Thermal power firms post stronger first-half profits on higher power generation

According to figures from Vietnam Electricity, coal- and gas-fired power plants were dispatched at high levels during the peak dry-season months to the power system’s actual demands.

Total power generation across the national power system reached 171.54 billion kWh in the first six months of 2026, up 9.85 per cent on-year.

Coal-fired power generation rose 10.45 per cent to 93.4 billion kWh, while gas-fired output climbed 33.5 per cent to 13.71 billion kWh. Hydropower generation, by contrast, fell 1.1 per cent to 36.1 billion kWh.

Coal- and gas-fired power plants saw higher dispatch during the peak dry season

The increase in thermal power generation reflects the ongoing El Niño cycle, which has reduced hydropower output and required the national grid to rely more heavily on thermal power sources.

Quang Ninh Thermal Power JSC reported second-quarter (Q2) revenue of $145 million, up 26.5 per cent on-year.

Its tax profit surged 71.4 per cent to $16.3 million. For the first six months of the year, pre-tax profit reached $26.2 million, an increase of 44.2 per cent from a year earlier.

To comply with stricter environmental standards, the company is investing approximately $152 million to upgrade flue gas treatment systems at its four power generating units, with completion scheduled for 2027.

The emission control systems for units 3 and 4 are expected to be completed by April 2027, while those for units 1 and 2 are scheduled for completion in September 2027.

The company is currently tendering an engineering, procurement and construction (EPC) contract for the project with an estimated value exceeding $134.8 million.

Haiphong Thermal Power JSC also reported stronger results, posting Q2 pre-tax profit of $14.6 million, up 36 per cent on-year. Cumulative pre-tax profit for the first half reached $25.5 million, an increase of 41 per cent from the same period last year.

Alongside power generation, the company is selecting a contractor for an EPC package to upgrade emission treatment systems at Haiphong Thermal Power Plants 1 and 2. The contract is valued at approximately $125 million.

Pha Lai Thermal Power JSC reported Q2 pre-tax profit of $3.2 million, a jump of more than ten-fold from the low base of $280,000 recorded in the same period of 2025. Its first-half pre-tax profit reached $7.2 million, up 150 per cent on-year.

Meanwhile, PetroVietnam Nhon Trach 2 Power JSC posted net revenue of $113 million in Q2, up 136 per cent from a year earlier and 30 per cent from Q1.

The company’s pre-tax profit climbed to $20.2 million, an increase of 38.1 per cent on-year and 125.6 per cent quarter-on-quarter.

The improvement was driven primarily by electricity output of 1.195 billion kWh, up 54 per cent from a year earlier and 26 per cent from Q1.

Under Resolutions No.168/NQ-CP and No.169/NQ-CP issued on June 27, 2026, the government set a target of achieving double-digit economic growth in 2026 while maintaining macroeconomic stability.

According to updated estimates from the National System and Market Operator Co., Ltd., electricity production and imports across the national power system are projected to reach 187.5 billion kWh in the second half of 2026, up 12.3 per cent from the same period of 2025.

Total electricity generation and imports for the full year are forecast at 358.6 billion kWh, an annual growth of 11.1 per cent.

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