GPSC eyes investing in small nuclear reactors
PTT subsidiary sets out to generate electricity through renewables as it aims to achieve net zero by 2060
Global Power Synergy Plc (GPSC), a subsidiary of national oil and gas conglomerate PTT, has laid out a plan to increase the use of renewable energy in its electricity generation business in a bid to achieve the goal of net zero greenhouse gas emissions by 2060.
GPSC is interested in investing in small modular reactors (SMRs), which will help cut carbon emissions as well as electricity costs, Sukittee Chaiyarak, senior vice president of corporate finance and investor relations, said on Monday.
The company is conducting a feasibility study for an SMR project together with Danish company Seaborg Technologies, which has already started a pilot project in Denmark, she said.
“We are planning to build a floating SMR, or build one on a boat, which is safer than the land-based counterpart,” she said. “There are still regulation issues that we need to work on, and the study process is expected to be completed in 2027.”
Sukittee added that investment in SMR will be in line with Thailand’s new power development plan (PDP), which comes into effect in early 2025. The plan includes SMR as a contributor to the national power grid from 2036 onwards.
GPSC currently has a total generation capacity of 12,582 megawatts. Of these, 4,524 megawatts come from combined-cycle power plants, while 8,058 megawatts are from renewable sources, mainly solar and wind power.
With the current 64% of generation capacity coming from renewable energy, GPSC is ahead of its short-term target of achieving over 50% of renewable energy usage by 2030, said Sukittee.
She added that moving forward, the ratio of renewable energy used by GPSC will continue to grow. Apart from investing in SMRs, the company is also in the process of acquiring a 42.93% stake in Avaada Energy Private Limited (AEPL), a company under Avaada Group, India’s leading solar power producer.
AEPL is expected to increase its total capacity from the current 17,346 megawatts to 30,000 megawatts by 2028, in a move that will also increase GPSC’s ratio of renewable energy.
