerate in Vietnam by ecosystem, recorded a consolidated net profit of VND2,015 billion ($79.54 million) in Q3/2024, the heftiest quarterly earnings in the past five years.

Companies - Fri, November 1, 2024 | 11:54 am GMT+7

Thailand SCG to invest $700 mln more in $5 bln petrochemicals complex in Vietnam

Thailand SCG to invest $700 mln more in $5 bln petrochemicals complex in Vietnam

Thailand’s Siam Cement Group (SCG) will invest an extra $700 million in the $5.2 billion Long Son Petrochemicals Complex (LSP) in Vietnam’s southern province of Ba Ria-Vung Tau to diversify its production.

Industries - Fri, November 1, 2024 | 10:20 am GMT+7

Vietnam manufacturing activity rebounds, recovering from typhoon Yagi

Vietnam manufacturing activity rebounds, recovering from typhoon Yagi

The Vietnamese manufacturing sector in October started to recover from the effects of September's super typhoon, recording renewed increases in both output and new orders.

Economy - Fri, November 1, 2024 | 8:34 am GMT+7

Vietnam private lender VietBank logs 96% profit growth in 9 months

Vietnam private lender VietBank logs 96% profit growth in 9 months

Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank) posted a 96% year-on-year surge in pre-tax profit in the first nine months of 2024 to reach VND820.4 billion ($32.46 million), or 78% of the year's target.

Banking - Fri, November 1, 2024 | 7:45 am GMT+7

Maersk opens its first bonded warehouse in Vietnam

Maersk opens its first bonded warehouse in Vietnam

Denmark's integrated transport and logistics giant A.P. Moller - Maersk (Maersk) on Thursday opened its first bonded warehouse in Vietnam at SLP Park, Nam Dinh Vu Industrial Park in Hai Phong city.

Industries - Thu, October 31, 2024 | 11:44 pm GMT+7

ABBank incurs $14 mln loss in Q3

ABBank incurs $14 mln loss in Q3

Hanoi-headquartered An Binh Commercial Joint Stock Bank reported a pre-tax loss of VND343.5 billion ($13.59 million) in the third quarter of this year, while some other private Vietnamese banks posted strong profits.

Banking - Thu, October 31, 2024 | 9:29 pm GMT+7

Vietnam’s emergence as regional manufacturing hub a significant logistics opportunity: SuperPort exec

Vietnam’s emergence as regional manufacturing hub a significant logistics opportunity: SuperPort exec

Southeast Asia’s rise as a vital logistics hub with Vietnam positioned as a key manufacturing center presents a significant business opportunity, says Yap Kwong Weng, CEO of Vietnam SuperPort.

Companies - Thu, October 31, 2024 | 9:01 pm GMT+7