EVN has been tasked with finding solutions to address the issue of 14 solar power projects in Ninh Thuan that are receiving preferential feed-in tariff (FIT) improperly.
The Government Inspectorate concluded that the projects eligible for the FIT price of 9.35 cents per kWh for 20 years, as stipulated in Resolution 115, were solar power projects approved by the Prime Minister or included in the national power development plan, with a total capacity of 2,022 MW. However, the Ministry of Industry and Trade subsequently advised expanding the scope of FIT application to include projects already included in power development plans at all levels.
The projects include Hacom Solar, Sinenergy Ninh Thuan 1 solar power plant, Thuan Nam Duc Long, Thien Tan Solar Ninh Thuan, Phuoc Ninh, Son My 2, Son My, Nhon Hai Solar Farm, Bau Zon, Thuan Nam 12, SP Infra 1, Adani Phuoc Minh, Ho Bau Ngu, and a 450MW solar power project combined with the Thuan Nam 500kV substation and 500kV and 220kV transmission lines.
This resulted in 14 projects receiving an improperly preferential feed-in tariff of 9.35 cents per kWh for 20 years. The amount of electricity that Vietnam Electricity Group (EVN) had to pay to these investors increased by more than 1,480 billion VND over the 2.5 years from 2020 to June 2022. The inspection agency determined that the Ministry of Industry and Trade was responsible.
To implement this conclusion, in a recent document sent to EVN, the Ministry of Industry and Trade requested EVN to review, provide data and information, and propose solutions for handling 14 solar power projects in Ninh Thuan that are currently enjoying incentive pricing mechanisms that are not in accordance with Government Resolution 115/2018.
The Ministry of Industry and Trade also requested EVN to review the entire process of implementing agreements, signing power purchase agreements, checking conditions and connecting power, recognizing the commercial operation date, and paying for electricity purchased at FIT prices to wind and solar power investors. Based on this, the corporation is to propose solutions and address violations by investors and EVN.
With large-capacity rooftop solar power systems (nearly 1MW), based on the findings, EVN and provincial power companies will review projects already invested in and built on agricultural and forestry land under the farm/cultivation investment model and propose solutions for handling them.
EVN was also required to work with Trung Nam Hydropower Joint Stock Company; select an auditing firm to conduct an audit of the total investment costs of the Dong Nai 2 Hydropower Plant project. The corporation was tasked with reassessing the amount of interest already paid exceeding the regulated rate compared to the electricity price approved by the Ministry of Industry and Trade for the Dong Nai 2 and Song Bung 4A plants; and renegotiating the electricity purchase price for the Vung Ang 1 and Dong Nai 5 thermal power plants in accordance with legal regulations and the audit results of the State Audit Office.
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