BCPG Plc power generation company’s net profit soars in Q3
Weather factors push up production, sales
BCPG Plc, the power generation arm of mostly state-owned energy conglomerate Bangchak Corporation Plc, saw its net profit soar by 40.7% from the second quarter of this year to 709 million baht in the third quarter, due mainly to more rainfall and stronger winds that pushed up electricity production and sales.
Higher revenue was contributed by hydroelectric power plants in Laos, a wind farm in the Philippines, and higher tariff rates and lower financial costs from geothermal power plants in Indonesia.
These led to a 20% increase in revenue to 1.3 billion baht in the third quarter, up from 1.08 billion baht in the second quarter.
From January to September, net profit increased by 19.5% to 1.7 billion baht, up from 1.4 billion baht in the same period last year, according to BCPG.
“Our success in the third quarter was attributed to higher rainfall in Laos, which caused Nam San 3A and Nam San 3B hydropower plants to rack up more revenue,” said Bundit Sapianchai, chief executive of BCPG.
The company took over the 69-megawatt Nam San 3A and 45-megawatt Nam San 3B in February last year at a cost of 3.7 billion baht.
BCPG also generated higher profit from a 20-MW wind farm in Nabas, the Philippines, thanks to better wind speed.
The company bought a 40% share in Petro Wind Energy Inc, which operates the wind farm, in 2017.
In the solar energy segment, BCPG last week started commercial operations of two solar power projects — 7.7-MW rooftop solar panels at Chiang Mai University’s Smart City Project in Thailand, and a 20-MW solar power plant in Chiba, Japan.
Revenue from the two projects is expected to be recognised in the fourth quarter of this year.
The firm’s Komagane and Yabuki solar power projects, with combined electricity generation capacity of 49 MW, are set to start operations by the first half of 2022.