GPSC’s financial results for Q2/2021 show continued strong performance with profits going up by 21% (YoY) to 2,302 million baht, pointing to a solid second half of the year which will focus on energy innovation. The company has also recognized performance from clean energy investment overseas including India and Taiwan. In addition, stringent COVID-19 prevention measures have been stepped up to ensure the facilities’ production stability and uninterrupted power distribution.

Mr. Worawat Pitayasiri, President and Chief Executive Officer of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, revealed that the company’s performance for the second quarter of 2021 rose by 1% (YoY) to 18,234 million baht, with a net profit of 2,302 million baht, up by 21% (YoY). The main sources of profit were the increased in shares of profit from the Xayaburi hydro power plant and recognized other income from Glow Energy Phase 5’s partial insurance claim. Another contributing factor was the lower of natural gas price, leading to higher Small Power Producer (SPP)’s gross profit despite a decline in Independent Power Producer (IPP)’s gross profit due to GHECO-One plant had unplanned outage in Q2/2021.

As for the company’s Q2/2021 performance (QoQ), the net profit rose by 329 million baht or 17% as a result of higher Xayaburi power plant’s share of profit and recognized other income from partial insurance claim of Glow Energy Phase 5 and increase in IPP’s gross profit although gross profit from SPP business decreased due to higher natural gas and coal price as well as higher maintenance cost. Besides, the net worth after taxes of 436 million baht from the synergy with GLOW was also recognized thanks to operation and maintenance - power and steam network integration, commercial activities, and procurement and maintenance management.

The company’s net profit for the first half of 2021 was 4,276 million baht, up by 23% and the total revenue was 34,858 million baht, decreased by 4% from the same period of last year. Throughout the latter half of 2021, the company will continue to seek more growth opportunities, expand its renewable energy capacity and focus on energy technological innovation. In the second quarter of the year, our key strategy to form partnerships with domestic and overseas allies was a great success. On 13 July 2021, GPSC's wholly-owned subsidiary, Global Renewable Synergy Company Limited (GRSC) has invested by way of subscription of new shares approximately 41.6% equity interest in Avaada Energy Private Limited (Avaada) in India with the total investment of approximately 14,825 million baht to develop a solar power platform with a total capacity of 3,744 MW (megawatts), with 1,392 MW are in operations and the remaining 2,352 MW are under construction with expected commercial operations by 2021 – 2022. The company can start performance recognition immediately.

In addition, on 14 July 2021, GRSC has entered into share purchase agreements with the CI-II and CI-III funds which managed by Copenhagen Infrastructure Partners (CIP), to acquire 25% stake in Changfang and Xidao projects (CFXD) offshore wind power in Taiwan with a total capacity of 595 MW. The project is expected to start commercial operation date during 2022 – 2024. CFXD has long-term power purchase agreement with Taiwan Power Company and expects that the conditions precedent will be satisfied, and that the transfer of shares will be completed before the end of the 2^nd quarter of 2022.

Moreover, GPSC’s success in energy innovation was evident in the opening of a SemiSolid battery production facility located in Map Ta Phut Industrial Estate, Rayong Province on 19 July 2021. G-Cell batteries are manufactured using 24M SemiSolid technology, which is highly safe and environmentally friendly, to provide optimum storage for renewable power, ensuring 24-hour power distribution and meeting the needs of the electric vehicle industry.

“Despite the growing number of COVID-19 infections, which has prompted both the public and private sectors to impose prevention measures to contain the outbreak, GPSC, as a utility provider that helps push forward the economy and the society, has heightened its stringent prevention measures through the GPSC G-COVID Center. Production areas are designated controlled areas and special task forces are set up at each power plant, where unauthorized persons are not allowed to enter the office and operation areas. The measures are strictly and continuously imposed to secure our operation, ensure stability and continuity of our electricity and utilities supply system” said Mr. Worawat.

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