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Wednesday, June 19, 2024

EVN seeks deadline extension for coal payment

By T.Huy

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HCMC – The Vietnam Electricity Group (EVN) has written to its major coal suppliers, seeking to extend the deadline for settling coal payments as it is facing a cash flow shortfall.

The fuel price rises from 2022 to the beginning of 2023 resulted in financial losses for EVN, making it challenging for the group to maintain its cash flow and normal electricity generation, EVN said.

Hence, EVN has sought support from the Vietnam National Coal and Mineral Industries Group (Vinacomin) and the Dong Bac Corporation to continue providing coal to EVN’s thermo-power stations and extend the deadline for coal payment.

EVN has sought to borrow 52,000 tons of coal from the Vietnam Oil and Gas Group and asked the Management Board of the Song Hau I Thermal Power Plant to support electricity production at the Duyen Hai III Thermal Power Plant and its expansion.

Hot weather has sent electricity consumption in Vietnam soaring to record highs in recent weeks.

On May 6, the nation’s electricity consumption shot up to a record 895 million kWh, up 12.34% month-on-month. The peak demand also surged to 43,300MW, the highest level this year.

The El Nino phenomenon has led to heatwaves, drought and water shortages in many parts of the country and has hampered the operations of hydropower plants.

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