EVN owes PVN nearly 23,000 billion VND

According to PVN, the group's total revenue for the first six months of the year is estimated at VND 420,100 billion, exceeding the six-month plan by 24%.

Contributions to the State budget (excluding Nghi Son Refinery and Petrochemical Company Limited - NSRP) are estimated at over VND 66,000 billion, exceeding the 6-month plan by 63%. Consolidated pre-tax profit significantly exceeded the 6-month plan; stable and maximum supply of strategic products: gas, electricity, fertilizer, petroleum, etc., for daily life and production.

PVN is currently experiencing good business results.

However, PVN stated that one of the major obstacles and difficulties is that EVN owes nearly 23,000 billion VND to PVN as a whole. Of this amount, over 14,000 billion VND is due for payment, significantly impacting PVN's production and business operations and cash flow balance.

Furthermore, prioritizing electricity generation from renewable energy sources, but with low stability, leads to gas-fired thermal power plants constantly switching on and off, increasing the probability of unit failures, affecting electricity production costs as well as the readiness to ensure PVN's electricity production targets.

According to EVN's audited consolidated financial statements, the parent company EVN incurred a total loss of over VND 26,500 billion in 2022. The consolidated business results showed a loss of VND 20,700 billion. In contrast, the company made a profit of over VND 14,700 billion in 2021.

In 2022, if EVN's consolidated revenue was over 463,000 billion VND, revenue from electricity sales accounted for over 98%, or more than 456,000 billion VND.

The audited figures also show that the reason for EVN's losses is that the selling price of electricity is lower than the purchase price, as reflected in both electricity sales revenue and electricity cost of goods sold.

EVN suffers losses exceeding 20 trillion VND; audit reveals the reason . Audited figures show the reason for the losses of Vietnam Electricity Group (EVN). This is due to the purchase price of electricity being higher than the selling price, reflected in both electricity sales revenue and electricity cost of goods sold.

Source: https://vietnamnet.vn/evn-no-pvn-gan-23-000-ty-dong-2165115.html