Annual registration statement

Transcription

1 -Translation- Annual registration statement As of December 31, 2008 Electricity Generating Public Company Limited

2 Content Part 1 Executive Summary 1 Part 2 Listed company 8 Section 1 Risk Factors 9 Section 2 Business Characteristic 17 Section 3 Operation of Business Line 31 Section 4 Research and Development 57 Section 5 Operational assets 58 Section 6 Future projects 63 Section 7 Dispute 65 Section 8 Capital Structure 66 Section 9 Management 70 Section 10 Internal Control 107 Section 11 Connected Transaction 110 Section 12 Financial Status and Operational Results 115 Section 13 Others 139 Page Part 3 The Certification of Information Attachment 1 CV of the Management and the Control Persons Attachment 2 The positions of the Management and the Control Persons Attachment 3 Audit Committee s Report

3 Glossary 1. Companies The Company, EGCO, We Electricity Generating Public Company Limited Group companies, EGCO Group Electricity Generating Public Company Limited and its subsidiaries and joint venture companies. AE Agro Energy Company Limited APMC Alto Power Management Corporation BLCP BLCP Power Limited CHC, Conal Conal Holdings Corporation East Water Eastern Water Resources Development and Management Public Company Limited EGAT Electricity Generating Authority of Thailand EGCO BVI EGCO International (BVI) Limited EGCO Cogen EGCO Cogeneration Company Limited EGCO Green EGCO Green Energy Company Limited EGCO JD EGCO Joint Ventures & Development Company Limited Egcom Tara Egcom Tara Company Limited ESCO EGCO Engineering and Service Company Limited GCC Gulf Cogeneration Company Limited GEC, Gulf Gulf Electric Public Company Limited GECC General Electric Capital Corporation GEN Gulf Energy Company Limited GIPP Gulf IPP Company Limited GPG Gulf Power Generation Company Limited GYG Gulf Yala Green Company Limited KEGCO Khanom Electricity Generating Company Limited NKCC Nong Khae Cogeneration Company Limited NMPC Northern Mindanao Power Corporation NTPC Nam Theun 2 Power Company Limited OneEnergy OneEnergy Thailand Limited QPL Quezon Power (Philippines) Limited Company REGCO Rayong Electricity Generating Company Limited Roi-Et Green Roi-Et Green Company Limited SCC Samutprakarn Cogeneration Company Limited SPPC Southern Philippines Power Corporation WMPC Western Mindanao Power Corporation 2. Government Organizations EPPO Energy Policy and Planning Office NEPC National Energy Policy Council PWA Provincial Waterworks Authority SEC Securities and Exchange Commission, Thailand SET Stock Exchange of Thailand 3. Other Institutions IOD Thai Institute of Directors JBIC Japan Bank for International Corporation 4. Technical Terms COSO The Committee of Sponsoring Organization of the Treadway Organization IPP Independent Power Producer SPP Small Power Producer

4 Part 1 Executive Summary Part 1 Executive Summary 1. Business Characteristics Electricity Generating Public Company Limited (EGCO) as recognized by the Stock Exchange of Thailand) is structured as a holding Company for the purpose of owning shares in the businesses, which generate and trade electricity and in other related power businesses both in domestic and other countries in South East Asian. EGCO s installed capacity in its shareholding proportion would be 3,967.6 MWs from 13 power plants. The Company set its long term objectives as follows To grow at a rate higher than the average demand growth rate in Thailand and the ASEAN region To provide return as a rate higher than the average return rate of the industry in Thailand To excel in organization management and good corporate governance with acceptance from the public and the community. 2. Significant Events 1. Kaeng Khoi 2 (Block 2), Gulf Power Generation s project with the capacity of MW, started the pre-commercial operation date on February 27, 2008 which was before the commercial operation date on March 1, EGCO International (BVI) Co., Ltd, EGCO s wholly owned subsidiary, acquired 90% ownership of GPI Quezon Ltd shares. This purchase provided EGCO BVI with a 23.4% indirect ownership interest in Quezon Power (Philippines) Limited which owned, operated and maintained a MW (gross installed capacity) coal fired electric generation representing equity MW on November 29, This acquisition was in line with EGCO s business plan to invest in power businesses in the ASEAN region. The acquisition strengthened EGCO s presence in the Republic of the Philippines which should provide opportunities for future growth. 3. EGCO divested its entire shares in EGCO Joint Venture& Development Company Limited (EGCO JD) which held shares in Amata EGCO Power Co. Ltd and Amata Power (Bang Pakong) Co., Ltd on May 15, The divestment reasons were that the assets comprised mature business in which EGCO held minority interests. Disposal of these minority assets allowed EGCO to deploy the proceeds and its resources on new investment opportunities with potential for expansion and earnings upside. 4. EGCO Engineering and Service Co., Ltd. (ESCO), EGCO s wholly owned subsidiary, divested all its shares in Amata Power-ESCO Service Co., Ltd which provided operation and maintenance services to power plants under EGCO JD on May 15, The 1,086.8-MW Nam Theun 2 hydropower plant developed by Nam Theun 2 Power Company Limited ( NTPC ) of which EGCO holds a 25% ownership achieved the overall progress of 95.1% at the end of 2008 which was as planned. The project was expected to achieve the COD within December 2009 as scheduled. Page 1

5 Part 1 Executive Summary 3. Risk Factors To ensure prudent risk management, the Audit Committee is entrusted to oversee EGCO s risk management and Management is required to report and update risk management activities to the Board. To fulfill the responsibility, the Management set up the Risk Management Committee comprising EGCO s top executives and the Managing Directors of EGCO subsidiaries as members and EGCO s President as the chairman. The subsidiaries such as REGCO and KEGCO also have their own risk management committees to help ensure that their particular risks will be properly managed. A summary of key risk factors and associated mitigation measures is as follows: Risk Factors Countermeasures 1. New Projects - EGCO has altered business strategy to cope with the circumstances by thoroughly analyzing project data and conducting feasibility study and due diligence under EGCO s Investment Guidelines to ensure that the project s risk is manageable and the invested project is a quality one which will enhance shareholders value and stability of EGCO Group. - For new overseas projects, the countries macroeconomics, industry status, political, economic and social policies along with relevant laws and regulations will be thoroughly analyzed to ensure that the project risk is acceptable. EGCO will continue to monitor the project s risk factors so that appropriate countermeasures will be made in time. For certain countries, political risk will be mitigated by securing political risk guarantee as required by the lenders. 2. Project Construction Risk - Have the items in the construction price fixed to the maximum extent possible and secure qualified and experienced contractors to carry out the work. EGCO may engage outside specialists as needed to advise its core staffs to mitigate construction risks if needed. - Assign responsible personnel to follow up the progress of construction and budget control. Such individuals will attend all regular project meetings and provide comments and insights in the report to be presented to Management. - Prepare the project progress reports to the Board of Directors on a regular basis. - Perform regular internal audits of the project by EGCO s internal audit division. 3. Operational Risks Risk of Failure to Reach Target Return on Investment - Assign EGCO Group management and personnel to be representative directors or management of its subsidiaries and joint ventures. - Set up the EGCO s Asset Management Division to regularly monitor operating performances of each facility and its staff and to analyze and update the actual return on investment against the set target. Page 2

