EVNGENCO3 ensures a stable ‘background’ power supply in the dry season
As one of the main power sources running on the background, electricity from EVNGENCO3 has contributed significantly to the national electricity system. It is known that in May, the national electricity system’s load increased due to intense heat on a large scale.
According to the investor newsletter in May 2023 just announced by Power Generation Corporation 3 (EVNGENCO3, HoSE: PGV), in May 2023, EVNGENCO3’s electricity output reached 3,272 million kWh, equivalent to 111% of the plan. month.
As one of the main power sources running on the background, the amount of electricity from EVNGENCO3 has contributed significantly to the national power system. It is known that in May, the electricity system’s load increased due to intense heat on a large scale. The total electricity output of the whole system in the past month reached 25.24 billion kWh, an increase of more than 8% compared to the same period in 2022.
Accumulated in the first 5 months of 2023, EVNGENCO3’s electricity output reached 13,844 million kWh, equivalent to 105% over the same period in 2022 and achieved 43% of the 2023 plan expected to be submitted to the Annual General Meeting of Shareholders. Gas thermal power plants continue to mobilize high, coal power plants mobilize according to the needs of the system. Hydroelectric power plants ensure electricity supply and water supply demand in downstream areas.
According to estimates from EVNGENCO3, the parent company’s revenue of electricity production in May 2023 reached VND 5,534 billion, up 54% compared to the same period in 2022. Accumulation in 5 months is estimated at VND 21,720 billion, up 21% compared to accumulated for the first 5 months of 2022.
Phu My Thermal Power Company continues to contribute the highest proportion (18.73%) in the revenue structure of power generation, followed by Mong Duong Thermal Power Plant (12.92%), Vinh Tan Thermal Power Plant, respectively. (12.90%) and Buon Kuop Hydropower Company (1.46%).
In June 2023, EVNGENCO3 said that it plans to generate 2,839 million kWh of electricity, of which 2,558 million kWh is from the parent company and 281 million kWh is from subsidiaries and affiliates. The Corporation said that it will ensure the availability of power units; actively work with supply partners to increase volume and ensure fuel (coal, gas, oil) for thermal power plants to operate according to the power system demand during the peak dry season and the whole year 2023.
According to EVNGENCO3’s side, in the first months of 2023, the hydrological situation is not favorable, the amount of water in hydropower reservoirs is much lower than the same period in 2022, it is expected that in June, hydropower plants will continue to operate. operate according to the amount of water coming in and ensure water supply downstream. At the same time, continue to conduct research and promote investment cooperation in new power source projects.
In June, Vinh Tan 2 coal port of EVNGENCO3 is expected to officially receive ships with a tonnage of up to 50,000 DWT after upgrading from a tonnage of 30,000 DWT.
Another important event of this corporation in June is the 2023 Annual General Meeting of Shareholders taking place on the 15th.
How are the “steel punches” of trillions of dollars handled?
After 5 years (2018-2023) since the State Capital Management Committee took over state-owned enterprises, including those with losses of up to thousands of billion dong, what is it like now?
Thai Nguyen iron and steel factory is invested thousands of billion dong, but this place is still just iron blocks lying “inert” with rain and sun for decades.
5 years has not ended losses and debts
Regarding the situation of projects and state-owned enterprises (SOEs) with losses and debts lasting from 5 years ago, Mr. Pham Van Son, Deputy Director of the Industry Department, under the State Capital Management Committee (VNSC), said: Since 2018, this agency has assumed the role of capital management for 12 weak projects of the industry and trade sector. These are very large-scale projects that are part of the development planning strategy of the energy, chemical, paper, steel, shipbuilding industries. .
Some projects have to adjust the total investment to be very high compared to the initial investment. Up to now, 8/12 enterprise projects have had specific construction plans. In which 5 projects were assigned by the Politburo to the Chemical Group and the Oil and Gas Group, the production and business situation has changed positively, some projects are profitable, contributing to the state budget. For the three fertilizer projects, the VNU has submitted proposals for debt restructuring measures.
