EVN to cut 2011 planned investment by 19pct

State-run Vietnam Electricity Group, or EVN, will cut its investment in power projects this year to 53.3 trillion dong ($2.53 billion), 19% below an initial plan, state media said Tuesday.

The move, which will affect the pace of development of 300 power projects, is part of the government’s efforts to tame inflation, the Saigon Giai Phong online newspaper reported, citing EVN Deputy Director General Duong Quang Thanh.

Thanh didn’t name the projects that will be affected.

In February, EVN said it would invest 65.88 trillion dong in power projects this year, up 12% from last year.

State media reported earlier this year that the company planned to raise 5 trillion dong through the sale of dong-denominated bonds and $1 billion through the sale of dollar-denominated bonds this year for its power projects. – Vietnamnews

Tags: Vietnam electricity, Vietnam energy, Vietnam power shortage

Posted by VBN on Apr 6 2011. Filed under Energy. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry