PETROVIETNAM POWER CORPORATION

The subject was established in 2007 as a wholly subsidiary of VIETNAM OIL AND GAS GROUP (PETROVIETNAM). In Jul 2018, the subject was equitized to become a joint stock company. Its stock has been listed on Ho Chi Minh Stock Exchange since 17 Dec 2018 under the symbol POW. The major business lines include electric power generation, transmission and distribution. Besides investing and operating power projects, PV POWER has expanded its scale via investments in 05 subsidiaries and 03 associated firms as of 31 Mar 2024. 
The subject is also known as the second-largest electricity producer in Vietnam after EVN and the leader in the field of gas electricity. According to the Media Mass, the subject generated 14.97 billion kWh in 2023, accounting for 64% of PETROVIETNAM's total electricity output (23.23 billion kWh). In addition, the subject is expected to generate 16.703 billion kWh in 2024. Presently, it is completing investment and construction work to commission the Nhon Trach 3 and Nhon Trach 4 gas-fired power plants with a total capacity of 1,624 MW for operation in 2024 and 2025. In addition, PV POWER has continued to implement investment and commission the Quang Ninh LNG Power Plant project (1,500 MW) for operation before 2030, and explore investment opportunities in LNG power projects according to the approved Power Plan VIII at locations such as Nghi Son, Quynh Lap, Vung Ang, Ca Mau... Regarding investments in renewable energy from 2026 to 2035, the company is seeking and researching to invest capital in other effective and feasible power projects. The goal is to participate in capital contribution to invest an additional 1,000 MW of renewable energy by 2035, with 800 MW expected to be operational within this period.
Noticeably, the negative impact of El Nino in the first 6 months of 2023, resulted in a shortage of supply unable to meet the peak demand for the electricity system. PV POWER's gas-fired power plants had to operate on oil fuel (in April and May) as instructed by the Ministry of Industry and Trade, which reduced operational efficiency and affected equipment durability, increasing the risk of power plant failures. Meanwhile, heavy rain and floods from August to November led to excess electricity supply, significantly lowering the market electricity price (FMP) to around VND 845/kWh, below the variable cost, impacting deployment opportunities and reducing the operational output of PV POWER's thermal power plants. As a result, the subject gained the lowest consolidated net income of VND 1.283 trillion ever last year, decreasing by 49.75% over the previous year.