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Gulf Energy Development Public Company Limited
MANAGEMENT PRESENTATION
November 2018
2
Disclaimer
This document is for information and reference only and does not constitute or form part of and should not be construed as, an offer to sell or issue or
subscription of, or the solicitation of an offer to buy or acquire any securities of Gulf Energy Development Public Company Limited (the “Company”) in any
jurisdiction or an inducement to enter into investment activity.
The information contained in this document has not been independently verified. No representation, warranty or undertaking, express or implied, is made as
to, and no reliance should be placed on, the fairness, reliability, accuracy, completeness or correctness of the information or the opinions contained herein.
This document should not be regarded by recipients as a substitute for the exercise of their own judgment. The information contained in this document
should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect developments which
may occur after the date of the document. None of the Company or any of its affiliates, directors, officers, employees, agents, advisors or representatives
shall have any liability whatsoever (in negligence or otherwise) for any damages or loss howsoever arising from any use of this document or its contents or
otherwise arising in connection with the document.
This document contains "forward-looking statements", which include all statements other than statements of historical facts, including, without limitation, any
statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could"
or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors
beyond the control of the Company that could cause the actual results, performance or achievements of the Company to be materially different from future
results, performance or achievements expressed or implied by such forward-looking statements. You are cautioned not to rely on such forward-looking
statements. Neither the Company nor any of its respective affiliates, agents, employees, advisors or representatives intends or has any duty or obligation to
supplement, amend, update or revise any of the forward-looking statements contained in this document.
This document contains data sourced from and the views of independent third parties. In such data being replicated in this document, the Company does
not make any representation, whether express or implied, as to the accuracy of such data. The replication of any views in this document should be not
treated as an indication that the Company agrees with or concurs with such views.
3
Agenda
▪ Business Overview
▪ Project Updates
▪ Operating Performance
▪ Financial Highlights
4
1. Business Overview
5
Business overview
Gas-fired Business Renewables Business Other Business
▪ 2 IPPs and 7 SPPs
▪ 4,237 MW
▪ COD: 2013-2015
40%Ownership
▪ 12 SPPs
▪ 1,563 MW
▪ COD: 2017-2019
70%Ownership
70%Ownership
(75% dividend)
75%Ownership
100%Ownership
▪ 4 Rooftop-solar VSPPs
▪ 0.6 MW
▪ COD: 2014-2015
▪ 1 Biomass project
▪ 25 MW
▪ COD: 2020
▪ 2 IPPs
▪ 5,300 MW
▪ COD: 2021-2024
Solar power projects49%Ownership
▪ 3 solar projects
▪ 149 MW
▪ COD: 2019
▪ Natural Gas Distribution
• 2 NGD projects
• 4,000,000 mmbtu/year
• COD in 2018-2019
▪ Investment
• 8.38% in SPCG
• 0.46% in EDL-Gen
11,426 MW
35%Ownership
WHA MT
Thailand
Overseas
484 MW
▪ 1 independent power
and water project
▪ 326 MW
▪ COD: 2020-2022
45%Ownership
Duqm Power
Company (“DPC”)
Wind power project49%Ownership
▪ 1 wind project
▪ 310 MW
▪ COD: 2020-2023
6
Power capacity growth – nearly 20% in 6 years
Gross Installed Capacity (MW):
Equity Installed Capacity (MW):
831
2,485
4,237 4,237 4,772 5,282
5,949 6,113
7,547
8,980
10,585
11,910
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
GJP GMP IPD GCG Gulf Solar Vietnam Oman Total
Note: Gulf's equity stake in GJP was 10% until August 15, 2016 when the stake was increased to 40%; equity installed capacities for 2013-2016 are based on the pro-
forma 40% stake for comparison purposes
73%
23%
4%
320 982
1,683 1,683 1,964 2,253 2,667 2,756
3,732
4,709
5,773
6,701
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
GJP GMP IPD GCG Gulf Solar Vietnam Oman Total
76%
21%
4%
IPP
SPP
Renewables
IPP
SPP
Renewables
7
2. Project Updates
8
GVTP
COD 16 May 2017
Construction Progress on Track
GNC
COD 1 Mar 2018
GBL
COD 1 Sep 2018
GBP
COD 1 Nov 2018
GNLL2
SCOD Jan 2019
GTS4
COD 1 Jan 2018
GNPM
SCOD Mar 2019
GNRV1
SCOD May 2019
GNRV2
SCOD Jul 2019
GTS1
COD 8 Jul 2017
GTS2
COD 1 Sep 2017
GTS3
COD 1 Nov 2017
PPA: Signed with EGAT,
for 25 years
GSA: Signed with PTT
EPC:Signed with Toyo
Engineering
LTSA: Signed with SIEMENS
and GE
COD: 2017 – 2019
Project cost:Approx. 6,000 MB
per project
Overall status: • 8 projects in operation
• 4 projects under
construction
✓ ✓ ✓ ✓
✓ ✓
COD
2017
COD
2018
COD
2019
12 SPPs under GMP
99.5% 97.7% 91.7% 85.0%
✓
✓
✓
✓
GMP – 12 SPPs (1,563MW)
Updated as of 1 Nov 2018
✓
✓
9
IPD – 2 IPPs (IPP 5,000MW)
In operation
Under construction/
development
CHONBURI
RAYONG
Location: Hemaraj Eastern Seaboard
Industrial Estate, Chonburi
Contracted
capacity:
2,500.0 MW
Fuel type: Gas-fired
PPA Signed with EGAT,
for 25 years
GSA Signed with PTT
EPC Signed with Mitsubishi,
MHPS and STEC
LTSA Signed with MHPS
SCOD: Unit 1-2: 2021
Unit 3-4: 2022
Project
cost:
Approx. 51,000 MB
• Debt: 38,000 MB (D/E 3:1)
• Equity back-ended structure
Overall
status:
• Signed loan agreements in
Nov 2018
• The construction to begin in
early Dec 2018
Location: Rojana (Pluak Daeng)
Industrial Park, Rayong
Contracted
capacity:
2,500.0 MW
Fuel type: Gas-fired
PPA Signed with EGAT,
for 25 years
GSA Signed with PTT
EPC Signed with Mitsubishi,
MHPS and STEC
LTSA Signed with MHPS
SCOD: Unit 1-2: 2023
Unit 3-4: 2024
Project cost: Approx. 51,000 MB
• Debt: 38,000 MB (D/E 3:1)
• Equity back-ended structure
Overall
status:
• Under development
• Financing close is
expected in 2020
✓
✓
✓
✓
✓
✓
✓
✓
10
GSRC’s financial closing ceremony
GSRC has successfully entered into financing agreements to obtain long-term
loan facilities with an aggregate amount of approximately 38,000 MB with a group of both onshore and offshore financial institutions, totaling 12 lenders.
