GULF signs contract to sell power to PEA for 20 years, project worth 3.6 billion baht: PPTVHD36

“Gulf Energy” (GULF) discloses a joint venture subsidiary operating an industrial waste-to-power project. A power purchase agreement was signed with the Provincial Electricity Authority (PEA), 20 years, project value 3.6 billion baht, COD starting 2026.

The GULF-China joint venture has been signing and selling power to EGAT for 29 years, and COD of the power plant is expected to start in 2023.

GULF 2nd quarter profit grows 88.5% to 2,885 million baht, power sales up – COD new power plant

According to Power Watt 1 Company Limited and Power Watt 2 Company Limited (Project), an indirect subsidiary of Power Watt 2 Company Limited (Project), Gulf Energy Development General Corporation or GULF Deputy Executive Officer and Chief Financial Officer Ms Yubabin Wangwiwat told the stock exchange. GULF, which holds a 51% stake, together with a subsidiary of the Milkon Steel Public Company Limited group indirectly holds a 49% stake, which has been selected as the operator of the industrial waste power plant project. From the Office of the Energy Regulatory Commission

Recently, yesterday, Oct. 16, ’23, the power purchase agreement was signed. With the Provincial Electricity Authority (PEA) to develop an industrial waste-to-power plant, the contract production capacity of each project is 8 MW, 2 projects, the total production capacity is 16 MW, the project value is 3,500-3,600 million baht. The contract is for a period of 20 years from the date of supply of electricity to the system. The project is scheduled to open for commercial operation (COD) in 2026.

The company’s investment in the industrial waste power plant project is in line with the Thai government’s policy of reducing carbon emissions. and focus on increasing the proportion of power plants from renewable energy sources during the energy transition.

As for GULF shares, the market opened at 43.50 baht on October 17, 2023 morning, up about 13% from last August.

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