A Leader ofClean Energy Technology

Transcription

A Leader of Clean Energy Technology
With the mission in strengthening the power security of the country under the
vision of becoming a world-class organization in electricity business, EGAT strives to
develop clean technology and increase the efficiency in power generation to minimize
the impact on the environment.
Content
Vision and Mission Statement
2
Financial Overview
3
Message from Chairman
6
Report of the Audit Committee
8
Economic and Electricity Overview
10
Operations12
Nature of Business of EGAT and Affiliates 20
Analysis of Operating Results and
Financial Status
26
Enterprise Risk Management
36
Organization Chart
38
Structure of Organizational Management 39
Board of Directors
54
Executives69
Corporate Governance
80
Official Information Act Compliance Report 90
Power Development and Future Plan
94
Organization and Human Resource
Development110
Corporate Social Responsibility
116
Events128
Key Statistical Data
134
Auditor’s Report
140
Financial Statements
142
Audit Fee
212
1
Vision
EGAT aims to become a world-class organization in electricity
business with commitment to the following 5 aspects:
Good Corporate Governance
High Performance Organization
Operational Excellence
National Pride
Financial Viability
Mission
• To generate, acquire, transmit, and sell electricity
• To conduct electricity-related businesses including production and sale of lignite
and lignite by-products.
Core Cultures
Loyalty
Excellence
Integrity
Strategic Themes
2
1. Strengthening competitiveness in core businesses
2. Building growth in subsidiary companies and related businesses
3. Being a caring organization and giving due care for society and environment
4. Being a high-performance organization
A Leader
of Clean Energy Technology
Financial Overview
(Consolidated Financial Statements)
Unit : Million Baht
20132012
Operating Performance
Revenues from sales and services
536,913.34
512,991.89
Income from sales and services
42,104.18
39,788.46
Gains (Losses) on foreign exchange
22.97
634.43
Finance costs
4,416.81
5,343.21
Net income - EGAT and its subsidiaries
40,341.84
38,857.93
Net income - Non-controlling interests
3,390.16
4,480.15
Financial Status
Total assets
578,380.63
533,270.08
Property, Plant and Equipment - net
261,012.92
268,284.91
Total liabilities
231,299.21
208,296.15
Long - term debts
84,511.96
92,764.34
Owners’ Equity and Non-controlling interests
347,081.42
324,973.93
Financial Ratios
Ratio of Gross Profit to Net Sales (Percentage)
10.85
11.21
Ratio of Net Profit to Net Sales (Percentage)
8.15
8.45
Rate of Return on Total Assets (Percentage)
7.87
8.41
Debt to Equity Ratio (Time)
0.67
0.64
Time interest earned (Time)
11.19
9.28
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The Best Technology Is the One Which Well Serves Humanity
The “Thailand Coal Awards 2013” and “ASEAN Energy Awards 2013” given to
Mae Moh Power Plant guarantee EGAT’s strong commitment to become a leader in clean
energy technology which is friendly to the environment and society.
Message from Chairperson
The formation of the ASEAN Economic Community (AEC)
in 2015 is a major factor which will have a significant impact
in the area of electricity in terms of the transfer of resources,
investment, and labor as well as competition and expansion
in trade. According to the report of the International Energy
Agency (IEA), for the past two decades, Southeast Asia has a
faster growing energy demand than in the other regions as a
result of economic and demographic structure, particularly in
an increasing number of populations, the upgraded quality of
life, and the expansion of urban communities. The electricity
demand has jumped tremendously and has a tendency to rise
continuously in the future.
The ASEAN Power Grid is among the economic and social cooperation frameworks of the
ASEAN member countries. The purpose of the cooperation framework is to help ensure greater regional
energy security and sustainability on the basis of mutual benefit. Under the ASEAN Interconnection
Master Plan Study (AIMS-II) during the year 2009 - 2025, 16 interconnection projects with a total
generating capacity of 22,000 MW will be implemented. Presently, Thailand has completed the
interconnection system totaling 2,083 MW.
Although Thailand has a stable power system, we have to be well-prepared for the incoming
AEC, particularly about the fuel diversification and the energy price. Because electric power is
vital, it thus must be well managed to prevent any problems which may occur and to facilitate
competitiveness. Planning must take into account the balance among all aspects including
accountability to community and environment, energy conservation, and clean energy development
to enhance sustainable development.
