AES earns $34 mln from coal-fired power plant in Vietnam in 2024, 3rd consecutive fall

U.S.-based AES Corporation earned a pre-tax income of $34 million from the Mong Duong 2 coal-fired power plant in Vietnam’s northern province of Quang Ninh in 2024.

In its 2024 performance review, AES pointed out that the pre-tax income attributable to AES from the 1,242 MW Mong Duong 2 fell continuously from $40 million in 2023, $50 million in 2022, and $56 million in 2021.

AES now holds a 51% ownership interest in the power plant. In November 2023, the company entered into an agreement to sell its 51% stake in the power factory to Czech-based Sev.en Global Investments.

In its latest performance review, AES said the sale is now subject to regulatory approval and is expected to close by early 2026.

Besides, AES reported that Mong Duong 2 power plant gained a pre-tax income of $79 million in 2024, down from $92 million in 2023 and $109 million in 2022.

Additionally, AES said its total revenue in Vietnam reached $312 million in 2024, down from $344 million in 2023 and $323 million in 2022. It also noted that its “income tax benefits” in Vietnam was $14 million in 2024, lower than $16 million in 2023 and $18 million in 2022.

In Vietnam, 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 $1.8 billion. The projects are reporting slow progress.