WHA Utilities And Power PLC Aims To Boost Renewable Energy Business; Targets 300 MW Accumulative Capacity By 2023-2027

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WHA Utilities and Power PLC (WHAUP) announced its earnings for 2022, with normalized total revenue and share of profits of THB 2,790 million and normalized profit of THB 448 million. The Board of Directors has recently approved a total annual dividend payment at 0.16 baht per share, with the XD sign posted on 27 April 2023 and the dividend payment scheduled on 17 May 2023.


Mr. Somkiat Masunthasuwun, WHAUP CEO, reaffirms that the company will accelerate its investment plans in Thailand and overseas, and introduce new solutions to generate sustainable growth. The company targets a total revenue and share of profits of THB 27 billion over the next five years (2023-2027) and set a 5-year investment budget of THB 18.5 billion.

WHA Utilities and Power Public Company Limited (WHAUP) informed the Stock Exchange of Thailand about its 2022 performance, with the company recording normalized total revenue and share of profits of THB 2,790 million and normalized net profit of THB 448 million, declining 8% and 48% YoY, respectively. Revenue from Utilities and Power businesses continued to grow by 12% from 2021.


For the Power Business, WHAUP recorded a share of normalized profits from its renewable energy business at THB 486 million in 2022, falling 49% YoY, due mainly to the lower contribution from SPPs and GHECO-One, which are negatively impacted by rising natural gas and coal cost, respectively. However, SPPs can be seen as a recovery sign in Q4 2022, as fuel costs began to decrease. In addition, the Ft adjustment to 0.9343 baht/unit was fully realized in Q4 as well, boosting the company’s margin from electricity sales to industrial customers. SPP business is expected to continuously improve in 2023, given the realization of Ft adjustment to 1.549 baht/unit since the beginning of January.

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The company grew its solar power business significantly in 2022, with additional projects that started commercial operations (COD) for a capacity of 37 MW, bringing the company’s total power capacity under the operation to 94 MW at the end of 2022. As a result, WHAUP’s solar business recorded revenue of THB 207 million, a 51% rise from 2021. Thirty-one additional rooftop contracts were signed, of which 26 went to Private PPAs with a capacity of 41 MW. This includes Ford Motor Company (Thailand)’s solar carpark contract, the largest in Thailand, with a capacity to generate 7.7 MW. The remaining 5 contracts were EPC service projects, with a total capacity of 9 MW. As a result, WHAUP’s solar power private PPA installed capacity stood at 133 MW and a total power capacity of 683 MW equity at the end of 2022.

Mr. Somkiat Masunthasuwun, WHAUP CEO, reaffirmed that the company will accelerate its business expansion. In 2023, business directions will be driven by innovations to build sustainable growth and focus on expansion both inside and outside WHA Industrial Estates in Thailand and Vietnam. The company expects to generate THB 27 billion in total revenue and share of profits over the next five years (2023-2027), with a five-year investment budget set at THB 18.5 billion.

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In 2023, WHAUP will explore investment opportunities both in Thailand and abroad and will use new technologies and innovations, especially for the expansion of renewable energy, including solar power and industrial waste to energy. It expects to sign new renewable energy contracts to increase a total accumulative renewable capacity to 300 MW. WHAUP recently participated in the bidding of renewable energy plants with a Feed-in Tariff system, arranged by the Energy Regulatory Commission (ERC). Five projects already passed the technical requirements, and the final decision will be announced in March.

WHAUP is committed to investing in various utility products locally and abroad to stimulate growth and strengthen its business. It will utilize innovative solutions to develop products and services that cater to the needs of all target groups, including customers, communities, and society. This includes the development of value-added products from wastewater reclamation, which will allow customers to access high-quality industrial water at lower prices, while also reducing the volume of wastewater discharge into natural water areas. This plan is in line with the company’s aim to run its business in a sustainable and steady manner, with a focus on environmental responsibility, social impact, and good governance.

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