PV Power actively participates in investing in renewable energy projects

On February 10, in Hanoi, General Director of Vietnam Oil and Gas Group (Petrovietnam) Le Manh Hung had a meeting with PetroVietnam Power Corporation (PV Power, Stock Symbol: POW) about implementation of the business plan in 2022. Attending the meeting were the Deputy General Directors of Petrovietnam: Pham Tien Dung, Nguyen Van Mau; Heads of the Departments of PVN. On PV Power's side, there was Mr. Ho Cong Ky - Chairman of the Board of Directors; Mr. Le Nhu Linh - General Director, and Board of Directors, Board of Managers, heads of specialized departments of PV Power. On behalf of PV Power, Mr. Le Nhu Linh reported on the business status in January 2022, plans and solutions to perform tasks in 2022.

Accordingly, in 2022, PV Power sets a target of total expected electricity output of 13.9 billion kWh, total revenue of VND 24,242 billion, and pre-tax profit as planned at VND 1,012 billion. PV Power will continue to perform well in safety, health and environment, fire and explosion prevention, and Covid-19 epidemic prevention to ensure safety for all employees and power plants. At the same time, continue to implement the remaining tasks in 2021 such as gas distribution in power plants: Nhon Trach 1, Ca Mau 1&2; settlement of Dakdrinh Hydropower plant. PV Power's most important goal in 2022 is to manage and operate power plants to ensure high availability, safe and stable operation. PV Power will actively coordinate closely with the Electricity Regulatory Authority of Vietnam, EVN/A0, fuel suppliers to meet enough gas/coal/oil for production and meet the maximum mobilization requirements of EVN/A0; closely follow the electricity market to offer operating prices on the basis of optimal efficiency to fulfill the planned output, revenue and profit targets.

In the repair and maintenance work, PV Power will implement periodical repair of power plants: Overhaul of Ca Mau 1 power plant, Unit 1 of Vung Ang 1 power plant, Dakdrinh hydropower plant; medial repair of Nhon Trach 1 Thermal Power Plant; minor overhaul of Nhon Trach 2 Power Plant, Hua Na Hydropower plant to ensure safety, quality and progress. In addition, focusing on troubleshooting (combining with overhaul) Unit 1 of Vung Ang 1 Power Plant to ensure maximum efficiency. According to PV Power's General Director Le Nhu Linh, PV Power is focusing on researching solutions and applying technical innovations to shorten the time for repair and maintenance of power plants to ensure stability and efficiency. At the same time, PV Power is actively and determined to implement operation and maintenance (O&M) services for power plants inside and outside the industry. For investment, PV Power will invest in Nhon Trach 3 & 4 power plant project: kick off the EPC contract, design, manufacture, and construct work items, complete the signing of PPA with EPTC and GSA with PV Gas; complete the arrangement of capital for the project, continue to implement investment cooperation in the Luang Prabang Hydropower Plant Project, Quang Ninh LNG to Power Project, and promote investment in other LNG to power plants and renewable energy projects. For financing, PV Power will continue to actively work with credit institutions to arrange capital sources for production and business. Strengthen control, flexibility in corporate governance, financial management and accounting; Restructure capital sources with high interest rates, regularly balance to ensure cash flow for production and efficient use of capital. 2022 is expected to continue to be a difficult and challenging year for power enterprises like PV Power, so PV Power continues to thoroughly grasp the practice of saving and reducing costs; Strengthen the application of technical improvement; improve efficiency in the management of bidding and procurement in order to reduce costs and production costs. Implement digital transformation step by step and invest in ERP system, uniformly and synchronously throughout PVN.

In addition, PV Power is promoting corporate restructuring. Carry out divestment at subsidiaries according to the plan approved by PVN. Currently, PV Power is implementing procedures for PV Power DHC to become a public company. At the meeting, the representative of PV Power and the delegates discussed a number of specific contents in order to solve problems and solve PV Power's recommendations. Speaking at the meeting, Petrovietnam General Director Le Manh Hung acknowledged and highly appreciated PV Power's achievements in 2021. PV Power has successfully completed the tasks assigned by the General Meeting of Shareholders, bringing great benefit for participating shareholders, including Petrovietnam, as well as actively participating in the Group's general activities. In the coming time, General Director of Petrovietnam Le Manh Hung asked PV Power to continue to strive, overcome difficulties, deploy synchronously and effectively solutions, perform well the assigned tasks, especially strives to complete and exceed the power output in 2022. Besides, PV Power closely cooperates with PVN, the specialized Departments to uniformly deploy solutions and initiatives on electricity generation. digital transformation, thereby synchronously connecting the common database. Petrovietnam General Director Le Manh Hung noted that PV Power needs to focus on developing strategic plans and orientations for promoting the implementation of O&M services. At the same time, the highest focus is on fixing and troubleshooting Unit 1 of Vung Ang 1 Thermal Power Plant to soon put it back into operation. In addition, the Group's leaders also suggested that PV Power research initiatives and solutions to reduce carbon emissions at power plants, thereby developing a specific strategy for the process of "greening" combined with "digitizing" power plants. Regarding PV Power's investment projects, General Director Le Manh Hung also reminded the need to focus on promoting projects, ensuring progress and efficiency. In addition, the Group's leaders also encouraged PV Power to actively participate in potential renewable energy projects when conditions permit. On behalf of the Group's leaders, General Director Le Manh Hung wished PV Power's leaders, officers and employees that entering the new year 2022 will achieve many new successes, stable operation and sustainable development.