Nghi Son 2 Power Limited

What Nghi Son 2 Power Limited does

Nghi Son 2 Power Limited Liability Company (NS2PC) operates a single 1,200 MW net-capacity, two-unit, coal-fired thermal power plant located in the Nghi Son Economic Zone, Hai Ha Commune, Nghi Son Town, Thanh Hoa Province, Vietnam, with a regional administrative office in Hanoi. The facility was developed between 2018 and 2022 by a three-shareholder international joint venture comprising Korea Electric Power Corporation (KEPCO, 50%), Marubeni Corporation (Japan, 40%), and Tohoku Electric Power Co., Inc. (Japan, 10%), at a total project cost of USD 2.8 billion. The plant reached commercial operation on January 11, 2022, and runs on subcritical coal-fired generation technology targeting approximately 7.8 billion kWh of annual output, supplying electricity to over 6 million households across Northern and Central Vietnam.

NS2PC's revenue model is a single-stream, usage-based bulk power sale: 100% of generated electricity is delivered to Vietnam Electricity (EVN) under a 25-year Build-Operate-Transfer (BOT) concession, after which the plant transfers to the Government of Vietnam. Tariffs are set through government-mandated mechanisms with EVN and are not publicly disclosed; the company has no retail or merchant exposure. The plant consistently exceeds plan, with April 2026 capacity utilization at 96.03% and cumulative generation of approximately 24.9 billion kWh from 2022 through April 2026, and is one of the few Vietnamese coal-fired plants reported to meet the stricter QCVN 22:2024/BTNMT emissions standard.

Operationally, NS2PC is pursuing a decarbonization roadmap aimed at net-zero by 2050, anchored by two feasibility-stage initiatives: a Carbon Capture and Storage (CCS) value-chain MOU signed in October 2025 with Petrovietnam, JOGMEC, and ENEOS Xplora covering CO2 capture, transport, and offshore storage in the Nghi Son area; and a green ammonia co-firing MOU signed in June 2025 with TGS Group to study supply from TGS's Tra Vinh Green Hydrogen Plant. The company is governed by a small leadership team led by President & CEO Chung Kook Choi, with EVP/CFO Yasuaki Watanabe and EVP/Plant General Manager Michael W. Savidge, and operates with a workforce of approximately 22 employees of which around 70% are local to the Thanh Hoa area.

Name

Nghi Son 2 Power Limited

Legal name

CÔNG TY THHH ĐIỆN NGHI SƠN 2

Website

https://ns2pc.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Nghi Son 2 Power Limited (NS2PC) operates a 1,200 MW coal-fired thermal power plant under a 25-year BOT concession in Thanh Hoa Province, Vietnam, supplying electricity exclusively to Vietnam Electricity (EVN). The company is jointly owned by KEPCO, Marubeni, and Tohoku Electric.

Ownership category

akta.pro rank

Product category

Thermal Power Generation

NAICS

Fossil Fuel Electric Power Generation (221112)

SIC

Electric Services (4911)

akta.pro primary industry

Pulverized Coal (PC) Power Plants (EUACAAAA)

akta.pro secondary industries

Thermal Power Plant O&M (Coal, Gas, Oil) (EUAEAGAA), Industrial Electrified Kilns & Calcination Solutions (Cement/Lime/Glass Specific) (EUABAJAL)

Keywords

• Coal-fired power generation
• Thermal power plant
• Electricity generation
• BOT infrastructure project
• Power plant operations

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Others

Revenue model

1. Electricity Sales to EVN: NS2PC generates revenue through the sale of electricity to Vietnam Electricity (EVN), Vietnam's state-owned electricity utility. The company operates under a 25-year BOT (Build-Operate-Transfer) concession. Revenue is based on electricity output delivered to the national grid, with the plant targeting approximately 7.788 billion kWh annual production. After 25 years of operation, NS2PC will transfer the plant to the Government of Vietnam.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

NS2PC operates the Nghi Son 2 BOT Thermal Power Plant, a coal-fired thermal power facility with a net generating capacity of 1,200 MW from two units. The plant produces approximately 7.8 billion kWh of electricity annually, supplying power for over 6 million households across Northern and Central Vietnam. All electricity is sold exclusively to Vietnam Electricity (EVN) under a 25-year Build-Operate-Transfer concession, after which the plant will be transferred to the Government of Vietnam.

Product overview

Nghi Son 2 Power Limited Liability Company (NS2PC) operates a single core product: the Nghi Son 2 BOT Thermal Power Plant. This is a coal-fired power generation facility located in the Nghi Son Economic Zone, Thanh Hoa Province, Vietnam. The company does not operate a multi-product portfolio or platform architecture; its sole offering is the generation and supply of electricity to Vietnam's national grid (EVN).

