EGCO records over THB10 billion operating profit in 9 months
The Electricity Generating Public Company Limited, or EGCO Group, has witnessed strong performance in the first three quarters of 2022, recording an operating profit of 10.34 billion baht due mainly to increased revenue from large-scale power plants in Thailand and abroad, the company said.
It has continued to expand its power business in the United States through the 49% acquisition of Rhode Island State Energy Centre, a combined cycle gas-fired power plant.
In addition, the company – a subsidiary of the Electricity Generating Authority of Thailand (Egat) – has signed a memorandum of understanding with Saudi Arabia’s Investment Ministry (MISA) under a clean energy initiative.
EGCO Group's President Thepparat Theppitak said “the company has recorded a strong operation and succeeded in expanding business locally and internationally. The expansion saw the success in commercial operation of the 650-MW "Nam Theun 1" Hydropower Project in Lao PDR, the purchase of remaining of 10% of "Chaiyaphum Wind Farm" and "Theppana Wind Farm" in Chaiyaphum province, and the US investment through the 49% stake in the 609-MW natural gas power plant- RISEC”.
He also cited that MOU signing between the company and MISA for a clean energy initiative would promote collaboration on energy transition, EV ecosystem, investment, operation, maintenance service, and other related operations to achieve the two countries' goal of decarbonization.
At the end first 3 quarters of 2022, EGCO earned 46,737 million baht with operating revenue growth at 61% compared to the same period last year. The company saw an operating profit of 10,345 million baht with 2,290 million baht in growth, or a 28% increase compared to the same period (Q1-Q3) of the previous year.
For the investment direction next year, EGCO Group will seek new investment opportunities based on "Cleaner, Smarter and Stronger to Drive Sustainable Growth" concept. The company focused on expanding the power business both in Thai and foreign countries as well as taking part in renewable energy projects of the government, especially solar energy, and battery energy storage systems, according to EGCO's president.
Also, the company planned to develop new clean energy, for example, investing in a pilot project to produce electricity from fuel cells with a total capacity of 5 MW at "Klong Luang" power plant in Pathum Thani province. In the meantime, EGCO managed the existing power plants to maximize efficiency and minimize carbon emissions by developing technologies that help reduce carbon emissions and use in power plants.
"The investment direction goes in line with the company's goal to become a low carbon company in order to achieve carbon neutral in 2050. We also aim to reduce the carbon emission intensity per unit of electricity generated by 10% in 2030. By so doing, the company also drives growth for the organization along with creating sustainable added value for all stakeholders amidst the transition of the electricity and energy industry," concluded Thepparat.