PV Power (POW) estimates revenue to reach VND1,796 billion, down 22% in AugustWednesday, September 20,2023
AsemconnectVietnam - PetroVietnam Power Corporation - Joint Stock Company (PV Power, code POW - HOSE) has just announced the production and business situation in August 2023 and the plan for September 2023.
Accordingly, the total electricity output of POW's plants is estimated at 612 million kWh, down 52% compared to July and reaching 58% of the monthly plan (1,054 million kWh). Revenue is estimated to reach VND1,796 billion, down 22% compared to July, reaching 95% of the monthly plan (VND1,895 billion).
In August, POW said there were many heavy rains in the Northern and Southern regions, providing abundant water for hydroelectric plant reservoirs. Falling temperatures also reduce load demand; reduce electricity prices and the ability to mobilize power plants in the market. The planned periodic maintenance and repair of power plants has affected the Corporation's ability to operate thermal power plants.
Cumulatively from 2023, PV Power estimates output to reach 10,220 million kWh. Accordingly, estimated revenue reached VND19,920 billion, an increase of more than 7% over the same period and nearly 66% of the year's plan (VND30,332 billion).
Regarding the investment progress of Nhon Trach 3 and Nhon Trach 4 power plant projects, POW said the overall progress of the EPC Contract reached 42.7%/49.7% plan (7% delay) - updated to July 28, 2023.
On July 31, 2023, PV Power had a meeting with the Electricity Trading Company (EPTC) about the power purchase contract (PPA) of the project. EPTC proposed to review the input conditions for agreement between the two parties. The Corporation is continuing to review and wait for instructions from the Ministry of Industry and Trade regarding the mechanism for PPA contracts. Continue to arrange capital, negotiate gas purchase contracts and electricity purchase contracts for the project on schedule.
Entering September, POW will continue to operate power plants safely, stably and effectively. According to the 2023 production and business plan, expected electricity output and revenue in September specifically: electricity output reaches 1,017 million kWh and total revenue reaches VND1,772 billion.
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