EGCO Group reveals 9-month operating profit of over 10,000 million baht, investing in clean energy and developing carbon reduction technology
“Power Generation” profit for the first 9 months of this year was 10,345 million baht, driven by the increase in electricity sales from large power plants domestically and internationally. Continue to expand investment in the United States by acquiring a 49% stake in RISEC combined cycle power plants (RISEC), signing a memorandum of understanding (MOU) between companies in the EGAT group and the Saudi Investment Ministry. clean energy
Electricity Generating Public Company Limited or EGCO shows its performance for the first nine months of 2022, showing 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, “During the first nine months of 2022 so far, EGCO Group has been successful in business operations and investment expansion domestically and internationally, including the commercial operation of power plants. “Nam Theun 1” hydropower with a total installed capacity of 650 megawatts in Lao PDR Acquisition of additional 10% shares in wind power plants “Chaiyaphum Wind Farm” and “Theppana Wind Farm” in Chaiyaphum Province As a result, EGCO became a shareholder that n wholly owned by both power plants. By buying a 49% share in the natural gas power plant “Risek” with a capacity of 609 megawatts and recently joined the signing of a memorandum between companies in the EGAT group and the Ministry of Investment of the Kingdom of Saudi Arabia To open the door to doing business, investing, exchanging experiences, knowledge, technology and innovation in the transition from traditional energy to clean energy. including the electric vehicle ecosystem Providing operation and maintenance services to the public and private sectors of the Kingdom of Saudi Arabia. to meet both countries’ carbon reduction targets.”
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, “Nam Theun 1” power plant started its commercial operation and distributed electricity to the system 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 with existing business bases especially in the United States As for the foreign renewable power business, it will be led by “Apex”, while for domestic investment, the company intends to participate in a bid the government for renewable energy projects. especially solar energy and energy storage battery systems. In addition, it will also develop new clean energy, for example, investing in a pilot project to produce electricity from fuel cells in the power plant “Khlong Luang”, Pathum Thani province, with a capacity of 5 megawatts and existing power plants to maximize efficiency and reduce 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.
