Message from Chairman
Dear Shareholders,
In 2023, the world has been in the face of volatility due to wars and unrest. Central banks of many countries have raised interest rates to mitigate impacts brought about by inflation and those dragging the overall economy of several countries, including Thai, while the US economy continues to grow. Besides, 2023 was when the world faced extreme climate change.
At BCPG, we remain committed to placing importance on the mission of stabilizing energy and accommodating the transition to sustainable clean energy. Moreover, the Group has made its investments in an array of technologies, in many regions throughout the globe, while diversifying its portfolio to solidify the Company and ensure financial resilience amidst challenges.
Since the beginning of last year, the Group marked its presence in the United States by acquiring shares of 4 natural power plants, with a total installed capacity of 857 megawatts. In parallel, we also signed in 4 solar power plants in Thailand, which generated relatively high returns from electricity sales rates compared to the current purchase price of renewable energy sources. These agreements are in line with Company’s strategic plans adopted during the energy transformation and in expanding the power generation business, which is the major source of income.
In addition, the Company also invested in an oil storage terminal and port project in Phetchaburi. This year, it was success in commercially distributing electricity to the Socialist Republic of Vietnam thanks to its two hydroelectric power plants in the Lao People’s Democratic Republic (Lao PDR), through a 220 kilovolt transmission line, occupying 150 kilometers of distance. This success is aligned with Company’s strategic plans in identifying opportunities to invest in energy- and public utility-related business which can generate stable and constant revenues and profits.
Concurrently, the Company forges forward to seek investment opportunities in the New S-Curve business, with a focus on battery energy storage systems, by joining forces with leading companies from abroad to develop a battery business for two-wheel and three-wheel electric vehicle industries, and for installation in households and industrial plants, to fulfill future market demands. Moreover, it has been aware of battery business opportunities, which can be built on to expand the energy management business – a specialized domain of the Company, to ensure efficient use of clean power and reduce energy costs that tend to continually increase.
With respect to finance, in 2023, BCPG was rated “A” with a “Stable” outlook for TRIS’s credit rating. This reflects its stable income, diverse and manifold investment proportions, thus gaining better feedback than expected for BCPG bonds and echoing the confidence of investors. At the same time, BCPG successfully signed all solar power plants in Japan, BCPG plans to spend the generated income on supporting new projects to strengthen its potential for rapid growth.
In terms of sustainability, BCPG was assessed and qualified by the Stock Exchange of Thailand as a sustainable stock at the “AA” level for the SET ESG Rating of 2023 for the second year in a row, and was included in the list of ESG 100 companies by Thaipat Institute for the sixth consecutively year. These altogether reflect the Company’s commitment to sustainable growth, which does not involve only business operations, but also contribution to positive changes of the environment, society, and economy of the country. This is especially to strengthen capabilities of personnel and equip them with knowledge and expertise in the Company’s business for solid development of the organization.
In terms of corporate governance, BCPG was rated “Excellent” in the “Corporate Governance Report of Thai Listed Companies 2023” by the Thai Institute of Directors Association and scored 100 out of 100 (5 coins) by the Thai Investors Association for AGM Checklist.
At the same time, society and the environment are still something BCPG attaches great importance to. It targets to be a carbon neutral organization within 2030 and this achievement has already been achieved since 2022 and was validated by the Thailand Greenhouse Gas Management Organization, (Public Organization), for the part of organization’s carbon footprint and carbon neutrality. However, the Company is still aiming to be a net-zero organization within 2050 through forestation, adoption of green energy, and incorporation of new technologies to store carbon dioxide.
This year, BCPG has developed and provided two platforms that enable organizations in Thailand to calculate and plan for their GHG reduction, consisting of Carbon Footprint Tracking for Organization (CFO), according to the guidelines of the Thailand Greenhouse Gas Management Organization (Public Organization), covering all three scopes; and a platform for carbon credit and clean energy certificate trading that meets both Thai and international standards to solidify the determination to achieve carbon neutrality and intention to use renewable energy in the business.
At the same time, it has laid a strong foundation and fostered youth in the nearby area of Company’s power plants with environmental consciousness through various activities, e.g., youth mangrove planting to expand sources for CO2 absorption and storage, young circular economy thinkers with the 3R principles, etc.
With respect to awards, during the past year, the Company has been recognized with a number of prestigious awards, among which include the Asset Triple A Sustainable Infrastructure Award 2023, SET Awards in the category of Outstanding Investor Relations in the Business Excellence category for the second year in a row, the International Business Magazine Award in the Most Innovative Renewable Energy South East Asia 2023 category, and the Most Sustainable Company Thailand 2023 category from leading global business and finance magazines in the United Arab Emirates, etc. These all are great pride and valuable rewards for all personnel.
To this end, I would like to express my appreciation to the Board of Directors, the management, and all personnel as they have dedicated their contribution, and leveraged their capabilities and expertise to their fullest potential to overcome obstacles and steer the business toward sustainable growth. Moreover, I would like to appreciate all stakeholders, be they shareholders, business partners, or financial institutes, etc., for their continuous trust and support.
Mr. Pichai Chunhavajira
Chairman