6 Part 1 Executive Summary Risk Factors Countermeasures Main Customer Risks Considering that EGAT has the responsibility to ensure the reliable power supply system and that EGAT is a reputable state enterprise with strong financial status, EGCO s revenue risk exposure is considered to be low. Plant Performance Risks - Include the key plant efficiency parameters in the corporate Key Performance Indicators of power plants in EGCO group to ensure that the production efficiency is closely monitored and all employees take part in ensuring the plant efficiency. - Set up Early Warning Systems for critical information regarding the plant operation processes. - Ensure that the scheduled preventive maintenance of power plant equipment is carried out on a regular basis by qualified staff. - Ensure that spare part inventory is adequate and well managed. - Implement the Quality Management System (ISO: 9001:2000) at REGCO, KEGCO and Roi-Et Green to ensure that those power plants operate in accordance with their PPA terms. - Continuously develop the competencies of the firms human resources. Raw water shortage for electricity generating During the past years, the measures are set to prevent and mitigate such risk by increasing their raw water storage capacity, seeking additional sources of raw water supply and setting measures to maximize the benefit of water usage. Fuel Shortage for Electricity Generating - With PTT and/or EGAT as the main suppliers, the risk of fuel gas shortfall is low. - Despite such cushion, BLCP continuously monitors and maintains a sufficient amount of reserve coal at site and through long-term arrangements with potential alternative suppliers to ensure the adequacy supply under the terms of the PPA. - The primary risk prevention measures are to reserve more fuel and to seek alternative fuel sources in surrounding areas. Safety Health and Environment - Implement the measures specified in the Safety, Health and Environment (SHE) Management Manual. The Manual contains SHE policy, work plans, and practices, including review process to ensure that the operations, waste treatment and related work processes are efficient from a SHE standpoint. - It should be noted that apart from complying with SHE policy, REGCO and KEGCO are also certified and have maintained the Environment Management System (ISO: Page 3

7 Part 1 Executive Summary Risk Factors Countermeasures 14001) as well as Thai Industrial Standards for the Occupational Health and Safety Management (TIS: & OHSAS: 18001). Accident, Resistance, and Sabotage - Strongly encourage employees to prudently discharge their duties with the belief that carelessness may lead to significant damage. - Periodically maintain all equipment as scheduled to ensure that they can work efficiently. - Strengthen relationship with surrounding communities to foster the right perception about EGCO business - Set the security plan with regular drills and provide necessary equipment such as closed circuit TV. - Secure the insurance policy that cover all risks, machinery breakdown, business interruption and third party liability to assure that EGCO Group s assets and personnel will be adequately protected even in an unexpected case. The insurance policy on terrorist attack is also procured for some power plant in EGCO Group. 4. Financial Risks Foreign Exchange Rate Fluctuation - Matching currencies of project development and construction costs with funding source currencies - Matching the currency of long-term funding profiles with those of each project s revenue stream during the operation phase. - Using Revenue Swap as an instrument to mitigate foreign exchange rate fluctuation risk. As a consequence, the Group s revenues are stable and can be projected accurately. Interest Rate Fluctuation - Using financial hedging instrument to fix floating interest rate exposures to the maximum extent commercially possible to provide the most predictable cash flow of loan expenditure over its long-term power purchase contracts. - Seeking to enter into or cause its project company s to enter into financial instruments that can best mitigate the interest rate risks subject to market availability and cost. 4. Operational Assets A. Fixed Assets The fixed assets of the company and subsidiaries as at December 31, 2008 comprise the following items. Page 4

8 Part 1 Executive Summary Items Value /1 (Million Baht) 1. Land and Building 5, Less Accumulated Depreciation (2,178.66) Total 3, Power Plant and Transmission System 35, Less Accumulated Depreciation (21,798.66) Total 13, Office Equipment and Cars Less Accumulated Depreciation (377.14) Total Work under construction Remark : /1 The number was shown in EGCO Group s consolidated financial statement. B. Intangible Assets Intangible assets was comprised of concession (Power Purchase Agreement, Steam Purchase Agreement and Tapped Water Purchase Agreement) and good will from business acquisition in 2008 of million baht. C. Investment and Management Policy in Subsidiaries and Joint Ventures EGCO set its corporate vision to be the leading Thai integrated electric power Company with comprehensive energy services in Thailand and in the ASEAN region, with full commitment to environment protection and social development support. In this regard, EGCO has identified its key long term objectives as follows. 1. Invest in the business in which EGCO Group has expertise to maximize profit and create growth to the Group with the acceptable risks, 2. Allocate the appropriate shareholding proportion in its investment to possess the governing right over joint venture companies, 3. Uphold the investment basis of Non-recourse or Limited Recourse Project Finance with clear sponsor support and contingent liability, 4. Support Corporate Social Responsibility projects and comply to all governing laws. 5. Future Investment There is an additional power plant projects namely Nam Theun 2 which is under development. Their total capacity accountable for EGCO s share proportion is MW. EGCO has diverted its business strategy to expand its investment in the ASEAN markets. The Company will also seek investment opportunities in domestic renewable energy projects using wind, waste and biomass as fuel. Page 5

