Rare wind power firm reports profit in 2022
Phong Lieu Wind Power JSC reported profit of over VND124 billion ($5.28 million) in 2022, up 168% year-on-year, while the same industry firms saw continued losses.

Phong Lieu Wind Power Plant Project in Huong Hoa district, Quang Tri province, central Vietnam. Photo courtesy of Labor newspaper.
By December 31, 2022, Phong Lieu's equity reached VND675.6 billion ($28.77 million), up 22.5% compared to the beginning of the year, while return on equity (RoE) increased from 8.41% to 18.38%. Its total liabilities were VND1.14 trillion ($48.34 million), down nearly 9% compared to the end of 2021.
Phong Lieu made a big profit in 2022, while many businesses in the same industry suffer losses under the pressure of high interest costs, according to information for 2022 released by the Hanoi Stock Exchange (HNX).
Typically, Nam Phuong Energy Investment JSC posted a loss of VND372.4 billion ($15.86 million), while the same period last year it made a profit of VND1.6 billion ($68,100).
Switching from profit in 2021 to loss in 2022 is also the situation at some other companies like La Pet Dak Doa Wind Power Plant Number One JSC with a loss of VND209.5 billion ($8.9 million), La Pet Dak Doa Wind Power Plant Number Two JSC with VND201 billion ($8.56 million), Phuoc Huu-Duyen Hai Wind Power 1 Company Limited with VND60.3 billion ($2.56 million), Cho Long Wind Power JSC with VND35.6 billion ($1.5 million), and Yang Trung Wind Power JSC with VND91 billion ($3.87 million).
Other companies have even sunk in losses over several years like Ninh Thuan Energy Industry JSC with a loss of over VND106 billion ($4.5 million) in 2022, while in the same period the previous year it was VND22.76 billion ($969,335).
Hoang Son Joint-Stock Investment Power Construction Trade Company 2 lost VND80 billion ($3.4 million) in 2021 and VND66.5 billion ($2.8 million) in 2022, or BB Power Holdings Corporation with a loss of VND153 billion ($6.5 million), while in the same 2021 it recorded VND79 billion ($3.36 million).
The difficulties of the above series of businesses occurred in the context that the renewable energy industry last year faced many typical challenges such as wind power investors not being able to turn on electricity on time after the government's preferential feed-in-tariffs (FiTs) regulation expired (transitional projects), changes in electricity purchasing policy, and the lingering impact of the Covid-19 pandemic.
At the beginning of 2023, based on calculations from Vietnam Electricity (EVN), the Ministry of Industry and Trade issued an electricity generation price bracket for transitional solar and wind power projects in Decision No. 21, after the projects had fallen into stagnation for a long time. However, this price bracket is 21-29% lower than the FiT price mechanism and not all projects would record profitability.
ACBS Securities believes that the low price level for transitional renewables projects will lead to negative cash flow and profit, making the investors fail to meet operating expenses, especially interest expense and debt principal.
ACBS noted in the context that interest rates are still at a high level, and the USD/VND exchange rate has not shown any signs of cooling down in the long term, the unstable financial model with profitability not ensured means private capital will not be encouraged to flow into renewable energy projects in the future. This will significantly affect the government's commitment to reduce net carbon emissions to zero by 2050.
Leading broker VNDirect also argued that with this price bracket, not every project will record profitability.
"With Vietnam's strong commitments in COP26 as well as significant adjustments in the Power Master Plan VIII - with a higher proportion of renewable electricity capacity, we expect a more attractive pricing policy will help attract quality investors to participate in this field," VNDirect said.
The broker comments that businesses with the ability to reduce development and operating costs, as well as the ability to mobilize cheap capital will hold the advantage in this period.
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