AES earns $12 mln in Q1 pre-tax income from coal-fired power plant in Vietnam

U.S.-based energy giant AES Corporation earned a pre-tax income of $12 million from the Mong Duong 2 coal-fired power plant in Vietnam’s northern province of Quang Ninh in the first quarter of this year.

The figure represents a 20% increase year-on-year, according to AES’s Q1 performance review.

During the three-month period, AES and other stakeholders of the $1.2 billion plant posted $26 million in pre-tax income, up from $23 million in Q1/2024.

AES currently holds a 51% ownership interest in the plant, which was constructed under a build, operate, and transfer (BOT) contract.

In November 2023, the company signed an agreement to sell this stake to Czech-based Sev.en Global Investments, although details of the deal have yet to be finalized.

As of the end of March, AES’s stake was classified as held-for-sale, with a loan receivable valued at $934 million.

In addition to AES, South Korea’s Posco Energy and China’s CIC own 30% and 19% of the Mong Duong 2 power plant, respectively.

AES is expanding its activities to LNG-fired power. In 2023, Vietnam's south-central province of Binh Thuan granted in-principle approvals to AES for the latter's $1.4 billion Son My LNG Terminal project and the 2,250 MW-Son My 2 combined cycle gas turbine power plant project worth $2.1 billion.