HCM City Plans US$241.25 Mln Power Development in 2005-10

Ho Chi Minh City has approved its power development plan in the 2005-2010 period to put power cables underground and build power infrastructure networks with a total investment of VND3.86 trillion (US$241.25 million), Pham Quoc Bao, deputy director of Ho Chi Minh City Power Company said.

 

The company can raise only VND800 billion (US$50 million) annually, Bao said.

 

It will look to official development assistance (ODA) and borrow bank loans at an annual interest rate of 11 per cent, and mobilize VND200 billion (US$12.5 million) per year from state budget or clients’ investment.

 

The city needs up to VND1.3 trillion (US$75-81.25 million) yearly for power projects by 2010, between VND400 billion and VND500 billion (US$25-31.25 million) for underground power lines projects.

 

The company plans to put underground half of the city’s medium-voltage line and half of its low-voltage lines by 2010, Bao said.

 

The company aims for a usable power capacity of between 3,100 megawatts and 3,200 MW and supply an average of 2,500 kWh for each resident by 2010. (Liberation Saigon)