Power sector – Preview – [NEUTRAL] – 1Q25F Preview: Hydropower and renewable energy shine

Electricity consumption in 1Q25E is estimated at 73bn kWh (+5% yoy), in which hydropower plants are expected to reach 14bn kWh (+26% yoy), accounting for 19% of production in the system. Besides, renewable energy was estimated at 12bn kWh (+5% yoy). Conversely, gas-fired power plants experienced a decrease of 4.6bn kWh (-23% yoy). Due to (a) an increase in renewable energy capacity in the system (430 MW, +35% yoy); (b) maintenance and repair work at Phu My 1 in January 2025; and (c) Phu My 2.2 and Phu My 3 expiration of their BOT contracts.