Sunday, September 27, 2020

EGCO powering ahead with 4 big projects

Jul 21. 2020
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By THE NATION

Electricity Generating Plc (EGCO) is on track to develop four major construction projects in Thailand and neighbouring countries, president Thepparat Theppitak said during the company's shareholders meeting.

“These projects are the Nam Tern Power Plant 1 in Laos, with the deadline of the second quarter of 2022, the Kan Dong project in South Korea, to be completed by the fourth quarter, the Yun Lin Wind Energy project in Taiwan and the expansion of an oil pipeline to the Northeast, with a fourth quarter deadline, which we are carrying out together with our subsidiary, Thai Pipeline Network, in which EGCO holds a 44.6 per cent stake,” he said.

“The Covid-19 situation has slightly affected the construction schedule as work could not go ahead in some areas due to the lockdown. However, with the lockdown being lifted in many areas, we are confident these projects will progress as planned and will be completed by the deadlines,” Thepparat said.

“Although electricity consumption in many countries has decreased due to the Covid-19 crisis, the EGCO was protected under a power purchase agreement, therefore the company’s electricity sales are only marginally impacted,” he said. “We believe that Covid-19 will pose only a short-term impact on the group, but have already drawn up measures in case a second or even third wave occurs.”

The shareholders meeting also approved “adjustment” of the company’s objectives that allow it to invest in new businesses to ensure continued progress and sustainable profit.

“EGCO is planning to invest in new energy projects in the Smart Industrial Estate in Rayong as part of the Eastern Economic Corridor development project,” Thepparat added. “One of the projects we are aiming for is the installation of solar panels for industrial factories, which is receiving promotional privileges from the government. We expect the project’s environmental impact assessment to start in 2020, after which construction could begin within two years.”

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