Electricity prices may rise if renewables overdeveloped: finance ministry

The Ministry of Finance has warned that electricity prices will rise if solar and wind power are not developed commensurately with grid and operational capacity.

Renewable power production is booming thanks to a fit-in-tariff (FIT) price of 7.09-9.35 U.S. cents per kilowatt-hour, much higher than prices paid for conventional energy. As of December 31 last year installed solar power capacity was nearly 18,000 megawatts compared to the government’s target of 4,000 MW by 2025 and 12,000 MW by 2030.

But the grid and storage systems have not kept pace, causing risks of overload and wastage.

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Anh Minh