PetroVietnam Power Corporation (PV Power), a subsidiary of Vietnam Oil and Gas Group (PETROVIETNAM), delivered solid operational results in the first nine months of the year, underpinned by high plant availability, proactive fuel procurement, and efforts aimed at maximising output from its expanding generation portfolio.
Alongside a 41% on-year increase in electricity output, progress in investment preparation and efforts to secure long-term liquefied natural gas (LNG) supplies are creating a solid foundation in which PV Power can fulfil its annual targets and enter 2027 on a strong footing.
Keeping generating units ready to meet grid demand
PV Power's electricity output in the first nine months of the year stood at an estimated 18.954 billion kWh, thereby exceeding its target for the period by 19% and increasing 41% from the previous year. The outcomes were attained in the face of dwindling domestic gas supplies, volatile fuel markets, along with mounting pressure on the power system to meet demand.
Vung Ang 1 remained a key pillar of the company's generation portfolio, with an estimated output of 5.709 billion kWh, 25% above its nine-month target and an annual rise of 20%. Ca Mau 1 and 2 contributed 4.245 billion kWh, while Nhon Trach 3 and 4 generated 3.757 billion kWh.
Most notably, Nhon Trach 2 also recorded a strong performance, generating 3.184 billion kWh, 50% above the target and 48% more than in the same period from 2025. Elsewhere, Nhon Trach 1 produced 1.014 billion kWh, surpassing its target by 79%.
PV Power reviews its production and business performance for the first nine months of 2026.
These strong generation figures reflect the concerted efforts made by PV Power and its subsidiaries to tighten technical management, intensify equipment inspections, and carry out maintenance and repairs efficiently. At Ca Mau 2, a minor overhaul in January was completed four days ahead of schedule. Gas turbine GT3 resumed commercial operation on August 31 after repairs, while Ca Mau 1 finished its minor overhaul two days ahead of schedule.
At Dakdrinh Hydropower Plant, major overhauls of generating units H1 and H2 were finished 11 days ahead of schedule. Meanwhile, the generating units at Hua Na Hydropower Plant were put back into safe and dependable service following their respective minor overhauls.
Vietnamese Prime Minister Le Minh Hung and Lao Prime Minister Saleumxay Kommasith witness the signing ceremony for a co-operation agreement between PV Power and PSGC.
Power plants are able to take advantage of dispatch opportunities throughout the grid because maintenance and overhaul work has been completed ahead of schedule, extending the time that generating units are ready for operation. In order to reduce unplanned outages, PV Power has stepped up inspections, expedited the procurement of production equipment, and proactively examined its spare parts stocks.
PV Power's operational capabilities were clearly demonstrated in its preparations to ensure electricity supply during the peak of the dry season. The company's daily electricity output hit the 100 million kWh milestone on April 14, which was almost 10% of the nation's total electricity demand on that day.
During periods of extreme heat, the value of a power source lies not only in its generating capacity, but also in its ability to deliver electricity precisely when demand surges. By scheduling maintenance appropriately, maintaining close co-ordination with the power system dispatching authority and keeping generating units on standby, PV Power has made a tangible contribution to safeguarding national energy security.
Securing fuel supplies and maximising the potential of new power sources
Reliable fuel supplies remain central to PV Power's ability to sustain output. The company has worked closely with suppliers in a bid to align procurement with contracted electricity volumes and actual dispatch requirements. Total coal deliveries for Vung Ang 1 in the first nine months of the year were estimated at more than 2.7 million tonnes, which is 110% of the projected amount.
In terms of LNG, PV Power worked with PV GAS and PV GAS LNG to successfully receive eight cargoes at the Thi Vai LNG terminal, with a combined volume of 23.8 million MMBtu.
A key milestone came on July 16, 2026, when the first confirmation under a term LNG purchase and sale agreement was fulfilled. The deal covers 20.7 million MMBtu annually over the 2027 to 2031 period. With spot-market procurement exposing buyers to fluctuations in supply and prices, securing term volumes gives PV Power a firmer basis for production planning and fuel-cost management.
Nhon Trach 3 and 4 LNG-fired power plants.
In addition to fuel procurement, PV Power has been advancing electricity offtake arrangements for its LNG-fired plants. In August, PV Power and EVN/EPTC signed Amendment No. 02 to the power purchase agreement (PPA) for Nhon Trach 3 and 4, setting a long-term minimum contracted electricity output ratio of 65%.
