Presentatives of three parties at the signing ceremony on November 4. — Photo courtesy of the organiser

Petrovietnam Renewable Energy Corporation (PV Power REC) on November 4 signed a cooperation agreement with PVA Energy Solutions and the South Korean tech firm 60Hertz to enhance Việt Nam’s renewable energy sector using advanced information technology (IT) and artificial intelligence (AI).

With this memorandum of understanding, the parties pledge to combine their expertise to advance a range of renewable energy projects.

These include developing customised energy monitoring and analysis systems, implementing forecasting technology for hourly renewable energy production, and exploring the potential of virtual power plants (VPP).

They also plan to create a registration and management system for renewable energy certificates, establish a carbon credit trading platform and offer consulting services to support the country’s renewable energy market.

PVA Energy Solutions, a major shareholder of PV Power REC, focuses on providing sustainable energy solutions and is committed to promoting these solutions in the region. Meanwhile, 60Hertz leverages its strengths in climate technology to develop services that address the climate crisis through IT and AI.

The Vietnamese government has issued a decree regulating the direct power purchase agreement (DPPA) mechanism, allowing large electricity consumers to buy electricity directly from renewable energy producers.

This mechanism enables large enterprises to sign contracts for direct electricity purchases from renewable energy generators, aiming to foster a competitive retail electricity market in Việt Nam.

The DPPA not only enhances transparency and competition in the electricity market, but also supports Việt Nam in achieving sustainable development goals and reducing carbon emissions.

PV Power REC, a subsidiary of the Vietnam Oil and Gas Power Corporation (PV Power), was established to realise the goals of gradually developing PV Power's renewable energy projects in the future, alongside existing gas-fired, coal-fired and hydropower plants.

PV Power REC engages in investment and operation activities for renewable energy projects, energy-saving services, and contributes to the energy transition process of PV Power, the Vietnam Oil and Gas Group (PVN), and the Vietnamese government.

60Hertz, a technology company from South Korea, specialises in providing IT solutions aimed at mitigating climate change, including projects to develop virtual power plants to optimise grid services. — VNS