Over 10 billion USD per year to develop power sources and grids in 2021-2030

Transmission lines are installed to connect renewable energy plants in Thuan Nam District, Binh Thuan Province. (Photo: VNA)

Hanoi - The demand for investment capital for the development of power sources and grids will average 10-11.5 billion USD per year by 2030.

This is stated in the draft national electricity development planning for 2021-2030, with a vision to 2045 (power planning VIII) that has just been submitted to the Government by the Ministry of Industry and Trade after many revisions and reviews.

According to the draft, the total investment capital required to implement the electricity development programme will be about 99 - 116 billion USD in the 2021-2030 period, equivalent to 10-11.5 billion USD per year.

In which, the average capital for power source development is 8.57-10.15 billion USD per year; while the capital for the transmission grid is about 1.36-1.44 billion USD a year.

The power planning this time is developed with the aim of ensuring an adequate supply of electricity in the country, meeting the socio-economic development goals of the whole country with an average GDP growth rate of about 6.6 percent per year in the 2021-2030 period and about 5.7 percent per year in the 2031-2045 period.

Among the set targets, exploiting and effectively using renewable energy sources for electricity production is a priority, increasing the proportion of electricity produced from renewable energy sources to about 11.9. - 13.4 percent by 2030 and about 26.5 - 28.4 percent by 2045.

The power source development plan by 2025 targets that the total capacity of power plants will be about 102,590 - 105,265MW.

Of which, hydroelectricity will reach 25,323 megawatts (MW), accounting for 24.1 - 24.7 percent; coal-fired power plants 29,679MW, accounting for 28.2 - 28.9 percent; gas thermal power (including LNG) 14,117MW, accounting for 13.4 - 13.7 percent; renewable energy sources 29,618 - 31,418MW, accounting for 28.9 - 29.8 percent; and electricity imports 3,853 - 4,728MW, accounting for 3.7 - 4.5 percent.

By 2030, the total capacity of power plants will be about 130,371 - 143,839MW and the total capacity of power plants will be about 261,951-329,610MW by 2045.