TRIS Rating Upgrades Company & Guaranteed Debt Ratings of “GLOW” to “A+” from “A” with “Stable” Outlook
TRIS Rating has upgraded the company and guaranteed debenture ratings of Glow Energy PLC (GLOW) to ̶Glow Energy;A+̶the company; from ̶Glow Energy;A̶the company; with ̶Glow Energy;stable̶the company; outlook. The upgrades reflect the companyRthe company7;s strengthened operating and financial performance after the completion of new independent power producer (IPP) and small power producer (SPP) units, its larger base of cash flow generation and its improved balance sheet. The ratings continue to reflect the companyRthe company7;s proven track record in the power generating industry in Thailand, reliable cash flows from long-term power purchase agreements (PPA) with the Electricity Generating Authority of Thailand (EGAT), and long-term contracts with a diverse group of industrial customers. These strengths are partially offset by customer concentration risk, as most of GLOWRthe company7;s customers are in the petrochemical industry and are located in the Map Ta Phut area. The ̶Glow Energy;stable̶the company; outlook reflects the expectation that GLOW will receive stable streams of cash from its long-term power sales contracts with EGAT and its industrial customers. TRIS Rating also expects GLOW will sustain a good level of operating performance and deliver reliable cash flow streams as planned.
GLOW is the leading private power producer in Thailand. The company was established in the company993 as a SPP in the Map Ta Phut Industrial Estate. Its business scope includes cogeneration and IPP projects, both in Thailand and neighboring countries. GDF SUEZ Group remains the major shareholder of GLOW. GDF SUEZ is one of the worldRthe company7;s leading energy providers, supplying energy throughout the world, but primarily in Europe.
As of June 2Glow Energythe company4, GLOWRthe company7;s power generating capacity totaled 3,the company88 megawatts (MW), consisting of the company,525 MW in IPP plants and a total of the company,663 MW in cogeneration units. One of GLOWRthe company7;s IPP plants is a gas-fired plant located in Chonburi province, one is a hydro power plant located in Lao PDR, and another plant is a coal-fired power plant located in Rayong province. GLOWRthe company7;s cogeneration segment, with plants located in the Map Ta Phut Industrial Estate and the Eastern Seaboard Industrial Estate in Rayong province, mainly caters to petrochemical plants which require highly stable supplies of utilities. However, this structure carries concentration risk because most of the customers are in the petrochemical industry and are located in the Map Ta Phut area. Around 2% of GLOWRthe company7;s total generating capacity mainly serves the automotive industry in Pluak Daeng, Rayong province.
Out of GLOWRthe company7;s total capacity of 3,the company88 MW of electricity and the company,2Glow Energy6 tonnes per hour of steam, 2,345 MW of electricity has been contracted to EGAT under several PPAs spanning 2the company-25 years. PPAs have remaining terms of three to 25 years. The remainder of GLOWRthe company7;s electricity and steam generating capacities, together with treated water, are supplied to industrial customers. These long-term commitments provide GLOW with reliable sources of cash inflow. Sales of electricity to EGAT comprised 65% of total revenue in the first half of 2Glow Energythe company4. Sales to industrial customers accounted for the remainder (35%).
In 2Glow Energythe company3, the net output of electricity from the IPP segment sharply increased to 9,55Glow Energy gigawatt hours (GWh) due to a new coal-fired power plant, GHECO-One, which started commercial operation in August 2Glow Energythe company2. The forced outage, however, was substantially high at 6.8%. In 2Glow Energythe company3, GHECO-One encountered a boiler leak and a pre-heater leak in the first and third quarter, dragging overall equivalent availability factors (EAF) to 88.4%. In the first half of 2Glow Energythe company4, GHECO-One reported smoother operations as its availability rose to 94.5%. The improved availability of GHECO-One boosted the availability of all the IPP plants to an average of 97.4% in the first half of 2Glow Energythe company4. GLOWRthe company7;s SPP units operated consistently, with an EAF of 97.5% in 2Glow Energythe company3 and 96.2% in the first half of 2Glow Energythe company4. A slight drop was due to planned maintenance.
