Energy 9 May 2024 11:102024-05-09
GPSC reveals operating results for the 1st quarter of 2024. Net profit grew by 81% from the 4th quarter of 2023, reflecting progress in the plan to increase management efficiency as targeted. Moving forward with power generation capacity expansion, the Glow SPP 2 and IRPC Clean Power Phase 3 projects have now opened for commercial operation.
Mr revealed Worawat Pittayasiri, CEO and President of Global Power Synergy Public Company Limited or GPSC, PTT Group’s electricity business innovation leader, the company’s 1st quarter 2024 operating results Total revenue was 23,773 million baht, an increase of 30%, and net profit was 864 million baht, an increase of 81% compared to the 4th quarter of 2023 (QoQ), respectively, which was the result of the operation of small power plants (SPPs) with the volume of electricity sold to industrial customers increasing. In the same period that income Can better reflect energy costs and the operating results of Avada Energy Private Limited (AEPL), India, which increased due to the number of projects gradually opening for commercial operation and seasonal factors. Although the company receives a smaller share of profit from Xayaburi Power Company Limited (XPCL) from the lower water volume
Compared to the 1st quarter of 2023, the net profit decreased by 23% due to the lower margins of the Sriracha Power Plant. This is because the Sriracha Power Plant operates using diesel as the main fuel instead of natural gas. According to the EGAT electricity billing plan, in addition, the operating results of the Company’s small power plants (SPP) increased due to electricity prices that better reflected the cost of energy prices than the previous year.
for the progress of the business drive plan and expansion of production capacity During the first quarter until now according to the plan Glow SPP 2 power plant under the SPP Replacement project has a production capacity of 100 megawatts, producing 230 tonnes of steam per hour . And the IRPC Clean Power Project, Phase 3, with an electrical generation capacity of 70 megawatts, has already started COD at the beginning of this year In addition, GPSC bonds with an offer value of 15,000 million baht have been excellently accepted to institutional investors and large investors.
For the New S-Curve strategy, the company recently signed a contract to study the feasibility of developing a small SMR (Small Modular Reactor) project together with a potential partner who owns Danish technology. Seeking opportunities to develop new clean energy technologies and innovations. Preparing for environmentally friendly electricity generation.
For the main business, the company is still committed to increasing the efficiency of management in the production process or Optimization by prioritizing the production of electricity from low cost power plants as the first priority or order of merit in order to make the cost most efficient production. Including implementing Synergy to maximize efficiency in asset management. and create the best returns
Symbol: GPSC
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