EGCO boosts investment to expand power capacity by 1,000MW

Electricity Generating Plc (EGCO), part of the Electricity Generating Authority of Thailand (EGAT) plans to boost its investment budget this year to acquire more assets, aiming to add 1,000 megawatts (MW) of new power generation capacity each year.

The company has already added 370MW from operational power plants, leaving an additional 630MW needed to hit its target. As of yesterday, EGCO’s total capacity stood at 7,003MW.

Newly appointed EGCO President Jiraporn Sirikum confirms that half of EGCO’s 30 billion baht budget for the year has been spent, with the remaining funds said to fall short if acquisition costs are high.

EGCO is currently in negotiations with energy companies for at least three asset acquisitions, including natural gas-fired and renewable power plants in Thailand and the US. The 370MW capacity added this year comes from fossil fuel and renewable energy power plants in Taiwan, the US, and Thailand.

Part of this new capacity is from the Yunlin offshore wind farm in Taiwan, featuring 47 wind turbines. EGCO holds a 25% share in this facility.

Another portion comes from a renewable power generation facility operated by Apex Clean Energy, a US-based company. EGCO has a 17.46% share in Apex Clean Energy. Additional capacity is sourced from a gas-fired co-generation facility in Rayong, where EGCO holds an 80% share.

Jiraporn mentioned that Apex Clean Energy is expected to add 84MW of new capacity next year and 320MW in 2026.

“EGCO plans to expand its businesses in the upstream and downstream power sectors, including liquefied natural gas shipping, coal mining, oil pipeline operations, power plant maintenance services, and the development of a new industrial estate in Rayong.”

EGCO is developing its Rayong Industrial Estate on the site of the company’s now-retired gas-fired power plant, Rayong Electricity Generation. The estimated cost for the first phase of development is slightly less than 1 billion baht, reported Bangkok Post.