PV Power to invest in nine gas-fired power projects

16:26 | 25/06/2017 Industry

PetroVietnam Power Corporation (PV Power), a subsidiary of State-owned energy giant PetroVietnam, will invest in nine gas-fired power plants by 2025.

pv power to invest in nine gas fired power projects
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According to PV Power's general director, Nguyen Xuan Hoa, the nine plants have a total capacity of 5,250MW and will use both domestically produced gas as well as imported gas.

The nine plants include the Kien Giang 1, Kien Giang 2 (using gas from the Lot B - O Mon field), Nhon Trach 3, Nhon Trach 4 (using imported gas), Mien Trung 1 and Mien Trung 2 (using gas from the Ca Voi Xanh gas field), Son My 2.1, Son My 2.2 and Son My 2.3 (using imported gas).

PV Power is developing plans to raise capital for the Nhon Trach 3 and Nhon Trach 4 plants, with a total investment of US$1.4 billion, with 20% of the total being contributed by PV Power. The two plants are expected to begin operations in 2020 and 2021.

PV Power hopes that its net profit in the next few years, along with the capital from the equitisation of Hua Na, Dakdring and Nhon Trach 1 power plants, will be enough for PV Power to contribute 20% of the investment needed for the two gas-fired projects.

Hoa noted that the investment in these gas-fired plants will be effective, as the electricity demand in the South has not fully been met, while the demand is forecast to grow by 11% annually.

PetroVietnam has entrusted PetroVietnam Gas JSC with the negotiations on gas imports to ensure the supply of imported gas for gas-fired plants in the future.

PV Power, a wholly owned subsidiary of PetroVietnam, established in 2007, is the second largest power producer in Vietnam, following Electricity of Vietnam (EVN).