Development of clean energy which is environmental-friendly is a principal mission of EGAT
and has been carried out continuously, particularly in research and development for the thermal
power plant which is our main power source as well as the development of the renewable energy
plant model. EGAT intends to become a leader in using clean energy technology in the region and be
ready for future use of renewable energy in a commercial basis when appropriate.
The blackout caused by lightning in the 14 southern provinces on May 21, 2013 was a critical
incident in the power system. However, the electricity could be restored within 2 to 4.45 hours.
EGAT has consequently reviewed and set up a measure to prevent the occurrence of such problem
in the future and to be alert to the blackout in wide areas. A project has been set up to develop the
generating capacity and transmission system in the South and to increase the capacity of transmitting
electric power from the Central Area. In this connection, EGAT owes an apology to the public for the
inconvenience occurred and will take it as a lesson learned.
The natural gas supply interruption, of both planned and unplanned, which occurred several
times during 2013, was also another important incident which affected the stability of the power
system. The supply sources were both in the country and outside. The incident reflects the power
situation of the country which needs a long-term planning to reduce dependency on natural gas.
However, with the preventive measures and the cooperation received from all sectors in energy
conservation during the gas supply disruption, Thailand did not encounter any blackout. This was a
good cooperation of the Thai people to get through the difficulty.
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A Leader
For EGAT’s operation in 2013, the electricity demand rose only 1.83 percent as the overall
economic growth of Thailand had been under the prediction, and the world economy had slowed
down. The country’s total installed generating capacity accounted for 33,681.02 MW or an increase of
3.31 percent consisting of 15,010.13 MW or 44.57 percent from EGAT’s power plants and 18,670.89
MW or 55.43 percent, an increase of 6.14 percent from independent power producers and power
imported from neighboring countries.
In power generation, the total of 72,113.94 million kWh or 41.56 percent was generated from
EGAT’s power plants whereas the power of 101,421.51 million kWh or 58.44 percent was purchased
from independent power producers and neighboring countries. The total electricity generation and
the power purchase accounted for 173,535.45 million kWh or an increase of 330.32 million kWh or
0.19 percent from the prior year. The country’s energy mix for electricity generation included 67.43
percent from natural gas, 19.24 percent from coal, 3.12 percent from hydropower, 7.24 percent
from imported electricity, 1.94 percent from biomass and alternative energy, and 1.04 percent
from bunker oil and diesel. EGAT’s energy sales increased 0.09 percent from the previous year to
169,530.32 million kWh.
Throughout the year, we, EGAT, continued to carry out our social and environmental
activities. Under the key message “Power for Thai Happiness”, EGAT staff had been encouraged to
perform their task with honesty, transparency, virtue, responsibility, and care in order that EGAT
could become the national pride. The successful operation in 2013 was witnessed by several awards
at the national and regional levels which reflected EGAT’s strong determination and efforts in this
area.
Among the success, the Ban Klong Rua Micro-Hydropower Plant Project was awarded the
2013 Outstanding State-Owned-Enterprise (SOE) in the CSR category and the first runner-up for
ASEAN Energy Awards 2013 in the category of Community-Based Off-Grid. Moreover, EGAT received
an honorary award for outstanding innovation for an organization for its work in Voice Communication
Control System (VCCS).
The year 2013 was the honorable time for our Mae Moh Power Plant and Mae Moh Mine. In
the competition of the work in energy conservation and renewable energy of ASEAN, Mae Moh Power
Plant was titled the first runner-up for ASEAN Energy Awards 2013 in the category of Best Practices
- Clean Coal Use and Technology in Power Generation. Mae Moh Mine was also the first runner-up in
the category of Best Practices in Surface Coal Mining. Moreover, Mae Moh Power Plant was the first
unit of EGAT to be awarded the 2013 Thailand Quality Class (TQC) from the Thailand Productivity
Institute.
On behalf of EGAT, I would like to express our grateful thanks to all parties concerned for their
cooperation and continued support which have significantly contributed to EGAT’s achievement. It
is hopeful that further support will be given to strengthen the prosperity of electricity service of
Thailand.
