analyst’s briefing : no.1/2014 - egco.co.th...2014/03/06 · 5 cod february 1, 2013 may 2, 2013...

ANALYST’S BRIEFING : No.1/2014

March 5, 2014

1

This presentation was made from the analysis of reliable information in order to assist

investment community to better understand the company's financial status and operation. It also

supports the "Good Corporate Governance Project" of the Securities and Exchange Commission

(SEC).

However, the information within this presentation has been derived from the existing factors in

the present time. Therefore, the forward-looking information on this presentation may not occur

in the future if the aforementioned factors or situations are changed. Investors are, nevertheless,

required to use their own discretion regarding the use of information contained in this

presentation for any purpose.

For further information, please contact Investor Relations Section of the Electricity Generating

Public Company Limited (EGCO) at Tel: (662) 998-5145-8 or Email: [email protected]

2

3

► 2013 Highlights

► 2013 Financial Results

► EGCO Group’s Overview

2013 Highlights 2013 Financial Results EGCO Group’s Overview

4

► 2013 Highlights

♦ COD Achievements

♦ Significant Events

♦ Under Construction Projects

♦ Divestments of EGCO’s investment in JV


5

COD

February 1, 2013

May 2, 2013

July 18, 2013

November 18, 2013

December 16, 2013

Bueng Sam Phan Solar Project (GPS Phase 4)

NED Expansion Project

Theppana Wind Farm Power Project (TWF)

Solarco Power Project (Solarco)


6

Bueng Sam Phan Solar Project (GPS Phase 4)

Project Description

Type: Solar Power Plant

Location: Bueng Sam Phan, Petchabun Province

Shareholders: EGCO 60%, Gunkul 40%

PPA with PEA (VSPP Program)

Contracted Capacity: 6.5 MW

Adder: 8 baht/unit for 10 years

Project Progress

- COD on February 1, 2013.

Operating Performance Ending 2013

- Total net electricity generating was 10.79 GWh.

- Plant Availability Factor was 98.34%.

- Capacity Factor was 20.70%.


7

NED Expansion Project

Project Description

Type: Solar Power Plant

Location: Wang Ploeng, Lopburi Province

Shareholders: EGCO 33.33%, CLP 33.33%, DGA 33.33%


Contracted Capacity: 8 MW


Project Progress

- COD on May 2, 2013






8

Theppana Wind Farm Power Project (TWF)

Project Description

Type: Wind Power Plant

Location: Watabak, Chaiyaphum Province

Shareholders: EGCO 90%, PVI Group 10%



Adder: 3.5 baht/unit for 10 years

Project Progress

- COD on July 18, 2013.






9

Solarco Power Project (Solarco)

Project Description

Type: Solar Power Plants

Location: Sai Kyo - Suphan Buri Province

Sai Yai 1-2&Sai Phet 1-3 - Nakhon Pathom Province

Shareholders: EGCO 49%, Yanhee Solar Power 51%


Contracted Capacity: 6x9.5 MW


Project Progress

- Sai Yai 1-2 and Sai Phet 3, COD: November 18, 2013

- Sai Phet 1-2 and Sai Kyo, COD: December 16, 2013


- Total Electricity Generating was 9.56 GWh.




10

► 2013 Highlights






New Project Acquisition

June 27, 2013

Signing Power Purchase

Agreement

July 25, 2013

December 17, 2013

Boco Rock Wind Farm (BRWF)

Khanom Power Plant Project Unit 4 (KN4)

Chaiyaphum Wind Farm Project (CWF)


11

12


BRWF Stage-1

Project Description

Type: Wind Power Plant (Green field)

Turbine: Totaling 67 GE Wind Turbine Generators (WTG)

- 58 WTG x 1.7 MW

- 9 WTG x 1.6 MW

Location: New South Wales, Australia

Shareholders: EGCO 100%

PPA: 15 years with Energy Australia Pty Ltd.

