AsemconnectVietnam - Vietnam Oil and Gas Power Corporation (PV Power, code POW) has just announced its business situation in July 2024.

In July, POW's total electricity output was 1,041.7 million kWh, down more than 18% compared to the same period last year. Accordingly, the total electricity sales revenue of the Company is estimated at more than VND2,064 billion, down more than 10% compared to July 2023.
POW said that in July, the hot weather continued across the country, with the average temperature across the country generally being 0.5 - 1.0°C higher than the average of many years. However, since mid-July, heavy rains have caused floods in the northern provinces, causing electricity prices to drop, and the average FMP price in July is expected to reach only about 1,135 VND/kWh.
Regarding the production situation of the plants:
Ca Mau 1&2 Power Plants were assigned Qc (adjusted) of 470.3 million kWh, PV Gas's actual gas supply capacity currently meets operational requirements. Ca Mau Power Plant bids operating prices closely following Qc, and considers operating output outside Qc with the goal of reducing the possibility of incurring Prepaid Gas obligations.
At Vung Ang 1 Power Plant, due to low market prices, Vung Ang 1 bids with the goal of operating closely following Qc and increasing output at times when market prices are high to optimize efficiency. However, VA1 Power Plant was not mobilized by A0 to operate all of the assigned Qc output.
At Nhon Trach 1 Power Plant, the market electricity price is low, and at the same time, the gas source in the Southeast region is limited, so Nhon Trach 1 Power Plant is not mobilized to operate. Meanwhile, Nhon Trach 2 offers an operating price that closely follows the assigned Qc to ensure efficiency.
At Hua Na Power Plant, July is the time when the rainy season begins in the Hua Na hydropower reservoir basin. The reservoir water level is approximately at the dead water level, the plant offers an operating price to maximize the output that can be generated to take advantage of the water before/at the beginning of the flood season to prepare for water storage for the next operating year.
Meanwhile, Dakdrinh Power Plant is assigned a Qc of 52.4 million kWh. Dakdrinh has offered a price to operate at maximum output to bring the reservoir back to the dead water level, maximizing the efficiency of the reservoir at the end of the dry season.
Regarding the investment situation of Nhon Trach 3 and 4 Power Plants, as of the end of July 2024, the overall progress of the EPC package has been completed at an estimated 90%. PV Power will continue to arrange capital, negotiate gas purchase and sale contracts and power purchase contracts for the project on schedule.
In August, PV Power aims to reach 1,012 million kWh of electricity output and VND2,193 billion in revenue.
N.Nga
Source: VITIC/Tinnhanhchungkhoan