Electricity Generating Plc (Egco), a power generation arm of Electricity Generating Authority of Thailand, plans to increase its investment budget to acquire more assets this year, aiming to add new power generation capacity of 1,000 megawatts each year.
The company has added new capacity of 370MW from power plants already in operation this year, meaning it requires an additional 630MW to meet its target.
As of June 27, the company's total capacity was 7,003MW.
Egco has spent half of its 30-billion-baht budget allocated for this year and the remaining funds may be insufficient if the acquisition costs of new assets are high, said Jiraporn Sirikum, the newly appointed president of Egco.
Egco is negotiating with energy companies for at least three asset acquisitions, which include the purchase of natural gas-fired and renewable power plants in Thailand and the US.
According to Egco, the 370MW capacity comes from power plants using fossil fuels and renewable energy in Taiwan, the US and Thailand.
Part of this new capacity comes from the Yunlin offshore wind farm, with 47 wind turbines, in Taiwan. Egco holds a 25% share in the facility.
Some capacity comes from a renewable power generation facility, operated by Apex Clean Energy, a US-based utility-scale renewable development company. Egco holds a 17.46% share in the firm.
Additional capacity is also supplied by a gas-fired co-generation facility in Rayong. Egco holds an 80% share in this facility.
Ms Jiraporn said she expects Apex Clean Energy to add new capacity of 84MW next year and 320MW in 2026.
She said Egco plans to expand its businesses in the upstream and downstream power sectors, which include liquefied natural gas shipping, coal mining, oil pipeline operations, power plant maintenance services and the development of a new industrial estate in Rayong.
The company is developing Egco Rayong Industrial Estate where its now-retired gas-fired power plant, called Rayong Electricity Generation, had operated.
The development cost is estimated at slightly less than 1 billion baht for the first phase, said Ms Jiraporn.
