The Energy Regulatory Commission (ERC) is expected to make a decision next week on the acquisition deal between two SET-listed companies: Glow Energy Plc and Global Power Synergy Plc (GPSC).
The ERC is likely to make its second ruling after GPSC decided to file an appeal to the ERC last month after it blocked the takeover.
A source who requested anonymity said the ERC received a letter from GPSC yesterday.
"The ERC is proceeding with collecting data about the deal, though the second decision is likely to be similar to the first," the source said.
On Oct 10, ERC blocked the deal, saying it breaches the 2007 Energy Industry Act's standards for a monopoly because the deal would let GPSC control the largest market share of private power purchase agreements (PPPAs) at Map Ta Phut Industrial Estate in Rayong province.
The ERC cited Section 60 of the Act on preventing a monopoly that reduces or limits competition in energy service.
"The deal would create a monopoly for electricity trading for GPSC in Map Ta Phut," the source said.
In June, GPSC agreed to purchase 69.11% of Glow's shares from French-based Engie Group.
The remaining 30.89% of shares were to be bought through a tender offer.
The deal had an estimated value of 139 billion baht.
Under the plan, GPSC was to own 80% of PPPAs in the Map Ta Phut area. Before the takeover began, GPSC controlled 20% and Glow had 60%, with the remaining 20% held by the Provincial Electricity Authority (PEA).
Recently Surong Bulakul, chairman of GPSC, said following the acquisition the company would only have 6.9% of Thailand's electricity capacity, making it fourth in the country.
"GPSC has no intention to control the power capacity in Map Ta Phut area because that industrial estate has many power producers to supply customers," Mr Surong said.