(Mrs. Anchalee Chavanich)
Chairperson, Board of Directors
Electricity Generating Authority of Thailand (EGAT)
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Report of the Audit Committee
EGAT Audit Committee consists of three members from the Board of Directors. In
2013, members of the Audit Committee were as follows:
• In January 2013, the Audit Committee included Mr. Surachai Tansitpong as
Chairman, Mr. Prawit Sarakitprija and Mr. Porametee Vimolsiri as members.
• February - September 2013, the Audit Committee included Mr. Prawit Sarakitprija
as Chairman, Mr. Porametee Vimolsiri and Mr. Yongyutt Chaipromprasith as
members.
• October - December 2013, owing to the resignation of Mr. Prawit Sarakitprija,
the Audit Committee included Mr. Porametee Vimolsiri as Chairman and Mr.
Yongyutt Chaipromprasith as member.
EGAT Assistant Governor - Internal Audit Bureau served as Secretary of the Audit
Committee.
The Audit Committee has performed its duties in accordance with the procedures
set forth in the Audit Committee Charter to enhance good corporate governance. In
2013, the Audit Committee convened 11 meetings to discuss relevant agenda with
EGAT management and independent auditors (from the Office of the Auditor General of
Thailand). The significant issues can be summarized as follows:
• Review with the Governor, Deputy Governor - Account and Finance, and
independent auditors on annual financial statements of EGAT and its
subsidiaries for the year ended December 31, 2012 and EGAT’s quarterly
financial statements for the periods ended March 31, 2013, June 30, 2013 and
September 30, 2013 and comparative financial statements for the respective
periods to give an opinion on the accuracy and reliability of the financial
statements in accordance with generally accepted accounting principles
before submitting them to the Board of Directors
• Review EGAT’s risk management and internal control system to consider the
sufficiency and suitability to ensure the coverage of all significant issues
• Review quarterly internal audit reports of EGAT and annual audit reports of
EGAT’s subsidiaries and continuously follow-up correction and improvement
in accordance with the audit comments
• Review the evaluation reports of the Governor’s performance
• Discuss with the Governor and independent auditors in developing internal
control systems
• Discuss with top management and management team of each business
unit to consider risk management, internal control systems, and monitoring
processes of key activities within their respective units to provide the best
interests for EGAT’s operations
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• Discuss with independent auditors on the scope and processes of their auditing
practices to achieve good coordination and reduce duplication of efforts
• Review an annual audit plan for 2014 and a 5-year strategic audit plan
(2014-2018) as well as sufficiency of the Internal Audit Bureau resources and
assessment of Internal Audit Bureau’s performance
• Review the appropriateness of the Audit Committee Charter, the Internal Audit
Charter, and the Internal Audit Work Manual
• Prepare and submit the Committee’s performance reports to EGAT Board of
Directors, the Ministry of Energy, and the Ministry of Finance
• Set meeting schedules and agendas for the whole year of 2014 to cover
all issues within the remit of the Audit Committee in order to ensure the
effectiveness of the meetings
• Conduct an annual self-assessment of both individual member and the
entire committee based on the guidelines set by the Ministry of Finance for
state enterprises and report the evaluation results to the Board of Directors
to enhance the effectiveness, transparency, and reliability of the Audit
Committee’s performance.
The Audit Committee believed that throughout the year 2013, EGAT had
maintained the effective risk management, internal control systems, and good corporate
governance practices which enabled EGAT’s operations to meet the set objectives.
EGAT’s financial statements were also prepared in accordance with generally accepted
accounting principles and were presented with adequate information disclosure. EGAT
also operated in complete compliance with laws, rules, and regulations with no significant
deficiency. In performing their duties, each member of the Audit Committee expressed
their opinions independently and provided straight recommendations to the management
and the concerned parties to ensure the best interests of all related parties.
(Mr. Porametee Vimolsiri)
Audit Committee Member
Acting for Chairman of the Audit Committee
January 14, 2014
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Economic and Electricity Overview
The overall electricity demand of the EGAT system in 2013 could be represented
by the net peak demand of 26,598.14 MW on May 16, 2013 at 14.00 hours which was an
increase of 477 MW or 1.83 percent of the peak demand in 2012. Electricity consumption
in 2013 of EGAT system rose from the previous year by 330.32 million kWh or 0.19
percent to 173,535.45 million kWh. The slight increase of the electricity demand was
partly a result of the energy saving campaign during the interruption of the natural gas
supply from Myanmar for gas pipeline maintenance which lasted from April 4 to 14, 2013.
