Power firm targets higher output

January, 30 2012

Workers of PetroVietnam Power Corporation assemble equipment. The corporation aims for a power output equal to Electricity of Viet Nam’s. — VNA/VNS Photo Ha Thai

HA NOI — PetroVietnam Power Corporation (PV Power) targeted 10,000MW in power output by 2015, equal to the entire output by major power company EVN, said Vu Huy Quang, the corporation director general.

The corporation would also develop production of clean energy, he said at a recent press conference.

PV Power plans to churn out nearly 16 billion kWh this year, about 2.6 billion kWh more than last year, the company announced. The boost was expected to earn VND21.2 trillion (US$1 billion) in revenue, a 10 per cent increase against last year. Before-tax profit was estimated to reach VND813 billion ($39 million), a year-on-year increase of 65 per cent.

PV Power estimates show it would likely contribute VND528 billion ($25.1 million) to the State budget.

Nguyen Thi Ngoc Bich, the corporation’s deputy director general, said that it needed more than VND4 trillion ($190.5 million) in investment to expand its power factories this year, slightly lower than last year’s VND4.8 trillion.

In the face of the economic crisis, it was not easy to arrange the capital, she said.

“Although the corporation met with many difficulties due to the crisis last year, it still churned out 13.4 billion kWh, up 7 per cent against the target set by the holding company – the Viet Nam National Oil and Gas Group (PetroVietnam),” she said.

The achievement reflected the corporation’s great efforts because many electricity projects faced bottlenecks due to limited financial resources and poor quality of gas, she added.

One major difficulty was that EVN owed PV Power up to VND14 trillion ($667 million) for power supplies, she said. — VNS

Source: http://vietnamnews.vnagency.com.vn/Economy/220102/power-firm-targets-higher-output.html

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