11
Progress of GSRC’s construction works
The GSRC power project commenced
civil engineering construction and site preparation in July 2018
Photo taken at the site in October 2018
showed significant area development,
prompting for the construction of the power plant in December 2018.
12
Gulf Chana Green (Biomass) – 1 SPP (25MW)
(GCG)
SONGKHLA
Location: Songkhla, Thailand
Installed
capacity:
25.0 MW
Fuel type Parawood
Tariff EP + Ft + Bt 1.3 adder for 7 years
after COD
PPA Signed with EGAT
EPC Signed with STEC
SCOD: Mar 2020
Project cost: Approx. 2,300 MB
Overall
status:Under construction
21% completed
✓
✓
Updated as of 25 Oct 2018
13
NGD – 2 projects
Location: Hemaraj Eastern Seaboard
Industrial Estate 2
Capacity: 2,000,000 mmbtu/year
Customers: 500,000 mmbtu/year
GSA Signed with PTT
EIA
approval
Obtained
Land Purchased
SCOD: Dec 2018
Overall
status:
Under construction
89% completed
Location: Hemaraj Eastern Seaboard
Industrial Estate 4
Capacity: 2,000,000 mmbtu/year
Customers: 500,000 mmbtu/year
GSA Signed with PTT
EIA
approval
Obtained
Land Purchased
SCOD: Apr 2019
Overall
status:
Under construction
58% completed
✓
✓
✓
✓
✓
✓
Updated as of 2 Nov 2018
14
New renewable investment in Vietnam
Project ProvinceFuel
type
Gross
installed
capacity
(MW)
Equity
installed
capacity
(MW)
Approx.
project cost
(US$m)
SCOD
TTCIZ-01 Tay Ninh Solar 69 33 66 Mar 2019
TTCIZ-02 Tay Ninh Solar 50 25 53 May 2019
Solar VN Ben Tre Solar 30 15 33 Jun 2019
Wind VN Ben Tre Onshore/
Offshore
wind
310 152 618 2020-2023
Total 460 225 770
Investment portfolio
49.0% 51.0%
Leading conglomerate operating various businesses
in Vietnam, including energy and industrial estates
with an asset size of approx. US$1.9 billion
Under construction/
development
15
First two solar projects in Vietnam (119 MW)
Location Tay Ninh, Vietnam
Installed
capacity
Approx. 69 MW
Shareholding - GULF (49%)
- TTC Group (51%)
Fuel type Solar
EPC Signed with JGC Vietnam
Offtaker Vietnam Electricity (EVN)
Tariff Approx. US9.35c./kWh
PPA 20 years
(to sign in Nov 2018)
SCOD Mar 2019
Project cost Approx. US$ 66 million
Overall status Under construction
48% completed
TTCIZ-01
Under construction/
development
TTCIZ-02
Location Tay Ninh, Vietnam
Installed
capacity
Approx. 50 MW
Shareholding - GULF (49%)
- TTC Group (51%)
Fuel type Solar
EPC Signed with JGC Vietnam
Offtaker Vietnam Electricity (EVN)
Tariff Approx. US9.35c./kWh
PPA 20 years
(to sign by early 2019)
SCOD May 2019
Project cost Approx. US$ 53 million
Overall status Under construction
14% completed
Updated as of
1 Nov 2018
16
Two new renewable projects in Vietnam (340 MW)
Location Ben Tre, Vietnam
Installed
capacity
Approx. 30 MW
Shareholding - GULF (49%)
- TTC Group (51%)
Fuel type Solar
Offtaker Vietnam Electricity (EVN)
Tariff Approx. US9.35c./kWh
PPA 20 years
SCOD Jun 2019
Project cost Approx. US$ 33 million
Overall status Waiting for approval from
Ministry of Industry and
Trade of Vietnam
Solar Vietnam
Under construction/
development
Wind Vietnam
Location Ben Tre, Vietnam
Installed
capacity
1st Phase: 30 MW
2nd Phase: 280 MW
Total: 310 MW
Shareholding - GULF (49%)
- TTC Group (51%)
Fuel type Wind Onshore/Offshore
Offtaker Vietnam Electricity (EVN)
Tariff Increase from approx.
US7.8c./kWh to
US8.5c. – 9.8c./kWh
PPA 20 years
SCOD 1st Phase (30MW): 2020
2nd Phase (280MW):
2021-2023
Project cost Approx. US$ 618 million
Overall status • Under EPC selection
process
• Expect to begin
construction by
Quarter 1, 2019
17
Newly awarded gas-fired project in Oman (326MW)
DUQM
POWER
PROJECT Desalinated
water
Electricity
55%45% 50%50%
Duqm Independent Power
& Water Project (DIPWP)
Location Duqm Special Economic Zone, Oman
Installed
capacity
Power: approx. 326 MW
Water: approx. 1,667 m3/hour
Shareholding - GULF (45%)
- Oman Oil (55%)
Fuel type Gas
EPC Signed with consortium of 4
companies:
1) Alghanim International General
Trading & Contracting Co. W.L.L.
2) Cobra Instalaciones y Servicios
S.A.
