Corporate Presentation THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP Non-Deal Roadshow in Japan MARCH 12-15 th , 2019
Disclaimer The information contained here is being furnish on a confidential basis for discussion purposes only and only for the use of the recipient, and may be subject to completion or amendment through the delivery of additional documentation. Except as otherwise provided herein, this document does not constitute an offer to sell or purchase any security of engage in any transaction. The information contained herein has been obtained from sources that Global Power Synergy Public Company Limited (“GPSC”) considers to be reliable; however, GPSC makes no representation as to, and accepts no responsibility or liability for, the accuracy or completeness of the information contained herein. Any projections, valuations and statistical analyses contained herein have been provided to assist the recipient in the evaluation of the matters described herein; such projections, valuations and analyses may be based on subjective assessments and assumptions and may utilize one among alternative methodologies that produce differing results; accordingly, such projections, valuations and statistical analyses are not to be viewed as facts and should not be relied upon as an accurate representation of future events. The recipient should make an independent evaluation and judgement with respect to the matters contained herein. 2
Industry Overview Company Overview Investment in Affiliates Financial Performance 3
Current Power Industry Structure in Thailand • EGAT and IPPs dominate electricity generation market , with the combined market share 75%. • 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 Actual Energy 187,832 GWh in 2018 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 MEA Metropolitan Electricity Authority (State-owned entity) PEA Provincial Electricity Authority (State-owned entity) ERC Energy Regulatory Commission 4 Source: EGAT and GPSC
Summary of Power Development Plan (PDP) 2018 Social & Reliability Economic Environment Consider the whole country Electricity tariff from PDP Maintain generation from o o o electric system including 2018 will not be higher renewable energy to generation, transmission and than current tariff comply with COP21 distribution Promote waste to energy Promote competitive cost o o Give priority to renewable o generation energy, import power and Promote residential solar o gas-fired generation Promote investment and especially LNG o stimulate regional Increase system balance in o economic by expanding regional level investment in power plant to Maintain generation level o regional level of major power plants for satiability to support increasing renewable energy Increase grid flexibility o 5 Source: Ministry of Energy
Thailand Power Development Plan : Power Generation by Fuel Source (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 6
Industry Overview Company Overview Investment in Affiliates Financial Performance 7
GPSC Innovative Power Company at a Glance In 2019, Total Committed Generating Capacity Shareholding Structure Electricity 1,955 MWe, Steam 1,585 T/H Public Electricity 1,550 MW Steam 1,585 T/H Industrial Water 2,080 Cu.m./H Chilled Water 12,000 RT COMBINED CYCLE / COGENERATION Electricity 58 MW Thai Oil Power is 73.99% held by Thai Oil and 24.01% by PTT As of March 2019 RENEWABLE ENERGY Company Information Head Office 555/2 Energy Complex Building B, 5th Floor, Vibhvadi-Rangsit Electricity 347 MW Road, Chatuchak, Bangkok Business Type Energy & Utilities HYDROELECTRIC Registered Capital THB 14,983 million (Fully Paid) 24M Technologies, Inc. (USA) Market Cap THB 91,770.09 million Business Service Alliance Co.,Ltd. (As of 7 March 2019) OTHER BUSINESSES Remark: Capacity includes projects under construction 8
