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Tuesday, June 25, 2024

PV Power achieves 90% of 2023 revenue goal in Jan-Nov

The Saigon Times

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HCMC – PetroVietnam Power Corporation (PV Power) had made VND27.4 trillion in revenue in the year to November, making up 90% of its 2023 target.

In November alone, PV Power generated over 1.18 billion kWh of electricity, down by 19% year-on-year, and obtained revenue of an estimated VND2.4 trillion, down by 11%.

Dry conditions in the north and the south of the country, coupled with heavy rains in the central region, created an unusual set of circumstances. The system marginal price (SMP) fell to record lows, sometimes reaching as low as VND1 per kWh.

SMP represents the electricity market’s clearing price for a specific time and location, playing a crucial role in balancing electricity supply and demand in real time.

Lower market prices necessitated operational adjustments and output reductions at the Ca Mau 1 and 2 power plants, despite sufficient gas supplies. To adapt to these challenging market conditions, the Vung Ang 1 power plant implemented cost-cutting measures to enhance profitability. Meanwhile, Nhon Trach 1 adjusted generation output to align with market demand.

Nhon Trach 2 plant, on the other hand, underwent maintenance, focusing on stability testing for future operations. The Hua Na hydro-power plant optimized its operations by maintaining high water levels in preparation for the upcoming dry season and the 2024 operational year.

PV Power has set an ambitious goal for December, aiming for power output exceeding 1.8 trillion kWh, and revenue of an estimated VND3.4 trillion. These figures represent a remarkable 40% surge compared to November.

Its POW shares stayed at the reference price of VND11,600 per share at the close today, December 12, with a trading volume of three million shares.

With 248 winners and 222 losers, the VN-Index continued to move sideways for the third consecutive session with a fractional increase of 0.19%, or 2.13 points, to reach 1,127.63 points.

Trading volume and value declined 21% over the previous session, with 645.6 million shares valued at nearly VND14 trillion changing hands. Block deals contributed VND2.7 trillion to the overall value, with 106.4 million shares traded.

HPG emerged as the most actively traded stock on the bourse, with a transaction volume exceeding 31.6 million shares.

The Hanoi Stock Exchange saw 84 advancers and 73 decliners, with a trading volume of 74.2 million shares and a value of VND1.4 trillion. The HNX Index increased by a slight 0.15%, or 0.34 points, to settle at 231.71 points.

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