3) Sojitz Corporation
4) Tecnicas De Desalinizacion De
Aguas
Offtaker Duqm Refinery
PPA 25 years from COD + 5 years
renewal by mutual agreement
SCOD 2020-2022
Project cost Approx. US$ 483 million
Overall status Under construction
7% completed
Oman Oil Kuwait Petroleum
Capacity: 230,000 bbl/day
Project cost: US$7,000m
18
Completion of 45% share transfer in October 2018
19
3. Operating performance
20
Projects in operation
40%Ownership
70%Ownership
4,237 MW 918 out of 1,563 MW
GKP1
GKP2
GTLC
GNNK
GNLL
GCRN
GNK2
GNS
GUT
100%
100%
100%
100%
100%
75%
100%
114 MW
114 MW
114 MW
114 MW
123 MW
119 MW
133 MW
100%
100%
1,653 MW
GVTP
GTS1
GTS2
GTS3
GTS4
GNC
75%
75%
75%
75%
75%
100%
137 MW
134 MW
134 MW
130 MW
130 MW
126 MW
7 SPPs 2 IPPs 7 out of 12 SPPs
GBL75%
127 MW
COD: 2013
COD: 2014-15
COD: 2017-18
1,752 MW
As of Sep 2018
21
GJP – 2 IPPs (3,406 MW)
7,036
7,174 7,144
Average
Average Heat rate (BTU/kWh)
3Q'17 2Q'18 3Q'18
2 IPPs Key customer
88
99
89
100100 100
GNS GUT
Availability (%)
3Q'17 2Q'18 3Q'18
COD: Unit 1 Jun 2014
Unit 2 Dec 2014
GNS GUT
COD: Unit 1 Jun 2015
Unit 2 Dec 2015
100% of contracted capacity
1/ In 3Q’17, GNS Block 1 was under maintenance type B (18 days)2/ In 2Q’18, GNS Block 2 was under maintenance type B (18 days)
1 2
44.9%
20.7% 18.1%
36.5%
5.1% 7.5%
22
GJP – 7 SPPs (831 MW)
100 10098 99 99
97 9996
90
100 100 98 100 99
91
100
92 92
98100 99
GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2
Availability (%)
3Q'17 2Q'18 3Q'18
7,689 7,676 7,693
Average
Average Heat rate (BTU/kWh)
3Q'17 2Q'18 3Q'18
COD: Jan 2013 COD: Feb 2013 COD: Mar 2013 COD: Apr 2013
COD: May 2013 COD: Jul 2013
GKP1 GKP2 GTLC GNNK
GNLL
COD: Oct 2013
7 SPPs Key customers
GCRN GNK2
90 MW of each project is dispatched to
The rest is supplied to industrial users
*GKP1, GTLC and GNNK were under maintenance type A (3 days each)
* * *
23
GMP – 7 out of 12 SPPs (918 MW)
COD: May 2017 COD: Jul 2017 COD: Sep 2017 COD: Nov 2017
COD: Jan 2018
GVTP GTS1 GTS2 GTS3
COD: Mar 2018
7 out of 12 SPPs Key customers
GTS4 GNC
90 MW of each project is dispatched to
The rest is supplied to industrial users
COD: Sep 2018
GBL
99 100 10098 100 100 100 10096
100 98100
97100 100 100
GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL
Availability (%)
3Q'17 2Q'18 3Q'18
7,453 7,358 7,371
Average
Average Heat rate (BTU/kWh)
3Q'17 2Q'18 3Q'18
24
SPP heat rate improvement plan in 2018-2020
• Heat rate will improve around 150-200 BTU/kWh/plant
• Gross profit will improve around 50-60 MB/year/SPP
• Gross profit of the total 14 plants will improve approx. 700-800 MB/year
(Gulf’s portion 350-450 MB/year)
TIE-LINE CONCEPT
Plant A Plant B
Plant A Plant B
67% 67%67% 67%
100% 100%100%
Turbine Turbine Turbine Turbine
Turbine Turbine Turbine Turbine
Off Peak
GJP: 7 SPPs
Stand-alone 3 SPPs 7,750 BTU/kWh
Tie-line concept 4 SPPs 7,600 BTU/kWh
GMP: 12 SPPs
Stand-alone 2 SPPs 7,450 BTU/kWh
Tie-line concept 10 SPPs 7,300 BTU/kWh
25
Tie-line 14 SPPs (7 pairs) from the total 19 SPPs
2013 2014 2015 2016 2017 2018 2019
GKP1 & GKP2Nong Kae Industrial Estate
Saraburi
GTS1 & GTS2Eastern Seaboard
Industrial Estate
Rayong
GTS3 & GTS4WHA Eastern Seaboard
Industrial Estate
Rayong
GBL & GBPHi-Tech
Industrial Estate
Ayutthaya
GNLL & GNLL2WHA Rayong
Industrial Land
RayongGNK2 & GNPMWHA Rayong
Industrial Land
Saraburi
GNRV1 & GNRV2Suranari Industrial
Estate
Nakhon
Ratchasima
26
IPP heat rate improvement plan in 2018-2020
• Target heat rate improvement: 0.6% (of approx. 7,000 BTU/kWh)
• Target Completion for GNS &GUT: 2019 – 2020
• If 0.1% is achieved, gross profit will improve: 10 - 20 MB/year/plant
• If 0.6% is achieved, gross profit will improve: 60 - 120 MB/year/plant
• In total, gross profit of the 2IPPs will improve: 120-240 MB/year
(GULF’s portion 50-100 MB/year)
(Depending on Load Factor)
Working with Mitsubishi Hitachi to reduce heat rate of GNS and GUT by 0.6%
27
4. Financial Highlights
28
Total Revenues
SPPs commencing their operations in 2017–2018 boosted up the revenues
Total Revenues (excl. gain on exchange rate)
1,466
2,262
3,361
3,945 4,383
45
125
75
75
75
558
616
695
706
655
66
34
48
120
79
2,135
3,038
4,179
4,846
5,193
3Q'17 4Q'17 1Q'18 2Q'18 3Q'18
Sales revenue Management fee
Share of profit (excl. FX) Other incomes
Total revenues (excl. FX gain)
Total revenues in 3Q’18 was 5,193 MB
• Increased 7% QoQ due to GBL’s
commencement of commercial operation in
September 2018 and the overall increase in
sales of electricity and steam of the power
projects under GMP.
• Increased 143% YoY owing to the increase
in number of power projects under GMP
which began commercial operation and
higher share of profit from GJP as the 2IPPs
had no scheduled maintenance and the
7SPPs improved their overall performance.
