GulfNRV2 begins supplying electricity to EGAT
The Gulf Energy Development Plc said in a filing with the Stock Exchange of Thailand on Monday that its subsidiary Gulf NRV2 Co Ltd – operator of Gulf NRV2 power project – has commenced the sale of electricity to the Electricity Generating Authority of Thailand (EGAT) under the Small Power Producer (SPP) programme.
Gulf Energy’s executive director Yupapin Wangviwat said the GNRV2 project, located in Nakhon Ratchasima’s Suranari Industrial Estate, has an installed power-generation capacity of 128.2 megawatts and a steam-generation capacity of 10 tonnes an hour.
GNRV2 is contracted to supply 90MW to EGAT pursuant to a 25-year power-purchase agreement and will supply the remaining power and steam it generates to industrial users through secured long-term contracts.
The GNRV2 power project is the last of the 12 SPP projects under Gulf MP Co Ltd (GMP), which had a combined power-generation capacity of 1,563.4MW and steam-generation capacity of 225 tonnes per hour.
All 12 projects commenced commercial operations as scheduled at a lower cost than initially projected, and 2019 is the first year that the company will realise revenues from the 12 projects.
Mongkol Puangpetra, KTB Securities (Thailand) Co Ltd’s head of research, estimates that the total power-generating capacity of Gulf will surge by 448MW this year.
The increase in capacity is expected to boost its revenue to Bt31 billion this year from over Bt20 billion last year.