AsemconnectVietnam - PetroVietnam Power Corporation (PV Power, code POW - HOSE) has just announced its business results in July 2023 with estimated revenue of VND2,312 billion, up 5% over the same period.

Accumulated in the first 7 months of 2023, PV Power's revenue reached VND18,604 billion, up 12% over the same period. In which, Ca Mau 1 & 2 power plants contributed the most with VND6,489 billion, followed by Nhon Trach 2 Power Plant with VND5,141 billion and Vung Ang 1 Power Plant with VND4,836 billion. Total electricity output from the corporation's plants is about 9.6 billion kWh, up 19% compared to the first 7 months of last year.
According to PV Power, July is the beginning of the rainy season in the North and the South, and the middle of the dry season in the Central region. The reduced temperature also reduces load demand, lowers electricity prices and the ability to mobilize power plants in the market. The average total market electricity price (FMP) in July is expected to be about 1,470 VND/kWh.
Regarding the investment situation of new projects, Nhon Trach 3 & 4 Power Plant has completed ground leveling and 71% of the pile pressing volume for the project. Currently, the project is digging the foundation, erecting copha and concreting items such as chimneys, turbine houses, turbosets, substations, and yard control houses.
The Corporation added that, on June 29, the Ministry of Industry and Trade announced the results of appraisal of the technical design of Nhon Trach 3 & 4 Power Plant. On June 30, the Power Project Management Board decided to approve the technical design dossier of Nhon Trach 3 & 4 Power Plant.
On July 31, PV Power had a meeting with EPTC on the project's PPA, and EPTC proposed to review the input conditions for agreement. The Corporation is continuing to review and wait for the direction of the Ministry of Industry and Trade regarding the mechanism for PPA contracts. Continue to arrange capital, negotiate gas purchase and sale contracts and power purchase and sale contracts for the project on schedule.
Regarding the plan in August, PV Power strives to achieve a power output of about 1.1 billion kWh and total revenue of VND 1,895 billion. In addition, the company plans to coordinate with PV GAS, TKV to ensure sufficient fuel supply for operating power plants to meet load and dispatch demand; Working with EVN, EPTC on the policy of assigning QC of power plants in 2023; Research and develop renewable energy power projects.
Previously, in the financial statements of the second quarter of 2023, accumulated for the first half of 2023, PV Power recorded net revenue of VND15,855 billion, up 9.2% over the same period and profit after tax of VND831.6 billion, down 40% compared to the same period last year.
N.Nga
Source: VITIC/Tinnhanhchungkhoan