Unit: Million Baht
Note:
1/ Consolidated sales revenue include electricity and steam sales from SPPs under GMP and electricity sales from VSPPs under Gulf Solar
2/ Consolidated other incomes include dividend income, interest income and other income
29
EBITDA
EBITDA (excl. gain/loss on exchange rate)
Note:
1/ EBITDA includes gross profit, dividend income, other income, share of profit (excl. FX), administrative expense and adjustment for non-cash items
2/ EBITDA margin is EBITDA divided by sales revenue, management fee, dividend income, other income and share of profit (excl. FX)
894
1,206
1,668 1,738 1,773
3Q'17 4Q'17 1Q'18 2Q'18 3Q'18
42% 40% 40%36%
34%
EBITDA margin EBITDA
Unit: Million Baht
Margin was affected by non-recurring expenses, but EBITDA continued to expand
EBITDA in 3Q’18 was 1,773 MB
• Increased 2% QoQ from the overall
increase in sales of electricity and steam of
the power projects under GMP, despite
softening share of profit due to lower
availability payment rates during the rainy
season in Q3 of the 2 IPPs and 3 SPPs
under planned maintenance.
• Increased 98% YoY as a result of the
increase in number of power projects under
GMP which began commercial operations
and higher share of profit from GJP.
EBITDA margin in 3Q’18 was 34%
• Compared to 36% in 2Q’18, the lower
margin was mainly caused by the softening
share of profit due to lower availability
payment rates during the rainy season in Q3.
• Compared to 42% in 3Q’17, the lower
margin was caused by significantly higher PR
expenses (non-recurring expense of around
200 MB) occurred during Q2-Q3 2018.
30
Core profit
Breakdown of net profit
326 542
756 795 754 94
156
347
-468
169
256
284
605
-765
282
676
982
1,708
-438
1,205
3Q'17 4Q'17 1Q'18 2Q'18 3Q'18
Core profit GMP Gain on FX GJP Gain on FX Total
Unit: Million Baht
Core profit was softening QoQ due to seasonal effect, while increasing YoY
Core profit in 3Q’18 was 754 MB
• Decreased 5% QoQ due to the
softening share of profit due to lower
availability payment rates during the
rainy season in Q3 of the 2 IPPs and
3 SPPs under planned maintenance.
• Increased 131% YoY from the
increase in number of power projects
under GMP which began commercial
operations and higher share of profit
from GJP.
Notes:
• 33.3278 THB/USD as of Jun 30, 2018
• 32.5767 THB/USD as of Sep 30, 2018
31
Balance sheet
Balance sheet
Unit: Million Baht
4,374 4,326
56,930 59,306
61,304 63,633
31-Dec-17 30-Sep-18
Total liabilities
9,267 10,918
50,547 59,930
20,439
21,690 20,399
15,233
100,652 107,771
31-Dec-17 30-Sep-18
Total assets
D/E ratio as of Sep 30, 2018 was at 1.44x
Total assets increased 7% from
the development and construction
of SPPs under GMP
+7%
+4%
Total liabilities increased 4% from
the increase in long-term
drawdowns for the construction of
power projects under GMP
Total equity increased 12% from
the increase in unappropriated
retained earnings and non-
controlling interests
+12%
31-Dec-17 30-Sep-18
D/E 1.56x 1.44x
Cash, cash equivalents and
short-term investment
Investments in an associate and
a joint venture
Property, plant and equipment
Other assets
Interest-bearing debts
Other liabilities
31,556 31,556
1,935 3,460 4,783 7,949
39,348 44,138
31-Dec-17 30-Sep-18
Total equity
Non-controlling interests
Other component of equity
attributable to owners of the parent
Paid-up capital and share premium
Unappropriated retained earnings
32
Debts outstanding
As of September 30, 2018
40% 70% 75% 100%
Bt 6,000 m,
due in 2019
Bt 38,518 mBt 42,602 m Bt 23 m Bt 701 m
US$ 1,053 m
(Bt 34,300 m)
US$ 419 m
(Bt 13,665 m)
Total Bt 76,903 m Total Bt 52,183 m
Notes:
• 33.3278 THB/USD as of Jun 30, 2018
• 32.5767 THB/USD as of Sep 30, 2018
33
Indicative terms and timeline of the bond issuance
Indicative terms
Issuer Gulf Energy Development Public Company Limited
Objective To fund the company and its subsidiaries’ normal operations and/ or loan repayment and/ or investment and/ or working capital
Type of security Thai Baht unsubordinated and unsecured debentures
Placement methodology
Private Placement to institutional and high net worth investors
Issue size Up to 10,000 million baht
Tenor Not more than 10 years
Joint lead arrangers
• Bangkok Bank Public Company Limited
• Kasikornbank Public Company Limited
• The Siam Commercial Bank Public Company Limited
Indicative timeline
Oct 24, 2018
Board of Directors
approved
Nov 27, 2018
EGM No. 1/2018
End of Nov 2018
Submit application
and filing to the SEC
Quarter 1, 2019
Subscription
and listing
34
Q&A session
35
Notes: Information as of August 15, 20181/ WHA Energy, a subsidiary of WHAUP, holds a 25.01% equity interest in GNLL2/ WHA Energy, a subsidiary of WHAUP, holds 25.01% equity interests in GVTP, GTS1, GTS2,
GTS3, GTS4 and GNLL23/ Thai Industrial Estate Corp., Ltd. holds 25.00% equity interests in GBL and GBP4/ Gulf Pattani Green, SBY Biomass, Thepha Clean Energy and Kolpos are dormant companies5/ WHAUP and MITG hold 35.00% and 30.00% respectively in Gulf WHA MT.
