Surging energy generation drives up shareholder's income
Surging energy generation drives up shareholder's income
Electricity developer Lao Holding State Enterprise (LHSE) received a dividend of about 124 billion kip (US$15.5 million) from the Nam Theun 2 (NT2) hydropower project in 2012.
“This figure was about 22.33 percent over the target,” LHSE General Manager Dr Somboune Manolom reported on Friday.
The LHSE w as established in February 2005 and its first investment was in the NT2 hydropower project. The enterprise holds a 25 percent share in the Nam Theun 2 Power Company Limi ted (NTPC).
“We repaid principal and interest of about 37.6 billion kip (US$4.7 million) to the Ministry of Finance based on the agreement to borrow money with interest,” Dr Somboune said at the enterprise's annual meeting in Vientiane.
Speaking at the meeting, Dr Somboune said the enterprise also paid dividend tax of about 12.4 billion kip (US$1.5 million) to the ministry.
The LHSE also paid profit tax of over 20 billion kip for 2011 to the ministry last week, according to a press release.
NT2 is the single largest project ever developed in Laos with an installed capacity of 1,070 megawatts (MW).
“Electricity generated by the plant reached 6,029GWh in 2012, which was 1.56 percent more than targeted,” Dr Somboune said.
The electricity is mainly exported to the Electricity Generating Authority of Thailand (EGAT) with the remainder going to Electricite du Laos (EDL).
“The total power generated, amounting to 5,723GWh, was sold to EGAT - 1.54 percent more than the figure targeted,” Dr Somboune said. “A further 306GWh was supplied to EDL, which was 2 percent more than expected.”
NTPC had earned almost 2 trillion kip (US$247 million), including over 1.8 trillion kip (US$234.4 million) from sales of energy to EGAT, and 98.5 billion kip (US$12.3 million) from sales to EDL.
NTPC employs over 400 people at the power plant, of whom 363 are Lao nationals.
LHSE was created by the Lao government to facilitate investment in energy generation. It has followed a path of rapid growth in the power sector during the seven years it has been in operation.
The enterprise is now a shareholder in nine power plant projects with installed capacity of 5,393MW and the ability to generate about 29,220 million kWh annually.
The 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.
vientiane times