The attempt to reduce the electricity demand during the natural gas shortage coupled
with the economic growth of the country which was below the target caused by the
uncertainty of local political situation and the global economic slowdown resulted in the
number of 2013’s electricity demand which was almost the same as the prior year.
During the first three quarters of the year 2013, the economic growth of Thailand
was lower than the estimation because of the global economic slowdown. The sectors of
tourism and hospitality, finance, and transportation were able to expand and became the
factors that drove the Thai economy, while the industrial and export sectors could not
grow as expected. The U.S economy, despite its recovery, was still under the pressure
of financial problem and public debts, whereas the Japanese economy had been facing
the high unemployment rate and a slowdown in domestic consumption. The EU also
encountered the problem of public debts. As a consequence, the Thai economic growth
in 2013 had been estimated by the National Economic and Social Development Board
(NESDB) to be 3.0 percent which was lower than the previous projection to 3.8 - 4.3
percent. The growth rates of domestic consumption and overall investment were 0.8 and
0.9 percent respectively. However, the Thai economy toward the end of 2013 was still
under the pressure of the political uncertainty and the delay of budget withdrawal for
the Government investment. It definitely had an effect on tourism which was the main
income of the country.
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For the year 2014, the overall peak demand of EGAT system has been anticipated
to stand at 27,915 MW or grow 4.95 percent from the previous year. The total energy
generation requirement of EGAT system will reach 184,486 million kWh or an increase
of 6.35 percent of the previous year. According to NESDB, the economic growth of
Thailand in 2014 will be 4.0-5.0 percent owing to the recovery in global economy, the
implementation of some investment projects including water management project and
logistic infrastructure development project, the low price of crude oil, and the low inflation
rate which will contribute to the economic recovery. It is predicted that the growth in
export, domestic consumption, and investment will be 7.0 percent, 2.7 percent, and 7.1
percent respectively.
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Operations
Generation System
In 2013, EGAT’s power plants had a total installed generating capacity of
15,010.13 MW accounting for 44.57 percent of the country’s gross energy generation.
The purchased power capacity included 12,741.69 MW from domestic independent power
producers (IPPs) representing 37.83 percent of the country’s total generating capacity,
3,524.60 MW or 10.46 percent from small power producers (SPPs), and 2,404.60 MW or
7.14 percent imported from neighboring countries.
In 2013, there was no new power plant synchronized to EGAT power system. More
capacity of only 1,080 MW derived from the purchased power from SPPs was added to the
system.
Power Generation and Purchase
In 2013, the peak demand topped 26,598.14 MW on May 16, 2013 marking an
increase of 477.04 MW or 1.83 percent from the previous year.
In 2013, the net energy totaled 173,535.45 million kWh, representing an increase
of 330.32 million kWh or 0.19 percent from the preceding year. Of total electricity, the
amount of 72,113.94 million kWh or 41.56 percent of the country’s energy demand was
generated by EGAT’s power plants, and 101,421.51 million kWh or 58.44 percent was
purchased from the private power producers and from neighboring countries.
Fuel Utilization
Natural gas supply for EGAT’s electricity generation was derived from the various
gas fields including the Gulf of Thailand, Nam Pong, Phu Hom, Sirikit, and imported from
Myanmar. In 2013, natural gas utilization by EGAT’s power plants amounted to 385,831
billion BTU, while 386,321 billion BTU was used by IPPs’ power plants, totaling the amount
of natural gas of 772,152 billion BTU used in electricity generation.
In 2013, natural gas consumption by EGAT’s power plants decreased by 6.90
percent or 57 trillion BTU from the year 2012. During 2011-2013, the average price of
natural gas rose up continuously owing partly to the import of expensive LNG resulting in
a continued rising price since then.
Other fuels included 16.88 million tons of lignite which was used for Mae Moh
Power Plant, while 316.82 million liters of bunker oil used as scheduled and in emergency
case decreased 1.15 percent from the previous year. Diesel was used in the amount of
60.35 million liters.