(100% of output purchased by Energy Australia)

SCOD: February 2015

Installed Capacity: 113 MW

Acquisition Date

- June 27, 2013


13

Khanom Power Plant Project Unit 4 (KN4)

Project Description

Type: Combined Cycle Power Plant

Location: Khanom, Nakhon Si Thammarat Province

Shareholder: EGCO 99.99%

SCOD: June 2016

PPA: 25 years with EGAT


Signing Date

- July 25, 2013


Project Description


Location: Subyai, Chaiyaphum province


SCOD: December 2016

PPA with EGAT (SPP Non-Firm Program)



Signing Date

- December 17, 2013

14

Chaiyaphum Wind Farm Project (CWF)


15

► 2013 Highlights






16

SCOD

April 2014

February 2015

June 2016

October 2019

GiDEC Waste Power Plant Project (GIDEC)


Khanom Power Plant Project Unit 4 (KN 4)

Xayaburi Power Company Limited (XPCL)


17

GIDEC Waste Power Plant Project (GIDEC)

Project Description

Type: Municipal Solid Waste Plant

Location: Hat Yai, Songkhla Province

Shareholders: EGCO 50%, IEC Green Energy 50%

Expected COD: April 2014




Project Progress

- Ending 2013, the progress of work was 95%.


18


Project Description

Type: Wind Power Plant (Green Field)

Location: New South Wales, Australia

Shareholder: EGCO 100%

SCOD: February 2015

PPA: 15 years with Energy Australia Pty Ltd.


(100% of output purchased by Energy Australia)

Project Progress

- Ending 2013, the progress of work was 18.15%.


19

Khanom Power Plant Project Unit 4 (KN 4)

Project Description

Type: Combined Cycle Power Plant

Location: Khanom, Nakhon Si Thammarat Province

Shareholder: EGCO 99.99%

SCOD: June 2016

PPA: 25 years with EGAT


Project Progress

- Ending 2013, the overall project progress was 22.80%.


Xayaburi Power Company Limited (XPCL)

Project Description

Type: Hydro Power Plant Project, Run off River

Location: Xayaburi District, Laos PDR

Shareholders: EGCO 12.5%, CK 30%, EDL 20%, BECL 7.5%,

Natee Synergy 25%, PT Construction and

Irrigation Co., Ltd. 5%

SCOD: October 2019

PPA: 29 years with EGAT and EDL

Contracted Capacity with EGAT: 1,220 MW

Contracted Capacity with EDL: 60 MW

Project Progress

- Ending 2013, the progress of work was 20.02%.

20


21

► 2013 Highlights






22

Divestments of EGCO's

investment in JV

July 2, 2013

October 21, 2013

Conal Holding Corporation (Conal)

Absolute Power P Company Limited (APPC)


Conal Holding Corporation (Conal)

Details of Divestment

- Sale of all existing EGCO’s share in Conal (40% of shares in Conal)

- Conal holds the share in:

1) Alto Power Management Corporation, a management company

2) Southern Philippines Power Corporation, a 55 MW diesel power plant

3) Western Mindanao Power Plant Corporation, a 110 MW diesel power plant

Divestment Date

- July 2, 2013

23


Detail of Divestment

- Sale of all existing EGCO’s share in APPC (50% of share in APPC)

Divestment Date

- October 21, 2013

24

Absolute Power P Company Limited (APPC)


25

► 2013 Highlights




-

2,000

4,000

6,000

8,000

10,000

12,000

2012 2012(Restated)

2013

Net Profit Before FX Gain from Combination Deferred Tax

Million Baht

+ 1,545

or

25.50%

10,242 10,686

26

4,182 4,182

7,605

6,060 6,060

- 128 444

MD&A


Amortised QPL

27

55 1,562

(72)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Million Baht

Increase in AP

KEGCO 276

Rayong 82

GPG (124)

BLCP (179)