Differentiator

Problem solved

Functional benefit

Products and services

• Nghi Son 2 BOT Thermal Power Plant Coal-fired thermal power plant with a net capacity of 1,200 MW across two generating units, producing approximately 7.8 billion kWh of electricity annually and supplying power for over 6 million households across Northern and Central Vietnam. Operated under a Build-Operate-Transfer (BOT) model with NS2PC operating the facility for 25 years before transferring ownership to the Vietnamese Government.

Quantifiable outcome

• 96.03% capacity utilization in April 2026
• +4 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• Petrovietnam (Vietnam Oil and Gas Group)coreStrategic or Co-development Partner · 17 October 2025MOU signed on October 17, 2025 during the 3rd Ministerial Meeting of the Asia Zero Emission Community (AZEC) in Kuala Lumpur, Malaysia. NS2PC, Petrovietnam, JOGMEC, and ENEOS Xplora will collaborate to study and promote establishment of a comprehensive CCS value chain in Vietnam, including CO2 capture, separation, transportation, and offshore storage in Nghi Son area. The signing was witnessed by Vietnam's Vice Minister of Industry and Trade and Japan's Minister of Economy, Trade and Industry.
• JOGMEC (Japan Organization for Metals and Energy Security)coreStrategic or Co-development Partner · 17 October 2025JOGMEC participated in the CCS MOU together with NS2PC, Petrovietnam, and ENEOS Xplora. JOGMEC is a Japanese government organization engaged in energy and metal resource management, providing expertise for CCS project development.
• ENEOS Xplora Inc.coreStrategic or Co-development Partner · 17 October 2025ENEOS Xplora is engaged globally in oil and natural gas exploration, development and production. In 2024, NS2PC and Xplora jointly conducted a preliminary study on surface facilities to assess technical feasibility of capturing and transporting CO2 from the Nghi Son 2 Thermal Power Plant.
• TGS Group (The Green Solutions)coreStrategic or Co-development Partner · 4 June 2025MOU signed on June 4, 2025 for potential supply of green ammonia for power generation. The MOU establishes a framework for joint feasibility study to assess green ammonia supply and demand, evaluate carbon market implications, and explore technical, financial, and legal aspects of using green ammonia as co-firing fuel from TGS's Tra Vinh Green Hydrogen Plant Project.

Scale indicators14 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Mong Duong 2 Power Joint Stock Company: 1,200 MW ultra-supercritical coal-fired BOT in Quang Ninh province, Vietnam, supplying EVN under a 25-year PPA — directly comparable in scale, BOT structure, and Vietnamese coal-power economics.
• Vung Ang 2 Power Project: 1,200 MW coal-fired BOT in Ha Tinh province, Vietnam — same generation scale and BOT offtake structure as NS2PC, with similar Japanese/Korean sponsorship profile.
• Vinh Tan 2 Power Project (EVN): 1,244 MW coal-fired BOT in Binh Thuan province, Vietnam, supplying EVN — same Vietnamese BOT coal-power template as NS2PC, making it a directly comparable offtake-and-concession peer.
• AES-VCM Mong Duong Power Company: Operator of the 1,036 MW Mong Duong 1 coal-fired BOT in Vietnam — directly comparable as a foreign-investor-owned Vietnamese coal IPP under BOT structure with EVN offtake.
• Nghi Son 1 Power Plant: Sibling 600 MW coal-fired BOT plant located adjacent to NS2PC in the Nghi Son Economic Zone, developed under a similar Japanese-Korean consortium structure — directly comparable in technology, offtake, and concession economics.
• Phu My 3 BOT Power Company: Vietnamese BOT coal/gas-fired IPP under EVN PPA — directly comparable in concession structure, offtake model, and Vietnamese power-market context.

Broad incumbents

• RATCH Group Public Company: Thailand-state-owned IPP with coal and gas generation assets across Southeast Asia — broadly comparable as a regional fossil-fuel IPP with government shareholding and long-term PPAs.
• Aboitiz Power Corporation: Philippines-listed holding company with coal-fired and renewables generation across the Philippines — comparable as a Southeast Asian diversified IPP with regulated offtake under long-term contracts.
• Electricity Generating Public Company (EGCO): Thailand-listed independent power producer with a diversified portfolio including coal-fired generation across Thailand and the region — comparable as a Southeast Asian coal IPP with long-term offtake contracts and government-linked counterparties.

Regional players

• Sarangani Energy Corporation (Alsons Power): Philippines-based coal-fired IPP operating under long-term PPA with the national grid — comparable as a regional emerging-market coal BOT/IPP, though operating in a different national regulatory regime.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/watch?v=Xxf4MEtM92s
• LinkedInlinkedin.com/company/nghi-son-2-power-limited

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nghi Son 2 Power Limited