Looking back the 10 year journey of PV Power, its staff will be proud of what have been achieved. From the difficulties and challenges, they have gained the substantial success in order to develop more in the coming time. Let’s decode the success of PV Power
The orientation making the success
The biggest reason is that PV Power’s staff are all having the same voice. This is the needful element in order for them to overcome all the difficulties – bringing the positive thinking, agreement to implement the strategic plans for appropriate steps for each phase.
In addition to that, PV Power’s leaders of different periods have had the exact analysis, have clearly defined the orientation consisting of 3 big policies which have contributed to the development of PV Power.
Initially, it is the human resource development and training. Since the human resource is important which has a long value, PV Power has been focusing on training the human resources. Hence, the training and technology transfer has been contracted in EPC with the oversea partner. Almost PV Power staff have been given the opportunity in which they are working and at the same time are being trained. The portion of staff who have a university degree and higher – has reached 70%. To be frank, there is very few corporation in the country who has possessed a well-trained staff like PV Power, Thanks to the well-trained staff, the professionalism, PV Power is very mastered in operating the power plants, and is able to maintain the subordinate equipment and is on the way to gradually replace the original manufacturer in repairing the primary equipment of the plant like turbine and generator.
Secondly, PVPower has been defining maintenance as a major sector so PetroVietnam Power Services joint stock company was established, which is a professional is supplying maintenance service for power plant. Therefore, it's creating a very mastered in maintaining the power plants, reduce the workforce and saving the operation & maintenance cost. It's also increased and optimize human resource at the same time. A team in charge of maintaining at each power plant site and the other senior engineer is rotated maintenance following the power plant’s scheduled. As the result, the maintenance power plants its on the way to gradually localization, replacing the foreigner contractors.
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The next policy is the investment, PV Power keeps considering the long-term development policy is the top priority in parallel with human resource development, it is the priority for all activities of PV Power. In the investment, PV Power is the first power supplier who has all kind electricity modes: hydropower, gas power, coal-fired power, renewable power (wind power). The strength of PV Power is gas thermal power plants. As to the gas thermal power, PV Power is No 1 in the country with the total capacity of 2,700MW generated by 4 gas thermal power plants.
Following PVPower Nhon Trach 1&2 power plant, PV Power has submitted the additional proposal for Prime Minister’s approval of Nhon Trach 3&4 power plant to National Power Development Planning VII which will be in operation by 2020 and 2021.
According to National Power Development Planning VII, Kien Giang gas -fired power center which using the gas from O Mon block B, to be approved by the Government, will be in operation as of 2021-2022 with total installation capacity of 1,500MW. Son My power plant 2 in Binh Thuan province using imported LNG has been assigned to PetroVietnam. There will be 3 power plants which are Son My 2.1, 2.2, 2.3. Each plant has the capacity of 750MW which will be in operation as of 2023 consecutively. Recently, PetroVietnam has signed the agreement to invest in Blue Whale Fields Project with Exxon Mobil Corporation (USA). The Government has assigned PetroVietnam with 2 projects engaged with this deal and PV Power has signed the MOU with People’s Committee of Quang Nam province to prepare all the needful for these two projects
Equitization for development.
There are 3 issues for the successful equitization, firstly is to define the corporation’s value, secondly is to set out the development policy after being equitized and thirdly is to look for the strategic investors.
As to the definition of Corporation’s value, before the equitization, the total value of PV Power is around 50,485 billion VND, ownership capital is 23,481 billion VND, the rest is from borrowing capital. The portion of ownership and borrowing capital is at very safe level which 1:1.
The financial structure of PV Power is very sustainable. After reviewing, the national capital has increased by 10,000 billion VND (from 23,481 billion VND to 33,557 billion VND). The definition of value of PV Power has been approved.
As to the development policy after equitization, PV Power is preparing the policy of business and production – aiming at becoming the strong power industry and service corporation which is dynamic and competitive in trading the electricity, providing the related services and products, in which electricity production will be focused on.
After equitization, PV Power will continue to effectively operate PVPower Ca Mau Power Plant, PVPower Nhon Trach 1&2 Power Plant, at the same time to invest in the new gas thermal power projects and to receive, manage, operate the coal power plants invested by PetroVietnam. Within the five years coming, PV Power has set out the goal to supply more than 200 billion kWh to the national grid line, average turnover will be around 40,000 billion VND/year.
As to the IPO and look for the strategic shareholder. PV Power plans to implement the IPO in the 3rd quarter of 2017. PV Power will offer its stock to the market for the first time after being approved by the Prime Minister. After the IPO, PV Power will operate under the mode of joint stock company and by the end of 2017 or the beginning of 2018, PV Power plans to convene the shareholder meeting for the very first time.
The big issue of PV Power is to look for the strategic shareholder. Currently, PV Power is having the list of 50 potential investors worldwide and will shortlist for around 10 investors for the final selection.
The next journey
The development itinerary of PV Power in the next 10-20 year is supposed to actively participate in the competitive power system, attract the investment. It is the appropriate policy with regard to the socialization orientation of Vietnam power sector in mobilizing both individual and firm’s participation.
Today, PV Power is preparing for the plan of trading after equitization – prioritizing in developing the gas project and in managing, receiving coal projects being assigned by the PetroVietnam.
Whatever mode of power i.e gas thermal power, coal-fired thermal power, the primary priority of PV Power is to protect the environment. PV Power is planning to produce around 3% among its total capacity – the renewable energy by the year 2020; and 6% by the year 2030. This is really a milestone if successful and PV Power is preparing very carefully for the investment of renewable energy source.