Operating Performances

GEC-SPP 446 SPP2 42

QPL 382 SPP4 20

NTPC 290 KEGCO 19

EGCO Cogen 269 ESCO 11

BLCP 222 EGCOM Tara 9

Rayong 128 TWF 8

GPS 96 APPC (8)

NED 83 YEH (11)

GPG 73 Roi ET green (36)

SPP5 48 MME (44)

SPP3 43 EGCO (528)

6,115

7,677

6,060

7,605

2013 2012

Under Construction Projects

Bangpong 3 GIDEC (23)

Klonglaung 3 BRWF (55)

7,605


22%

22%

19%

11%

8%

7%

5%

3%

28

BLCP 2,084 MB

Quezon 2,042 MB

(QPL,QMS,PEPOI)

NTPC 1,033 MB

Note: Excluding EGCO GPG(KK2) 1,835 MB

Conal 34 MB, 0%

SPP 712 MB

(GEC, EGCO Cogen,

Roiet Green)

RYPP 517 MB

SOLAR 676 MB

(GPS,SPP2-5,NED,YEH)

ESCO 175 MB, 2%

KEGCO 254 MB

ET 131 MB, 1% Unit: Million Baht


USD 761 M

THB 12,814 M

JPY 367 M

Total Outstanding

(Baht Equivalent) THB 36,287 M

Total Outstanding

As of 31 Dec 2013

USD 910 M

THB 17,095 M

JPY 262 M

THB 49,982 M

Total Outstanding

As of 31 Dec 2012

29

AUD 0 M AUD 99 M



Unit: Million Baht 2013

Beginning Cash 1,217

Net Cash Receipts from Operating Activities 1,027

Dividend Receipts from Subsidiaries JVs & Others 5,425

Net Cash Payments in Investing Activities (2,866)

Investments in subsidiaries & JVs (1,848)

Shareholder Loans (net) (1,011)

Others (7)

Net Cash Receipts (Payments) in Financing Activities (3,003)

Loan receipts 14,051

Loan repayments (13,263)

Interest Payments (633)

Dividend Payments (3,158)

Ending Cash 1,800 30

0.28 0.23 0.21

0.25

0.70

0.87

0.18 0.18 0.17

0.23

0.41

0.44

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

2008 2009 2010 2011 2012 2013

EGCO+Subsidiaries EGCO

Debt 24,809

Equity 55,820

Debt Equity

Debt 60,793 Equity

70,144

Debt Equity

EGCO + Subsidiaries

Unit: MB

EGCO

Unit: MB

Times (X)

31


1.00 1.25 1.25 1.50 1.50 2.00 2.25 2.50 2.50 2.50 2.50 2.75 2.75

1.25 1.25 1.50

1.50 1.75

2.00

2.50 2.50 2.75 2.75 2.75

3.25

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Second Payment

Interim Payment 6.00

5.25 5.00

5.25 5.25

4.75

4.00

3.25 3.00

2.75 2.50

2.25

Baht/Share

6.00

3.25

*EGCO’s Board of Directors on February 24, 2014 proposed to Shareholder’s 2014 Annual General Meeting to

approve the 2013 final dividend payment at 6 baht per share.


33

► 2013 Highlights




34


♦ EGCO Shareholders

♦ Progress of Work

♦ Portfolio and Corporate Strategies


EGAT

25.41%

TEPDIA

23.94%

Thai Investors

17.94%

Foreign Investors

20.88%

NVDR 10.43% NVDR

11.83%

35

TEPCO 50%

Mitsubishi 50%

As of September 10, 2013

* Nuclear Damage Liability Facilitation Fund

NDF* 50.11%

Others 49.89%


36






37

SCOD

2016

2016

2017

TP Cogeneration Project (TP Cogen)

SK Cogeneration Project (SK Cogen)

Chaiyaphum Wind Farm (CWF)

TJ Cogeneration Project (TJ Cogen)


38

TP Cogeneration Project (TP Cogen)

Project Description

Type: Cogeneration Power Plant

Location: Ban Pong, Ratchaburi Province


SCOD: June 2016


Contracted Capacity with EGAT: 90 MW

Contracted Capacity with IUs: 23 MW with 40 T/hr of steam

Project Progress

- Project development activities are ongoing.


