Vietnam Sets New Price Caps for Wind Power Projects

Dec 16, 2024

Vietnam's state-owned utility, EVN, has proposed indicative price caps for new wind power projects. The suggested caps are $68/MWh for onshore and $79/MWh for offshore projects, roughly 16% lower than previously approved rates. If finalized, these caps will be the maximum prices EVN can offer in 2025 power purchase agreements (PPA) for projects without existing PPAs and included in the national power development plan.

This marks the first price adjustment for new wind projects since Vietnam introduced feed-in tariffs in 2018, which added 3.9GW of capacity in three years. Vietnam aims to add 23.9GW by 2030 but has achieved only 5% so far. Besides negotiating with EVN, developers can sign direct power purchase agreements (DPPA) with large corporate users.

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