Electricity Generating Public Company Limited or EGCO Group reported a performance for Q3/2024, with an operating profit of THB 3,604 million and a net profit of THB 2,463 million. The company’s performance was largely driven by the performance of its large overseas power plants. For the first nine months of the year, EGCO Group recorded an operating profit of THB 7,014 million and a net profit of THB 5,518 million, primarily contributed by its large-scale power plants abroad, including those in the USA. The company also expressed strong confidence in completing the Yunlin offshore wind farm project and fully transmitting 640 MW of electricity to the grid by the end of this year.

Dr. Jiraporn Sirikum, EGCO Group’s President, said, “EGCO Group’s overall performance in Q3/2024 has been impressive. The company has demonstrated strong business growth and efficient operations across all power plants in our portfolio, particularly those in the USA. We have also made significant progress on projects under construction. Notably, the Yunlin offshore wind farm in Taiwan has completed the installation of all 80 monopiles and wind turbine generators, 67 of which have already transmitted a total of 536 MW of electricity to the grid. We are confident that we will fully transmit 640 MW to the grid by the end of this year.”

For the third quarter of 2024, EGCO Group reported gross revenue of THB 12,354 million and an operating profit of THB 3,604 million. The performance was primarily driven by the positive results from overseas power plants, including Paju ES in South Korea, Nam Theun 2 in Laos PDR, and Quezon in the Philippines. The company’s net profit for the quarter totaled THB 2,463 million. 

For the first nine months of 2024, EGCO Group reported gross revenue of THB 35,225 million, operating profit of THB 7,014 million, and net profit of THB 5,518 million. In addition to the strong performance of the three overseas power plants mentioned above, the company has also recognized positive results from its USA-based power plants, including Linden Cogen, Compass, and project sale of APEX, a renewable energy project developer.

“EGCO Group’s performance underscores the potential of the USA as one of the world’s largest electricity and energy markets and one of the key business bases for our company. We will leverage our strong partnerships to explore new investment opportunities in the USA, particularly in gas-fired power plants and renewable energy projects, as well as energy-related businesses. This aligns with our corporate mission “to secure continuous growth in order to maximize shareholder's value,” stated Dr. Jiraporn.

About EGCO Group 

As of 14 November 2024, EGCO Group has a total equity capacity of 7,019 MWe in operation and under construction. Total equity capacity from renewable energy is 1,463 MWe (equivalent to 21% of the total portfolio). The RE portfolio includes biomass, hydropower, solar power, onshore and offshore wind power, fuel cells, and battery storage. EGCO Group’s facilities and other projects are located in 8 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 EGCO Engineering and Service Co., Ltd. (ESCO) providing power plant operations, maintenance, engineering, construction, energy conservation and training services to power and industrial plants in many industries; the infrastructure and utilities company “CDI” in Indonesia, Thai Pipeline Network Co., Ltd. (TPN), EGCO Rayong Industrial Estate (ERIE), “Innopower” which is a high tech start up incubator that EGCO Group owns together with its partners EGAT and RATCH Group; and “Peer Power” which is a new financial technology company. EGCO Group has been listed in the Dow Jones Sustainability Index (DJSI) for four consecutive years (2020-2023).