39

SK Cogeneration Project (SK Cogen)

Project Description


Location: Ban Pong, Ratchaburi Province


SCOD: June 2016




Project Progress



Chaiyaphum Wind Farm (CWF)

Project Description


Location: Subyai, Chaiyaphum


SCOD: December 2016

PPA with EGAT (SPP Non-Firm)



Project Progress


40


41

TJ Cogeneration Project (TJ Cogen)

Project Description


Location: Klongluang, Pathum Thani Province


SCOD: June 2017




Project Progress



42






43

Currently, EGCO Group’s portfolio comprises of 20 operating power plants, totaling contracted capacity 4,518.02 MWe.

IPPs SPPs Renewable Overseas

277.99 MWe

6.2%

3,330.44 MWe

73.7%

808.85 MWe

17.9%

100.74 MWe

2.2%

Total 4,518.02 MWe

IPPs Renewable

Rayong 1,174.99 1,174.99 NED 63.00 21.00

KEGCO 748.20 748.20 SPP2 8.00 8.00

GPG (KK 2) 1,468.00 734.00 SPP3 8.00 8.00

BLCP 1,346.50 673.25 SPP4 6.00 6.00

3,330.44 SPP5 8.00 8.00

SPPs GPS 26.00 15.60

EGCO COGEN 111.88 89.50 TWF 6.90 6.21

ROI-ET GREEN 8.80 6.19 Solarco 57.00 27.93

GEC-GCC 108.63 54.32 100.74

GEC-NKCC 121.30 60.65 Overseas

GEC-SCC 114.45 57.23 NTPC 1,023.00 358.05

GEC-GYG 20.20 10.10 QUEZON 460.00 450.80

277.99 808.85

Power Plant MW EquityContracted

Cap. (MW)Power Plant MW Equity

Contracted

Cap. (MW)

IPPs Renewable

Rayong 1,174.99 1,174.99 NED 63.00 21.00

KEGCO 748.20 748.20 SPP2 8.00 8.00

GPG (KK 2) 1,468.00 734.00 SPP3 8.00 8.00

BLCP 1,346.50 673.25 SPP4 6.00 6.00

3,330.44 SPP5 8.00 8.00

SPPs GPS 26.00 15.60

EGCO COGEN 111.88 89.50 TWF 6.90 6.21


GEC-GCC 108.63 54.32 100.74


GEC-SCC 114.45 57.23 NTPC 1,023.00 358.05

GEC-GYG 20.20 10.10 QUEZON 460.00 450.80

277.99 808.85



Contracted

Cap. (MW)

IPPs Renewable

Rayong 1,174.99 1,174.99 NED 63.00 21.00

KEGCO 748.20 748.20 SPP2 8.00 8.00

GPG (KK 2) 1,468.00 734.00 SPP3 8.00 8.00

BLCP 1,346.50 673.25 SPP4 6.00 6.00

3,330.44 SPP5 8.00 8.00

SPPs GPS 26.00 15.60

EGCO COGEN 111.88 89.50 TWF 6.90 6.21


GEC-GCC 108.63 54.32 100.74


GEC-SCC 114.45 57.23 NTPC 1,023.00 358.05

GEC-GYG 20.20 10.10 QUEZON 460.00 450.80

277.99 808.85



Contracted

Cap. (MW)

Renewable

NED 63.00 21.00

SPP2 8.00 8.00

SPP3 8.00 8.00

SPP4 6.00 6.00

SPP5 8.00 8.00

GPS 26.00 15.60

TWF 6.90 6.21

Solarco 57.00 27.93

100.74


Cap. (MW)


Under Construction Under Development

Currently, EGCO Group’s portfolio consists of 4 under construction projects and 4 under development projects,

totaling contracted capacity 1,613.25 MWe.

