Electricity firms urged to enhance competitive market hinh anh 1Illustrative image (Photo:VNA)
The Electricity of Vietnam (EVN), Vietnam National Oil and Gas Group (PetroVietnam) and Vietnam National Coal-Mineral Industries Corporation (TKV) should work harder towards a competitive power generation market, laying the foundation for electricity wholesale trade, said Deputy Minister of Industry and Trade Hoang Quoc Vuong.

He made the suggestion at a conference to review the three year operation of the competitive power generation market and discuss the plan to establish a competitive wholesale electricity market held by the Electricity Regulatory Authority of Vietnam (ERAV) under the Ministry of Industry and Trade (MoIT) in Hanoi on August 26.

The official requested the three corporations to prepare for power plants to join the competitive market where the EVN no longer remains the single buyer and prices are determined by the market.

The EVN was appointed to prepare a detailed plan for the immediate participation of multi-purpose hydropower and build-operate-transfer (BOT) plants in the market and submit it to the MoIT as soon as possible.

It was also asked to improve the transparency of its market reports for the benefit of stakeholders and consumers.

Meanwhile, the ERAV is responsible for collecting feedback from stakeholders for the prompt resolution of challenges remaining in the new competitive market.

According to Head of the ERAV Nguyen Anh Tuan, 59 out of 109 power plants with a combined capacity of approximately 14,800 megawatts, or 42 percent of the national capacity, have joined the competitive electricity generation market through direct public offerings.

Yet many challenges remain, including the lack of experience and capable human resources to effectively operate the market and several payment issues.

The ERAV pledged to provide extra guidance to assist electricity plants in joining the market and overcoming difficulties.

Vietnam plans to have a competitive retail electricity market by 2030.-VNA