B.Grimm Power Plc's (BGRIM) third-quarter revenue leaped 56.9% -- thanks to higher electricity tariffs, increased sales volume at home and Vietnam and contributions from the new Thai wind farm.
During the period from July to September, the tariff of power sales increased from Electricity Generating Authority of Thailand's fuel passthrough mechanism as higher natural gas prices and the fuel tariff (Ft).
Harald Link, BGRIM's president, said the company's power supplies to industrial users (IUs) in Thailand continued to increase in the quarter with new buyers taking 33.4-megawatts in the first nine months of 2022.
The third-quarter transmission to IUs in Vietnam also increased, as local demand recovered from easing Covid-19 restrictions.
The commercial start-up of BGRIM's 16-MW wind farm in Thailand in August 2021 has also continued to generate more revenue.
As the company is expanding its customer base, 50-60MW in new supply deals are expected in 2023.
There are positive factors contributing to BGRIM's outlook over the next 12 months, said Mr Link.
They are the increased Ft charge in September-December 2022 by 0.6866 baht per kilowatt-hour to 0.9343 baht per kilowatt-hour; acquisitions of new power assets; startups of BGRIM's small power producer (SPP) replacement facilities featuring advanced technology and high efficiency; continuous expansion of IU clientele as well as cost control.
BGRIM is continuing to forge cooperation with leading partners both at home and abroad to tap more business opportunities, said Mr Link.
In September, Cleanergy ABP, SCG Cleanergy and Amata Corporation formed an alliance with Amata Facility Services to establish a venture that supports the use of clean energy among industries in the Amata City Industrial Estate.
Last June, BGRIM and EDL-Gen, a subsidiary of the Electricite Du Laos, signed a memorandum of understanding to jointly pursue developments of hydro, wind and solar energy, power transmission and distribution systems to meet the demand for clean energy in Asean.
Furthermore, construction of several BGRIM power projects has advanced with the four SPP replacement plants, including ABP1R, ABP2R and BGPM1&2R, being 91-98% completed.
These power stations with 560MW in combined generating capacity are scheduled to come on line commercially in the fourth quarter of 2022.
In addition, two other new SPP power schemes, BGPAT2 and BGPAT3, have made 48% and 66% progress, respectively, in construction and are on track for commercial operation next year. These have a a combined output of 280MW.
A 78% progress has also been made with the U-Tapao Integrated Power Plant Project Phase 1 that is due to come on line in the first half of 2023.