GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED Corporate Presentation THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP 1 1
Current Power Industry Structure in Thailand • EGAT and IPPs dominate electricity generation market , with the combined market share 75%. ROE / ROA (%) • EGAT is the sole purchaser for almost all of the electricity generated, while VSPPs sell electricity directly to the MEA and PEA • SPPs sell electricity to both EGAT and directly to industrial users Peak demand 37,312 MW in 2019 EGAT IPPs Imports SPPs VSPPs Cogeneration Generation (39%) (36%) (9%) (16%) (<1%) Plant EGAT Transmission (Single Buyer, Network System Operator) (99%) ERC (Regulator) MEA (30%) PEA (69%) Distribution End User Industrial User End Users (99%) (1%) Definition EGAT Electricity Generating Authority of Thailand (State-owned entity) IPP Independent Power Producers SPP Small Power Producers VSPP Very Small Power Producers Source: EGAT and GPSC MEA Metropolitan Electricity Authority (State-owned entity) PEA Provincial Electricity Authority (State-owned entity) ERC Energy Regulatory Commission 2
Power Plant Definition and Revenue Structure IPP SPP VSPP Small Power Producer (SPP) / Very Small Power Producer (VSPP): Independent Power Producer (IPP): Cogeneration (Cogen): A very small generator whose • A large power producer • A small power producer who sell their • power generating process is who has entered into the electricity to EGAT* and sell their electricity generated from renewable energy, Power Purchase and utilities (e.g. steam, industrial water, cogeneration, biogas, biomass, Agreement (PPA) with chilled water) to Industrial customers (IUs) contracted capacity more waste heat, etc. with contracted Contract Type: than 90 MW capacity no more than 10 MW of EGAT: IPPs are obliged to sell their electricity capacity • - Firm: Contract term > 5 years ; CP + EP (+ FS)** entire output to EGAT VSPPs are able to sell power to the • - Non-Firm: Contract term <= 5 Years; Only EP NF Distribution Utility Authority only IUs: Commercial contract as agreed. EGAT (Power) Availability Fuel Base Capacity Energy Firm Ft adder Payment Payment Payment Payment Tariff K factor Energy Non-Firm Payment (seasonal weight) Industrial Customers Availability % Energy cost PEA tariff Electricity x regarding TOU Rate 4.2*** Feed in Tariff Availability % Dispatch Steam Base Cost Payment Steam x to EGAT Rate (APR) (Gas index + CPI index) * Under various type of contracts. ** Fuel Saving (FS) *** Reference rate with conditions; https://www.pea.co.th/Documents/Rate2015.pdf 3
Summary of PDP 2018 Thailand Power Statistic Demand as of September 2019 • System demand is not changed significantly. (Unit: MW) 54,617 • National demand (System demand plus Captive demand (IPS)) will be considered in PDP instead of only System demand as 37,312 earlier. • Supply will be considered by Regions. Fuel mix • Natural gas returns to be a major roles but Power capacity Peak demand Coal is limited. • Renewable portion is increased especially in Private Solar however, most of all will be Implication moved to mid- end PDP’s period. • Import power is not changed significantly. Consideration on new demand and reserve • capacity by regions will create opportunities for new projects. This PDP revision is possible to adjust due to • Reserve Margin new AEDP&EEDP, study on smart grid study, • Change concept to determine safety energy storage, SPP power pool, private PPA are margin of power supply, from Dependable not finished, therefore the next revision will be capacity to Reliable capacity. launched recent year. • Criteria of Reliable capacity shall be always higher than System demand Source: EGAT, EPPO and GPSC 4
Comparison of Power Generation by Source of Fuel (Unit: %) PDP 2015 New PDP 2018 Source of Fuel (in 2036) (in 2037) Natural Gas 37 53 Coal / Lignite 23 12 Hydro Power 15 9 Renewable 20 20 Nuclear 5 - Others 0.1 0.06 Energy efficiency - 6 Source: Ministry of Energy 5
Overview and Strategic Direction Update of projects Financial Activities and Plans Financial Performance 6 6
