Bangkok 28 Aug-“Theparat” MD EGCO Group, EGAT Governor, emphasizes the new government's policy to reduce electricity bills. This can be done if there is more competition for LNG imports and pleads to adjust the PDP plan. The new power backup plan must be adjusted. Reliant energy must be taken into account while promoting hydrogen fuel. As for the second half of the year, it is confident that the new production capacity will be 1,000 MW according to the plan and adjust the new target, pinning Net Zero in 2050.
Mr. Thepparat Theppitak, President of Electricity Generating Public Company Limited or EGCO Group, spoke about the new government's electricity cost reduction policy. The cost of electricity depends mainly on the cost of fuel. It is a good thing now that the cost of natural gas, especially LNG, has decreased and when the government promotes imports through new importer gave birth to competition Costs will be reduced. It is good for electricity bills, which recently new importers It was discussed together that will be imported together in order to manage the cost of both transportation and gas prices to be lower
However, when changing the Minister of Energy It is expected to speed up the preparation of a new long-term power development plan (PDP), which must be taken into account. Stability, the price that affects the cost of living as low as possible. Including environmental matters to reduce greenhouse gas emissions, which must do 3 things in parallel In the reduction of greenhouse gases. Promoting renewable energy such as wind, solar, battery backup systems It must be considered that these systems cannot be fully dependent on fossil energy Solar can be relied on about 20 percent, so the overall power backup system will have to change. will not be able to see only the power reserve at 15% like in the past
In addition, in the future, the transition of energy to renewable energy Hydrogen fuel will play an important role, ask the government to consider giving special support. because the cost is still high to make business happen first as in the past The government promotes solar energy with the ADDER system and converts it to FIT like today.
As for the impact of climate change that has significantly worsened, EGCO Group has adjusted new goals that are more challenging and more intense. By moving the goal to achieve carbon neutrality (Carbon Neutral) 10 years faster than before to 2040 and adding a new goal that is to achieve net zero greenhouse gas emissions (Net Zero) by 2050 without investment More coal power plants Increased investment in electricity, renewable energy and new energy both domestically and internationally. There is a plan to invest in the hydrogen supply chain. in fossil power plants Along with the carbon capture study plan at the BLCP power plant, Khanom, as well as the production of green hydrogen from EGCO Group's Boco Rock Wind Farm power plant in New South Wales, Australia, which is a country with high potential for industrial development. Green Hydrogen etc.
EGCO Group is determined to continuously seek investment opportunities in the power business and related energy businesses. It is expected that until the end of the year, new capacity will be achieved as the target of 1,000 megawatts per year. from which it has now acquired more than 100 megawatts, which is currently being negotiated in 2 US project including projects in ASEAN
As for the three projects in Lao PDR, Xayaburi, Nam Theun 1 and Nam Theun 2, production capacity is expected to be similar to last year. and income in baht and US dollars Therefore, it is not affected by the depreciation of the Kip. The affected part is Employee income in Lao PDR to receive wages salary in kip In this way The company also has a plan to help reduce the impact of employees.
Mr. Thepparat said that an important investment that helps EGCO Group to achieve Net Zero 2050 as planned is the investment in Apex. As of 2023, Apex has 2 commercially operating projects with total capacity of 294 MW and 5 projects under construction with total capacity of 657 MW. Phased completion between 2023 and 2025 includes two solar projects in Texas, a wind project in Maine, and two battery storage projects in Texas. There are still 242 projects under development with a total capacity of 53,767 megawatts.
For the operating results for the first six months of 2023, EGCO Group recorded a net profit of 3,482 million baht, an increase of 4% compared to the same period last year. The overall performance of EGCO Group in 2023 is expected to benefit from the full year revenue recognition of Nam Theun 1 Power Plant in PDR. Laos, including full-year revenue recognition from the Risek power plant in the united states and the Yunlin power plant project in Taiwan, which can gradually supply electricity to the system once the turbine blade generator is installed. Currently (as of August 25, 2023), 39 monopiles have been installed. and installing 22 wind turbine generators that can supply electricity to the system, including the expansion of the oil pipeline system to the northeastern region (TPN) that is expected to be commercially operated Commercially available from the third quarter of 2023 onwards. This project will benefit from the closing of the merger deal of Esso and Bangchak. That will allow Bangchak to use the TPN pipe service as well.-Thai News Agency
Source: Thai News Agency