GULF Continues to Ramp Up Capacity as Analysts Expects Earnings in 2022 to Reach ฿12Bn

GULF Continues to Ramp Up Capacity as Analysts Expects Earnings in 2022 to Reach ฿12Bn.

Gulf Energy Development Public Company Limited (GULF) reported yesterday that Gulf SRC Company Limited, a subsidiary of the company and operator of Gulf SRC power project (GSRC), commenced the sale of electricity generated from its first unit to the Electricity Generating Authority of Thailand (EGAT) on March 31, 2021 under the Independent Power Producer (IPP) scheme with a production capacity of the first unit of 662.5 MW.

 

The GSRC power project is located in the WHA Eastern Seaboard Industrial Estate 1, Sriracha district, Chonburi province with a total installed power generation capacity of 2,650 MW and will supply a contracted power generation capacity of 2,500 MW to EGAT pursuant to a 25-year power purchase agreement.

 

Earlier, Ms. Yupapin Wangviwat, Director of GULF, stated that the company expected its revenue in 2021 to reach 54-55 billion baht from the recognition of GSRC.

The GSRC power project is one of the IPPs that uses natural gas as a source of fuel under Independent Power Development Company Limited (IPD), the operator of two IPP power projects including the aforementioned GSRC, and GPD, a 2,650-MW power project. The two projects under IPD make up a combined installed power generation capacity of 5,300 MW.

GSRC is scheduled to commence commercial operation for units 2-4 in October 2021, March 2022, and October 2022, respectively, while GPD is scheduled to commence commercial operation between 2023-2024.

 

Meanwhile, the wind power plant in Vietnam phase 1-3 with a total production capacity of 128 MW is expected to commence the first phase operation with a production capacity of 30 MW in May 2021. The second and third phase are expected to commence the operation in October 2021.

As for the natural gas power plant in Oman with a total production capacity of 326 MW, the first phase with a production capacity of 40MW is expected to commence the operation in May.

Furthermore, the company will also record a full-year revenue from BKR2 power plant in Germany with a production of 464.8MW that commenced the operation late last year.

Bloomberg Consensus indicated that GULF’s revenue would reach 48,460 million baht in 2021 and 68,761 million baht in 2022. Meanwhile, earnings in 2021 and 2022 are estimated at 8,179 million baht and 11,960 million baht, respectively.

คำค้น