EGCO finalises Compass Portfolio acquisition, boosting US power capacity

Electricity Generating (EGCO), the power generation subsidiary of Thailand’s Electricity Generating Authority, has finalised the purchase of the Compass Portfolio in the US, a move that boosts the company’s overseas earnings from the energy sector.

The acquisition bolsters EGCO’s total power generation capacity to 652 megawatts, a figure determined by its stake in the Compass Portfolio.

Thepparat Theppitak, EGCO President, confirmed the completion of the 50% stake purchase in the US firm, an agreement that was initiated last year. However, the financial details of the transaction remain undisclosed.

Compass Portfolio oversees the operation of three power plants, all of which utilise combined-cycle gas turbine (CCGT) technology. This type of power generation involves the use of both gas and steam turbines to create electricity, with the waste heat from the gas turbine being harnessed to generate additional power, reported Bangkok Post.

The three power plants include Marcus Hook Energy LP, a 912MW CCGT facility located near Philadelphia, and two others in Massachusetts – Milford Power LLC and Dighton Power LLC, with capacities of 205MW and 187MW respectively. These strategic sites are close to the major metropolitan load centres of Philadelphia, Boston, and Providence.

Long Island Power Authority has an electricity sales contract with Compass Portfolio’s Marcus Hook facility, Thepparat said.

“Our investment in the Compass Portfolio is aligned with EGCO’s strategic objective of acquiring and operating high-quality gas-fired power facilities which support energy transition goals in their host power markets.

“This investment fortifies EGCO’s growing presence in key US power markets, where EGCO intends to play an expanding role in the country’s energy transition objectives.”

Prior to this, EGCO had invested in Linden Cogen, Apex Mulligans Solar and Apex Great Pathfinder power plants, which collectively generate 1,273MW of electricity, based on EGCO’s shareholding.