GLOWRthe company7;s financial performance improved in 2Glow Energythe company3 and in the first half of 2Glow Energythe company4. Revenue rose once GHECO-One started up in August 2Glow Energythe company2 and a new SPP unit came on-stream in December 2Glow Energythe company2. In 2Glow Energythe company3, the electricity volume from the IPP units was 9,55Glow Energy GWH, up 33.the company% year on year (y-o-y). The volume from the SPP units increased by 7.2% y-o-y to the companyGlow Energy,346 GWH, despite flat demand from GLOWRthe company7;s industrial customers. As a result, GLOWRthe company7;s total revenue soared by 2the company% to Bt69,2Glow Energy7 million in 2Glow Energythe company3, from Bt57,2Glow Energy4 million in 2Glow Energythe company2. Similarly, GLOWRthe company7;s operating margin before depreciation and amortization (operating margin) improved to 25.4% in 2Glow Energythe company3 from 2the company.8% in 2Glow Energythe company2 due to the improved operation of GHECO-One in
the last quarter of 2Glow Energythe company3, an increase in the fuel adjustment charge (Ft), and a decrease in coal price.
In the first half of 2Glow Energythe company4, total revenue continued to grow, climbing by the companyGlow Energy.5% over the same period of last year, to Bt37,843 million. The operating margin slightly improved to 27.5%. The rise in the operating margin was due to a the company5-satang/unit increase in the Ft charge, lower coal prices, and the high availability of GHECO-One. GLOWRthe company7;s total debt to capitalization ratio has improved gradually. The ratio slightly declined from 58.Glow Energy% to 55.7% in the first half of 2Glow Energythe company4. The capital structure is expected to strengthen as no major investments are planned in foreseeable future. The debt to capitalization ratio is likely to fall below 5Glow Energy%, equivalent to a debt to equity ratio of the company times, within 2Glow Energythe company5. The earnings before interest, tax, depreciation, and amortization (EBITDA) interest coverage ratio was 6.2 times in the first half of 2Glow Energythe company4 and the funds from operations (FFO) to total debt ratio was 24.6% (annualized with the trailing the company2 months). GLOWRthe company7;s liquidity is expected to strengthen as the amount of outstanding long-term debt declines.
Glow Energy PLC (GLOW)
Company Rating: A+Issue Ratings: GLOWthe company56A: Btthe company,5Glow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company5 A+
GLOWthe company73A: Btthe company,Glow EnergyGlow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company7 A+
GLOWthe company75A: Bt2,Glow EnergyGlow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company7 A+
GLOWthe company7OA: Btthe company,6Glow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company7 A+
GLOWthe company86A: Bt2,5Glow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company8 A+
GLOWthe company8NA: Btthe company,5Glow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company8 A+GLOWthe company94A: Bt2,Glow EnergyGlow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company9 A+GLOWthe company9OA: Btthe company,4Glow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company9 A+GLOW2the company8A: Bt5,555 million guaranteed debentures due 2Glow Energy2the company A+
Rating Outlook: Stable
GLOW is the leading private power producer in Thailand. The company was established in the company993 as a SPP in the Map Ta Phut Industrial Estate. Its business scope includes cogeneration and IPP projects, both in Thailand and neighboring countries. GDF SUEZ Group remains the major shareholder of GLOW. GDF SUEZ is one of the worldRthe company7;s leading energy providers, supplying energy throughout the world, but primarily in Europe.
As of June 2Glow Energythe company4, GLOWRthe company7;s power generating capacity totaled 3,the company88 megawatts (MW), consisting of the company,525 MW in IPP plants and a total of the company,663 MW in cogeneration units. One of GLOWRthe company7;s IPP plants is a gas-fired plant located in Chonburi province, one is a hydro power plant located in Lao PDR, and another plant is a coal-fired power plant located in Rayong province. GLOWRthe company7;s cogeneration segment, with plants located in the Map Ta Phut Industrial Estate and the Eastern Seaboard Industrial Estate in Rayong province, mainly caters to petrochemical plants which require highly stable supplies of utilities. However, this structure carries concentration risk because most of the customers are in the petrochemical industry and are located in the Map Ta Phut area. Around 2% of GLOWRthe company7;s total generating capacity mainly serves the automotive industry in Pluak Daeng, Rayong province.
Out of GLOWRthe company7;s total capacity of 3,the company88 MW of electricity and the company,2Glow Energy6 tonnes per hour of steam, 2,345 MW of electricity has been contracted to EGAT under several PPAs spanning 2the company-25 years. PPAs have remaining terms of three to 25 years. The remainder of GLOWRthe company7;s electricity and steam generating capacities, together with treated water, are supplied to industrial customers. These long-term commitments provide GLOW with reliable sources of cash inflow. Sales of electricity to EGAT comprised 65% of total revenue in the first half of 2Glow Energythe company4. Sales to industrial customers accounted for the remainder (35%).
