Mr. Thepparat Theppitak, EGCO Group's President, said that EGCO Group continued to maintain growth in power and energy-related business despite the volatile fuel price and slow global economy that began in 2022. Key factors of such success are EGCO Group's expertise in power plant portfolio management, efficient fuel cost management, appropriate management of risks related to investment. In addition, EGCO Group has closed deal with RISEC power plant with 609 MW capacity in this quarter. This will strengthen EGCO Group's success in the global energy market, following the achievements in Linden Cogeneration power plant and APEX power project. EGCO Group will also grow its business cooperation with foreign partners in order to capture the opportunity to expand its investment in other high quality natural gas-fired and renewable projects in the US market in the coming years.
In Q1/2023, EGCO Group posted 15,125 million Baht total revenue, an increase of 13% compared to the same period in 2022. Net profit for the first quarter was 2,022 million Baht, which was 2,093 million Baht or 51% lower than Q1/2022. This significant reduction came from the decrease of electricity sale volumes of Paju ES in South Korea and Xayaburi and Nam Thuen 2 hydropower plants in Laos. However, the positive factor contributing to growth was the increasing incomes of Quezon and San Buenaventura power plants in the Philippines.
EGCO Group currently has two projects under construction. The 74-MW EGCO Cogeneration SPP Replacement Project in Rayong province has already been 60% completed, and is scheduled for completion and commercial operation commencement in the first quarter of 2024. The 640-MW Yunlin Offshore Wind Farm in Taiwan has transmitted 128 MW from 16 wind turbines to the grid in the first quarter this year. EGCO Group, as a shareholder, has accelerated the project progress and worked closely with the partners in reviewing construction plan to ensure that the project will be completed within 2024 as scheduled.
Considering power and energy-related business expansion to support energy transition in Thailand, EGCO Group is getting ready to participate in the second auction for a 3,600-MW renewable power under the FiT scheme. The company also worked with its partners to study and utilize alternative energy, such as hydrogen fuel and Carbon Capture, Utilization and Storage (CCUS) technology, and to invest more in the latest technologies and energy innovations through Innopower Company Limited. In other countries, EGCO Group will seek opportunities to invest in renewable energy and natural gas-fired power projects, which are important to support energy transition.
"Thanks to our strong foothold, EGCO Group celebrated its 31st anniversary on 12 May 2023 under the "Cleaner, Smarter and Stronger to Drive Sustainable Growth" business direction. We are committed to playing a part in creating energy security and driving the entire industry towards low-carbon society. Meanwhile, we will create added value and take good care of all stakeholders in sustainable manner," said Mr. Thepparat.
About EGCO Group
EGCO Group currently has a total equity capacity of 6,202 MWe (including both power plants that already started commercial operations, and projects under construction). Total equity capacity from renewable energy is as high as 1,248 MWe, which includes biomass, hydropower, solar power, wind power, and fuel cells. These power plants and its other projects are located in eight countries, namely Thailand, Lao PDR, Philippines, Indonesia, Australia, South Korea, Taiwan and USA. In addition, its energy-related businesses include the Extension of Petroleum Pipeline System in Northeastern Project ("TPN"), "EGCO Rayong" Industrial Estate Development Project, the license to source and supply natural gas in Thailand, financial technology company ("Peer Power"), innovation research and development company ("Innopower"). For more information about EGCO Group, please visit our website at www.egco.com and our official facebook page at www.facebook.com/EGCOGroup.
Source: Electricity Generating Public Company