9 Part 1 Executive Summary 6. Capital Structure As of December 31, 2008, the company s registered and paid up capital is as follows. Registered capital : 5,300 million baht, 530,000,000 ordinary shares at par value 10 baht/share Paid-up capital : 5, million baht; 526,465,000 ordinary shares at par value 10 baht/share The company s dividend policy is to distribute approximately 40% of the net profit after tax, or to increase the dividend amount in a steady manner, to the shareholders. This dividend policy may change in the light of investment opportunities that may become available to the company or as a result of other economic or financial factors or when a dividend payment may have a significant impact on the normal operation of the company. The company also set a policy that the subsidiaries in which the company has significant control pay dividend at 100% of their net income after tax. 7. Internal Control The Board of Directors supervises to ascertain that existing internal control systems of the company and subsidiaries are compliance with those of the SET s guideline and COSO s Internal Control Framework. (The Committee of Sponsoring Organizations of the Treadway Commission). In this regard, the Board has entrusted the Audit Committee with the responsibility to review the effectiveness and efficiency of the internal control systems and having the internal audit division audit the operation compliance with the systems. The internal audit division functionally reports directly to the Audit Committee. 8. Connected Transaction The company s connected transaction is comprised of the power purchase and the maintenance services between the Group companies and Electricity Generating Authority of Thailand ( EGAT ) and financial support to subsidiaries and joint ventures. These transactions are considered normal business transactions and the disclosure is made in compliance to the regulations of Securities Exchange of Thailand (SET) and Securities and Exchange Commission (Thailand) (SEC). 9. Financial Status EGCO Group s consolidated net profit for 2008 ended December 31, 2008 was Baht 6,927 million, a decrease of Baht 1,475 million or 18% compared to Excluding the loss on foreign exchange rate due to the Baht depreciation, which was mostly an accounting number to be shown in accordance with the Thai Accounting Standard, EGCO Group s profit was Baht 7,491 million, an increase of Baht 99 million or 1.34% mainly resulting from GPG s recognition of the KK2 unit 2 s operating result, which achieved COD on February 27, Meanwhile, the decrease in KEGCO s electricity sales was from a decrease in the Base Availability Credit. Page 6

10 Part 1 Executive Summary In 2008, EGCO paid out the interim dividend from its first half year performance at 2.50 baht per share on September 11, Page 7

11 Part 2 Listed Company Part 2 Listed Company Name : Electricity Generating Public Company Limited (EGCO) Business : Holding Company focusing on power business and other related business Registration : ( Previously Number Listed Co. 333) Sector : Energy and Utilities Industry : Resources Registered Capital : 5,300 million baht Paid up Capital : 5, million baht Par Value : 10 baht Foreign Limit : 44.81% % of Free Float : 52.17% as of March 10, 2008 Head Office : EGCO Tower, 222 Moo 5, Vibhavadi Rangsit Rd., Tungsonghong, Laksi, Bangkok 10210, Thailand. Home Page : Tel. : , Fax : Board of Directors : address : directors@egco.com Corporate Secretary : address : cs@egco.com IR Contact : address: ir@egco.com Page 8

12 Part 2 Section 1 Rick Factors Risk Factors To create long term value for shareholders, EGCO recognizes the importance of properly analyzing and managing its business risks. The Board of Directors has included the written risk management policy in the Risk Management manual to foster understanding among all employees and to be used as a guideline for standardized practices throughout EGCO group. Such policy expects each and every subsidiary to continuously manage its risk as well as to set up the early warning system. For new investment projects, risk analysis and associated mitigation measures reviewed by each relevant committee are compulsory. To ensure prudent risk management, the Audit Committee is entrusted to oversee EGCO s risk management and Management is required to report and update risk management activities to the Board. To fulfill the responsibility, the Management set up the Risk Management Committee comprising EGCO s top executives and the Managing Directors of EGCO subsidiaries as members and EGCO s President as the chairman. The subsidiaries such as REGCO and KEGCO also have their own risk management committees to help ensure that their particular risks will be properly managed. A summary of key risk factors and associated mitigation measures is as follows: 1. New Development Project Risk 1.1 Risks from New Project Development EGCO plans to expand its investment in order to maintain continuous growth, both in Thailand and in foreign countries. To achieve the growth objective, EGCO analyzes and identifies all key risks involved. These include economic downturn, financial crisis, and business risks such as intense competition among the growing number of competitive companies, cost of capital, cost of machinery and construction, partnership, environment impact, social acceptance, and laws and regulations as well as political risks. As the above risk factors persists, EGCO has altered business strategy to cope with the circumstances by thoroughly analyzing project data and conducting feasibility study and due diligence under EGCO s Investment Guidelines to ensure that the project s risk is Page 9

13 Part 2 Section 1 Rick Factors manageable and the invested project is a quality one which will enhance shareholders value and stability of EGCO Group. 1.2 Country Risk EGCO focuses to increase its presence overseas both in the familiar countries such as the Philippines and Lao PDR, and other Mekong and other ASEAN countries. For new overseas projects, the countries macroeconomics, industry status, political, economic and social policies along with relevant laws and regulations will be thoroughly analyzed to ensure that the project risk is acceptable. EGCO will continue to monitor the project s risk factors so that appropriate countermeasures will be made in time. For certain countries, political risk will be mitigated by securing political risk guarantee as required by the lenders. 2. Project Construction Risk EGCO s project under construction is Nam Theun 2, which is being developed pursuant to a long-term Power Purchase Agreement (PPA) with EGAT. The scheduled commercial operation date is in December Typical major risks of project under construction are construction delay and cost overrun. Construction delay may also lead to increasing project cost which may negatively impact the return on investment and delay the revenue recognition of such project. The construction of Nam Theun 2 is on schedule. The social and environmental work, which is an integral part of the hydropower project s implementation also progresses as planned. Since the overall progress is 90%, the overall construction risk reduces. Nevertheless, EGCO has imposed measures to help its staffs monitor and mitigate potential risks including: - Have the items in the construction price fixed to the maximum extent possible and secure qualified and experienced contractors to carry out the work. EGCO may engage outside specialists as needed to advise its core staffs to mitigate construction risks if needed. Page 10

14 Part 2 Section 1 Rick Factors - Assign responsible personnel to follow up the progress of construction and budget control. Such individuals will attend all regular project meetings and provide comments and insights in the report to be presented to Management. - Prepare the project progress reports to the Board of Directors on a regular basis. - Perform regular internal audits of the project by EGCO s internal audit division. 3. Operational Risks 3.1 Risk of Failure to Reach Target Return on Investment EGCO has the responsibility to properly monitor and manage plant operations in order to reach or exceed targeted performance parameters. In year 2008, the operating results were in accordance with the specified revenue structure. Typical measures imposed to mitigate such risks are as follows: - Assign EGCO Group management and personnel to be representative directors or management of its subsidiaries and joint ventures. - Set up the EGCO s Asset Management Division to regularly monitor operating performances of each facility and its staff and to analyze and update the actual return on investment against the set target. - Prepare regular progress reports and exceptional performance report to senior management and the Board of Directors so that a timely and appropriate action can be taken. 3.2 Main Customer Risks EGCO Group s business is to generate and distribute electricity to EGAT under the PPA. Electricity sale revenue to EGAT accounts for 83% of the total sale and service revenue in The high dependency on one major customer may lead to the revenue risk. Considering that EGAT has the responsibility to ensure the reliable power supply system and that EGAT is a reputable state enterprise with strong financial status, EGCO s revenue risk exposure is considered to be low. The decline in power consumption due to the economic slowdown does not impact EGCO Group s revenue as the sale revenue is mostly calculated from the availability payment while the energy payment is only a small portion. Page 11