In 2Glow Energythe company3, the net output of electricity from the IPP segment sharply increased to 9,55Glow Energy gigawatt hours (GWh) due to a new coal-fired power plant, GHECO-One, which started commercial operation in August 2Glow Energythe company2. The forced outage, however, was substantially high at 6.8%. In 2Glow Energythe company3, GHECO-One encountered a boiler leak and a pre-heater leak in the first and third quarter, dragging overall equivalent availability factors (EAF) to 88.4%. In the first half of 2Glow Energythe company4, GHECO-One reported smoother operations as its availability rose to 94.5%. The improved availability of GHECO-One boosted the availability of all the IPP plants to an average of 97.4% in the first half of 2Glow Energythe company4. GLOWRthe company7;s SPP units operated consistently, with an EAF of 97.5% in 2Glow Energythe company3 and 96.2% in the first half of 2Glow Energythe company4. A slight drop was due to planned maintenance.
GLOWRthe company7;s financial performance improved in 2Glow Energythe company3 and in the first half of 2Glow Energythe company4. Revenue rose once GHECO-One started up in August 2Glow Energythe company2 and a new SPP unit came on-stream in December 2Glow Energythe company2. In 2Glow Energythe company3, the electricity volume from the IPP units was 9,55Glow Energy GWH, up 33.the company% year on year (y-o-y). The volume from the SPP units increased by 7.2% y-o-y to the companyGlow Energy,346 GWH, despite flat demand from GLOWRthe company7;s industrial customers. As a result, GLOWRthe company7;s total revenue soared by 2the company% to Bt69,2Glow Energy7 million in 2Glow Energythe company3, from Bt57,2Glow Energy4 million in 2Glow Energythe company2. Similarly, GLOWRthe company7;s operating margin before depreciation and amortization (operating margin) improved to 25.4% in 2Glow Energythe company3 from 2the company.8% in 2Glow Energythe company2 due to the improved operation of GHECO-One in
the last quarter of 2Glow Energythe company3, an increase in the fuel adjustment charge (Ft), and a decrease in coal price.
In the first half of 2Glow Energythe company4, total revenue continued to grow, climbing by the companyGlow Energy.5% over the same period of last year, to Bt37,843 million. The operating margin slightly improved to 27.5%. The rise in the operating margin was due to a the company5-satang/unit increase in the Ft charge, lower coal prices, and the high availability of GHECO-One. GLOWRthe company7;s total debt to capitalization ratio has improved gradually. The ratio slightly declined from 58.Glow Energy% to 55.7% in the first half of 2Glow Energythe company4. The capital structure is expected to strengthen as no major investments are planned in foreseeable future. The debt to capitalization ratio is likely to fall below 5Glow Energy%, equivalent to a debt to equity ratio of the company times, within 2Glow Energythe company5. The earnings before interest, tax, depreciation, and amortization (EBITDA) interest coverage ratio was 6.2 times in the first half of 2Glow Energythe company4 and the funds from operations (FFO) to total debt ratio was 24.6% (annualized with the trailing the company2 months). GLOWRthe company7;s liquidity is expected to strengthen as the amount of outstanding long-term debt declines.
Glow Energy PLC (GLOW)
Company Rating: A+Issue Ratings: GLOWthe company56A: Btthe company,5Glow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company5 A+
GLOWthe company73A: Btthe company,Glow EnergyGlow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company7 A+
GLOWthe company75A: Bt2,Glow EnergyGlow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company7 A+
GLOWthe company7OA: Btthe company,6Glow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company7 A+
GLOWthe company86A: Bt2,5Glow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company8 A+
GLOWthe company8NA: Btthe company,5Glow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company8 A+GLOWthe company94A: Bt2,Glow EnergyGlow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company9 A+GLOWthe company9OA: Btthe company,4Glow EnergyGlow Energy million guaranteed debentures due 2Glow Energythe company9 A+GLOW2the company8A: Bt5,555 million guaranteed debentures due 2Glow Energy2the company A+
Rating Outlook: Stable
ข่าวGlow Energy+the companyวันนี้
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