Vietnam Petroleum Power Corporation (PV Power, code POW) has just announced its business results for August 2024 with electricity revenue reaching VND 1,796 billion, unchanged from the same period last year, mainly contributed by Nhon Trach 2 and Ca Mau 1&2 power plants.
PV Power stated that August marked the rainy season in the Northern, North-Central, and Southern regions of Vietnam. Hot weather continued with average temperatures across the country slightly higher than the multi-year average, ranging from 0.5-1.0ËšC, without extreme intensity. Affected by the hot weather and low dispatch of thermal power plants, market prices gradually increased, especially in the last days of the month, frequently reaching the ceiling price. The average full market price (FMP) in August reached about 1,495 VND/kWh.
In August, Ca Mau 1&2 Power Plant was dispatched with 244 million kWh. The actual gas supply from PV Gas met the operational requirements. From August 15th to August 19th, 2024, the power plant stopped operating due to annual drilling rig maintenance; during the period from August 1st to 15th, the plant had enough gas for operation. Ca Mau 1&2 Power Plant bid for operation to meet the dispatch and maximize output and efficiency when market prices were high.
Vung Ang 1 Thermal Power Plant was dispatched with over 22 million kWh. From August 15th to October 19th, 2024, Vung Ang 1 will undergo major maintenance on Unit 2. Due to the higher full market price compared to the variable cost of coal fuel, Vung Ang 1 bid for maximum output to optimize efficiency.
Meanwhile, Nhon Trach 1 Thermal Power Plant was not dispatched (dispatch = 0). At some points, Nhon Trach 1 was mobilized by A0 to operate at very low output.
On a positive note, Nhon Trach 2 Thermal Power Plant was dispatched with 326.8 million kWh, significantly higher than the initial plan of 40.7 million kWh. With the high dispatch, Nhon Trach 2 bid for operation to meet the dispatch and maximize output and efficiency.
Regarding the group of hydroelectric plants, August marked the beginning of the rainy season. The water level of the Hua Na hydroelectric reservoir at the end of July was +224.2 m/MNC +215.0m. Hua Na Power Plant bid for maximum output to take advantage of the water flow before/at the beginning of the flood season. Meanwhile, Dakdrinh Power Plant carried out minor maintenance on Unit 2 from July 28th to August 12th. With high market prices and reservoir water levels meeting operational requirements, Dakdrinh bid for maximum output to lower the reservoir level to MNC and maximize efficiency at the end of the dry season.
Accumulated in the first eight months, PV Power’s revenue is estimated at VND 19,954 billion, slightly higher than the same period last year. For the September business plan, the corporation aims for a total output of over 1.16 billion kWh and revenue of VND 2,193 billion.
As for the update on the Nhon Trach 3 & Nhon Trach 4 Power Plant project, PV Power signed a land lease contract with Tin Nghia Corporation on May 27th for an area of 30.8 hectares and was granted a red book by the Department of Natural Resources and Environment on May 29th. For the remaining area of about 6.4 hectares, on August 20th, the Power Project Management Board sent a land lease contract to Tin Nghia Corporation.
By the end of August, the overall progress of the EPC package was estimated at 87%, lower than the planned 92%. PV Power continues to arrange capital, negotiate gas and power purchase agreements for the project as scheduled.
In related news, PV Power has officially announced the pilot implementation of electric vehicle charging stations in Vietnam, aiming for 1,000 stations by 2035. According to the company, the first charging station will be located at 6 Huynh Thuc Khang, Hanoi, with an area of 30-35 m2. The station will feature two standing cabinet chargers, equipped with two charging ports with a capacity of 50-60 kW/port. The total investment cost of the project is over VND 1.8 billion, with a total capacity of 100-120 kW. The station is expected to be operational from September 2024.
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