PetroVietnam Power Corporation, listed under the ticker POW on the Ho Chi Minh Stock Exchange, is a leading energy company in Vietnam. It specializes in electricity production, with a diverse portfolio that includes gas, coal, and hydropower plants. POW operates as a subsidiary of the state-owned Vietnam Oil and Gas Group
POW is currently constructing two LNG power plants with a combined capacity of 1,500 megawatts. These are the first LNG power plants in Vietnam. This is in line with the country’s shift from coal to gas power, however, declining domestic natural gas production means that much of Vietnam’s LNG will need to be imported.
These two projects are expected to begin commercial operation by the end of this year, with an annual electricity output of 7 to 9 billion kilowatt-hours. Currently, PetroVietnam Gas is the sole enterprise in Vietnam authorized to officially distribute LNG. POW is currently reviewing a draft of an agreement with PetroVietnam Gas, for the LNG supply arrangements for the project.
Notably, in the first nine months of 2024, POW’s business performance remained steady compared to the previous year, with revenue reaching US$897.1 million. This was due to a modest 2 percent increase in electricity output, totaling 11,421 million kilowatt-hours.
Disclosure: The author does not have any financial interest in POW stock.