Electricity Generating Public Company Limited or EGCO Group has allocated 30 billion baht budget in 2022 to seek for growth opportunities following the global energy trend, while extending its renewable energy success in the United States through “Apex”. The company also explores the “hydrogen-to-power” technology to meet future demand of manufacturers in Thailand.

Mr. Thepparat Theppitak, EGCO Group’s President, revealed that “EGCO Group is committed to seek business opportunities in technology disruption and global trend for the low-carbon society with its investment budget of over 30 billion baht in 2022. Power generation business will be strengthened and new power generation capacity of 1,000 MWe is targeted for this year. The company has expanded into energy-related businesses including fuel and infrastructure business and has extended its core businesses with innovation and energy technology through smart energy solution business to be in line with its business direction “Cleaner, Smarter and Stronger to Drive Sustainable Growth.” It also targets to be carbon neutral by 2050 and lower carbon emission intensity by 10% within 2030.”

At present, EGCO Group has the renewable power equity capacity of 1,364 MWe. The company has extended its success by acquiring a 17.46% stake in “Apex Clean Energy Holding”, a leading firm on developing utility-scale clean energy projects in the United States. After EGCO Group’s investment in late 2021, Apex sold two wind farm projects with total capacity of 496 MW. EGCO Group proportionally recognized Apex’s operating profits of 435 million baht in 2021. Presently, Apex has renewable energy projects under construction with total capacity of 492 MW and other projects under development with total capacity of over 42,000 MW.

In addition, EGCO Group has teamed up with its allies and EGAT to study and develop “hydrogen-to-power technology in solid oxide fuel cells (SOFC) and solid oxide electrolyzer cells (SOEC)”. These are electricity generation technologies of the future. Given their easy installation and flexibility, stable and reliable power generation, and very low or nearly zero air and water pollution emissions, these technologies eliminate weaknesses of power generation by traditional fossil fuels and renewable energy sources. Now, these technologies are applied in the United States, Japan, India, and South Korea with combined capacity of 600 MW.

“EGCO Group has driven its businesses in line with the global energy trend by investing in renewable energy through Apex. In the meantime, the company focuses on hydrogen-to-power technology development, the next generation of clean energy technology, as the new, reliable alternative to the low carbon society for industrial customers in Thailand,” Mr. Thepparat said.

In 2022, EGCO Group is expected to record an increase in its operating profits from full-year recognition of the “Linden Cogen” facility and “Apex”. In addition, the company will realize revenue from three projects which will start commercial operations this year. These three projects include the oil pipeline extension to the Northeast region project, “Nam Theun 1” hydropower project in Laos, and gradual commercial operations of “Yunlin” offshore wind farm project in Taiwan. These projects will emphasize EGCO Group’s well-balanced portfolio and provide satisfactory returns to the shareholders in the long term.