SET-listed Gulf Energy Development expects its revenue to grow by 50% to a new high of more than 100 billion baht this year, thanks to additional electricity generation capacity and the full operation of power plants.
The company last year earned 95 billion baht, up 90% from 49.9 billion in 2021, according to the website of the Stock Exchange of Thailand.
The increase in revenue in 2023 is attributed in part to the new capacity of 2,800 megawatts from Gulf's power plants, said Yupapin Wangviwat, Gulf's deputy chief executive and chief financial officer.
Combined with power plants that are under construction, the total capacity will reach 14,860MW.
Gulf's four gas-fired generation facilities operated by its subsidiary Gulf SRC Co in Chon Buri will mainly drive revenue this year under a 25-year power purchase agreement contract with the state-run Electricity Generating Authority of Thailand, which will buy 2,500MW.
The revenue will also come from Gulf PD, another subsidiary which already started commercial operation of two new gas-fired power generation facilities, each with a capacity of 662.5MW.
Gulf PD also plans to open two more facilities in March and October next year.
Ms Yupapin said Gulf also earns revenue from its acquisition of a 49% share in gas-fired power plant Jackson Generation LLC in Will County, Illinois, with a capacity of 1,200MW. The purchase was made through the company's subsidiary Gulf Energy USA in February.
Gulf also makes earnings from Duqm Power, a gas-fired power plant with a capacity of 326MW, in Oman. The company holds a 45% share in Duqm Power through its subsidiary Gulf International Holding Pte.
In the renewable energy segment, Gulf on Tuesday announced the commercial operation of two waste-to-energy power plants, each with a capacity of 8MW, in Chon Buri.
The facilities, which use industrial waste as fuel, sell electricity to the Provincial Electricity Authority under a power purchase agreement.
They are operated by Power Watt 1 and Power Watt 2, two other subsidiaries of Gulf. The two are in the very small power producer category under the Energy Regulatory Commission's Purchasing Electricity from the Renewable Energy Sources scheme.