Lao Energy Investor’s Revenues Surge

Vientiane Times, 27 Feb 2013

The state-owned Lao Holding State Enterprise (LHSE), a major energy developer, earned more than 128.5 billion kip in 2012 while expenditure amounted to just under 59.2 billion kip.

“LHSE’s earnings in 2012 came from the Nam Theun 2 Power Company Limited (NTPC), Hongsa Thermal Electric Power, and the interest earned on deposits,” General Manager of the enterprise Dr Somboune Manolom reported last Friday.

Speaking at the enterprise’s annual meeting in Vientiane to review operations over the past year, Dr Somboune said total earnings also included dividend amounting to about 124 billion kip (US$15.5 million) from the Nam Theun 2 (NT2) hydro plant, which was about 22.33 percent over target.

Other revenues were sourced from a personal service agreement with NTPC worth over 748.2 million kip, a personal service agreement with Hongsa Thermal Electric Power worth more than 288.7 million kip, and interest on deposits amounting to almost 3.2 billion kip.

Dr Somboune said expenditure amounted to almost 59.2 billion kip, which was only 78.28 percent of the almost 75.6 billion kip budgeted for.

Expenditure in 2012 included over 8.7 billion kip for management costs, a new investment project and the acquisition of assets, which was 71.77 percent of the figure set in the plan.

The enterprise also made payments in regard to debts, loans and taxes to the Ministry of Finance worth over 50.4 billion kip, which was 79.51 percent of the budgeted amount of almost 63.4 billion kip.

LHSE was created by the Lao government to facilitate investment in energy generation. It has followed a path of rapid growth in the power sector during the eight years it has been in operation.

The enterprise is now a shareholder in nine power plant projects with total installed capacity of 5,393MW and the ability to generate about 29,220 million kWh annually.

The hydropower plants in which LHSE has a stake are NT2, Nam Ngum 3, Xe Pian-Xe Nam Noi, Nam Ngiep 1, Nam Theun 1, Xekong 4, Xekong 5, Nam Kong 1 and Hongsa Thermal Electric Power.

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