Total 1,613.25 MWe

407 MWe

25.2%

1,206.25 MWe

74.8%

44

Under Development

TP Cogen 113.00 113.00

SK Cogen 107.00 107.00

CWF 90.00 81.00

TJ Cogen 106.00 106.00

407.00


Cap. (MW)

Under Construction

GIDEC 6.50 3.25

BRWF 113.00 113.00

KN4 930.00 930.00

XPCL 1,280.00 160.00

1,206.25

Contracted



Currently, EGCO Group’s other business portfolio comprises of 6 companies:

45

Company Business Type

EGCO Engineering and Service Co., Ltd. (ESCO)

Pearl Energy Philippines Operating Inc. (PEPOI)

Quezon Management Services Inc. (QMS)

Eastern Water Resources Development and Management Plc. (EASTW)

Egcom Tara Co., Ltd. (Egcom Tara)

Manambang Muara Enim Co., Ltd. (MME)

O&M

O&M

Management Service

Water

Water

Coal Mining


XPCL

(Hydro)

KN4

(Gas)

TJ Cogen

(Gas)

BRWF

(Wind)

GIDEC

(Waste)

Under Development Projects


2014 2015 2016 2017 2018 2019 2020


Under Development Projects

SK Cogen

(Gas)

TP Cogen

(Gas)

CWF

(Wind)

46

47

Operate power plant portfolio to achieve optimum efficiency and

manage projects under construction to achieve on time and within

budget completion

Focus on seeking opportunities to acquire operating assets to

realize quick earning

Focus on the opportunities in greenfield projects to boost its earning

prospects in long term by utilizing existing projects to expand its

investments


THANK YOU

48

50

Classified by Producer Classified by Fuel type

As of December 2013, Thailand’s Power Installed Capacity was 33,681.02 MW.

EGAT : 15,010 MW SPP : 3,525 MW

IPP : 12,742 MW Import : 2,404 MW

Natural Gas : 22,642 MW Coal : 4,556 MW

Hydro : 5,541 MW Others* : 942 MW

*OTHERS = Fuel Oil, Diesel, Renewable

67.2%

16.5%

13.5%

2.8%

NATURAL GAS HYDRO COAL OTHERS*

44.6%

37.8%

10.5%

7.1%

EGAT IPP SPP IMPORT

51

15,000

20,000

25,000

30,000

January Februaary March April May June July August September October November December

2008 2009 2010 2011 2012 2013

23,900.21 MW (May 24, 2011)

26,121.10 MW (April 26, 2012)

+ 1.8%

26,598.14 MW (May 16, 2013)

MW

Key Financial Data:

FX Variance MD&A

52

2012 2013 +/-

EGCO 472.74 (754.67) (1,227.41)

Rayong Power Plant 0.00 (0.02) (0.02)

KEGCO 0.28 (100.16) (100.44)

EGCO Cogen 8.68 (6.26) (14.94)

Roi-Et Green 16.80 11.38 (5.42)

ESCO (4.27) 14.06 18.33

ET - - -

PEPOI (0.75) 2.75 3.50

Quezon 105.43 (38.74) (144.17)

QMS (1.36) 0.59 1.95

SPP2 (0.69) (2.28) (1.59)

SPP3 0.60 - (0.60)

SPP4 0.87 - (0.87)

SPP5 (7.43) 0.22 7.65

TWF - (15.38) (15.38)

YEH - (90.11) (90.11)

Banpong - - -

Klonglaung - - -

BRWF - (0.04) (0.04)

Total Subs FX 590.90 (978.66) (1,569.56)

BLCP (29.55) 580.93 610.48

GPG 85.53 (123.10) (208.63)