15 Part 2 Section 1 Rick Factors 3.3 Plant Performance Risks A commitment to generate and deliver electricity pursuant to a Power Purchase Agreement with EGAT entails the following performance risks: Plant efficiency There are various efficiency benchmarks under a PPA with EGAT i.e., Equivalent Availability Factor (EAF) and Heat Rates. Failure to meet these performance requirements will result in penalties and potential PPA termination in certain extreme cases. With EGCO Group s consistent maintenance work, this risk is considered to be low. Despite that, the management focuses on running all measures to ensure that all relevant performance targets are met. These procedures include the following: Include the key plant efficiency parameters in the corporate Key Performance Indicators of power plants in EGCO group to ensure that the production efficiency is closely monitored and all employees take part in ensuring the plant efficiency. Set up Early Warning Systems for critical information regarding the plant operation processes. Ensure that the scheduled preventive maintenance of power plant equipment is carried out on a regular basis by qualified staff. Ensure that spare part inventory is adequate and well managed. Implement the Quality Management System (ISO: 9001:2000) at REGCO, KEGCO and Roi-Et Green to ensure that those power plants operate in accordance with their PPA terms. Continuously develop the competencies of the firms human resources Raw water shortage for electricity generating The raw water shortage risk can result in plant outages and revenue shortfall including penalty payment in the worst case. Although EGCO Group has never Page 12

16 Part 2 Section 1 Rick Factors before experienced any water shortage during the past years, the measures are set to prevent and mitigate such risk by increasing their raw water storage capacity, seeking additional sources of raw water supply and setting measures to maximize the benefit of water usage Fuel Shortage for Electricity Generating The risks of fuel shortage for electricity generating can result in plant shutdowns and revenue shortfall or in the worse case the penalty payment. The statistic indicates that this risk is low and a responsible unit is assigned to continuously monitor the fuel supply status. EGCO Group s gas fired power plants have entered into a long term gas supply agreements with PTT, except for REGCO and KEGCO which EGAT is the gas supplier under the PPA terms. The quantity and quality of natural gas and other key parameters are all spelled out in the relevant agreements. With PTT and/or EGAT as the main suppliers, the risk of fuel gas shortfall is low. With regard to BLCP which is a coal fired power plant, a long term coal supply & transportation agreement has been entered into with Australian Coal Holdings Pty Ltd. (ACH). ACH is obliged to supply coal with the quantity and quality as specified in the agreement. In case of ACH s failure to supply coal, BLCP may purchase coal from other suppliers which ACH will shoulder the increased expenditure (if any). Despite such cushion, BLCP continuously monitors and maintains a sufficient amount of reserve coal at site and through long-term arrangements with potential alternative suppliers to ensure the adequacy supply under the terms of the PPA. Biomass power plants which use rice husk and Para wood chip as fuel may face the fuel risk in terms of inadequate supply and volatile pricing. This is because those agricultural products may have alternative uses in the market. Since long term fuel supply agreements can not be established as there are few creditworthy suppliers of such feedstock, the primary risk prevention measures are to reserve more fuel and to seek alternative fuel sources in surrounding areas. This mitigation measures can help manage the fuel price at a certain level. However, the biomass fuel is still a seller s market. It should be noted that Page 13

17 Part 2 Section 1 Rick Factors the revenue from biomass power plants such as Roi Et Green accounts for 3% of 2008 revenue from EGAT. As such, the impact of the inadequate fuel on EGCO s total revenue is quite low Safety Health and Environment EGCO is well aware that electricity generating process which uses natural gas and coal as primary fuel may have certain impacts on the safety, environment and quality of life of surrounding communities. Consequently, EGCO has taken the following actions to reduce potential impacts and likelihood of such risks: Implement the measures specified in the Safety, Health and Environment (SHE) Management Manual. The Manual contains SHE policy, work plans, and practices, including review process to ensure that the operations, waste treatment and related work processes are efficient from a SHE standpoint. It should be noted that apart from complying with SHE policy, REGCO and KEGCO are also certified and have maintained the Environment Management System (ISO: 14001) as well as Thai Industrial Standards for the Occupational Health and Safety Management (TIS: & OHSAS: 18001). Prepare the work manuals and emergency plan, implement training plan and testing of plan, equipment, and warning system while ensuring strict compliance with the manual. Develop a list of governing laws and regulations and designate responsible person to monitor the compliance with such list. Monitor and ensure the compliance with Safety, Health and Environment (SHE) Management Manual Accident, Resistance, and Sabotage Accident may cause fire. In addition, EGCO business may subject to the community resistance if the generation process has negative impact on the community. Beside, power plant may also be the sabotage target. Page 14

18 Part 2 Section 1 Rick Factors The Management is well aware of the above risks and set the following measures to reduce the impact and the likelihood of those risks. Strongly encourage employees to prudently discharge their duties with the belief that carelessness may lead to significant damage. Periodically maintain all equipment as scheduled to ensure that they can work efficiently. Strengthen relationship with surrounding communities to foster the right perception about EGCO business Set the security plan with regular drills and provide necessary equipment such as closed circuit TV. Secure the insurance policy that cover all risks, machinery breakdown, business interruption and third party liability to assure that EGCO Group s assets and personnel will be adequately protected even in an unexpected case. The insurance policy on terrorist attack is also procured for some power plant in EGCO Group Financial Risks EGCO s investment is capital intensive by nature. Since the primary funding sources are loans from domestic and international bank loan markets, foreign exchange rate and interest rate fluctuation are important risks to be monitored and mitigated. Mitigation measures are established as follows: 4.1 Foreign Exchange Rate Fluctuation EGCO Group has a policy to mitigate currency mismatches for each of its investment projects to prudent levels. In general, this is achieved by matching currencies of project development and construction costs with funding source currencies and subsequently matching the currency of long-term funding profiles with those of each project s revenue stream during the operation phase. Page 15

