SET-listed Electricity Generating (Egco), the power generation arm of the Electricity Generating Authority of Thailand, expects a significant growth in revenue in 2025, driven by investments domestically and overseas.
The company cannot estimate the precise percentage growth expected next year as parts of the revenue are expected to come from two new asset acquisitions -- one in Thailand and the other overseas, said Jiraporn Sirikum, president of Egco Group.
"There are opportunities to close new power plant M&A [merger and acquisition] deals for both conventional and renewable energy projects, which will generate immediate revenue recognition," she said.
From January to September, the company recorded operating profit of 7.01 billion baht and net profit of 5.5 billion baht, supported by large overseas power plants, including those in the US.
Higher revenue in 2025 also comes from full-year revenue recognition from the acquisition of a 50% stake in US-based Compass Portfolio, which is operating three power plants, based on combined-cycle gas turbine technology.
Egco will earn revenue from the grid connection of its Yunlin offshore wind farms in Taiwan. The company holds a 25% share in the facility.
The installation of all 80 monopiles and wind turbine generators in the area have been completed. Currently, 68 turbines are connected to the grid, representing 544 megawatts.
"We are confident in achieving full grid connection of 640MW by the end of this year," said Ms Jiraporn.
Egco also expects revenue recognition from renewable energy project sales and commercial operations of US-based Apex Clean Energy Holdings as well as new power purchase agreement negotiations for its Quezon power plant in the Philippines.
Apex is carrying out all renewable energy projects under a hybrid business model. The company is not only developing the projects to increase its power generation capacity, but it is also selling some completely developed projects to other investors.
In Thailand, the company earns revenue from the commercial operation of a new power plant in Rayong that replaced its old power plant under the Egco Cogeneration SPP Replacement project.