GEC(GCC, NKCC, SCC, GYG) 32.95 (38.16) (71.11)

CONAL (1.65) 1.22 2.87

NTPC (124.15) 375.20 499.35

NED (0.03) (0.02) 0.01

GPS - - -

APPC - - -

GIDEC 0.01 - (0.01)

MME 0.04 0.14 0.10

Total JVEs FX (36.85) 796.21 833.06

Grand Total 554.05 (182.45) (736.50)

* FX gains/losses from Income Statements including financial cost from foreign currency loans (EGCO & Subs) and JVs 53

2012 2013

Debt to Equity (Time) 0.70 0.87

Net Debt to Equity (Time) 0.54 0.71

Net Profit before FX* (Million Baht) 10,686 7,096

EPS (Baht) 21.35 13.13

Operating Cash Flow / share (Baht) 8.00 10.55

BV / share (Baht) 121.87 131.57

Financial Ratio Highlights

Key Financial Data:

54

Segmental Operating Results, Ended December 31, 2013

Key Financial Data:

Subsidiaries Joint Ventures Joint Ventures Grand

Power Generation Power Generation Others Others Total

(Million Baht) EGCO

Rayong

power

plant

KEGCOEGCO

Cogen

Roi-Et

GreenSPP4 SPP3 YEH SPP2 SPP5 TWF

QPL

(included

PEPOI&QMS)

Klongluang Bangpong BRWF BLCP GPG

GCC,

NKCC,

SCC,

GYG

NED CONAL NTPC GPS GIDEC ESCO ET MME APPC

Sales of Electricity - 2,201 2,035 2,548 365 140 179 34 187 187 35 9,839 - - - 17,750 - - - 17,750

- Capacity Payment - 2,125 1,972 242 43 - - - - - - - - - - 4,382 - - - 4,382

- Energy Payment - 76 63 2,306 322 140 179 34 187 187 35 9,839 - - - 13,368 - - - 13,368

Sales of Water - - - - - - - - - - - - - - - - - 309 309 309

Service Income - - - - - - - - - - - 401 - - - 401 726 - 727 1,127

Cost of Sales - 1,511 1,429 2,318 189 38 49 31 52 50 14 5,500 - - - 11,182 - 86 86 11,268

Cost of Services - - - - - - - - - - - 315 - - - 315 477 - 479 794

Gross Profit - 690 606 230 176 102 130 3 135 137 21 4,425 - - - - - - - - - - - 6,653 249 223 - - 472 7,125

EBITDA (1,310) 1,638 1,255 300 147 131 168 39 174 173 24 4,505 3 3 (55) 3,646 2,938 879 437 78 1,808 280 (27) 17,236 231 188 (15) (18) 386 17,622

EBIT (1,357) 534 358 160 128 102 130 17 134 135 15 3,815 3 3 (55) 2,637 2,172 602 338 78 1,808 199 (27) 11,929 209 172 (15) (18) 348 12,277

Net Profit before FX (1,602) 431 289 116 106 62 77 (24) 84 87 1 1,939 3 3 (238) 1,789 1,835 457 243 33 1,032 135 (28) 6,833 175 130 (18) (24) 263 7,096

Net Profit (2,356) 431 189 109 117 62 77 (114) 82 87 (14) 1,903 3 3 (238) 2,370 1,712 420 243 33 1,408 135 (28) 6,636 189 130 (18) (24) 277 6,914

2013 Holding

Total Other

businesses

Total Power

generation

Subsidiaries

55

Segmental Operating Results, Ended December 31, 2012

Key Financial Data:

Subsidiaries Joint Ventures Joint Ventures Grand

Power Generation Power Generation Others Others Total

(Million Baht) EGCO

Rayong

power

plant

KEGCOEGCO

Cogen

Roi-Et

GreenSPP4 SPP3 YEH SPP2 SPP5 TWF

QPL

(included

PEPOI&QMS)

