Mitihoon – Electricity Generating Public Company Limited or EGCO Group has announced its three-year “Triple P” strategy (2025-2027), focusing on enhancing revenue and profitability while prioritizing investments in its core power business and exploring energy-related business opportunities with an annual investment budget of THB 30,000 million. The company also aims to optimize its investment portfolio management through improved operational processes and human resource development to support international growth. The “Triple P” strategy addresses sustainable growth across all dimensions by balancing business opportunities, profitability, and EGCO Group’s low-carbon organizational targets.
Dr. Jiraporn Sirikum, EGCO Group’s President, revealed that in this era of energy transition, EGCO Group has reviewed and developed three-year business strategy (2025-2027) with three key strengthening objectives: steering EGCO Group towards sustainable profitability, achieving sustainability targets, and transforming the organization for future growth. These objectives will be driven by “Triple P” strategies:
- Profitability and Performance Energizing: Continuously increasing revenue and profit generation capabilities while maintaining financial stability to manage debt ratios and preserve company credit ratings, as well as prioritizing shareholder returns through consistent dividend payment policy.
- Power and Energy-related Focus: Concentrating on power business investments, which form EGCO Group’s core business and solid foundation, including gas-fired power plants crucial for power system stability during the energy transition, and renewable energy projects through both M&A and greenfield investments. The strategy also involves seeking energy-related business opportunities. The company’s business expansion focuses on eight countries where business bases already exist, with an annual investment budget of THB 30,000 million.
- Portfolio and People Management: Maximizing efficiency in investment portfolio and human resource management by focusing on operational excellence, emphasizing strategic asset management for asset recycling to create long-term continuous growth, restructuring the organization to support international business expansion, and optimizing business processes through digital technology implementation to support future growth opportunities.
“EGCO Group is confident that the “Triple P” strategy will address sustainable organizational growth across all dimensions by balancing business opportunities, continued strong performance, and achieving low-carbon organizational goals in three phases: short-term goal by 2030 to increase renewable energy capacity up to 30% of total power capacity,medium-term goal by 2040 to achieve Carbon Neutrality, and long-term goal by 2050 to achieve Net Zero carbon emissions,” Dr. Jiraporn stated.
For 2025 business operations, EGCO Group continues to seek investments in power business and pursue energy-related business opportunities with a set investment budget of THB 30,000 million. Next year’s business growth will be supported by key investment projects both domestically and internationally, including full-year revenue recognition from the acquisition of Compass Portfolio in the USA, commercial operations of EGCO Cogeneration SPP Replacement power plant in Rayong, revenue recognition from grid connection of Yunlin offshore wind farm in Taiwan, revenue recognition from renewable energy project sales and commercial operations of APEX in the USA, and new power purchase agreement negotiations for Quezon power plant in the Philippines. Meanwhile, there are opportunities to close new power plant M&A deals for both conventional and renewable energy projects, which will generate immediate revenue recognition.
Dr. Jiraporn also disclosed EGCO Group’s performance in the third quarter and the first nine months of 2024, stating “The operational performance in Q3/2024 showed an operating profit of THB 3,604 million and net profit of THB 2,463 million, driven by the performance of large overseas power plants. For the first nine months of 2024, the company recorded an operating profit of THB 7,014 million and net profit of THB 5,518 million, supported by large overseas power plants and the power plant group in the USA. Additionally, EGCO Group has successfully advanced its under-construction projects according to targets, particularly Yunlin, which has completed the installation of all 80 monopiles and wind turbine generators (WTGs). Currently, 68 turbines are connected to the grid, representing 544 MW. The company is confident in achieving full grid connection of 640 MW by the end of this year.”
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