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Energy Sales
EGAT’s electric energy sales totaled 169,530.32 million kWh. Its sales included
49,623.63 million kWh sold to the Metropolitan Electricity Authority (MEA), 116,793.35
million kWh to the Provincial Electricity Authority (PEA), 3,015.30 million kWh to direct
customers and neighboring countries (Lao PDR, Malaysia, and Cambodia), and 98.04
million kWh to other customers purchasing electricity for temporary and standby use.
Energy Adjustment Charge (Ft Tariff)
In the year 2013, the cost in power generation increased from the year 2012. The
price of natural gas which is the major fuel in power generation, in particular, increased
11 Baht/million BTU or 4 percent (from the average of 300 Baht/ million BTU to 311 Baht/
million BTU), resulting in the increase of power generation cost. EGAT has been trying to
manage the power generation with the maximum efficiency to control the cost to ease
the cost of living burden of the consumers. As a result, the Energy Regulatory Commission
(ERC) allowed the Ft Tariff to be increased only in some extent, not yet fully covering the
actual cost of power generation, and EGAT had to shoulder the accrued Ft revenue.
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In 2013, the Ft Tariff was revised 3 times during January - April (the Ft Tariff
of 52.04 Satang per unit), May - August (the Ft Tariff of 46.92 Satang per unit) and
September - December (the Ft Tariff of 54.00 Satang per unit). In summary, in 2013, the
Ft Tariff was as follows:
Revision
Month
Ft Tariff
Average Retail
Tariff including Ft
(Baht/Unit) (Baht/Unit)
1
2
3
January - April
May-August
September-December
0.52
0.47
0.54
3.80
3.75
3.82
According to the resolution of the Energy Regulatory Commission (ERC), EGAT
had to temporarily shoulder the accrued Ft revenue of 1,566 million Baht.
EGAT Generation Facilities
EGAT’s capacity in power generation according to types of power plants
Type of Power Plant
Installed Capacity (MW)
Thermal
Combined cycle
Hydropower
Diesel
Renewable energy
Total
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4,699.00
6,866.00
3,435.74
4.40
4.99
15,010.13
Percentage of
the System Capacity
13.95
20.39
10.20
0.01
0.02
44.57
EGAT’s power plant performance
1 Heat Rate (kJ/kWh)
2
GWEAF (%)
3
POF (%)
4 UOF (%)
20102011 2012 2013
8,835.93 8,694.21 8,662.41 8,620.00
90.7292.7590.5492.10
5.483.395.004.10
2.46
2.58
2.84
2.30
In 2013, the overall performance of EGAT’s power plants was improved
continuously with lower heat rate than in 2011 and 2012. The generating weighted
equivalent availability factor (GWEAF) of all power stations of EGAT amounted 1.6 percent
higher than the preceding year due to the control measure of the unplanned outage, the
reduction of generation capacity, and the adjustment of maintenance schedule to be
completed early without extension of the maintenance time. The planned outage factor
(POF) in 2013 was 1 percent lower than 2012, while the unplanned outage factor (UOF)
dropped 0.5 percent from 2012. EGAT was able to control the rate of UOF to be less than
3 percent continuously since 2010.
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Transmission System
In 2013, EGAT pursued its plan in transmission system development covering
the improvement, maintenance, and expansion of transmission network to increase
capability and stability of the power supply system. Major transmission system projects
which were completed during the year included a double-circuit line of 500 kV Pachi 2
- Tha Tako and installation of KT4A and KT5A transformers of the capacity 300 MVA at
Chiang Rai Substation. The newly operated substation in this year was the 115 kV Hua
Wai Substation.
Presently, EGAT’s grid network comprises transmission lines of 32,384.24 circuitkilometers with 213 substations, 553 delivery points, and a total transformer capacity of
87,148.94 MVA.
In 2013, forced outages occurred 69 times, 16 times of which were caused by
failure of the transmission lines and 53 times from the errors in substation equipment.
The interruption was mainly caused by malfunction of substation equipment and control
and prevention equipment (25 times), by animals (21 times), by human errors, either
staff or outside people (8 times), by environment (5 times), by weather (twice), by system
failure (once), and by unidentifiable reasons (7 times).
