In a recent document sent to relevant ministries and stakeholders, the Ministry of Industry and Trade requested feedback on a draft report evaluating the implementation of the national Power Plan 8.

The report details the progress of major power sources. For domestic gas and liquefied natural gas (LNG) power sources, the plan aims for a total capacity of 30,424 MW by 2030.

However, only one plant, O Mon I thermal power plant, is currently operational. A project under construction, Nhon Trach 3 and 4, has a capacity of 1,624 MW and utilizes LNG from Thi Vai LNG terminal.

Except for Nhon Trach 3 and 4, expected to be operational by May 2025, completing the remaining projects by 2030 is challenging without substantial solutions to overcome critical issues in LNG power development.

The Ministry warns that the electricity system may face significant power shortages between 2026 and 2030, posing risks to energy security.

Regarding coal power, the Eighth Power Plan targets a total installed capacity of 30,127 MW by 2030, with no coal use for power generation by 2050. This requires 3,383 MW of coal-fired power to be operational before 2030, with no further development beyond this period.

Currently, five projects are under construction, and five face delays and difficulties in shareholder changes and financing. The government has approved a review of converting the Cong Thanh thermal power project to LNG, while the Quang Tri I thermal power project has been terminated.

The Ministry notes that many coal-fired projects lack local and financial institution support, making their feasibility low. Wind power projects, with an installed capacity of 3,061 MW so far, face challenges in meeting the Eighth Power Plan’s targets of 21,880 MW by 2030 and 60,050-77,050 MW by 2050. Offshore wind projects, with a target of 6,000 MW by 2030 and 70,000-91,000 MW by 2050, have yet to receive investment approvals.

Given these challenges, the Ministry is considering the development of small modular nuclear reactors and floating nuclear power plants as part of its strategy.

Although the Eighth Power Plan does not currently include nuclear power, the Ministry believes that with their benefits and favorable conditions, along with global developments in this technology, Vietnam should explore these options.

The Ministry has also recommended that the Prime Minister approve amendments to the Eighth Power Plan if the approved sources do not meet the timeline, to address potential electricity shortages between 2025 and 2030.

Tam An