EGCO Group disclosed the Company’s operating result for the first nine months of 2018 with the net profit of 21,754 million baht, an increase of 117% when compared to the same period last year. Meanwhile, the Company announced that it will invest in a 49% ownership interest in a 1,823 MW combined cycle gas-fired power plant, a mark to enter the power market in South Korea.

Mr. Jakgrich Pibulpairoj, President of Electricity Generating Public Company Limited or EGCO Group revealed the progress of the Company’s operating performance for the first nine months of 2018 that “EGCO Group achieved its target as planned. For the net profit, the Company booked 21,754 million baht, an increase of 11,744 million baht or 117% when compared to the same period last year due to the divestment of 3 assets in the first quarter. If considering the third quarter of 2018, the Company recorded 3,947 million baht net profit, 430 million baht or 12% higher than the previous year mainly from exchange rate appreciation.

In pursuing investment opportunities in Asia Pacific region, EGCO Group announced the Company’s intention to execute a sale and purchase agreement for the acquisition of a 49% ownership interest in Paju Energy Service Co. Ltd. (“Paju ES”) which owns and operates Paju Power Plant located in Paju, Gyeonggi Province of South Korea. Paju Power Plant comprises 2 x 911.5 MW combined cycle, uses imported LNG as fuel. The signing is scheduled to take place within November 2018 with the investment worth approximately 26,200 million baht, while closing expected within January 2019. Paju ES is owned and was developed by SK E&S Co., Ltd. (“SK E&S”), the first private power company to directly import LNG from overseas markets to Korea, including LNG from producers in Australia, Indonesia and the United States among other countries worldwide.

The Paju ES power plant commenced operation in February 2017 and supplies electricity to Korea Electric Power Corporation, the sole off-taker of wholesale power generation in South Korea, through Korea Power Exchange, the market operator of Korean cost-based pool power market.

“South Korea has a robust power market with strong prospects for steady growth in power demand. The country is focused on promoting the use of clean LNG fuel as well as renewables to meet this demand. This investment represents a unique and important opportunity for EGCO. We see a number of business synergies between SK E&S’s gas to power business and prospective development opportunities in Thailand and other core markets in Asia where gas to power projects have become an important means of providing reliable, clean power.

Moreover, SK E&S is recognized as an LNG to power specialist with business interests throughout the entire LNG value chain. The partnership that will begin with our co-investment in Paju ES will provide an excellent platform for promoting this type of business together in Thailand and elsewhere in the region. Beyond gas to power opportunities, we will also explore renewables as an area for potential future collaboration in Korea and elsewhere in Asia.” added Mr. Jakgrich.

About EGCO Group
As of October 31, 2018, EGCO Group runs 26 operating power plants with total equity contracted capacity of 4,260 MW in 5 countries across Asia Pacific region – Thailand, Lao PDR, Philippines, Indonesia and Australia. There are 3 projects under construction with total equity contracted capacity of 544 MW. The Company’s power plants generate electricity using several fuel sources such as natural gas, coal, biomass, hydro, solar, wind, and geothermal.