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The revised Electricity Law (Law No. 61/2024/QH15) will take effect in early 2025

The revised Electricity Law (Law No. 61/2024/QH15) has been passed and will take effect from February 1, 2025. The Electricity Law has 81 Articles and 9 Chapters including: (I) General provisions; (II) Electricity development planning and investment in electricity projects; (III) Development of renewable energy and new energy; (IV) Electricity operation license; (V) Competitive electricity market and electricity trading activities; (VI) Dispatch and operation of the national electricity system; (VII) Rights and obligations of electricity units and electricity customers; (VIII) Protection of electricity works and safety in the electricity sector; (IX) Implementation provisions.

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The Electricity Law is amended to enhance the law’s enforceability and effectiveness, while ensuring that the electricity development policy is consistent with other relevant policies and the legal system is improved. This law allows for the development of power sources and grids to meet the growing demand for electricity, encourages the safe, efficient use of electricity, environmental protection and sustainable energy development. The law also aims to improve the effectiveness of state management, promote decentralization and delegation of authority to provide guidance to the Government and the Ministry of Industry and Trade.

The revised Electricity Law is an important step forward in developing the legal framework for electricity and is necessary to ensure the sustainable development of the electricity sector in Vietnam. The revised Electricity Law is consistent with the Power Development Plan VIII, reflecting Vietnam’s commitments around the topic of energy transition and energy security. More specifically, the Law supplements necessary provisions to be consistent with the planning law and is the legal basis for promulgating relevant electricity laws such as: the process of developing electricity projects in cases of selecting investors through bidding; the plan to develop a competitive retail electricity market; direct power purchase agreement; offshore wind power; self-produced and self-consumed electricity sources. In particular, the revised Electricity Law supplements provisions on nuclear power, indicating plans to continue developing nuclear power in Vietnam in the future.

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Some notable provisions of the revised Electricity Law include: supplementing specific provisions on investment in construction of emergency power projects and works ; selecting investors for power projects ; developing self-produced and self-consumed electricity from renewable energy sources and new energy; surveying offshore wind power projects; approving investment policies for offshore wind power projects; removing conditions for electricity operations and granting licenses for specialized electricity consulting. In addition, this Law has about 60 contents that need detailed guidance, expected with about 7 Decrees; 3 Decisions of the Prime Minister, nearly 20 Circulars of Ministers of Ministries that need to be issued.

The Electricity Law No. 28/2004/QH11, as amended and supplemented by a number of articles under Law No. 24/2012/QH13, Law No. 28/2018/QH14, Law No. 03/2022/QH15 and Law No. 16/2023/QH15 (hereinafter referred to as the Electricity Law No. 28/2004/QH11), ceases to be effective from the effective date of this Law, except for the cases specified in Clauses 1, 2, 3 and 4, Article 81 of this Law.

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