Klongluang Bangpong BRWF BLCP GPG

GCC,

NKCC,

SCC,

GYG

NED CONAL NTPC GPS GIDEC ESCO ET MME APPC

Sales of Electricity - 2,166 1,763 1,631 397 127 149 - 105 93 - 8,647 - - - 15,078 - - - 15,078

- Capacity Payment - 2,043 1,696 96 52 - - - - - - - - - - 3,888 - - - 3,888

- Energy Payment - 123 67 1,535 345 127 149 - 105 93 - 8,647 - - - 11,190 - - - 11,190

Sales of Water - - - - - - - - - - - - - - - - - 290 290 290

Service Income - - - - - - - - - - - 343 - - - 343 819 - 819 1,162

Cost of Sales - 1,673 1,529 1,732 168 35 40 - 31 27 - 5,040 - - - 10,275 - 81 81 10,356

Cost of Services - - - - - - - - - - - 225 - - - 225 569 569 794

Gross Profit - 493 234 (101) 229 92 109 - 74 66 - 3,725 - - - - - - - - - - - 4,921 250 209 - - 459 5,380

EBITDA 3,516 1,431 917 44 192 113 131 (1) 97 88 (5) 4,005 - - - 3,707 3,163 462 329 287 2,080 141 (4) 20,693 213 190 26 (11) 418 21,111

EBIT 3,465 323 (12) (103) 173 82 95 (1) 73 64 (5) 3,093 - - - 2,676 2,284 174 250 117 1,646 90 (4) 14,480 195 167 26 (11) 377 14,857

Net Profit before FX 3,146 307 (42) (128) 141 43 37 (1) 44 39 (5) 1,794 - - - 2,041 1,886 71 160 81 742 39 (4) 10,391 164 121 26 (16) 295 10,686

Net Profit 3,747 307 (42) (119) 158 44 38 (1) 43 31 (5) 1,769 - - - 2,011 1,972 104 160 79 618 39 (4) 10,949 160 121 26 (16) 291 11,240

2012 Holding

Total Other

businesses

Total Power

generation

Subsidiaries

Net Generation

GWh

Electricity Sales MM Baht

REGCO and KEGCO receive the capacity payment (Rayong Power Plant) or availability payment (KEGCO) for maintaining the availability of the power plants, regardless of whether the electric power will be supplied to EGAT

or not.

EGAT is the sole offtaker for electricity produced by Rayong Power Plant and KEGCO under long term cost-plus based Power Purchase Agreements (PPAs).

56

Annual Net Generation & Electricity Sales for the Year 2009-2013

Operating Performance (IPPs) : 2

,952

4,7

83

2,1

27

4,0

04

2,6

93 5

,643

5,4

76

5,8

16

5,3

11

5,1

88

10,0

18

10,0

36

10,6

17

10,7

70

10,1

57

9,3

29

9,8

57

8,8

13

10,8

48

9,3

23

-

4,9

76

6,3

61

5,7

70

5,8

97

-

3,000

6,000

9,000

12,000

2009 2010 2011 2012 2013

RYPP KEGCO BLCP KK II NT2

3,7

22

2,5

35

2,2

58

2,1

67

2,2

01

2,3

19

2,7

88

2,1

70

1,7

62

2,0

38

17,9

09

17,7

06

17,8

68

18

,50

5

17,2

55

22,5

06

22,7

50

22,6

55

29,6

49

27

,47

0

-

6,3

17

7,6

72

8,1

07

7,9

37

-

5,000

10,000

15,000

20,000

25,000

30,000

2009 2010 2011 2012 2013

57

Major Maintenance Expenses for the Year 2014

Operating Performance (IPPs) :