19 Part 2 Section 1 Rick Factors However, if the portions of foreign currency of revenue and expenses are not matched, the depreciation or appreciation of baht may have a negative impact on EGCO. For example, if the portion of dollar indexed electricity revenue is higher than the debts in dollar, baht appreciation will reduce the net profit. Therefore, EGCO Group uses Revenue Swap as an instrument to mitigate foreign exchange rate fluctuation risk. As a consequence, the Group s revenues are stable and can be projected accurately. 4.2 Interest Rate Fluctuation EGCO Group has a policy to manage risk of interest rate fluctuation by using financial hedging instrument to fix floating interest rate exposures to the maximum extent commercially possible to provide the most predictable cash flow of loan expenditure over its long-term power purchase contracts. If interest rate fixtures are not available for the full project terms required, EGCO would seek to enter into or have its project company enter into financial instruments that can best mitigate the interest rate risks subject to market availability and cost. As of December 31, 2008, most of EGCO Group s loan floating interest rate was already fixed. Page 16

20 Part 2 Business Characteristics 2. Business Characteristics 2.1 Background and Major Development EGCO is the first independent power producer in Thailand incorporated on May 12, 1992 by Electricity Generating Authority of Thailand ( EGAT ). Such incorporation marked the commencement of the Thai government s privatization initiatives to allow broader private sector investment in the electricity generating sector. EGCO was transformed into a public company on March 23, 1994 and listed on the Stock Exchange of Thailand (SET) on January 16, On November 4, 1997, the Cabinet endorsed the National Energy Policy Council s resolution to bolster the private sector s role in energy business, thereby EGAT was to reduce its shareholding in EGCO by divesting part of the shares to strategic investors under the condition that EGAT and EGCO would allow strategic investors to increase their shareholding in EGCO in the future through either direct purchase from EGAT or purchase of newly issued shares. On June 30, 1998, CLP Power International Limited, engaging in energy business in the Asian region and being a subsidiary of CLP Holdings Limited which is listed on Hong Kong Stock Exchange, won the bid to purchase EGCO s 78 million shares or 14.92% from EGAT, which were later on July 23, 1998 transferred by the latter to CLP Power Projects (Thailand) Limited which engages in energy business in Thailand and is also a subsidiary of CLP Power International Limited. As of December 31, 2002, shareholding of EGAT and CLP Power Projects (Thailand) Limited in EGCO accounted for 25.41% and 22.42% respectively. On March 27, 2006 EGCO informed SET that it was notified by CLP Power Projects (Thailand) Limited ( CLPT ),a major shareholder, holding per cent of the total issued share capital of the Company, that CLPT s major shareholder (namely, CLP Power International Limited) transferred all of its shares in CLPT to OneEnergy Limited, which, on March 23, 2006, became a joint venture vehicle owned by CLP Holdings Limited and Mitsubishi Corporation on a 50:50 basis. 2.2 Overall picture of business operation EGCO is a holding company with investment in power generation and supply as well as other related business. The holding structure has enabled EGCO to set up subsidiaries, which funds can be raised for new projects without any impact on the existing projects. Consequently, it is convenient for EGCO to expand its business and manage each of its portfolio. This will enhance the efficiency of each subsidiary with clarity in financial management and performance reporting. As a holding company. EGCO recognizes revenue from dividend income and profit sharing of investment in subsidiaries and joint ventures which operate in electricity generation and distribution business to EGAT and industrial users under the long term power purchase agreements (PPA). Its portfolio also covers the investment in related energy business. The major responsibilities of EGCO as a holding company are business development, strategic and policy planning which includes human resources management, accounting and budgeting, and public relations of EGCO s group. Besides, EGCO has also rendered internal audit and legal services to its Page 17

21 Part 2 Business Characteristics subsidiaries which mainly undertake responsibilities on the power generation and sale, service provision, and operation and maintenance. 2.3 Business Lines EGCO businesses can be divided into 4 groups as follows: 1. Independent Power Producer ( IPP ) Group: This Group comprises 4 companies being Rayong Electricity Generating Co., Ltd., Khanom Electricity Generating Co., Ltd, BLCP Power Limited and Gulf Power Generation Co., Ltd. The combined equity MW is 3,528.0 MW which accounts for 88.92% of EGCO s total operating asset capacity. 2. Small Power Producer ( SPP ) Group: This Group comprises 6 companies being EGCO Cogeneration Co., Ltd, Roi Et Green Co., Ltd, Gulf Cogeneration Co., Ltd, Nong Khae Cogeneration co., Ltd, Samutprakarn Cogeneration co., Ltd and Gulf Yala Green Co., Ltd. The combined capacity was equity MW which represents 7.39% of EGCO s total operating asset capacity. 3. Oversea Power Producer Group: This Group comprised 4 companies being Western Mindanao Power Corporation, Southern Philippines Power Corporation, Quezon Power (Philippines) Limited Co. in the Philippines and NTPC in Lao PDR. The combined equity MW (excluding NTPC of which the project is under construction) was MW representing 3.69% of EGCO s total operating asset capacity. 4. Other Business Group: This Group comprises 3 companies being ESCO, Egcom Tara Co., Ltd., Eastern Water Resources Development and Management Public Company Limited Details of each project are shown in the table at the end of this report. 2.4 Revenue Profile The major source of income is from IPP group. The 2008 net profit before foreign exchange gain and loss of each business line is as shown below. SPP 7.41% Overseas 0.26% Others 3.38% IPP 88.94% Unit : Million Baht Profit of 2008 Profit of 2007 Before FX After FX Before FX After FX EGCO (598) (565) (393) (393) IPP 7,195 6,707 6,965 7,795 Profit before FX 2008 Page 18

22 Part 2 Business Characteristics Remarks: SPP Overseas (197) Other Business Total 7,491 6,927 7,392 8,402 - Profits before FX separate out foreign exchange impact from EGCO, subsidiaries and joint ventures. - IPP : REGCO, KEGCO, BLCP, GPG - SPP :GCC, SPCC, NKCC, GYG, AEP, APBP, EGCO Cogen, Roi-Et Green - Overseas : Conal, NTPC, Quezon - Others : ESCO, ET, AMESCO 2.4 Business Target EGCO focus to continue building upon its portfolio of power generation assets within both the domestic and ASEAN markets by develop or buy the power plant projects upon the company investment plan which concern in shareholders return maximization under the acceptable level of risk. In essence, the Company s corporate vision is: To be the leading Thai integrated electric power Company with comprehensive energy services in Thailand and in the ASEAN region, with full commitment to environment protection and social development support In this regard, EGCO has identified its key long term objectives as follows: Seek to grow at a rate higher than the average growth of electricity demand in our target markets, Achieve returns on equity (ROE) above the average of industry in Thailand, Create a healthy organization which excels in terms of good corporate governance and acceptance from the communities. Table 1. EGCO s Business Line: 1. IPP Group 1.1 Rayong Electricity Generating Company Limited ( REGCO ) EGCO directly holds a 100% stake in REGCO which owns and operates Rayong power plant known as the first IPP in Thailand located in Rayong province. It is a 1,232-megawatt power Page 19

