Economic difficulties blamed for tardiness in power projects
01-OCT-2008 Intellasia | Dien Dan Doanh Nghiep
Oct 1, 2008 - 7:00:00 AM
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Electricity of Vietnam (EVN) has "rejected" 13 power projects with total capacity of 13,800 MW to the government. Does constructing power plants seem to be overloaded as for the group or Is EVN not strong enough to undertake main responsibilities?
In the development plan for the period of 2006-2015, there will be new 98 electricity projects with capacity totalling at 58,000 MW. Out of number, EVN is assigned to take on 50 with a combined capacity of 32,200 MW, accounting for over 55% of the number of new power projects. This showed EVN's role and the government's expectation in EVN in developing and ensuring electricity supply to the economy.
At present, 100% state owned enterprises under EVN are producing 36.5 billion kWh of electricity a year. Adding to all power supplies where EVN put up in, the total figure is added 15.9 billion kWh. Compared with the whole system's electricity output of 76 kWh a year, EVN has dominated Vietnam's electricity market.
According to the group's explanation, the main reason EVN refused to carry out 13 power projects is that the group was exhausted as preparing for many big projects worth US$4-5 billion while the economy is facing many difficulties and banks have tightened up lending with high interest rates.
In addition, a series of EVN projects that are being carried out will unlikely to finish as expected. The tardiness in the implementation of these projects is blamed for recent economic difficulties.
Factually, out of projects with the tardy implementation speed, EVN was not hesitant in expanding investments to other non-core fields such as telecom, banking and securities. As estimated, the total asset under EVN's management is up to hundreds of billion of dong so the investment in non-core fields only accounts for a small ratio. But the groups' neglect of core responsibilities continued becoming a warning over state groups and corporations.
More surprisingly, Vietnam National Oil and Gas Group (PetroVietnam) immediately asked to take over these 13 projects with the goal of reaching 30% of the total electricity output of the whole system in the future.
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