Quarter 1 2 3 4 Total

Budget Budget Budget Budget

Spare Parts 4.06 0.00 0.00 0.00 4.06

Service Charge 13.47 8.26 7.21 7.21 36.15

Total 17.53 8.26 7.21 7.21 40.21


Budget Budget Budget Budget

Spare Parts 11.64 21.45 15.31 5.22 53.62

Service Charge 21.19 61.79 25.05 4.96 112.99

Total 32.83 83.24 40.36 10.18 166.61

Rayong Power Plant

KEGCO

Million Baht

Million Baht

58

Major Maintenance Expenses for the Year 2013



Actual Actual Actual Actual

Spare Parts 10.67 2.12 5.66 0.22 18.67

Service Charge 25.74 23.12 21.44 7.80 78.10

Total 36.41 25.24 27.10 8.02 96.77


Actual Actual Actual Actual

Spare Parts 19.09 15.93 27.68 51.64 114.34

Service Charge 21.84 33.03 39.57 48.69 143.14

Total 40.93 48.96 67.25 100.33 257.48

Rayong Power Plant

KEGCO

Operating Performance Equivalent Availability Factor


59

Rayong Power Plant

Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%)

CCGT #1 99.00 99.95 97.14 98.78 98.91 99.98 88.16 91.57

CCGT #2 98.88 99.95 97.89 98.69 90.76 94.02 97.16 98.10

CCGT #3 98.38 99.35 79.21 90.89 98.91 93.46 97.28 96.51

CCGT #4 99.44 99.87 98.26 98.78 77.72 78.20 69.10 74.91

Rayong Power Plant


CCGT #1 81.85 85.83 98.44 99.06 98.80 97.82 95.90 97.12

CCGT #2 99.63 99.66 97.60 98.47 82.25 83.44 96.74 98.00

CCGT #3 90.19 92.95 97.60 98.44 99.64 99.50 95.90 97.43

CCGT #4 99.49 100.00 98.31 99.10 97.87 97.10 96.65 96.59

KEGCO


Barge #1 93.00 88.94 89.27 - - - - -

Barge #2 91.00 98.76 91.00 99.75 91.00 89.78 90.39 99.69

CCGT #3 81.82 86.77 88.60 74.60 88.60 94.40 86.60 93.91

KEGCO


Barge #1 - - - - - - - -

Barge #2 94.00 99.51 63.01 66.83 78.67 88.18 92.90 87.36

CCGT #3 79.87 87.31 80.53 86.88 91.66 95.10 66.22 79.50

2012

Plant Type1Q12 2Q12 3Q12 4Q12

2013


2012


2013


60

Net Generation and Fuel Consumption


Rayong Power Plant

CCGT #1- 4 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Net Generation

- By Natural Gas (GWh) 1,138 1,101 1,044 722 979 1,146 288 280

- By Secondary Fuel (GWh) 0.160 - - - - 0.170 - -

Fuel Consumption

- By Natural Gas (MMBTU) 9,823,707 9,515,501 9,025,465 6,287,046 8,432,352 9,904,901 2,557,558 2,483,331

- By Secondary Fuel (Million Litre) 0.040 - - - - 0.040 - -

KEGCO

Barge # 2 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Net Generation

- By Natural Gas (GWh) 141 145 131 146 142 98 130 124

- By Secondary Fuel (GWh) - - - - - - - -

Fuel Consumption


- By Secondary Fuel (Million Litre) - - - - - - 0.004 0.002

CCGT # 3 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Net Generation

- By Natural Gas (GWh) 1,192 983 1,284 1,290 1,162 1,181 1,288 1,062

- By Secondary Fuel (GWh) - - - - - - - -

Fuel Consumption


- By Secondary Fuel (Million Litre) - 0.005 0.017 0.004 0.012 0.01 - -

2013

2013

2012

2012

For further information, Please contact

Investor Relations at Tel. 02-998-5147-8

or E-mail: [email protected]

61

analyst’s briefing : no.1/2014 - egco.co.th...2014/03/06 · 5 cod february 1, 2013 may 2, 2013...

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