23 Part 2 Business Characteristics plant combining of four identical 308-megawatt combined cycle power blocks using natural gas as primary fuel to generate and sell all net electricity output to EGAT under the 20-year power purchase agreement ( PPA ). In 2008, Rayong power plant generated and sold 2, million kilowatt-hours electricity output to EGAT, while its plant Equivalent Availability Factor was 90.52%. 1.2 Khanom Electricity Generating Company Limited ( KEGCO ) EGCO directly holds a 100% stake in KEGCO which owns and operates Khanom power plant known as the largest power plant in the southern area of Thailand located in Nakhon Sri Thammarat province. It is a 824-megawatt power plant combining of two 75-megawatt thermal power units and one 674-megawatt combined cycle power unit all using natural gas as a primary fuel to generate and sell all net electricity output to EGAT under the 15-year and 20-year PPAs. In 2008, Khanom power plant generated and sold 5, million kilowatt-hours electricity output to EGAT, while its plant Equivalent Availability Factor was 90.26%. 1.3 BLCP Power Limited ( BLCP ) EGCO directly holds a 50% stake in BLCP which owns and operates an IPP coal-fired power plant located in Rayong province. It is a 1,434-megawatt power plant comprises of two identical 717-megawatt pulverized coal-fired power units using high quality bituminous imported from Australia as a primary fuel to generate and sell all net electricity output to EGAT under the 25- year PPA under the IPP program. In 2008, BLCP power plant generated and sold 10, million kilowatt-hours electricity output to EGAT, while its plant Equivalent Availability Factor was 92.83% for unit 1 and 99.97% for unit Gulf Power Generation Company Limited ( GPG ) EGCO indirectly holds a 50% stake in GPG via its 50% ownership in Gulf Electric Public Company Limited ( GEC ). GPG owns and operates an IPP gas-fired power plant, called Kaeng Khoi 2 power plant ( KK2 ), located in Saraburi province. It is a 1,510-megawatt power Page 20

24 Part 2 Business Characteristics plant combining of two 755-megawatt combine cycle power blocks using natural gas as a primary fuel to generate and sell all net electricity output to EGAT under the 25-year PPA under the IPP program. The commercial operation date of KK2 Block 2 was on March 1, In 2008, GPG power plant generated and sold 8, million kilowatt-hour electricity output to EGAT, while its plant Equivalent Availability Factor was 95.52% for block 1 and 96.89% for block SPP Group 2.1 EGCO Cogeneration Company Limited ( EGCO Cogen ) EGCO directly holds an 80% stake in EGCO Cogen which owns and operates a SPP cogeneration power plant located in Rayong province. It is a 117-megawatt cogeneration power plant with steam supply of 30 tons per hour selling both electricity and steam outputs by using natural gas as a primary fuel. Under the SPP firm cogeneration program, it signed 60-megawatt contracted capacity with EGAT under the 21-year PPA, while other net contracted capacity of megawatt was signed with the industrial users in Rayong Industrial Park under the longterm PPAs. In 2008, EGCO Cogen power plant generated and sold million kilowatt-hour electricity output to the customers, while its plant Equivalent Availability Factor was 95.05% and the steam output to the industrial user was 55,250 tons. 2.2 Roi-Et Green Company Limited (Roi-Et Green) EGCO indirectly holds a 70.3% stake in Roi-Et Green via EGCO Green Co.,Ltd. Roi-Et Green owns and operates a SPP renewable power plant located in Roi-Et province. It is a 9.9-megawatt biomass-fired power plant using rice husk as a primary fuel. Under the SPP firm renewable program, it signed 8.8-megawatt contracted capacity with EGAT under the 21-year PPA. In 2008, Roi-Et Green power plant generated and sold million kilowatt-hour electricity output to EGAT, while its plant Availability Factor was 89.90%. Page 21

25 Part 2 Business Characteristics 2.3 Gulf Cogeneration Company Limited ( GCC ) EGCO indirectly holds a 50% stake in GCC via its 50% ownership in GEC. GCC owns and operates a SPP cogeneration power plant located in Saraburi province. It is a 110-megawatt cogeneration power plant with steam supply of 16 tons per hour selling both electricity and steam outputs by using natural gas as a primary fuel. Under the SPP firm cogeneration program, it signed 90-megawatt contracted capacity with EGAT under the 21-year PPA, while other net contracted capacity of 20 megawatt was signed with the industrial users under the long-term PPAs. In 2008, GCC power plant generated and sold million kilowatt-hour electricity output to the customers, while its plant Equivalent Availability Factor was 99.16% and the steam output to the industrial user was 186,068 tons. 2.4 Nong Khae Cogeneration Company Limited ( NKCC ) EGCO indirectly holds a 50% stake in NKCC via its 50% ownership in GEC. NKCC owns and operates a SPP cogeneration power plant located in Saraburi province. It is a 126-megawatt cogeneration power plant with steam of 24 tons per hour selling both electricity and steam outputs by using natural gas as a primary fuel. Under the SPP firm cogeneration program, it signed 90-megawatt contracted capacity with EGAT under the 21-year PPA, while other net contracted capacity of 36 megawatt was signed with the industrial users under the long-term PPAs. In 2008, NKCC power plant generated and sold million kilowatt-hour electricity output to the customers, while its plant Equivalent Availability Factor was 97.82% and the steam output to the industrial user was 216,819 tons. 2.5 Samutprakarn Cogeneration Company Limited ( SCC ) EGCO indirectly holds a 50% stake in SCC via its 50% ownership in GEC. SCC owns and operates a SPP cogeneration power plant located in Samutprakarn province. It is a 126-megawatt cogeneration power plant with steam of 24 tons per hour selling both electricity and steam outputs by using natural gas as a primary fuel. Under the SPP firm cogeneration program, it Page 22