SPCG
70.00%
8.38%
100.00%74.99%
GKP1
GKP2
GTLC
GNNK
GCRN
GNK 2
GNLL 1
GNS
GUT
GNC
GNRV1
GNRV2
GNPM
GNLL2 2
GVTP 2
GTS1 2
GTS2 2
GTS3 2
GSRC
GPD
Gulf Solar
BV
Gulf Solar
KKS
Gulf Solar
TS1
Gulf Solar
TS2
100.00%
EDL-Gen
GBL 3
GBP 3
GCG
(Biomass)
100.00%
75.00%
75.00%
GTS4 2
74.99%
Kolpos
Gulf Energy Inter-
national
Gulf WHA MT 5Gulf
Pattani Green 4
SBY Biomass 4
Thepha Clean
Energy 4
0.46%
Gulf HKGJP GMP IPD Gulf Solar
70.00%
74.99%
74.99%
74.99%
74.99%74.99%
74.99%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
35.00%
100.00%
100.00%
100.00%
100.00%
100.00%
WHANGD2
WHA NGD4
100.00%
100.00%
40.00% 30.00%60.00% 30.00% 25.01%
GJP:
4,237 MW / 1,682 MW
GMP:
1,563 MW / 911 MW
IPD:
5,300 MW / 3,710 MW
COD: 2015
COD: 2014
COD: 2013 COD: 2017-19
COD: 2014-15
COD: 2021-22
COD: 2023-24
TTCIZ-01
TTCIZ-02
49.00%
Solar VN 3
Wind VN
Gulf SG Gulf VN
COD: 2020
49.00%
49.00%
49.00%
Operating
Projects
Under
Construction
Investment
Under
Development
IPP SPP VSPP/RE
Blue text : Gross installed capacity
Green text : Equity installed capacity
Other
BusinessesDormant
Entities
COD: 2019-23
99.99% 99.99%
COD: 2018-19
DUQM45.00%
Corporate Shareholding Structure
36
Project Category Location Type
Installed Capacity
Equity
Stake
Equity Installed Capacity
COD
PPA
Awarded
Year
Power
(MW)
Steam
(TPH)
Chilled
Water (RT)
Power
(MW)
Steam
(TPH)
Chilled
Water (RT)
GKP1 SPP Saraburi Gas-fired (CG) 114.0 22.0 - 40.00% 45.6 8.8 - Jan 5, 2013 2007
GKP2 SPP Saraburi Gas-fired (CG) 114.0 22.0 - 40.00% 45.6 8.8 - Feb 1, 2013 2007
GTLC SPP Saraburi Gas-fired (CG) 114.0 15.0 - 40.00% 45.6 6.0 - Mar 1, 2013 2007
GNNK SPP Chachoengsao Gas-fired (CG) 114.0 - 3,200.0 40.00% 45.6 - 1,280.0 Apr 1, 2013 2007
GNLL SPP Rayong Gas-fired (CG) 123.0 8.0 4,600.0 30.00% 36.9 2.4 1,379.8 May 1, 2013 2007
GCRN SPP Pathumthani Gas-fired (CG) 119.0 15.0 - 40.00% 47.6 6.0 - July 1, 2013 2007
GNK2 SPP Saraburi Gas-fired (CG) 133.0 10.0 - 40.00% 53.2 4.0 - Oct 1, 2013 2007
GVTP SPP Rayong Gas-fired (CG) 137.0 20.0 - 52.49% 71.9 10.5 - May 16, 2017 2010
GTS1 SPP Rayong Gas-fired (CG) 134.0 30.0 - 52.49% 70.3 15.7 - Jul 8, 2017 2010
GTS2 SPP Rayong Gas-fired (CG) 134.0 30.0 - 52.49% 70.3 15.7 - Sep 1, 2017 2010
GTS3 SPP Rayong Gas-fired (CG) 129.9 25.0 - 52.49% 68.2 13.1 - Nov 1, 2017 2010
GTS4 SPP Rayong Gas-fired (CG) 129.9 25.0 - 52.49% 68.2 13.1 - Jan 2018 2010
GNC SPP Prachinburi Gas-fired (CG) 126.5 20.0 - 70.00% 88.5 14.0 - Mar 2018 2010
GBL SPP Ayutthaya Gas-fired (CG) 126.8 10.0 - 52.50% 66.6 5.3 - Sep 2018 2010
GBP SPP Ayutthaya Gas-fired (CG) 126.8 10.0 - 52.50% 66.6 5.3 - Nov 2018 2010
Subtotal 1,875.9 262.0 7,800.0 890.7 128.7 2,659.8
GNS IPP SaraburiGas-fired
(CCGT)1,653.2 - - 40.00% 661.3 - -
Unit 1: Jun 1, 2014
Unit 2: Dec 1, 20142007
GUT IPP AyutthayaGas-fired
(CCGT)1,752.4 - - 40.00% 701.0 - -
Unit 1: Jun 1, 2015
Unit 2: Dec 1, 20152007
Subtotal 3,405.6 - - 1,362.3 - -
Gulf Solar BV VSPP Chonburi Solar Rooftop 0.13 - - 74.99% 0.10 - - Jun 23, 2014 -
Gulf Solar TS1 VSPP Rayong Solar Rooftop 0.13 - - 74.99% 0.09 - - Aug 27, 2014 -
Gulf Solar KKS VSPP Chonburi Solar Rooftop 0.25 - - 74.99% 0.19 - - Dec 26, 2014 -
Gulf Solar TS2 VSPP Rayong Solar Rooftop 0.09 - - 74.99% 0.07 - - Jan 8, 2015 -
Subtotal 0.6 - - 0.4 - -
Total 5,282.1 262.0 7,800.0 2,253.4 128.7 2,659.8
Note: As of 1 November 2018
Power Projects in Operation
37
Project Category Location Type
Installed Capacity
Equity
Stake
Equity Installed Capacity
SCOD
PPA
Awarded
YearPower
(MW)
Steam
(TPH)
Chilled
Water (RT)
Power
(MW)
Steam
(TPH)
Chilled
Water (RT)
GNLL2 SPP Rayong Gas-fired (CG) 126.9 10.0 - 52.49% 66.6 5.2 - Jan 2019 2010
GNPM SPP Saraburi Gas-fired (CG) 135.2 25.0 - 70.00% 94.7 17.5 - Mar 2019 2010
GNRV1 SPPNakorn
RatchasimaGas-fired (CG) 128.2 10.0 - 70.00% 89.8 7.0 - May 2019 2010
GNRV2 SPPNakorn
RatchasimaGas-fired (CG) 128.2 10.0 - 70.00% 89.8 7.0 - Jul 2019 2010
Subtotal 518.6 55.0 - 340.8 36.7 -
TTCIZ-01 RE Vietnam Solar 68.8 - - 49.00% 33.7 - - Mar 2019 N.A.
TTCIZ-02 RE Vietnam Solar 50.0 - - 49.00% 24.5 - - May 2019 N.A.
Solar VN 3 RE Vietnam Solar 30.0 - - 49.00% 14.7 - - Jun 2019 N.A.
Wind VN RE Vietnam Offshore wind 310.0 - - 49.00% 151.9 - -Phase I: 2020
Phase II: 2023N.A.
