According to the MoIT, as of June 18, the Southeast Asian country's power consumption has reached 141.8 billion kWh, equivalent to 45.6% of the annual estimate.
Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said there has been significant pressure on the country's power infrastructure this year as the economy's recovery gains momentum.
Ensuring sufficient power supply has been among the top priorities of the ministries and the Prime Minister.
"The ministry has sent task forces to inspect and monitor the availability of resources including water, coal and gas. A rapid response team has also been formed under the Electricity Regulatory Authority in preparation for possible issues with the system," said the deputy minister.
Nguyen The Huu, the authority's deputy director, said despite record-breaking consumption levels this year, the power supply has remained stable and smooth. He said there should not be power shortages in 2024.
However, the country's power network may experience peak demand during the hot summer months of June and July. Huu said residents and businesses should also help conserve electricity, relieving pressure on the country's power networks.
"In the long term, to ensure electricity supply, the Department of Electricity and Renewable Energy and the Electricity Regulatory Authority, both under the MoIT's management, have established a direct power purchase agreement (DPPA) mechanism," Huu said.
Meanwhile, the ministry has also been working on building the legal frameworks required to regulate the production and transmission of alternative power sources, including waste and biomass.
Bui Quoc Hung, deputy director of the electricity and renewable energy department, said demand has experienced rapid growth since last year and recently reported a 12% increase year-on-year, exceeding previous estimations of 8-9%.
Since the approval of Power Plan VIII, the MoIT has started the implementation of several projects to bolster and expand the national grid.
The construction of the 500 kV Line Circuit 3 has been expedited to cover the north and central regions, as well as various other projects.
The ministry has also started negotiations with power suppliers from Laos.