26 Part 2 Business Characteristics signed 90-megawatt contracted capacity with EGAT under the 21-year PPA, while other net contracted capacity of 36 megawatt was signed with the industrial users under the long-term PPAs. In 2008, SCC power plant generated and sold million kilowatt-hour electricity output to the customers, while its plant Equivalent Availability Factor was 98.60% and the steam output to the industrial user was 143,024 tons. 2.6 Gulf Yala Green Company Limited ( GYG ) EGCO indirectly holds a 50% stake in GYG via its 50% ownership in GEC. GYG owns and operates a SPP renewable power plant located in Yala province. It is a 23-megawatt biomassfired power plant using parawood residue as a primary fuel. Under the SPP firm renewable program, it signed 20.2-megawatt contracted capacity with EGAT under the 25-year PPA. In order to alleviate the investment risks for power generation from renewable energy in the three southernmost provinces. The National Energy Policy Committee ( NEPC ) agreed to add the Special Adder for renewable plant located in the three provinces. For GYG, company receives the adder of 1.0 Baht/kWh for a period of 7 years from March 2008 to February In 2008, GYG power plant generated and sold million kilowatt-hour electricity output to EGAT, while its plant Availability Factor was 91.02%. 3. Overseas Group 3.1 Conal Holdings Corporation (CHC) EGCO indirectly holds a 40% stake in CHC via EGCO International (B.V.I.) Limited ( EGCO B.V.I. ). CHC is the largest IPP in the Mindanao Island, Philippines. CHC holds the shares in 2 electricity generating companies and 1 operation and maintenance service company. Western Mindanao Power Corporation ( WMPC ) EGCO indirectly holds a 17.6% stake in WMPC via CHC. WMPC owns and operates an IPP power plant located in Zamboanga city, Philippines. It is a megawatt diesel power plant Page 23

27 Part 2 Business Characteristics using bunker-c fuel oil as a primary fuel. Under the Build-Operate-Own ( B-O-O ) scheme, it generates and sells all net electricity output to National Power Corporation (NPC) under the 18- year Energy Conservation Agreement ( ECA ). In 2008, WMPC power plant generated and sold million kilowatt-hours electricity output to NPC, while its plant Equivalent Availability Factor was 95.37%. Southern Philippines Power Corporation ( SPPC ) EGCO indirectly holds a 17.6% stake in SPPC via CHC. SPPC operates and owns an IPP power plant called Gen Santos located in Sarangani province, Philippines. It is a 54.8-megawatt diesel power plant using bunker-c fuel oil as a primary fuel. Under the B-O-O scheme, it generates and sells all net electricity output to NPC under the 18-year ECA. In 2008, SPPC power plant generated and sold million kilowatt-hours electricity output to NPC, while its plant Equivalent Availability Factor was 92.56%. Alto Power Management Corporation ( APMC ) APMC provides operation and maintenance services including plant management and consulting to the two above-mentioned power plants and also third-party power plants. 3.2 Quezon Power (Philippines), Limited Co. ( QPL ) On November 29, 2008, EGCO acquired indirectly 23.4% ownership interest in QPL via EGCO B.V.I. QPL is a megawatt (gross) pulverized coal-fired power units using high quality coal imported from Indonesia as a primary fuel to generate and sell all net electricity output under the 25-year PPA with Manila Electric Company ( Meralco ), the country's largest power distribution company, and will provide additional load stability for the Luzon power grid. 3.3 Nam Theun 2 Power Company Limited ( NTPC ) NTPC has the installed capacity of 1,086.8-megawatt located in Lao PDR. It has an initial Page 24

28 Part 2 Business Characteristics registered capital of USD 1 million. Currently, EGCO holds a 25% stake of NTPC, while EDF International (a subsidiary of Electricite de France), Laos State Holdings Enterprise (LHSE), and Italian-Thai Development Public Company Limited own 35%, 25%, and 15%, respectively. NTPC signed a 25-year Concession Agreement with the Government of Lao PDR on October 3, NTPC also signed PPAs with EGAT and EDL on November 8, 2003 to supply 995 megawatts to EGAT and additional 75 megawatts to EDL for 25 years after the COD. On April 29, 2004, the project achieved the Financial Close and the first drawdown was on June 15, At the end of 2008, the overall project progress was 95.1% as well as planned. It was expected that the project could achieve the COD within December 2009 as scheduled. 4. Other Businesses 4.1 EGCO Engineering & Service Company Limited ( ESCO ) ESCO is EGCO s wholly owned subsidiary which provides operation, maintenance, engineering and construction services to power plants, petrochemical plants, oil refineries and other industries including the Group companies. 4.2 Egcom Tara Company Limited ( ET ) EGCO holds 70% in ET via ESCO. Under a 30-year agreement, ET produces tap water according to Thai Industrial Standard ( TIS ) and supplies to the three water stations of the Provincial Waterworks Authority of Thailand (PWA), namely, Pak Tor Water Station, Damnoen Saduak Water Station and Samut Songkhram Water Station. 4.3 Eastern Water Resources Development and Management Public Company Limited ( East Water ) At the end of 2008, EGCO holds 18.72% of shares in East Water which is responsible for develops and operates the main raw water pipe network in the Thailand Eastern Seaboard area covering 7 provinces namely, Rayong, Chonburi, Chachoengsao, Prachinburi, Srakaew, Chantaburi and Trad. Page 25

29 Part 2 Business Characteristics Revenue Structure of EGCO and Subsidiaries Product Transaction % ** 2006** Service Shareholding Revenue % Revenue % Revenue % Electricity IPP REGCO 99.99% Capacity Charge 3, % 3, % 5, % Energy Charge % % % KEGCO 99.99% Capacity Charge 3, % 4, % 5, % Energy Charge % % % SPP EGCO Cogen 80.00% Energy Charge 1, % 1, % 1, % Roi-Et Green 70.30% Energy Charge % % % Service ESCO / % % % % Water Egcom Tara 70.00% % % % Interest EGCO / % % % income REGCO / % % % % KEGCO 99.99% % % % TLPC, EGCO cogen, EGCO Green, ESCO, Egcom Tara % % % Others EGCO / % % % REGCO 99.99% % % % KEGCO 99.99% % % % TLPC, EGCO cogen, EGCO Green, ESCO, Egcom Tara % % % Share of BLCP 50.00% 2, % 3, % - - profit (loss) GEC 50.00% 1, % 1, % (51.62) (0.35%) EGCO JD (AEP, APBP) 14.85% % % % AMESCO 99.99% % % % NTPC 25.00% (93.53) (0.61%) (249.71) (1.50%) (274.82) (1.88%) Conal 50.00% % % % Quezon 23.40% % - - Total revenues (revenues item in consolidated) 15, % 16, % 14, % Page 26

