Vietnam Electricity (EVN) proposed Vietnam Coal-Mineral Group (TKV) and Northeast Corporation extend the coal payment date to ensure the electricity supply.

The decision was made based on the Government’s direction to improve financial conditions which includes negotiations with investors and suppliers.

According to EVN, the unexpected increase in fuel prices and the cessation of power-generating activities have created numerous challenges for the company's business and finances as well as those of its member units. Due to this, the power supplier is experiencing a lack of cash flow for payment.

EVN also requested a 52,000-tonne coal loan from the Song Hau 1 Petroleum Power Project Management Board and the Vietnam Oil and Gas Group (PVN) for the extended Duyen Hai 3 and Duyen Hai 3 thermal power plants.

In the first four months of 2023, dry weather occurred across the country causing a serious shortage of water for hydropower reservoirs, while the unavaibility of supply resources such as coal, oil, and gas for power production and the prolonged breakdown of some thermal power plants caused a huge shortage of electricity supply.

According to the request, EVN will also return the coal loans for Song Hau 1 Petroleum Power Project Management Board at the end of May 2023. — VNS