EVN pumps 9.3 trillion dong into electric grid

The National Power Transmission (NPT) said it has invested 9.3 trillion dong to build a 500kV electric grid connecting five provinces and HCM City.
It will also boost power connectivity within the country and throughout Vietnam, Laos and Cambodia after 2015, the company, which is a subsidiary of Electricity of Vietnam, said.

Meanwhile, the Project Management Board of Central Power Projects (AMT), also a subsidiary of EVN, will act on behalf of NPT to carry out the project.

While the equipment side of the project will be funded by the Asian Development Bank (ADB), the installation and ground clearance will be financed by Vietnam Bank for Industry and Trade (Vietinbank) and Vietnam Development Bank (VDB).

The project, codenamed 500kv Pleiku-My Phuoc – Cau Bong, will also include maintenance of 8km of the existing 500kv grid in HCM City and two power transmission stations in Pleiku and Cau Bong.

Project constructionwill be completed by 2013 and will be supervised by the number two and number four Electricity Construction Consultancy companies.

Electricity of Vietnam (EVN) last month said it will borrow $3 billion in official development assistance (ODA) sources and foreign commercial banks in order to finance electricity projects this year.

Lenders will include the World Bank, the German Reconstruction Bank, the Asian Development Bank, the French Development Agency and the Japan International Cooperation Agency.

Funds will be used to complete the O Mon 3 and 4 thermoelectric projects, improve the national distribution grid and assist the electricity sector in reforming policy.

On Tuesday EVN announced they will target reducing production costs by 1.8 trillion dong (US$85.7 million) in 2012.

EVN’s total capital expenditure this year is estimated at a total of 75.5 trillion dong ($3.5 billion), an increase of 18.7 per cent over last year.
VNA

Tags: EVN, Vietnam electricity, Vietnam energy, Vietnam energy industry