GCG SPP Songkhla Biomass 25.0 - - 100.00% 25.0 - - 2020 2018
Subtotal 483.8 - - 249.8 - -
DUQM IPWP Oman Gas-fired 326.0 - - 45.00% 146.7 - - 2020-2022 N.A.
GSRC IPP ChonburiGas-fired
(CCGT)2,650.0 - - 70.00% 1,855.0 - -
Units 1 and 2: 2021 /
Units 3 and 4: 20222013
GPD IPP RayongGas-fired
(CCGT)2,650.0 - - 70.00% 1,855.0 - -
Units 1 and 2: 2023 /
Units 3 and 4: 20242013
Subtotal 5,626.0 - - 3,856.7 - -
Total 6,628.4 55.0 - 4,447.3 36.7 -
Power Projects
NGD Projects
Project LocationInstalled Capacity
(mmbtu per year)Equity Stake
Equity Installed Capacity
(mmbtu per year)SCOD
NGD2 Rayong 2,000,000 35.00% 700,000 Dec 2018
NGD4 Rayong 2,000,000 35.00% 700,000 Apr 2019
Total 4,000,000 1,400,000
Note: As of 1 November 2018
Projects under Construction and Development
38
Maintenance Types
Year 1 2 3 4 5 6COD 1.5
A B C
Machine
Type A Type B Type C
Equivalent operating hours Equivalent operating hours Equivalent operating hours
SIEMENS(7SPPs and
9 out of 12 SPPs)
10,000 (A) 30,000 (B) 60,000 (C)
MHPS(GNS and GUT)
12,500 (CI) 25,000 (TI) 50,000 (MI)
GE(3 out of 12 SPPs
– GNC, GNRV1
and GNRV2)
8,000 (CI) 25,000 (HGPI) 50,000 (MO)
1 d
ays
10
da
ys
3 d
ays
18
da
ys
18
da
ys
22
da
ys
35
/ 2
2 d
ays
39
A B C
A (3 days)
CI (10 days)
CI (1 days)
SIEMENS
MHPS
GE
B (18 days)
TI (18 days)
HGPI (18 days)
C (22 days)
MI (35 days)
MO (22 days)
Maintenance Schedule 2017 - 2018
Group Project Type COD
2017 2018
Quarter
1
Quarter
2
Quarter
3
Quarter
4
Quarter
1
Quarter
2
Quarter
3
Quarter
4
GJP
GKP1 SPP
2013
GKP2 SPP
GTLC SPP
GNNK SPP
GNLL SPP
GCRN SPP
GNK2 SPP
GNS IPP 2014
GUT IPP 2015
GMP
GVTP SPP
2017GTS1 SPP
GTS2 SPP
GTS3 SPP
A A
A A
A A
A A
A A
AA
A
A
B B
A
A
A
A
Note: As of November 2018
A
A
40
A B C
A (3 days)
CI (10 days)
CI (1 days)
SIEMENS
MHPS
GE
B (18 days)
TI (18 days)
HGPI (18 days)
C (22 days)
MI (35 days)
MO (22 days)
Maintenance Schedule 2018 - 2019
Group Project Type COD
2018 2019
Quarter
1
Quarter
2
Quarter
3
Quarter
4
Quarter
1
Quarter
2
Quarter
3
Quarter
4
GJP
GKP1 SPP
2013
GKP2 SPP
GTLC SPP
GNNK SPP
GNLL SPP
GCRN SPP
GNK2 SPP
GNS IPP 2014
GUT IPP 2015
GMP
GVTP SPP
2017
GTS1 SPP
GTS2 SPP
GTS3 SPP
GTS4 SPP
Note: As of November 2018
A
A
A
A
A
A
A
B
A
A
A
A
C
C
C
C
A C
CC
CA
A
A
A
A
A
A B
A
41
GJP: 2 gas-fired IPPs in 9M’18
Contracted power generation capacity: 1,600 MW each, a total of 3,200 MW
COD: Jun and Dec 2014 (2 units)
GNS GUT
COD: Jun and Dec 2015 (2 units)
Note: 1/ GNS Block 2 was under maintenance type B (18 days) in 2Q’18
GUT maintained high availability, while GNS was under planned maintenance
95% 97%96% 100%
GNS GUT
Availability1 (%)
9M'17 9M'18
96% - 100%
6,986 7,073
9M'17 9M'18
Average Heat rate (BTU/kWh)
42
GJP: 7 gas-fired SPPs
All projects have been in operation since 2013
SARABURI
CHACHOENGSAO
RAYONG
PATHUMTHANI
SARABURI
• Nong Khae Industrial Estate
GKP1 and GKP2
• Talingchan
GTLC
• Hemaraj Saraburi Industrial Land
GNK2
PATHUMTHANI
• Chiangrak noi
GCRN
CHACHOENGSAO
• Wang Takien
GNNK
RAYONG
• Hemaraj Rayong Industrial Land
GNLLIn operation
Under construction/
development
43
GJP: 7 SPPs availability and heat rate in 9M’18
Installed power generation capacity: 114.0 – 133.0 MW each, a total of 831 MW
COD: Jan 2013 COD: Feb 2013 COD: Mar 2013 COD: Apr 2013 COD: May 2013 COD: Jul 2013
GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2
COD: Oct 2013
7 SPPs’ availability remained high around 96%-100%
98% 96% 99% 99%100%
99%99%96% 96% 97% 97%
98%100%
98%
GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2
Availability1 (%)
9M'17 9M'18
7,695 7,687
9M'17 9M'18
Average Heat rate (BTU/kWh)
96% - 100%
Note: 1 GKP1, GTLC and GNNK were under maintenance type A (3 days) in 3Q’18
44
2 IPPs: Sales volume 7 SPPs: Sales volume
1,473
639
551
264
2,024
903
3Q'17 3Q'18
GNS GUT Total
Steam (Ton)
66,063 66,773
3Q'17 3Q'18
Electricity (GwH) Electricity (GwH)
7,624
7,111
3Q'17 3Q'18
Chilled water (’000 RT)
Sold to IUs 100%Sold to EGAT 100%
Sold to IUs 100%
GJP’s sales volume and breakdown in 3Q’18
73%
27%
71%
29%
1,158 1,102
260 288
1,418 1,389
3Q'17 3Q'18
EGAT IUs Total
82%
18%
79%
21%
45
2 IPPs: Sales volume 7 SPPs: Sales volume
4,341
2,630
3,038
1,112
7,379
3,741
9M'17 9M'18
GNS GUT Total
Steam (Ton)
203,035 201,321
9M'17 9M'18
Electricity (GwH) Electricity (GwH)
22,079 22,571
9M'17 9M'18
Chilled water (’000 RT)
Sold to IUs 100%Sold to EGAT 100%
Sold to IUs 100%
GJP’s sales volume and breakdown in 9M’18
59%
41%
70%
30%
3,385 3,360
740 838
4,125 4,198
9M'17 9M'18
EGAT IUs Total
82%
18%
80%
20%
46
3,842 4,066 3,947
3Q'17 2Q'18 3Q'18
12,241 9,849 9,786
12,351
9,964 9,934
3Q'17 2Q'18 3Q'18
Sales revenue Others
Total revenues (excl. FX)
Total revenues in 3Q’18 dropped 20% YoY
and 0.3% QoQ due primarily to lower dispatch
of the 2 IPPs, reducing the energy payment
-20% YoY / -0.3% QoQ
GJP: Breakdown of sales revenue by project
33%
33% 34%
3Q'17
Bt 12,241m
GJP: Breakdown of sales revenue by project
93%
7%
3Q'17
Electricity - EGAT Electricity, steam and chilled water - IUs
Unit: Million Baht
EBITDA
+3% YoY / -3% QoQ
Net profit before FX
Unit: Million BahtUnit: Million Baht
EBITDA in 3Q’18 increased 3% YoY, but
decreased 3% QoQ due to lower availability
payment rates during the rainy season in Q3
and 3 SPPs under planned maintenance
Profit before FX in 3Q’18 improved 8% YoY, but
decreased 9% QoQ from the seasonal effect.
