National Assembly overwhelmingly approves amended Electricity Law

The National Assembly on November 30 passed the amended Electricity Law with 439 out of 463 participating deputies voting in favor, representing 91.65% of the total number of deputies.

The Law stipulates that the winning bid price for electricity is the maximum electricity price for the electricity buyer to negotiate with the winning investor. The Government is tasked with detailing the negotiation process and the signing of investment and business project contracts, as well as power purchase agreements with the winning investor, ensuring the rights and interests of all parties.

Regarding electricity development policies for nuclear power development, the National Assembly Standing Committee noted that specific regulations on investment and construction of nuclear power projects are already stipulated in the Law on Atomic Energy. Therefore, the amended Electricity Law only includes general provisions on nuclear power development planning.

Furthermore, the development of renewable energy depends on renewable energy sources, natural conditions, and technical infrastructure. In rural, mountainous, and island areas that meet the necessary conditions, preferential mechanisms for investing in renewable energy projects will be applied, as stipulated in this Law.

Regarding the development of renewable energy and new energy sources, including offshore wind power, the Law classifies offshore wind power projects in Vietnamese waters into two categories: near-shore wind power projects and offshore wind power projects.

The amended Electricity Law will come into effect on February 1, 2025.