BPP Reveals 1H2022 Results, Delivering Continued Growth with Stable Production and Sustainable Energy Portfolio Expansion

Mr. Kirana Limpaphayom, Chief Executive Officer of Banpu Power Public Company Limited, said, "In the first half of 2022, BPP continued to focus on maintaining a stable power generation at all power plants and generating steady cash flow amid rising fuel costs around the world. One of the mechanisms is entering the energy trading in the merchant market in the U.S., which increases our opportunity to gain profit whenever electricity is in high demand. At the same time, we can generate a steady income through appropriate hedging. We continue to gain investors' confidence with the overwhelming response to our recent THB 5,500 million debenture issuance in June."

BPP's operating results in 2Q/22 were largely driven by the efficient operations of the HPC power plant in Lao PDR and BLCP power plant in Thailand which had Equivalent Availability Factor (EAF) of 91% and 94%, respectively, enabling continuity and stable in power generation and distribution. Also, the Company recognized revenue from the Temple I gas-fired power plant in the U.S., which delivered outstanding operating results due to the rise in electricity demand at the beginning of the summer, resulting in an increase in electricity's purchasing price. In addition, the Company's three combined heat and power plants (CHP) in China saw higher sales volumes and steam prices due to the recovery in demand from industrial customers.

In the third quarter of 2022, the renewable power generation business anticipates additional revenue from the Chu Ngoc solar power plant, with a capacity of 15 megawatts, and the Nhon Hai solar power plant, with a capacity of 35 megawatts, in Vietnam as the acquisition was completed. BPP will also gain an opportunity to increase green megawatts from the solar rooftop business in Zhengding, China, in response to the whole-county solar rooftop policy.

BPP remains committed to generating growth in its energy technology business through investment in Banpu NEXT, including the recent collaboration with Cherdchai Motor Sales Co., Ltd., and Durapower Group on the construction of a lithium-ion battery assembly plant in Thailand with a projected capacity of a one-gigawatt hour (GWh) by 2026.

"BPP is adhering to Environmental, Social, and Governance (ESG) principles. We expand business growth and investments under the Greener & Smarter strategy. We adopt advanced technology in our assets to increase efficiency and to be more sustainable and environmentally friendly. New innovations are also introduced to improve work process in response to the future energy trends. We are ready to move forward to create continuous growth and sustainable value for all shareholders and stakeholders."

Learn more about BPP's business at www.banpupower.com.

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