Among the forced outages, important events which worth mentioning were as
follows:
On May 21, 2013 at 17.26 hour, a short circuit occurred at the 500 kV Bang
Saphan 2 - Chom Bueng line due to lightning leading to the operation of the protection
system, detaching the line from the system. At 18.41 hour, the Chom Bueng Substation
had supplied the electricity to Bang Saphan 2 Substation but failed to connect with the
system. More power from Malaysia had been requested, but the protection system of the
transmission line linking HVDC in Malaysia had an error, ordering the line to detach from
the grid system. The overall system then lost its stability leading to the separation of
the system between the Central area, which is the main system of the country, and the
Southern Area at 18.52 hour.
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In 2013, EGAT’s bulk power supply system reliability performance was as follows:
• System interruption severity (SISI) - System-minutes (MW-minutes/MW)
8.54925
• System average interruption frequency index (SAIFI),
number of occurrence/ delivery point
0.35626
• System average interruption duration index (SAIDI),
minutes/delivery point
13.96649
The availability of the transmission system in 2013 was as follows:
• Transmission circuit availability (%)
99.98316
• Transformer availability (%)
99.67192
• System availability (SA) (%)
99.9973
The quality of the power supply service has been well maintained with frequency
being controlled within the band of 49.50-50.50 Hz and the system voltage being steadily
controlled within the range of 95-105 percent of nominal voltage.
To ensure the availability and continuity of the supply service, EGAT has given
priority to the improvement and maintenance of existing transmission facilities. Works
carried out during the year included insulators cleaning for the 500 kV transmission lines
in the area highly exposed to dirt, pollution, smoke, and waste from birds. Fire drills
and exercises of black start restoration were practiced as well as the preparation of
transmission network development plan. Preventive measures to minimize interruption
of power supply caused by human errors and equipment malfunctions caused by animals
were set up. EGAT also implemented public communication program to reduce power
losses and damages to transmission facilities caused by community activities as well as
addressing the concern and complaints of all stakeholders regarding power transmission.
With this, EGAT has successfully maintained its capability in supplying electricity of high
quality in terms of voltage and frequency with continuity, stability, and reliability.
Moreover, EGAT has participated in the benchmarking of the International
Transmission Operation and Maintenance Study (ITOMS) to have available data in work
improvement and to find performance index appropriate to the transmission work.
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Awards of Honor and Pride
Ban Klong Rua Micro-Hydropower Project was awarded “2013 Outstanding
State-Owned Enterprise” in the category of corporate social responsibility (CSR) and
the outstanding energy award in the category of the off-grid renewable energy projects.
Moreover, in the “ASEAN Energy Awards 2013” contest, Ban Klong Rua Project won the
first runner-up in the category of the off-grid renewable energy projects.
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Nature of Business of EGAT and Affiliates
EGAT’s Business Operation
EGAT is a state enterprise under the supervision of Ministry of Energy and Ministry
of Finance, having the principal mission in generating, acquiring, and selling electricity
to the Metropolitan Electricity Authority (MEA), Provincial Electricity Authority (PEA), a
number of direct customers by law, and neighboring countries. EGAT is also responsible
for other related businesses as prescribed by EGAT Act.
1. Electricity Business
1.1 Generation
EGAT owns and operates various types of power plants located in 40 sites
countrywide with a total installed capacity of 15,010.13 MW. Its power generation facilities
consist of 3 thermal power plants, 6 combined cycle power plants, 22 hydropower plants,
8 renewable energy plants, and a diesel power plant.
1.2 Power purchase
In addition to electricity from its own power plants, EGAT also purchases bulk
electricity from 11 Independent Power Producers (IPPs) totaling 12,741.69 MW, from
Small Power Producers (SPPs) totaling 3,524.60 MW, and from neighboring countries,
namely Lao PDR and Malaysia totaling 2,404.60 MW.
1.3 Transmission
EGAT transmits electricity generated by its power plants and purchased from
private power producers through its own grid network covering all parts of the country.
EGAT’s transmission lines comprise different voltages including 500 kV, 230 kV, 115 kV,
and 69 kV. EGAT sells electricity to two distributing authorities namely MEA and PEA
which further deliver electricity to their retail customers countrywide. EGAT also sells
electricity to the power utilities of neighboring countries, namely Lao PDR at 115 kV and
22 kV lines and Malaysia at 300 kV HVDC lines.
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2. Other businesses
2.1 EGAT’s Related Businesses
In 2013, EGAT conducted many related businesses in accordance with its strategic
scheme and expanded them to ASEAN countries particularly the CLMV (Cambodia,
Lao PDR, Myanmar, and Vietnam) as a preparation for the upcoming ASEAN Economic
Community (AEC) in 2015.
