BCPG app creates new power trade
Clients can buy, sell power they generate
SET-listed BCPG Plc, the renewable power arm of state majority-owned refiner Bangchak Corporation Plc, has developed a mobile application that allows clients to buy and sell power they generate in their community.
This is the first time in Thailand that a private firm has developed an application to allow residence and building owners to buy and sell power on their own without any engagement with the Electricity Generating Authority of Thailand (Egat) or other state utilities.
The company also plans to diversify into solar rooftop installation services.
BCPG president and chief executive Bundit Sapianchai said the company has signed a memorandum of understanding with SET-listed developer Sansiri Plc to develop a "smart green energy community" platform to launch the solar rooftops and its latest internal power trading service at Sansiri's projects.
Mr Bundit said it is the first time in Thailand a private renewable power-generating company helped residents and businesses to generate their own green power and used a new app to allow them to sell their power.
"We are using a new method to penetrate the domestic renewable power business. It is time to use technology to help homeowners and businesses generate power on their own and then buy and sell the power among their community," he said.
Mr Bundit said the company will provide solar rooftop installation to customers as well as the online electricity market on a platform called "internet of energy".
"We will use blockchain to manage the buying and selling," he said.
Mr Bundit said BCPG will start installing solar rooftop systems and using blockchain for the internet power market at five Sansiri projects, ranging from residences to community malls and schools to factories.
"Many other residential projects, schools and factories have expressed interest in our services," he said.
BCPG is confident the new service will be welcomed because self-controlled renewable power-generating systems are essential for smart cities, which is the global trend and part of the Thai government's strategy to modernise the economy.
Mr Bundit said the new business is expected to help increase its power-generating capacity by around 100 megawatts next year and lead the company's earnings before interest, tax, depreciation and amortisation (Ebitda) to grow by 20%. For the first nine months this year, BCPG had Ebitda of 1.8 billion baht.
Most fossil-based and renewable-based power-generating companies believe the domestic market is shrinking, leaving few opportunities for firms to develop large power plants in a saturated market.
BCPG is also continuing its plan to develop more renewable power projects in Japan and Asean countries, expecting higher capacity to generate more revenue and help diversify risks.
The company posted a 43% rise in net profit in the third quarter this year because of higher revenue from projects in Indonesia and the Philippines.
BCPG shares closed yesterday on the SET at 21.80 baht, down 1.20 baht, in heavy trade worth 1.16 billion baht.