Vietnam’s stock market has been trading sluggishly, and the shares of POW, the Vietnam Oil and Gas Power Joint Stock Company (PV Power) have also been under strong selling pressure. At the close of the September 16 session, the share price of this electricity group fell by nearly 4% compared to the previous session, settling at VND 12,300 per share, thus returning to its lowest level in nearly four months.
PV Power’s recent decline followed the announcement of its business results for August 2024, with electricity revenue reaching VND 1,796 billion, unchanged from the previous year, mainly contributed by Nhon Trach 2 and Ca Mau 1&2 power plants.
PV Power stated that August is the rainy season in the northern, north-central, and southern regions of Vietnam. Hot weather continued with average temperatures across the country generally higher than normal by 0.5-1.0˚C, but not too intense. Affected by the hot weather and low Qc of thermal power plants, market prices gradually increased, especially in the last days of the month, frequently reaching the ceiling price. The average full-month price (FMP) in August was about VND 1,495 per kWh.
For 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 company targets a total output of more than 1.16 billion kWh and revenue of VND 2,193 billion.
Joining the race to deploy charging stations nationwide
POW is known to be the second-largest electricity producer in Vietnam, after EVN. Recently, PV Power revealed that it has officially piloted electric vehicle charging stations in the country.
According to PV Power, the company will pilot the first charging station at No. 6 Huynh Thuc Khang Street, Hanoi. The station will occupy an area of about 30-35 square meters and is expected to be operational by September 2024. After the pilot station at No. 6 Huynh Thuc Khang Street, PV Power will continue to pilot two more stations at 222 Tran Duy Hung, Cau Giay, Hanoi (Big C Thang Long).
The project to develop a system of charging stations for electric vehicles by PV Power aims not only to build charging stations but also to develop a synchronized network of charging stations nationwide.
According to PV Power’s plan, after two years of piloting, the company will evaluate the project’s effectiveness and then develop it synchronously across the country. By 2035, they plan to have an additional 1,000 charging stations.
In the race to deploy electric vehicle charging stations, PV Power can be considered a direct competitor to V-GREEN Charging Station Development JSC, a company owned by billionaire Pham Nhat Vuong, Chairman of Vingroup.
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With the successful operation of the 6th charging station on Huynh Thuc Khang Street, PV Power proceeded to pilot two more charging stations at 222 Tran Duy Hung Street, Cau Giay District, Hanoi (Big C Thang Long).
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Electric vehicles are the future, and Vietnam is on the cusp of a significant opportunity to develop and dominate this market. With a growing demand for electric cars, the potential to expand the country’s electric vehicle charging infrastructure is immense.
