Electricity Generating Public Company Limited or EGCO Group announced the strong performance in Q3/2023 with 2.373 billion baht net profit, an increase of 704% year on year, resulting in net profit for the first nine months of this year of 5.855 billion baht, a 99% increase over the same period last year. The company is speeding up plans to close deal on “Compass Portfolio” in the USA while continuing to seek merger and acquisition opportunities for more natural gas and clean energy power plants according to its roadmap towards a low-carbon society.

Mr. Thepparat Theppitak, EGCO Group’s President, said that the company has experienced continuous growth and the right balance of commercial operations of its power plant portfolio and fuel cost management in the 3rd quarter of this year. This has buffered the serious impact on its current operations from the geopolitical issues, which affected fuel cost and economic recovery. In Q3/2023, the company has achieved several major business developments, including the signed contract to acquire 50% stake in Compass Portfolio in the USA with a combined capacity of 1,304 megawatts, the first operation of the Oil Pipeline System to the Northeastern Region (TPN) with full services, and the successful offer of 7 billion baht green debentures.

In Q3/2023, EGCO Group reported total revenue of 13.910 billion baht and operating profit of 3.343 billion baht which is a 13% increase year on year. Key activities contributing to such strong performance were the increasing electricity sales and lower cost at Paju ES Power Plant in South Korea, higher power sales and price per unit at Linden Cogeneration Power Plant in the USA, and the higher water level experienced at Nam Theun 2 Power Plant in Laos PDR. The company’s net profit was 2.373 billion baht, 704% higher than the same period last year, thanks to the recognition of decreasing unrealized foreign exchange losses.

Considering significant activities in the near future, EGCO Group will close the acquisition deal on the 1,304-megawatt Compass Portfolio in the USA, which is expected to be completed within 2023. In addition, the company will ensure that the 74-megawatt EGCO Cogeneration SPP Replacement in Rayong Province, which is already over 90% completed, will be able to start commercial operation as planned. The construction of the 640-megawatt Yunlin Offshore Wind Farm in Taiwan has made good progress as planned and has overcome all the challenges. It has already started transmitting 264 megawatts of power to the grid, signaling that it has higher potential than expected. This project is hoped to be completed within 2024 as planned.

“EGCO Group is strongly committed to seeking new opportunities to invest in electricity generation and power-related businesses. We have set up the “4S” short-term strategy that generates quick income and continuously strengthens our business. We focus on selecting high quality projects through M&A deals in conventional power plants using natural gas fuel and renewable energy, which enables immediate income recognition. We also have the advantage of having strong partners in the eight countries in which we operate. In addition, we have a clear plan to invest in future energy, such as hydrogen supply chain, that supports the transformation from fossil fuel to green energy era. This is one of our significant paths to achieving Net Zero goal within 2050,” said Mr. Thepparat.
  
About EGCO Group
EGCO Group has a total equity capacity of 7,023 MWe in operation and under construction. Total equity capacity from renewable energy is 1,418 MWe (equivalent to 20% of the total portfolio and growing). The RE portfolio includes biomass, hydropower, solar power, wind power, fuel cells, and battery storage. EGCO Group’s facilities and other projects are located in eight countries, namely Thailand, Lao PDR, the Philippines, Indonesia, Australia, South Korea, Taiwan and USA. In addition to power business, other energy-related businesses of the company include Oil Pipeline System to Northeastern Region “TPN”, “EGCO Rayong” Industrial Estate, “Peer Power” which is a new financial technology company, and “Innopower” which is a high tech start up incubator. EGCO Group has been named to the Dow Jones Sustainability Index (DJSI) for the last three years and aims to achieve Net Zero within 2050.