A view of the Cà Mau 1 and Cà Mau 2 power plants. — Photo PV Power

HÀ NỘI — The PetroVietnam Power Corporation (PV Power)'s electricity sales revenue for February 2024 dropped by nearly 45 per cent compared to the same period last year, according to the latest report by the company. 

PV Power pointed out that it should be noted that February is the end of the dry season in both the northern and southern regions of the country, as well as the beginning of the dry season for the central region. February also coincides with the Tết (Lunar New year) Holiday, a period typically sees significantly lower demand for power. 

The average electricity price for the period was reported to be around VNĐ1,420 per kWh, lower than the average variable fuel price used in PV Power's gas power plants, which has resulted in negative effects on the plant's finances and operation.

The largest revenue contributors were the Cà Mau 1 and Cà Mau 2 power plants, located in the southernmost province of Cà Mau, which reported VNĐ839 billion (US$34 million) in sales, followed by the Vũng Áng 1 power plant with sales of over VNĐ645 billion. 

Measures were taken to ensure maximum efficiency was achieved at the plants. As prices increased toward the end of the period, the plant's operation has been largely considered as effective, according to PV Power. 

Meanwhile, other power plants including the Đakđrinh Power Plant, the Hủa Na Power Plant, Nhơn Trạch 1,2,3,4 power plants have been operated at different capacities, depending on system demand during the period and minimising the use of resources.

Regarding the completion of the Nhơn Trạch 3 and Nhơn Trạch 4 power plants, the overall progress has been reported at 80.2 per cent, slightly below the 86.2 per cent target. PV Power and the Electricity Trading Company (EPTC) have signed a power purchase agreement (PPA) as both sides agreed on the electricity price for the plant's output. 

This month, PV Power has set a sales revenue target of VNĐ3 trillion, a 6.6 per cent increase from the same period in the previous year and almost double the figure for last February. — VNS