1,504 1,784 1,625
654
(1,904)
715
2,158
(120)
2,340
3Q'17 2Q'18 3Q'18
Profit before FX FX gain/loss
+8% YoY / -9% QoQ
29%
27%
44%2Q'18
Bt 9,849m
29%
26%
45%3Q'18
Bt 9,786m
IPP - GUT 7 SPPsIPP - GNS
Bt 12,241m Bt 9,849m Bt 9,786m
91%
9%
2Q'18
90%
10%
3Q'18
GJP’s sales revenue (non-TFRIC 4)
47
GJP’s share of profit to GULF (TFRIC 4)
Share of profit before FX from GJP
561 616 695 707 655
256 284
605
-765
282
817 900
1,300
-59
938
3Q'17 4Q'17 1Q'18 2Q'18 3Q'18
Share of profit before FX FX gain/loss Share of profit
Share of profit before FX dropped QoQ from seasonal effects, but improved YoY
GNS Block 1
under planned
maintenance type B
(18 days)
Unit: Million Baht
GNS Block 2
under planned
maintenance
type B (18 days)
+17% YoY / -7% QoQ
GKP1, GTLC and
GNNK under planned
maintenance type A
(3 days each)
48
GMP: Portfolio of 12 gas-fired SPPs
8 of the 12 SPPs are in operation, the other 4 SPPs to kick off in 2019
NAKORN RATCHASIMA
• Suranaree Industrial Zone
GNRV1 and GNRV2
SARABURI
• Hemaraj Saraburi Industrial Land
GNPM
PRACHINBURI
• Sahapat Kabinburi Industrial Park
GNC
RAYONG
• Eastern Seaboard Industrial Estate
GVTP, GTS1 and GTS2
• Hemaraj Eastern Seaboard Industrial Estate
GTS3 and GTS4
• Hemaraj Rayong Industrial Land
GNLL2
AYUTTHAYA
• Hi-Tech Industrial Estate
GBL and GBP
In operation
Under construction/
development
NAKORN
RATCHASIMA
SARABURI
AYUTTHAYA
PRACHINBURI
RAYONG
49
GMP: 7 SPPs availability and heat rate in 9M’18
Installed power generation capacity: 126.5 – 137.0 MW each, a total of 918 MW
COD: May 2017 COD: Jul 2017 COD: Sep 2017 COD: Nov 2017 COD: Jan 2018 COD: Mar 2018
GVTP GTS1 GTS2 GTS3 GTS4 GNC
Note : 1/ GTS1, GTS2, GTS3, GTS4 and GNC began commercial operations during Jul 2017 – Mar 2018
Higher plant availability and better heat rate YoY
97% 100% 100%97% 99% 100% 99% 100% 98% 100%
GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL
Availability1 (%)
9M'17 9M'18
7,455 7,387
9M'17 9M'18
Average Heat rate (BTU/kWh)
97% - 100%
- - - - -
GBL
COD: Sep 2018
50
Electricity sales volume (GwH) Steam (Ton)
167 167 167 163 167 15953
53 53 51 40 5914
16
220 220 218 203 227172
69
GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL
EGAT IUs
978
39,496 37,170
28,250 32,452
10,980 3,138
GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL
Breakdown of sales revenue by customer
Total 1,259 GwH
79%
21%
Total 152,464 tons
73%
26%
0.2%
GVTP
Bt 713.9m
Total Bt 4,382mElectricity sales to EGAT and PEA Electricity sales to IUs Steam sales to IUs
GMP’s sales volume and breakdown in 3Q’18
71%
23%
5.4%
GTS1
73%
22%
5.2%
GTS2
76%
20%
4.1%
GTS3
71%
24%
4.3%
GTS4
89%
9%2.0%
GNC
70%
29%
1.2%
GBL
Bt 733.5m Bt 719.0m Bt 678.2m Bt 734.4m Bt 562.2m Bt 241.2m
51
Electricity sales volume (GwH) Steam (Ton)
Breakdown of sales revenue by customer
GMP’s sales volume and breakdown in 9M’18
487 496 499 496 499 36953
146 159 151 110 161
32
16
633 656 650 606 660
401
69
GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL
EGAT IUs
9,323
114,933 111,588
61,308 74,887
23,946 3,138
GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL
Total 3,606 GwH
79%
21%
Total 399,123 tons
74%
25%
0.5%
GVTP
Bt 1,982.4m
Total Bt 11,685mElectricity sales to EGAT and PEA Electricity sales to IUs Steam sales to IUs
71%
24%
5%
GTS1
73%
22%
5%
GTS2
77%
20%3%
GTS3
73%
24%
3%
GTS4
89%
9% 2%
GNC
70%
29%
1.2%
GBL
Bt 2,118.1m Bt 2,074.9m Bt 1,937.3m Bt 2,059.0m Bt 1,272.3m Bt 241.2m
52
Due dateGULFTHB m
IPDTHB m
GMPTHB m
Gulf
SolarTHB m
GCGTHB m
TotalTHB m
In 1 year - - 1,473.5 2.6 - 1, 476.0
1 – 5 years 6,000.0 - 7,384.8 11.2 210.7 13,606.7
Over 5 years - - 29,659.7 9.6 489.8 30,159.1
Total 6,000.0 - 38,517.9 23.4 700.5 45,241.8
90%
10%
• At project level, capital structure is mostly project financing, using debt to equity ratio of 3:1
• At holding company level, principal sources of liquidity are borrowings and equity contribution by shareholders
