GPSC files an appeal against ERC’s decision, ready to address all concerns based on international standards particularly on equitable, transparent and nonmonopolistic treatment of customers for maximum benefits to society.
The Energy Regulatory Commission (ERC) reached a decision to block Global Power Synergy Plc. or GPSC’s acquisition of Glow Energy Plc. or GLOW on 10 October 2018.
Mr. Chawalit Tippawanich, President and Chief Executive Officer of Global Power Synergy Public Company Limited, reiterated GPSC’s respect to the ERC’s comment and decision. However, he stressed that after thorough consideration, GPSC considers the decision was mainly driven by a concern that the acquisition would reduce competition in some industrial areas despite the existence of the Provincial Electricity Authority (PEA)’s service in the areas.
Meanwhile, significant information was missing in GPSC’s acquisition proposal submitted to the ERC including the post-acquisition practices in specific areas which will not reduce competition, despite a small scale of the areas compared to the full scale covered by the acquisition. Also missing are some details involving, for example, equitable treatment of customers and stakeholders and public benefits to arise from the deal.
As a consequence, GPSC on 12 November 2018 filed an appeal that contains additional information and international-standard practices that will not reduce competition as well as studies by international experts on monopoly and restraint of trade, expecting that such information will fully address the ERC’s concerns.
GPSC hereby affirms its readiness to comply with the ERC’s conditions which will lead to all parties' approval to the pending acquisition.