30 Part 2 Business Characteristics Notes /1 /2 /3 /4 For year 2008, ESCO's service income was Baht 769,839,543 (excluding related party transactions which were the maintenance service income of REGCO, KEGCO, EGCO Cogen, Roi-Et Green and Egcom Tara amounted to Baht 44,264,244, Baht 45,356,554, Baht 59,366,005, Baht 32,941,683 and Baht 2,100,423, respectively) EGCO's interest income for year 2008 was Baht 110,322,305 (excluding related party transactions which were Baht 5,140,456 of KEGCO's debenture and interest income from shareholders' loan from REGCO and ESCO amounted to Baht 91,669,898 and Baht 46,800,000, respectively) REGCO's interest income for year 2008 was Baht 15,451,250 (excluding related party transaction which was Baht 856,743 of KEGCO's debenture) EGCO's other income for year 2008 was Baht 138,582,568 (excluding related party transactions which were office rental and service incom from REGCO, KEGCO, ESCO, Egcom Tara, EGCO Cogen, EGCO Green and Roi-Et Green amounting to Baht 26,288,400, Baht 28,027,762, Baht 9,321,600, Baht 2,295,600, Baht 8,492,400, Baht 862,800 and Baht 7,189,200, respectively) ** Commencing January 1, 2007, the Group has changed its accounting policy for interests in joint ventures in the consolidated financial statement from proportionate consolidation to equity method. The group has applied the retrospective adjustments in the consolidated financial statements for Page 27

31 Part 2 Business Characteristics การไฟฟ าฝ ายผล ตแห งประเทศ ไทย (กฟผ) 25.41% Electricity Generating Authority of Thailand (EGAT) บจ.ว น เอนเนอจ ไทยแลนด ล ม เต ด 22.42% OneEnergy Thailand Ltd. ผ ลงท นท วไป 52.17% General Public บร ษ ท ผล ตไฟฟ า จ าก ด (มหาชน) Electricity Generating Public Co., Ltd. บจ. ผล ตไฟฟ าระยอง (บฟร) 99.99% Rayong Electricity Generating Co., Ltd. (REGCO) บจ. ผล ตไฟฟ าขนอม (บฟข) 99.99% Khanom Electricity Generating Co.,Ltd. (KEGCO) บจ. เอ กโก เอ นจ เน ยร ง แอนด เซอร ว ส (เอสโก) 99.99% EGCO Engineering & Service Co., Ltd. (ESCO) บจ. เอ กโก อ นเตอร เนช นแนล (บ ว ไอ) (เอ กโก บ ว ไอ) % EGCO International (BVI) Ltd. (EGCO BVI) บจ.เอ กโก โคเจนเนอเรช น (เอ กโก โคเจน) 80.00% EGCO Cogeneration Co., Ltd. (EGCO Cogen) บจ.เอ กโก กร น เอ นเนอร ย (เอ กโก กร น) 74.00% EGCO Green Energy Co., Ltd. (EGCO Green) บมจ. ก ลฟ อ เล คตร ก (จ อ ซ ) 50.00% Gulf Electric Public Co., Ltd. (GEC) บจ. น าเท น 2 เพาเวอร (เอ นท พ ซ ) 25.00% Nam Theun 2 Power Co., Ltd. (NTPC) บจ. บ แอลซ พ เพาเวอร (บ แอลซ พ ) 50.00% BLCP Power Limited (BLCP) บมจ. จ ดการและพ ฒนาทร พยากรน า ภาคตะว นออก (อ สท วอเตอร ) 18.72% Eastern Water Resources Development & Management Public Co., Ltd. (EAST Water) บจ. พล งงานการเกษตร (เออ ) 99.99% Agro Energy Co., Ltd.(AE) บจ.เอ กคอมธารา (เอ กคอมธารา) 70.00% Egcom Tara Co., Ltd. (ET) โคแนล โฮลด ง คอร ปอเรช น (โคแนล) 40.00% Conal Holding Corporation (Conal) จ พ ไอ เควซอน 90.00% GPI Quezon Ltd. (GPIQ) บจ. ร อยเอ ด กร น (ร อยเอ ด กร น) 95.00% Roi-Et Green Co., Ltd. (Roi-Et Green) บจ. ก ลฟ ยะลา กร น (จ วายจ ) 99.99% Gulf Yala Green Co., Ltd. (GYG) บจ. ก ลฟ โคเจนเนอเรช น (จ ซ ซ ) 99.99% Gulf Cogeneration Co., Ltd. (GCC) บจ. หนองแค โคเจนเนอเรช น (เอ นเคซ ซ ) 99.99% Nong Khae Cogeneration Co., Ltd. (NKCC) บจ. สม ทรปราการ โคเจนเนอเรช น (เอสซ ซ ) 99.99% Samutprakarn Cogeneration Co., Ltd.(SCC) บจ. ก ลฟ เอ นเนอร ย (จ อ เอ น) 99.99% Gulf Energy Co., Ltd. (GEN) เอเอ มพ ซ อ นเตอร เนช นแนล % AMPC International Ltd. อ ลโต เพาเวอร เมเนจเมนท คอร ปอเรช น (เอพ เอ มซ ) 60.00% Alto Power Management Corporation (APMC) นอร ธเท ร น ม นดาเนา เพาเวอร คอร ปอเรช น (เอ นเอ มพ ซ ) 50.78% Northern Mindanao Power Corporation (NMPC) อ ลซ ง เพาเวอร โฮลด ง (อ ลซ ง) 80.00% Alsing Power Holding Inc. (Alsing) เวสเท ร น ม นดาเนา เพาเวอร คอร ปอเรช น(ด บบล วเอ มพ ซ ) 55.00% Western Mindanao Corporation (WMPC) เซาท เท ร น ฟ ล ปป นส เพาเวอร คอร ปอเรช น (เอสพ พ ซ ) 55.00% Southern Philippines Power Corporation (SPPC) เควซอนเพาเวอร 26.00% Quezon Power (Philippines) Limited Co., (QPL) บจ. ก ลฟ ไอพ พ (จ ไอพ พ ) 99.99% Gulf IPP Co., Ltd. (GIPP) บจ. ก ลฟ เพาเวอร เจเนอเรช น (จ พ จ ) 99.99% Gulf Power Generation (GPG) Page 28