The Ministry of Industry and Trade proposes increase on wind power price to attract foreign investment, said Pham Trong Thuc, director of the ministry’s Renewable Energy Department on February 20.
Power corporations currently purchase electricity generated from renewable energy sources at US$7.8 per kilowatt hour, said Thuc during a seminar about wind power development in HCMC. This rate is lower than the world’s average price for renewable energy. It has been unable to increase due to social welfare.
Vietnam’s aim is to generate 1,000 megawatts of wind power by 2020. This will account for 5.6 percent of the country’s total electricity. The country aims to increase this number to 6,200 megawatts by 2030, which will account for 9.4 percent of the country’s total electricity.
The Ministry of Industry and Trade is studying Decision 37 and changes to wind power price in order to reach the target.
The ministry will submit the decisions for approval by the end of 2014.
The ministry will also seek sponsorship for projects estimating Vietnam’s wind potential in the mainland and offshore.