Electricity Generating Public Company Limited or EGCO Group announced 3,209 million baht operating profit for Q3/2021, marking continuous growth driven by profit from large overseas power plant operations. The company has also successfully closed business deal with “Apex”, the US-based leader in utility-scale clean energy project development. Strengthening its commitment to driving low-carbon society, the company was listed in DJSI 2021 for the 2nd consecutive years. It has won the Rising Star Sustainability Awards from SET Awards 2021 and was awarded the Thailand Sustainability Investment (THSI) mention for the 7th consecutive year.

Mr. Thepparat Theppitak, EGCO Group’s President, said, “During the first nine months of 2021 until now, EGCO Group has achieved significant success in our investments in the US. Starting from our investment in a natural gas-fired cogeneration facility called “Linden Cogen”, we have recently invested in “APEX”, a leader in utility-scale clean energy project development. The Apex investment will enable EGCO Group to support the implementation of a number of new utility-scale renewable energy projects in one of the largest markets in the world. Meanwhile, the company continues to grow its domestic business. We have cooperated with EGAT Group in establishing “Innopower Co., Ltd.” which will become the power innovation flagship company under EGAT Group focusing on new technology investment and development. The new subsidiary will promote startups in the power industry. Strategically, Innopower will boost EGCO Group’s Smart Energy Solution business growth in the future.”

Q3/2021 Operating Performance: EGCO Group has posted 3,209 million baht operating profit (excluding the effects of foreign exchange rate, deferred income tax, impairment, financial instruments and lease income). This represents an increase of 370 million baht or 13% compared to Q3/2020. The higher operating profit is driven from higher sales of     large-scale power plants in foreign countries, including the San Buenaventura Power Plant, Nam Theun 2 Power Plant and Xayaburi Hydroelectric Power Plant. MME coal mine also experienced higher operating profit driven by the increasing exports and higher coal prices. However, the operating profit of Paju Power Plant in South Korea was lower due to higher fuel costs. When considering EGCO Group’s 9-month performance in 2021,      the company has experienced 8,055 million baht operating profit, an increase of 414 million baht or 5% over the same period last year. 

Net profit for Q3/2021 was 1,074 million baht, a decrease of 1,193 million baht or 53% year-on-year. For the first 9 months of 2021, the company posted 3,170 million baht net profit, a decrease of 3,759 million baht or 54% compared to the same period last year. Major factor of such change is the recognition of unrealized accounting effect caused by conversion of long-term liabilities in US dollars to Thai baht following the baht depreciation,
and remeasurement of financial instruments. 

Project under construction: The company has three projects now under construction. Two of them are power plant projects. The “Yunlin” offshore wind farm in Taiwan which has been 71% completed and two wind turbines with combined 16 MW capacity have already started distributing electricity since November 5 and November 11, 2021 respectively. The company hopes to recognize income within 2021. Meanwhile, the “Nam Theun 1” hydropower plant in Lao PDR has already been 94% completed. Other energy-related business is the “Oil Pipeline Extension to Northeastern Region” Project, which is 89% completed, and the “EGCO Rayong Industrial Estate” Project is in design process.

Future investment: Mr. Thepparat added, “EGCO Group continues to expand its electricity business, with more investment focusing in renewable and clean energy, and energy-related businesses. Meanwhile, we are committed to driving low-carbon society to support the global energy development trend and Thailand’s National Energy Plan. We have set a goal to become carbon neutrality within 2050 and reduce carbon emission intensity by 10% by 2030.” 

“EGCO Group has clearly set our direction towards “Cleaner, Smarter and Stronger to Drive Sustainable Growth”. Cleaner means investment in environmentally friendly business and maximizing our operational process efficiency to minimize carbon emission. By Smarter, we will enhance power plant system security and investment in high-growth and New S-curve industries to keep us competitive in the technology disruption age. By Stronger, we are committed to creating ultimate returns to shareholders by finding the right business partners to drive healthy and sustainable growth for all stakeholders,” said Mr.Thepparat.

About EGCO Group
EGCO Group has currently a total equity contracted capacity of 5,959 MW. This includes 28 commercially operating power plants with total equity contracted capacity of 5,638 MW, and two power plants under construction representing total equity contracted capacity of 321 MW. Total equity contracted capacity from renewable energy is as high as 1,364 MW. These power plants are located in eight countries, namely Thailand, Lao PDR, Philippines, Indonesia, Australia, South Korea, Taiwan and USA. EGCO Group’s power plants use various fuel sources, including natural gas, LNG, coal, biomass, hydropower, solar power, wind power, thermal power, and fuel cells. In addition, it has energy-related businesses, including oil pipeline extension to the northeastern region project and EGCO Rayong Industrial Estate Project, and has obtained the shipper license to source and supply Liquefied Natural Gas in Thailand.