Currently, BIDV is submitting a general policy on debt restructuring, rescheduling, postponement and debt cancellation with Chemical Group, especially 3 projects and is waiting for the State Bank and the Ministry of Finance to appraise. It is expected that in June and July at the latest, relevant documents on these three projects will be completed and submitted to the Prime Minister.
“This is an extremely difficult task that has been solved, and is also a premise to solve the financial problems, helping 3 projects to restore production and reduce accumulated losses. If the Prime Minister approves this policy in the third quarter, it is expected that in 2024 Ha Bac Fertilizer Company will run out of accumulated losses and increase equity. Currently, this company is still negative nearly 260 billion dong of equity “- Mr. Son acknowledged.
The Prime Minister asked the State Administration of Vietnam at enterprises to have a plan to completely deal with outstanding problems in a number of loss-making and inefficient projects right in May.
In fact, after 5 years of operation, up to now, between the State Administration of Vietnam and 19 economic groups, SOEs have revealed limitations and inadequacies, leading to the operation not really achieving the desired effect.
Many experts said that the legal basis for the operating model of the State Administration of Vietnam still has many obstacles and is not really effective, leading to limited initiative, flexibility, positivity and creativity; As well as coordination with ministries, branches and localities, there are still many problems.
On the other hand, economic groups and state-owned enterprises have not actively promoted effectively the capital resources and assets assigned by the State, especially in speeding up the progress of large and important investment projects. The shortcomings and limitations stem from both objective and subjective reasons, which are the responsibility of many stakeholders such as ministries and sectors, especially the responsibilities of the VMB and SOEs. In particular, emerging are major legal problems, lack of close coordination between ministries and branches …
Request the State Administration of Vietnam to deal with it soon
In March this year, the Prime Minister signed a decision approving the project “Restructuring SOEs, focusing on economic groups and state-owned corporations for the period 2021-2025”, which requires the restructuring to be have focus, focus, focus on weak and loss-making enterprises.
The scheme also sets a number of specific targets by 2025 to basically complete the rearrangement and transformation of ownership of the SOEs. Ensuring revenue from restructuring enterprises and paying to the state budget in the period of 2021-2025 at least 248,000 billion VND; basically finished handling the weaknesses, losses, projects and works behind schedule, inefficient investment, and prolonged losses of economic groups, state corporations, and SOEs.
Then, at the beginning of May, the Prime Minister issued Directive 12/CT-TTg on tasks and solutions to renovate the operation of the State Administration of Vietnam at enterprises and improve operational efficiency and promote investment resources of 19 business groups. economy, state-owned corporations.
In particular, the Prime Minister continued to require the VMB to have a plan to completely deal with outstanding problems in a number of projects that are still losing money and inefficient right in May. For example, the production expansion project phase 2 Thai Nguyen iron and steel factory, Quy Xa mine iron ore mining and selection project and Lao Cai iron and steel factory project, Dung Quat Shipbuilding Industry One Member Company Limited.
At the same time, the Government requested the State Administration of Vietnam to urgently approve according to its competence or submit to the competent authorities for approval, complete and submit to the Government the restructuring project of each economic group and state-owned corporation, especially The Post and Telecommunications Group restructuring project and the Railway Corporation restructuring project (the deadline for submission is expected in the fourth quarter of 2022).
Assessing the current state of disarray in the management and arrangement of SOEs, Assoc. Prof. Dr. Tran Dinh Thien, an economic expert, said that this is an inevitable consequence of the transition from a subsidized system to a state-owned enterprise. Market regulation is not easy for SOEs, because there are still stories of benefits.
It is not only the economic benefit, but also the benefit of power, the benefit of the system. “The management system follows administrative principles and orders are not easy to give up, because it is power that comes with benefits. The more imperative power you add, the more benefits there are. That’s why there are more and more procedures. It takes political determination from the top to do it,” Thien shared.
According to this expert, the overlap of the current legal system is not easy to remove. “For example, if you want to bring in the new, you have to give up the old, but sometimes you don’t give up the old, but just add and expand, eventually conflict with each other and become a “forest of law”, causing businesses to entangle one another. , so even if you can do the job later, it’s wrong to retroactively,” said Mr. Thien.