Electricity Generating Public Company Limited or EGCO Group reveals operating results for the first nine months of 2022 with continued growth. Operating profit was 10,345 million baht, driven by higher electricity revenue from major power plants domestically and internationally. meanwhile continues to expand its investment in the United States by acquiring a 49% stake in the RISEC Combined Cycle Power Plant (RISEC), Rhode Island, USA, as well as successfully signing a Memorandum of Understanding (MOU) between the companies among these. EGAT and the Ministry of Investment of the kingdom of Saudi arabia clean energy
Mr revealed Thepparat Theppitak, President of EGCO Group, “During the first nine months of 2022 so far, EGCO Group has been successful in business operations and investment expansion both domestically and internationally. Commercial operation of “Nam Theun 1” hydroelectric power plant with a total installed capacity of 650 megawatts in Lao PDR Acquisition of additional 10% shares in “Chaiyaphum Wind Farm” and “Theppana Wind Farm” Chaiyaphum Province wind power plants, leading to EGCO in becoming a wholly owned shareholder of both power plants. by acquiring a 49% stake in the 609 MW “Risek” gas power plant
And most recently, the signing of a Memorandum of Understanding between companies in the EGAT group and the Ministry of Investment. from the kingdom of Saudi arabia To open the door to do business, invest, exchange experiences, knowledge, technology and innovation in the change from traditional energy to clean energy. including the electric vehicle ecosystem Operation and maintenance service with the public and private sectors of the Kingdom of Saudi Arabia to meet the carbon reduction targets of both countries.”
For the operating results for the first 9 months of 2022, EGCO Group recorded a total revenue of 46,737 million baht, an increase of 61% compared to the same period last year. It has an operating profit of 10,345 million baht, an increase of 2,290 million baht or 28% compared to the same period in 2021, with the main supporting factor of the power plant “Paju ES” increased electricity revenue. While “Khanom” power plant, “Xayaburi” power plant and “Kaeng Khoi 2” power plant saw an increase in electricity sales. In addition, the power plant “Nam Theun 1” began to operate. Commercial operation and distribution of electricity to the system took place on August 12, 2022.
Regarding the investment direction for 2023, Mr. Thepparat, “The EGCO Group continues to look for new investment opportunities under the concept of “Cleaner, Smarter and Stronger to Drive Sustainable Growth” by focusing on expanding the power generation business from traditional fuels. renewable energy in areas where there is already a business base especially in the United States For the renewable energy business in foreign countries is led by “Apex” while investment in the country. The company intends to participate in the application for government renewable energy projects. Especially solar energy and energy storage battery systems.
In addition, it will develop new clean energy, including investing in a pilot project to generate electricity from fuel cells in the power plant “Khlong Luang”, Pathum Thani province, with a capacity of 5 MW, while managing existing assets and power plants for maximum efficiency and reduced carbon emissions. By developing technologies that help reduce carbon emissions and their use in power plants, such as carbon capture and storage (CCS) technology and studies on using ammonia as a fuel mixture to reduce carbon emissions, etc.
“These investment instructions are in line with EGCO Group’s goal of becoming a low carbon society to achieve carbon neutrality by 2050 and reduce carbon dioxide emissions per unit of electricity produced by 10% by 2030. It also creates growth for the organization along with creating added value for all stakeholders sustainably. In the midst of transition for the electricity and energy industry,” Mr. Thepparat concluded.
