PV Power cements position as second-largest electricity producer

VIETNAM, December 24 - HÀ NỘI — The Petrovietnam Power Corporation (PV Power) yesterday celebrated 15 years since its establishment, confirming its position as a leading electricity producer in Việt Nam.

Speaking at the ceremony, Minister of Industry and Trade Nguyễn Hồng Diên said PV Power had risen steadily to become the second-largest power supplier in Việt Nam, after Việt Nam Electricity (EVN) and the biggest gas-electricity producer, confirming its important position in Việt Nam’s energy map.

The company has produced more than 240 billion kWh of electricity in the past 15 years, contributing to ensuring national energy security and the country’s economic development, Diên said.

The firm earned more than VNĐ350 trillion (US$14.8 billion) in revenue, with profits of over VNĐ25 trillion during the period. In addition, it has paid more than VNĐ16 trillion to the State budget.

The firm has operated seven power plants with a total capacity of 4,209 MW. Its total assets increased 12-fold to VNĐ56.5 trillion ($2.36 billion) from only VNĐ4.78 trillion in 2007 when it was established, with the owner’s equity exceeding VNĐ32 trillion.

Minister Diên said the power industry is facing significant challenges in the new era when it must both ensure energy supply for the fast-growing economy and transform to more eco-friendly products to help realise Việt Nam’s COP26 commitments.

He asked PV Power to take advantage of gas-fuelled power to continue the development of LNG power projects, including Nhơn Trạch 3 and 4, which have combined designed capacity of 1,600MW using the state-of-the-art technologies, along with Quảng Ninh LNG with an expected capacity of 1,500MW. Besides, PV Power needs to apply advanced technology to switch to less-carbon energy production while expanding investment in renewable energy projects.

PV Power’s General Director Lê Như Linh confirmed the firm would focus on transitioning to green energy and environmental protection.

By 2035, the firm’s total capacity is expected to reach 5,760-9,560MW, supplying 30-47 billion kWh to the market each year, with a growth rate of 3-4 per cent annually.

The first unit to make IPO

PV Power was also the first unit in the electricity sector to conduct an IPO in Việt Nam successfully.

The stock code POW has continuously led in liquidity among power trading companies on the Hồ Chí Minh Stock Exchange. The share has been in the Top 50 Best Listed Companies for three consecutive years by Forbes magazine, and the credit rating ranked BB with a positive outlook by Fitch Ratings for the past two years.

At the ceremony, PV Power received the Second-class Labour Order from Vice President of Việt Nam Võ Thị Ánh Xuân for its contribution to the country’s economic development. — VNS