Electricity Generating Public Company Limited or EGCO Group reveals Q1/23 net profit of 2,022 million baht, a decrease in half. Mainly due to the decrease in electricity sales volume of power plants in South Korea and in Lao PDR. Preparing to submit bids for the expansion of renewable energy power supply projects that will open additional rounds of the government sector. and continuously seeking opportunities to invest in electricity and related energy businesses abroad.
Mr. Thepparat Theppitak, President of EGCO Group, revealed that EGCO Group's operating results for the first quarter of 2023 recorded a total revenue of 15,125 million baht, an increase of 13% compared to the first quarter of 2022 and net profit. 2,022 million baht, a decrease of 51% or 2,093 million baht compared to the same period last year. This was mainly due to the decrease in sales volume of Paju ES power plant in South Korea, Xayaburi power plant and Nam Theun 2 power plant in Lao PDR. Quezon and San Buenaventura in the Philippines and this quarter successfully completed the deal for the 609 MW "Risex" power plant following the "Linden Cogen" power plant and the "Apex" project. ” Paving the way for business cooperation This will lead to additional investment opportunities in gas-fired power plants, coupled with high-quality renewable power plants in the US electricity market in the future.
EGCO Group currently has 2 projects under construction, namely EGCO Cogeneration Power Plant Expansion Project in Rayong Province with a capacity of 74 megawatts. The construction progress is about 60%. Completed and commercially operated in the first quarter of 2024 and the "Yunlin" power plant project in Taiwan with a capacity of 640 megawatts. Until the first quarter of 2023, 16 plants have been able to supply electricity to the system with a capacity of 128 megawatts. EGCO Group, as one of the shareholders, closely monitors the progress of the project. and jointly adjust the construction plan to ensure that the project will be completed by the year 2024
“EGCO Group continues to seek opportunities to create growth in the power and related energy businesses. Amid the volatility of fuel costs and the global economic slowdown from 2022 to the present With expertise in managing power plant portfolios and fuel costs efficiently as well as the ability to appropriately manage investment risk,” Mr. Thepparat said.
for the expansion of the electricity business and related energy businesses To support the country's energy transition, EGCO Group is preparing to participate in the bidding for the 3,600 MW renewable power supply project FiT, an extension that will open for additional rounds. At the same time, it has cooperated with allies to study and develop alternative energy sources such as hydrogen fuel. and trapping technology utilization and carbon sequestration (CCUS), as well as expanding investments in new energy technologies and innovations through “Innopower”. Power plants using natural gas fuel which is necessary for the energy transition to clean energy.
Source: Thai News Agency