GPSC reveals its performance of Q1/2023, recognizing the significant increase of net income by 257% compared to Q1/2022 thanks to the better performance of Small Power Producer (SPP) business, reduction of natural gas and coal prices combined with share of profit from the investment in clean energy projects in India. The company also enjoys the success of winning several solar energy projects, both domestically and internationally, heading towards the goal to increase the proportion of renewable energy to more than 50% in 2030.

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 total revenue of Q1/2023 was 27,905 million Baht, increasing by 2% compared to the same period of the year before (YoY). Thereby, Net profit for the Company of 1,118 million bath, increased by 804 million baht or 257%. When comparing to Q4/2022 (QoQ), the net profit increased by 1,554 million baht or 356%. This is due to the positive factors from the Ft reflected more energy costs during January – April 2023, resulting in the increased margin of electricity sold to industrial customers despite the decrease of the sales volume of electricity and steam to the industrial customers caused by the plant maintenance of industrial customers during the first quarter.

In addition, the other positive factors contributing to the performance of GHECO-One power plant. Besides, the company recognized lower selling and administrative expenses and received the share of profit from the investment in Avaada Energy Private Limited, or AEPL. In spite of the lower share of profit from Xayaburi Hydroelectric Power Plant owing to the decreased amount of water level.

The company is always closely monitoring the prices of both natural gas and coal, along with the optimization in management of production process by focusing first on the power plants with low production costs so that the production costs can be reduced as much as possible. The company also places importance on the synergy in order to achieve efficiency in production management, reduce costs, share the power and steam networks, and carry out other operations for maximum benefits.

As for the economic outlook in 2023, the Bank of Thailand (BOT) has forecasted that the Thai economy is likely to grow by 3.6% thanks to the recovery in the tourism sector, which has direct effect on the employment and the more consumption of the private sector, bringing about the greater demand for electricity. There is also a sign of recovery in the export of the first quarter, and it is expected to recover more obviously in the second half of the year. Nevertheless, the global economy is still in an uncertain situation because of the higher inflation and the problems of overseas financial institutions, which need to be closely monitored.

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