August 20, 2012
Electricity developer Lao Holding State Enterprise (LHSE) reported that electricity generation by the Nam Theun 2 (NT2) hydropower project reached 3,338GWh in the first six months of this year.
“It is 59.03 percent of the yearly plan,” The LHSE General Manager Dr Somboune Manolom said on Friday.
LHSE was established in February 2005 and its first investment was in the NT2 hydropower project, in which it holds a 25 percent share in the Nam Theun 2 Power Company Limited.
The generated energy from NT2 is mainly exported to the Electricity Generating Authority of Thailand (EGAT) with the balance going to Electricite du Laos (EDL).
Speaking at the company’s biannual meeting in Vientiane, Dr Somboune said that of the total power generated, 3,179GWh was sold to EGAT and 159GWh was supplied to EDL.
The first six months export to EGAT was 59.38 percent of the annual target and the supply to EDL was 53 percent of the whole year’s target.
“NT2 is expected to generate 5,654GWh for supply to the two customers this year, with 5,354GWh going to Thailand and 300GWh for EDL,” Dr Somboune said.
In the first six months, the export income earned by NT2 from energy sales to Thailand was over US$54.6 million plus an additional almost 2.5 billion Thai baht.
It also made earnings through selling to EDL over US$2.9 million and another 115.5 million Thai baht.
“The total income was more than 1.1 trillion kip (US$139 million). The NT2 also paid royalties of almost US$7 million to the government,” Dr Somboune said.
He also said that in the first six months, LHSE received the first dividend of this year amounting to almost US$7.6 million, which was 21.51 percent larger than initial expectations. LHSE also paid dividend tax of US$759,450 to the Ministry of Finance.
LHSE had repaid in principal and interest over US$2.2 million to the ministry against a loan taken out by LHSE for its NT2 investment.
NT2 is the single largest project ever developed in Laos with an installed capacity of 1,070 megawatts (MW).
LHSE is a business entity of the Lao government for investment in electric power. It has followed a path of rapid growth in the power sector during the seven years it has been in operation.
Now it is a shareholder in nine power plant construction projects with installed capacity of 5,393MW and the ability to generate about 29,220 million kWh annually.
The nine hydropower plants in which LHSE has a stake are NT2, Nam Ngum 3, Xe Pian-Xe Nam Noi, Nam Ngiep 1, Nam Theun 1, Xekong 4, Xekong 5, Nam Kong 1 and Hongsa Thermal Electric Power.