GPSC reveals its 2018 business strategy to grow in line with the PTT Group, which aimed at continuing investing in petrochemical businesses in the Maptaphut area, which is the strategic investing spot of EEC that is expected to help make a leap to growth by increasing capacity of power, steam and utilities to help sustainably increase revenues as well as to seek more business opportunities in Myanmar and Laos.
Dr. Toemchai Bunnag, President and Chief Executive Officer (CEO) of Global Power Synergy Public Company or GPSC, the innovative power flagship of PTT Group, said GPSC will continue to expand its power and utility businesses in 2018 by meet rising demand on the industrial sector, particularly in PTT Group’s new investing in next generation petrochemical industry with high eco-friendly technology. The targeted new investment location is in the Eastern Economic Corridor (EEC), where demand on power and utilities are expected to rise sharply to make the growth of GPSC this year in the same direction of the EEC.
“As the EEC law has been approved by the National Legislative Assembly (NLA), we expected it would create massive investment from both PTT Group and GPSC’s clients. Then, GPSC, as a leading power and utility flagship of PTT Group, is ready to invest more in generating power and utility facilities to meet the demand in the future in order to help boost growth of our clients, our group which will grow in the same direction of the EEC,” said Dr. Toemchai.
Hence, GPSC has set a strategy to invest more in the energy innovation that is expected to move in line with the trend of new technology across the world, particularly in Energy Storage System (EES). GPSC has set up an expert team to conduct feasibility studies to work in creating the energy innovation that matches demand in Thailand and in ASEAN. Currently, GPSC is studying a business model to invest in a new battery system, which GPSC has jointly built a new battery factory
with 24M Technologies in the United States (US) with the capacity of 100 Megawatt hour (MWH). Previously, GPSC has been granted the license to bring 24M’s technology to produce batteries and distributed in Thailand and in ASEAN. Recently, GPSC has selected new technology that matched the situation in Thailand and has already hired a company to design the factory and its operation line, including installing the facilities. The factory is expected to start the operation in 2019 in Hemaraj Industrial Estate, Chonburi 1.
For the company’s investment abroad, GPSC plans to expand new investing in line with the PTT Group and our strategic partners particularly in Myanmar, where there are greater investment opportunities in power sector. Currently, GPSC is conducting a feasibility study to develop a small power planting in the remoted area, which the company is studying the Myanmar’s investment rules and regulations to invest cautiously.
For investment in Laos, GPSC has experienced in joint-venture investment which are the Xayaburi Power Project (XPCL) and Nam Lik Power Project (NL1PC). The both projects will help increase our expertise and knowledge to develop other power and utility projects in the future.
“The Xayaburi power project has been proceeding very well. The first power generator will be fully installed by this year, when all construction process is due to complete and start commercial operation by October 2019 as planned. For the Nam Lik 1 Power Project, GPSC plans to install major machines and power generators, which are expected to be completely installed by the end of this year and start commercial operations by February 2019,” said Dr. Toemchai.