The State-owned Electricity of Vietnam (EVN) is currently short of nearly VND20 trillion (USD958.77 million) for this year’s investment plans.
EVN saw a rise of 11.85% in power revenues in the first nine months of this year
To date, EVN has raised over VND54 trillion (USD2.58 billion) for investment projects this year, meeting around 73% of total demand.
The group is also facing difficulties in reaching agreements on power transmission lines and site clearance for several projects.
In the first ten months of this year, EVN pumped VND54.15 trillion (USD2.59 billion) into investment projects, meeting 74.1% of the annual target.
The group spent VND14.52 trillion (USD696.06 million) on paying interest and contributing to power projects during the period. The group, however, has not yet made public its total loans and interest and the name of its creditors.
EVN has just announced that it owes VND14 trillion (USD671.14 million) to the state-owned Vietnam Oil and Gas Group (PetroVietnam) and VND1 trillion (USD47.93 million) to the state-owned Vietnam National Coal-Mineral Industries Group (Vinacomin).
EVN said electricity revenue reached VND87.7 billion (USD4.2 million) in the first nine months of this year, up 11.85% from a year earlier.
The group is said to have made an additional electricity revenue of over VND3.7 trillion (USD177.37 million) after the power price hike on July 1.
Even though EVN has been allowed to adjust power prices on a quarterly basis and benefited from lower production costs, power prices are unlikely to ever fall.
Under the government’s Decision 854/QĐ-TTG, EVN was encouraged to concentrate on becoming profitable during the 2012-2015 period.