Petroleum Authority of Thailand PLC (PTT), GPSC’s parent company : the largest energy conglomerate in Thailand PTT’s Holding Business Area Company Activities (%) E&P PTTEP 65.29% Exploration and production Upstream PTT Global Coal 100% Coal business Management PTT Global LNG 50% LNG value chain LNG PTT LNG 100% LNG receiving terminal Sole owner/operation of the transmission Gas Pipeline* 100% Intermediate pipeline Gas S&M* 100% Supply & marketing of natural gas Extracting hydrocarbon contents in natural gas GSP* 100% for petrochemical’s feedstock Import/Export/Out-out trading of petroleum and Trading Trading* 100% petrochemical products Retail service stations and commercial Oil Marketing PTTOR** 100% Downstream marketing PTTGC 48.18% Petrochemical flagship Petrochemical & TOP 48.03% Refinery flagship Refining Integrated refinery & petrochemical IRPC 48.05% Technology Power flagship 22.81% Power & Engineering New S-Curve business of PTT group Note: *Businesses directly operated by PTT PLC **Transferred asset to PTTOR on July 1, 2018 Source: PTT’s Investor Update May 2019 7
GPSC’s History & Key Milestones GPSC was founded in 2013 to be “the Power Flagship of PTT Group”. Since its inception, GPSC has proved its strong expertise in operating existing power plants, and prudently investing in the new projects. GPSC holds 99.83% of total GLOW’s share and GLOW securities has been GPSC was Listed on the delisted from the SET on 13 th Dec Stock Exchange of All PTT’s power assets Independent Power Thailand (SET) were consolidated GPSC has completed the Equity Offering (Thailand) was under GPSC of THB 74,000 million and debenture established (700 MW, IPP) issuance of THB 35,000 million. (Renamed to ” Sriracha Included in the Asia Pacific Power Plant”) GPSC announced the capital increase ex Japan FTSE, ESG 100, from the existing capital of THB 14,983 and SET50 Index million to THB 28,197 million 1997 2004 2013 2014 2015 2016 2018 2019 8 of PTT’s power GPSC entered As of 2019, GPSC’s committed assets were into a share electricity generating according PTT Utility was transferred to purchase to Equity MW is 5,026 MW of established GPSC transaction and electricity (339 MW, SPP) tender offering (Renamed to “Rayong of all the Power Plant “) remaining securities of Glow Energy 20% 60% Public Company Limited (GLOW) 24% 56% 40% 8
GPSC Innovative Power Company at a Glance Shareholding Structure Pre-RO Post-RO 22.8% Public 24.8% Public 22.6% 25.0% 2,819.7 1,498.3 million shares million shares 8.9% 8.9% 22.7% 22.7% 20.8% 20.8% Thai Oil Power is 74% held by Thai Oil and 26% by PTT Company Information In 2019, Total Equity Capacity 1 Electricity 5,026 MWe Steam 2,876 T/H Head Office 555/2 Energy Complex Building B, 5th Floor, Vibhvadi-Rangsit Road, COMBINED CYCLE / Chatuchak, Bangkok, Thailand RENEWABLE ENERGY COGENERATION / THERMAL 2 4,463 MW Business Type Energy & Utilities 114 MW 2,876 T/H Registered Capital THB 28,197 million 15,400 RT (Paid-up) (USD 929.2 million) 7,372 Cu.m./H Market Cap THB 238,264.65 million (As of 25 Dec 2019) (USD 7,852.6 million) HYDROELECTRIC OTHER BUSINESSES AA- BBB- 449 MW • 24M • BSA A+(tha) Note: Use FX = 30.346 THB/USD ; the w.a. selling rate announced by the BOT on 9 Dec 2019 Note: 1) Equity capacity includes 100% stake in GLOW, GRP and ERU 2) Equity capacity includes ERU 9
GPSC Customers’ Profile 52% Industrial Users 47% EGAT LONG TERM OFF TAKE CONTRACTS 1% Others ✓ Guaranteed market and source of revenue ✓ Guarantee a minimum level of profit in regards to their investment Q3/2019 Revenue by Customers ✓ Price adjustment formula, varying with fuel price 10
GPSC’s Business Portfolio by Fuel and Plant Type Equity Capacity by Plant Type Equity Capacity by fuel types Waste ERU Pitch 0.3% VSPP+ Renewable Solar 5% 3%5% 2% Coal 16% TOTAL TOTAL IPP 49% 5,026 MW 5,026 MW 9% 44% SPP Hydro 68% Natural Gas Installed MW Equity MW Installed MW Equity MW Energy Type Energy Type Total capacity % In operation Total capacity % In operation Total capacity % In operation Total capacity % In operation Natural gas 5,047 63.00 % 4,987 3,399 67.64% 3,381 4,910 61.29% 4,910 2,440 48.54% 2,440 IPP 1,502 18.75 % 1,502 449 8.94% 449 Hydro SPP 2,614 32.63% 2,554 2,192 43.61% 2,174 1,045 13.04 % 1,045 814 16.20% 814 237 2.96% 188 144 2.87% 9 4 Coal VSPP + Renewable 149 1.86 % 109 101 2.00% 6 1 250 3.12% - 250 4.97% - Solar ERU 18 0.23 % 9 13 0.25% 3 Waste Total 7,652 100% 4,7 0 8 8,011 100% 5,026 Pitch 250 3.12 % - 250 4.97% - 8,011 100% 7,652 5,026 Total 100% 4,7 0 8 Note: Equity capacity includes 100% stake in GLOW, GRP and ERU GPSC Portfolio as of end-2019 11
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