This agreement offers a crucial basis for aligning gas procurement plans with power generation schedules, mitigating operational risks, and boosting project utilization efficiency.
Since the start of the year, Nhon Trach 3 and 4 have delivered commercial energy output, increasing PV Power's generation capacity at a time of rising electricity demand. The corporation continues to review outstanding work, quality documentation, and the handover of spare parts, while simultaneously preparing for the project's final financial settlement.
These post-investment activities are closely linked to the need to ensure the effective handover, management, and long-term utilisation of project assets.
Production activities, together with financial recoveries and adjustments, helped lift PV Power's estimated consolidated revenue for the first nine months of the year to VND46.161 trillion, 26% above its nine-month target and up 77% on-year. The report states that fuel costs and recoveries related to foreign exchange rate and gas price differences from prior periods had an impact on revenue. In light of this, the corporation's operational strengths are best demonstrated by the growth in electricity output and the capacity of its power plants to fulfill dispatch demands.
Accelerating investment and laying the groundwork for 2027
Beyond managing its existing generation portfolio, PV Power is moving ahead with preparations for new projects to support future electricity supply.
In Nghe An province, the 1,500 MW Quynh Lap LNG Power Plant project has received its investment registration certificate. The project announcement and groundbreaking ceremony for its technical infrastructure took place on May 18, with survey work, design, detailed planning, site-clearance co-ordination and financing preparations already under way.
Representatives of PV GAS and PV Power sign a memorandum of understanding on the purchase and sale of regasified LNG for the Vung Ang III LNG-fired power plant project.
In Ha Tinh province, the 1,500 MW Vung Ang III LNG-fired power plant received in-principle investment approval in June, alongside approval of the PV Power–B.Grimm–LILAMA investor consortium. On 28 July, PV GAS and PV Power signed a memorandum of understanding covering the purchase and sale of regasified LNG for the Vung Ang III power plant project. Aligning fuel supply arrangements with the investment process is therefore expected to strengthen integration between the planned plant and gas infrastructure, which in turn will lay the groundwork for subsequent project development.
More recently, on 8 October, at the Vietnam–Laos Investment Promotion Conference, PV Power and PSG Corporation Public Company Limited (PSGC) inked a strategic co-operation agreement regarding the operation and maintenance of power plants in Laos. The agreement was presented in the presence of the prime ministers of both countries, thereby opening the way for closer collaboration between PSGC's investment and project development capabilities and PV Power's technical expertise and operating experience.
PV Power intends to continue a strong focus on operations, maintenance, and repairs in the final months of the year to ensure high equipment availability, optimise producing capacity, and meet its fourth-quarter power output target of roughly 5.7 billion kWh. The firm will thereby continue to actively monitor the electrical market, negotiate suitable contractual production quantities, secure coal supplies for Vung Ang 1, arrange extra gas supplies for the southwest region, and procure LNG for power plants in south-eastern Vietnam.
Other priorities include scheduled maintenance at Nhon Trach 3 and 4, repairs to generating units at Nam Non Hydropower Plant, and preparations for the 2027 maintenance programme. For hydropower facilities, generation must go hand in hand with dam and reservoir safety, flood management, and co-ordination with local authorities. Early planning for spare parts, as well as personnel and repair work, will give the power plants greater flexibility in responding to dispatch requirements next year.
On the investment front, PV Power aims to complete the final financial settlement for Nhon Trach 3 and 4, accelerate procedures for future LNG projects, and sharpen investment priorities to concentrate capital on key developments. The company is also in the process of pursuing tighter cash-flow management, closer oversight of receivables and payables, cost controls, and completion of its enterprise resource planning (ERP) system to support both day-to-day operations and investment-led expansion.
PV Power's performance in the first nine months of the year underscores its contribution to PETROVIETNAM's growth and the nation’s overall energy security. Higher electricity output, reliable plant operations, and the ability to respond to dispatch requirements, particularly during periods of peak demand, have all helped to secure electricity supplies for production and everyday life.
Meanwhile, efforts aimed at improving the performance of new generation assets and advance investment projects are broadening the corporation's growth prospects and supporting the group's wider development goals. These achievements provide a foundation for PV Power to further improve operational efficiency, fulfil its annual targets and enter 2027 well prepared to meet the country's growing electricity needs as its economy and society continue to develop.
