PV Power operates stably and safely power plants, exceeding the power output plan in the first quarter of 2022

In the first quarter of 2022, PetroVietnam Power Corporation (PV Power, stock code: POW) has implement technical management, production operation, repair and maintenance of power plants stably and safely, meeting the mobilization requirements of A0, exceeding 37% of the power output plan in the quarter. Specifically, PV Power's electricity output in Quarter I reached 3,661 million kWh, equivalent to 137% of the plan of Quarter I. Total revenue of the Corporation reached 7,233 billion dong, exceeding 63% of the plan in the first quarter. Profit before tax of the whole Corporation is 751.5 billion dong, profit before tax of parent company is 440 billion dong. In the first quarter of 2022, the repair and maintenance work of PV Power's power plants was well performed to ensure high availability of the plants. Basically, all of PV Power's power plants exceeded their power output targets in the first quarter, except for Vung Ang 1 Thermal Power Plant, which only achieved 95% of the plan.

Regarding construction investment works and implementation situation of the projects, on January 27, 2022, PV Power issued Decision No. 65/QD-ĐLDK approving the results of contractor selection for the EPC package and signing the contract on March 14, 2022. Thus, accumulated by the end of the first quarter of 2022, the Corporation has signed a total of 14/18 bidding packages of the project. For the Quang Ninh LNG power plant project, PV Power and Colavi, Tokyo Gas, and Maruberi  have been approved by the People's Committee of Quang Ninh province as a project owner. In March, PV Power's Board of Directors approved the plan to divest from Viet Lao Power Joint Stock Company (VLP) and EVN International Joint Stock Company. Currently, PV Power is implementing procedures to divest capital in accordance with the approved Resolution. Besides, PV Power has cooperated with a number of securities companies to study the plan to divest capital in the remaining joint stock companies in the approved list. Regarding the stock price and trading volume (volume) of POW shares in the first quarter of 2022, the Vietnamese stock market ended the first quarter of 2022 records the VN-Index reaching 1,492.15 points, equivalent to a decrease of 6.13 points, corresponding to a decrease of 0.41% compared to the fourth quarter of 2021. In general, the market is still showing signs of long-term growth as the end of March recorded an increase of 25.24% over the same period last year. Market liquidity increased with an average value of VND 25,007 trillion/session, equivalent to an increase of 17.87% and trading volume of about 772 million shares/session, equivalent to an increase of 17.02% compared to the previous month. Foreign investors continued to be net sellers on all 3 exchanges in the first 3 months of 2022, with a value of 7,034 billion dong accumulated since the beginning of the year. Particularly on HoSE, foreign investors also continuously sold with a total value of 7,289 billion dong accumulated since the beginning of the year. Sharing the same trend of selling of foreign investors, POW stock continued to be under this pressure with a total value of about 332 billion dong in the first 3-months of the year. Ending the session on March 31, POW shares closed at VND 15,850/share, down 8.65% compared to February. Liquidity declined with the average trading volume of the first 3-months of 2022 reaching more than 18.79 million shares /session. The average transaction value of 3 months is equivalent to more than 329 billion VND/session. POW continued to maintain its leading position with liquidity compared to other power codes with an average trading value of 7 times higher than that of the 2nd ranked stock GEG. One of the key tasks of PV Power's second quarter of 2022 is the successful organization of the 2022 Annual General Meeting of Shareholders on April 19, 2022 in the online mode. In addition, PV Power and its member units continue to focus on management, production, maintenance and repair of power plants to ensure high availability of equipment, maximum capacity mobilization, ensuring safety and efficiency of power plants and shareholder benefits. At the same time, deploying works to periodically repair power plants according to the plan to ensure quality, progress and safety. Well performing the work of safety, health, environment, disease prevention, and fire and explosion prevention at power plants. In addition, PV Power will focus on troubleshooting Unit 1 of Vung Ang 1 Power Plant with the most optimal solution, ensure stable and continuous coal supply, and at the same time implement well the consumption of ash and slag to ensure the safe and continuous operation of Vung Ang 1 Power Plant. For ongoing projects, PV Power will organize well the implementation of investment in Nhon Trach 3 & 4 power plant projects: Commencement of project EPC, construction of 2^nd level schedule, implementation of EPC contract of the project; Completion of the signing of PPA power purchase agreement with EPTC and GSA gas purchase contract with PV GAS; Completion of the arrangement of capital for the project. In addition, implementing procedures for establishing a project company and preparing for investment in the Quang Ninh gas-fired power plant project. Researching and implementing renewable energy power projects when feasible. Source: PetroTimes