PV Power fulfills 23 per cent of yearly revenue target in Q1

Tuesday, Apr 14, 2020 13:10

An overview of Ca Mau 1 and Ca Mau 2 Power Plants run by PV Power in the southern province of Ca Mau. — Photo pvpower.vn

PetroVietnam Power Corporation (PV Power) reported revenue of nearly VND7.8 trillion (US$334.7 million) in the first quarter of this year, more than 23 per cent of the annual goal.

The company recorded more than 5,267 million kWh of electricity output in the quarter.

In March alone, electricity output reached 2.1 billion kWh, exceeding 4 per cent of the monthly plan. Revenue from factories reached VND3.1 trillion, 98 per cent of the monthly plan.

In April, PV Power, a fully-owned company of the Viet Nam National Oil and Gas Group, expects to reach electricity output of 1.9 million kWh and revenue of VND2.98 trillion.

During March, Ca Mau 1 and Ca Mau 2 Power Plants’ output reached 745.01 million kWh, equivalent to 117.8 per cent of the monthly plan. Vung Ang 1 Thermal Power Plant’s output also exceeded its goal by 28 per cent, reaching 751.86 million kWh.

In contrast, Nhon Trach 1 Plant saw electricity output lower at 122.6 million kWh, only 44.5 per cent of its target. Nhon Trach 2 factory achieved 95 per cent of the plan.

Regarding the two new projects of Nhon Trach 3 and Nhon Trach 4 power plants, PV Power has completed the project feasibility study report and submitted it to the Ministry of Industry and Trade for basic design evaluation and the Ministry of Natural Resources and Environment for approval of the environmental impact assessment report.

After receiving feedback, PV Power will seek the approval of the General Meeting of Shareholders for project construction investment.

The corporation is working with credit institutions and banks to seek capital for the projects, including with EVN EPTC and PV Gas to negotiate the contents in the power purchase agreement and gas purchase agreement for the projects. — VNS

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