Sunday 08 May 2022
GPSC report quarterly results 1/65 additional income 64% Profits declined mainly due to rising fuel costs. both natural gas and coal while supporting factors from power plants IPP that generates additional income and margin Prepare to recognize additional income after the ERC adjusts the value Ft New effective around May Ready to continue to manage to reduce costs while all power plants are ready to operate normally. Support the expansion of electricity from opening the country
Mr. Worawat Pittayasiri, Chief Executive Officer and President of Global Power Synergy Public Company Limited or GPSC, PTT Group’s innovative power business leader, revealed the Company’s operating results for the first quarter of 2022. Total revenue was 27,261 million baht, an increase of 64% compared to the same period of the previous year (YoY), with a net profit of 313 million baht, a decrease of 84% and a decrease compared to the 4th quarter (QoQ) of the year (QoQ). 855 million baht, or a decrease of 73%. The main factor was a decrease in the performance of the Small Power Plant (SPP) group due to the sharp increase in natural gas and coal prices due to the conflict between Russia. -Ukraine Reduced margin from selling electricity to industrial customers. Even though the amount of electricity sold to industrial customers remains constant while the volume of steam sales to industrial customers increased As for the amount of electricity sold to the Electricity Generating Authority of Thailand (EGAT), slightly decreased.
However, the company has received positive factors from the increased performance of Independent Producer Power Plant (IPP) which can generate more revenue and margin. from the recognition of revenue from the electricity cost (EP) according to the increase in the amount of electricity sold into the system According to EGAT’s plan to claim electricity and production management using diesel fuel instead of natural gas Meanwhile, on March 18, 2022, the company also recorded net profit after tax and related expenses of 592 million baht from selling all shares of Ichinoseki Solar Power. 1 GK (ISP1) completed for CES Iwate Taiyoko Hatsudensho GK.
In addition, the company also received a better return from the Synergy merger plan after tax recognition valued at 483 million baht as a result of joint production management. to increase efficiency in cost management from the use of electricity-steam networks Management of the commercial division of production costs expanding customer base production cost management and debenture management, etc.
However, from the high fuel price situation from the unrest between Russia and Ukraine affecting energy prices in the world market reflecting the cost of generating electricity and steam in the whole system In which the Energy Regulatory Commission (ERC) has announced an automatic increase in electricity tariff (Ft) formula 2 times from -15.32 satang per unit to 24.77 satang per unit. Manage and optimize the production process or Optimization for efficient operation, which the company continues to continue to build stability in the power generation system to deliver and steam to all groups of customers in accordance with the contract continuously.
Mr. Worawat said After this, the operation of the power and steam generators of various power plants will return to the production system continuously to be in line with the electricity demand of the country and the manufacturing sector with an upward trend from government economic stimulus measures In opening the country since May 1, 2022, by canceling Test & Go, adjusting Thailand pass for entering the country Currently, the readiness of the Glow Energy Phase 5 power plant has resumed normal operation since March 9, 2022, with the remaining insurance pending. All of which are expected to be realized in 2022. The GHECO One power plant has resumed normal operation as well. This will increase the overall power generation capacity of the Company.
In this regard, the Company continues to move forward in strengthening its business both domestically and internationally. by cooperation in PTT Group and outside PTT Group. Recently, Global Renewable Synergy Company Limited (GRSC), which GPSC owns 100%, has paid for shares. of Avaada Energy Private Limited (AEPL) totaling INR 1,875 crore. or equivalent to 841 million baht, resulting in the Company’s shareholding ratio increased from 41.62% to 42.93% of AEPL’s total capital successfully.
In addition, in February 2022, the Board of Directors Has resolved to transfer assets related to battery business to Nuovo Plus Company Limited (NUOVO PLUS), a joint venture in which GPSC holds 49% and Arun Plus Company Limited (ARUN PLUS) holds 51%, which GPSC will operate. Development, sales and investment in future battery manufacturing business through NUOVO PLUS, consisting of an energy storage plant with an initial capacity of 30 MWh per year at Map Ta Phut Industrial Estate, Rayong Province, and 100% common stock in GPSC-SG Holding. Company Singapore, which holds 11.1% shares in Anhui Axxiva New Energy Technology Co., Ltd., People’s Republic of China. which operates a battery factory with a capacity of 1 GWh per year, including contracts and agreements related To support the growth of the EV battery business according to government policies and the global trend towards clean energy