Project
level
Holding
company
level
Debt profile as of September 30, 20181
40%
60%
Projects under
construction
Projects in
operation2
Most of the debts outstanding is project financing, due over 5 years
Note: 1/ Based on undiscounted contractual payments as of September 30, 20182/ The Group has outstanding debts at GJP, which are not shown in the Group’s consolidated financial statements. GJP’s outstanding debts
(100% basis) was Bt 76,902.6m (including US$1,052.9m, converted at THB/USD: 32.5767)
GMPUSD m
14.1
80.5
324.9
419.5
Debt profile
53
Consolidated income statement 3Q'17 2Q'18 3Q'18 9M'17 9M'18
Unit: Million baht
Revenue from sales 1,465.7 3,944.5 4,383.3 1,816.2 11,688.4
Revenue from management fee 44.5 75.0 75.0 146.7 225.0
Cost of sales (1,117.9) (2,929.2) (3,304.7) (1,409.1) (8,718.2)
Cost of management fee (43.9) (53.1) (32.4) (144.7) (131.2)
Gross profit 348.4 1,037.2 1,121.3 409.1 3,064.0
Other income 19.4 1.0 0.9 40.4 8.1
Interest income 1.5 59.8 33.1 13.0 134.9
Dividend income 45.4 59.0 44.9 109.4 104.0
Share of profit (loss) from an associate and joint ventures 814.6 (58.9) 937.6 3,082.1 2,178.6
Administrative expenses (208.8) (397.9) (403.4) (679.7) (1,031.5)
Finance costs (397.1) (441.9) (448.7) (1,005.3) (1,361.0)
Corporate income tax benefits (expenses) 0.7 6.7 (0.6) 59.6 9.8
Gain (loss) on exchange rate, net 183.7 (819.0) 308.5 706.0 98.0
Profit (loss) for the period 807.8 (554.1) 1,593.5 2,734.7 3,204.9
Profit (loss) attributable to owners of the parent 675.8 (438.0) 1,205.2 2,469.6 2,474.9
Summary of GULF’s consolidated income statement
54
Consolidated income statement 3Q'17 2Q'18 3Q'18 9M'17 9M'18
Unit: Million baht
Sales revenue 12,241.4 9,848.5 9,785.6 34,926.5 30,419.9
Other incomes 110.0 115.2 148.6 439.3 337.8
Cost of sales (8,401.2) (5,739.8) (5,858.0) (22,817.0) (18,407.2)
Gross profit 3,950.3 4,175.8 4,076.2 12,548.9 12,350.5
Operating and administrative expenses (108.5) (158.2) (129.5) (365.0) (423.5)
EBITDA 3,841.8 4,065.7 3,946.8 12,183.9 11,927.0
Depreciation and amortisation (1,266.7) (1,259.2) (1,282.7) (3,773.5) (3,795.7)
Finance costs (1,062.3) (999.6) (994.5) (3,242.7) (2,977.5)
Corporate income tax benefits (expenses) 14.8 (3.6) (12.4) 25.9 (11.4)
Gain (loss) on exchange rate, net 659.1 (1,920.9) 720.9 2,713.7 325.2
Profit (loss) for the period 2,186.7 (126.7) 2,378.0 7,907.3 5,467.6
Summary of GJP’s consolidated financial statements(non-TFRIC 4)
55
Glossary
COD Commercial Operation Date
EDL-Gen EDL-Generation Public Company
EGAT The Electricity Generating Authority of Thailand
EIA Environmental Impact Assessment
EPC Engineering, Procurement and Construction
GBL Gulf BL Co., Ltd.
GBP Gulf BP Co., Ltd.
GCG Gulf Chana Green Co., Ltd.
GCRN Gulf JP CRN Co., Ltd.
GJP Gulf JP Company Limited
GKP1 Gulf JP KP1 Co., Ltd.
GKP2 Gulf JP KP2 Co., Ltd.
GMP Gulf MP Company Limited
GNK 2 Gulf JP NK2 Co., Ltd.
GNLL Gulf JP NLL Co., Ltd.
GNLL2 Gulf NLL2 Co., Ltd.
GNNK Gulf JP NNK Co., Ltd.
GNPM Gulf NPM Co., Ltd.
GNRV1 Gulf NRV1 Co., Ltd.
GNRV2 Gulf NRV2 Co., Ltd.
GNS Gulf JP NS Co., Ltd.
56
Glossary (cont’d)
GSA Gas Sales Agreement
GTLC Gulf JP TLC Co., Ltd.
GTS1 Gulf TS1 Co., Ltd.
GTS2 Gulf TS2 Co., Ltd.
GTS3 Gulf TS3 Co., Ltd.
Gulf WHA MT Gulf WHA MT Natural Gas Distribution Co., Ltd.
GUT Gulf JP UT Co., Ltd.
GVTP Gulf VTP Co., Ltd.
IPD Independent Power Development Company Limited
IPP Independent Power Producer
LTSA Long Term Service Agreement
NGD Natural Gas Distribution
PPA Power Purchase Agreement
PTT PTT Public Company Limited
SCOD Scheduled Commercial Operation Date
SPCG SPCG Public Company Limited
SPP Small Power Producer
TFRIC 4 Thai Financial Reporting Interpretation Committee 4; Determining Whether An Arrangement Contains a Lease
VSPP Very Small Power Producer
WHA NGD 2 WHA Eastern Seaboard NGD2
WHA NGD 4 WHA Eastern Seaboard NGD4