SK-led consortium breaks ground on $2.3bn LNG-to-power project
A consortium led by South Korea’s SK Innovation, Vietnam’s PV Power, and Japan’s NASU has broken ground on a $2.3 billion LNG-to-power project in Vietnam. The Quynh Lap project will have a power generation capacity of 1,500 MW, fuelled by imported LNG.
EU weighs gas price cap amid LNG supply disruption
The European Commission is considering introducing gas price caps, enhanced power purchase agreements (PPA) or contracts for difference (CfD) to shield industry and households from soaring energy costs caused by the halt in Middle Eastern LNG deliveries.
Vietnam urged to enhance LNG-to-Power incentives
Investors are seeking better incentives for integrated LNG and power projects in Vietnam as guaranteed electricity offtake levels are still too low to make projects break even. Developers said Power Purchase Agreements (PPAs) with 25-year tenures or a higher minimum offtake level, ideally 85-90%, would help secure predictable cash flows and attract international lenders.
Philippine regulator extends Meralco-First Gas PPA until June
The Energy Regulatory Commission (ERC) of the Philippines has approved a five-month expansion of Meralco’s power purchase agreement (PPA) with First Gas Power Corp. The deal secures 1,000 MW of electricity supply from the Sta.Rita power plant in Batangas until June 25.
Vietnam inaugurates first two LNG-fuelled power plants
Nhon Trach 3&4, Vietnam’s first two LNG-fired power plants were inaugurated on Sunday. The US$1.4 billion, 1.6 GW project secured US$1.1 billion in financing – without state guarantees.
Vietnam: PM wants first LNG power plant operational by June
The Vietnamese Prime Minister Phạm Minh Chính has urged for an accelerated start-up of the country’s first LNG-fuelled power project. Out of 14 gas power projects in planning, only the Nhon Trach 3&4 plants are on track to be commissioned in the second and third quarter of this year.
Nhon Trach 3&4, developed by the EPC contractors SamSung C&T and Lilama on behalf of PV Power. Situated near Ho-Chi-Minh City in Dong Nai province, the plants have a design capacity of 1.500 MW (2x750MW) and an annual average power production of 9 billion kWh per year.
Urge to bring another 6 GW onstream
Speaking at an industry forum, PM Chính underlined the urgency of advancing the remaining projects, particularly the Block B–O Mon and Hiep Phuoc 1 combined cycle gas power plants, which together have a projected capacity of 6,634 MW.
According to Vietnam’s Office of the National Steering Committee on Energy Projects, these two CCGTs are “the only other projects with a realistic chance of becoming operational before 2030.”
To meet that timeline, however, developers must finalize power purchase agreements (PPAs), gas sale agreements (GSAs), and secure debt financing by early 2026.
PetroVietnam in June signed multiple agreements with its partners to advance the Block B–O Mon project, yet efforts have had limited effect so far. The national oil major’s initiative involves offshore gas fields in blocks 48/95 and 52/97 along with a 400-kilometer pipeline, designated to deliver natural gas to the O Mon thermal power complex in southwest Vietnam.
Vietnam’s first LNG-to-power plants to grid-connect this week
Nhon Trach 3 & 4, Vietnam’s first LNG-fuelled power stations with 1.6 GW capacity, will be grid-synchronized before the end of this week. Dong Nai's Department of Industry and Trade disclosed the 500 kV Nhon Trach 4/ Phu My/ Nha Be power line – one of four lines built to accommodate electricity from the two plants – is scheduled to start operating by November 15.