GPSC Customers’ Profile 53% PTT Group 38% EGAT LONG TERM OFF TAKE CONTRACTS 9% Industrial Users Guaranteed market and source of revenue Guarantee a minimum level of profit in regards to *2018 Revenue by Customers their investment Price adjustment formula, varying with fuel price 9
Power Plant Definition and Revenue Structure SPP VSPP IPP Very Small Power Producer Small Power Producer (SPP): Independent Power (VSPP): • A small power producer who sell Producer (IPP): their electricity no more than or • A very small generator whose • A larger power producer equal to 90 MW to EGAT power generating process is who has electricity generated from renewable SPP Type capacity more than 90 MW energy, specific fuels, and Firm : Contract Term > 5 Years • IPPs are obliged to sell energy with no more than 10 Non-Firm : Contract Term <= 5 Years their entire output to EGAT MW of electricity capacity • SPPs can sell their electricity and steam to industrial customers • VSPPs are able to sell power located next to the SPP plant to the Distribution Utility EGAT (Power) Availability Energy Capacity Energy Firm Base Payment Payment Payment Payment Ft adder Tariff K factor Energy Non-Firm Payment (seasonal weight) Industrial Customers Availability % Energy cost PEA tariff Electricity x regarding TOU Rate 4.2* Availability Feed in Tariff Steam Base Cost % Dispatch Payment x Steam to EGAT (Gas index + CPI index) Rate (APR) *https://www.pea.co.th/Documents/Rate2015.pdf 10 Reference rate with conditions
GPSC’s Business Portfolio : 11 Affiliates in 4 Countries Combined Cycle / Cogeneration Renewable Energy Combined Heat and Power 100% Sriracha Power Plant (IPP) 100% Producing (VSPP) Thai Solar Renewable (VSPP) 40% • Electricity: 700 MW • Electricity: 5 MW • Electricity: 80 MW • Industrial water: 80 Cu.m./h • Chilled water: 12,000 RT Nava Nakorn Electricity Rayong Power Plant (SPP Non-firm) 100% 30% Generation (SPP Firm) Ichinoseki Solar Power 99% CUP 1-3 • Electricity : 125 MW • Electricity: 339 MW (COD in Dec 2017) • Steam: 30 T/h • Steam: 1,340 T/H • Electricity: 20.8 MW • Industrial water: 2,000 Cu.m./h Expansion Phase (SCOD in Q3/2020) • Electricity: 60 MW CUP-3 Expansion (SCOD in Mar 2019) 100% CHPP Solar Cooperatives (VSPP) • Steam: 10 T/h • Electricity: 15 MW Rayong Expansion (CUP-4) (SCOD in Q3/2019) Bangpa-in Cogeneration Electricity: 5 MW 25% • • Electricity: 45 MW (SPP Firm) • Steam: 70 T/h Phase 1 Phase 2 (COD in June 2017) • Electricity: 117 MW • Electricity: 117 MW IRPC Clean Power (SPP Firm) 51% • Steam: 20 T/h • Steam: 20 T/h Hydroelectric Total • Electricity: 240 MW • Steam: 300 T/h Ratchaburi Power (IPP) 15% Xayaburi Power (IPP) 25% Phase 1 Phase 2 (COD in Nov 2017) (SCOD in Oct 2019) Electricity: 45 MW Electricity: 195 MW • Electricity: 1,400 MW • Electricity: 1,285 MW Steam: 170 T/h Steam: 130 T/h Other Businesses Nam Lik 1 Power 40% (SCOD in Mar 2019) Business Service 25% 24M Technologies • Electricity: 65 MW Alliance Project under construction Project COD in 2017 11
Q4/2018 Highlights GROWTH GROWTH GLOW shares’ acquisition (2,771 MW) • Solar power plants shares’ acquisition (39.5 MW) • Energy Recovery Unit project (250 MW) • Rayong Waste to Energy (9.8 MW) • PROFIT PROFIT 2018 EBITDA Increased 30% and NI Increased 6% from 2017 ◊ The increase in electricity sales from the full operation of IRPC-CP Phase 2 and ISP1 since Q4/2017 SUSTAINABILITY SUSTAINABILITY 2018 dividend payment of Baht 1.25 per share • ◊ The interim dividend of Baht 0.45 per share was paid, the remaining dividend for 2H/2018 of Baht 0.80 per share will be paid after receiving approval from AGM 2019 AWARDS in Q4/2018 • ◊ CFO of the year excellence in technology & Treasury management transformation ◊ TOP 50 ASEAN PLCs and Excellence Sustainability Report Award 2018 CONTROL CONTROL 4 Projects to start COD in 2019-2020 as timeline Nam Lik1 Xayaburi CUP-4 NNEG Expansion 12
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