PC1, GEG, POW, DCM, REE,... are companies whose projects are considered by the JETP.
PC1, GEG, POW, DCM, REE,... are companies whose projects are considered by the JETP.
In early December, at the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in Dubai, United Arab Emirates (UAE), Prime Minister Pham Minh Chinh announced the Resource Mobilization Plan (RMP) to implement the Political Declaration establishing a Partnership for a Just Energy Transition (JETP) between Vietnam and the International Partnership Group (IPG).
The overall objective of the project is to successfully implement the JETP Declaration in association with the promotion of renewable energy development, economic and energy efficient use, thereby contributing to the goal of net zero emissions by 2050.
Prime Minister Pham Minh Chinh spoke at the launch ceremony of the Resource Mobilization Plan for the implementation of the Political Declaration on the establishment of a partnership for a just energy transition (JETP)
Research and build two industrial centers and interregional renewable energy services, forming an industrial ecosystem of renewable energy in potential areas.
The government promulgates a list of tasks for the implementation of the Political Declaration establishing a Partnership for a Just Energy Transition (JETP Declaration); List of priority project groups by 2025 to achieve a Just Energy Transition.
Here are the specific projects that will be considered for support by JETP:
Wind power plants: Lien Lap, Phong Huy, and Phong Nguyen, operated by PC1 Group (currently operating at a capacity of 144 MW).
Tra Vinh Wind Farm operated by Refrigeration Electrical Engineering Corporation (REE) (currently operating at a capacity of 50 MW).
TTC Duc Hue 2 Solar Power Plant operated by GEG (a solar power plant currently under development with a capacity of 49 MWp).
Khai Long Ca Mau Wind Power Project by BCG Energy - Phase 1 (a wind power plant currently in the early development phase with a capacity of 100 MW).
Energy conversion project at Pha Lai Coal Thermal Power Plant (PPC).
Quang Ninh Coal Thermal Power Plant (QTP).
Hai Phong Coal Thermal Power Plant (HND).
Vung Ang 1 Coal Thermal Power Plant operated by Vietnam Oil and Gas Power Corporation (POW).
Pilot project for using green ammonia/hydrogen at a fertilizer production company in Cà Mau Province (VCSC believes it's Dam Ca Mau - DCM).
Two solar and electrolyzer projects by Vietnam Oil and Gas Group.
There are investment projects in electricity transmission networks in support of investments in EVN (NPT) infrastructure, including upgrading and extension of data acquisition transmission, monitoring and control systems (SCADA) and 500 kV and 220 kV Energy Management System (EMS).
This minimum financing program of US$15.5 billion represents more than 11% of the electricity sector’s capital needs in 2021-2030 ($134.7 billion under Power Plan VIII).
Vietcap Securities (VCSC) expects support policies and capital disbursements to be launched from 2024 in order to accelerate the implementation of the JETP.
As a result, VCSC currently has a buy recommendation for REE shares (with a target price of VND 74,000/share), POW (with a target price of VND 13,600/share) and NT2 (with a target price of VND 26,400/share).
At the same time, it recommends Positive for HDG (with a target price of 30,900 VND/share) and PC1 (with a target price of 32,200 VND/share) and PPC (with a target price of 15,200 VND/share). VCSC also gave a fair value for QTP (unclassified) of 17,100 VND/share.
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