The expansion of EGAT’s energy-related businesses to ASEAN countries increases
revenue to EGAT and builds the stability of electricity system in Thailand as well as
strengthening relationship among ASEAN countries.
In 2013, the outstanding EGAT’s related businesses in overseas countries were as
follows.
• Engineering and Construction Service at Hongsa Lignite-Fired Power
Plant, Lao PDR
• Operation and Maintenance Service at Hongsa Lignite-Fired Power Plant,
Lao PDR (Mobilization Phase started on July 15, 2013)
• Operation and Maintenance Training Program for the personnel of
Myanmar Electric Power Enterprise (MEPE), Myanmar
• Cooperation with Original Equipment Manufacturer (OEM) for providing
Inspection Service of Gas Turbine Rotor or Comprehensive Rotor
Inspection (CRI) for TUAS Power Plant (Singapore), EVN (Vietnam), and
Cilegon Power Plant (Indonesia).
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In Thailand, EGAT expanded the scope of its energy-related business of Operation
and Maintenance Service to SPPs, whose numbers were increasing significantly as stated
in Power Development Plan 2013 (PDP 2013). Furthermore, EGAT cooperated with the
leading educational institutions in the country to conduct research and development
(R&D) in the by-product from electricity generation at Mae Moh Lignite-Fired Power
Plant in Lampang Province, to develop fly ash and synthetic gypsum products. These byproducts are utilized in the quality improvement of cement and organic fertilizer.
EGAT also provided Engineering and Construction Service for Bang Pa-In
Cogeneration Power Plant and Tender Service for the District Cooling System and Power
Plant Company Limited (DCAP) Project (Phase 2) for Suvarnabhumi International Airport.
2.2 Investment
EGAT has invested in electricity generation and energy-related businesses in the
following five companies:
Subsidiary Companies
• Ratchaburi Electricity Generating Holding Public Company Limited (RATCH)
Nature of Business
RATCH was established as a holding company on March 7, 2000. As a holding
company, RATCH gets dividends from its invested companies as main revenue.
The company focuses mainly on investing and developing electricity generating
business which urges diversification of resources, i.e. natural gas, oil, coal, hydro,
and alternative energy. The company is also interested in performing operation and
maintenance service for power plant and coal mining, as well as investing jointly with
partners in various projects, both in Thailand and other countries.
At present, RATCH has the total capacity of 5,168.95 MW comprising 4,570.38
MW from domestic projects and 598.57 MW from overseas projects.
Shareholding
As of December 31, 2013, RATCH had a total registered capital of 1,450 million
shares (equivalent to 14,500 million Baht). Its ownership structure is composed of 45
percent stakes held by EGAT and 55 percent stakes held by general public.
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• EGAT International Company Limited (EGATi)
Nature of Business
EGATi was established by EGAT on December 18, 2007 with aims to directly invest
or set up subsidiaries to invest in power development projects in foreign countries.
The company was approved by the Cabinet to invest in Nam Ngiep 1 Hydropower
Project (289 MW) in Lao PDR by holding 30 percent stakes in this project. The construction
is under preparation with the scheduled commercial operation dated in 2019.
Shareholding
As of December 31, 2013, EGATi had a total registered capital of 310.8 million
shares (equivalent to 3,108 million Baht). EGAT presently holds 99.99 percent stakes in
EGATi.
• EGAT Diamond Service Co., Ltd. (EDS)
Nature of Business
EDS is a joint venture business founded on December 15, 2009 by EGAT, Mitsubishi
Heavy Industries Ltd. (MHI), Mitsubishi Corporation (MC), and Ratchaburi Electricity
Generating Holding Public Company Limited (RATCH). The objective of the company is to
provide refurbishment work for the hot gas path parts of gas turbine in the 18 countries
which are Thailand, Malaysia, Singapore, Lao PDR, Myanmar, Vietnam, Cambodia,
Brunei, Australia, New Zealand, India, Pakistan, Bangladesh, Sri Lanka, Bhutan, Nepal,
Afghanistan, and Maldives.
The Gas Turbine Refurbishment Service Center which is located in Navanakorn
Industrial Estate, Pathum Thani Province has started its operation in April 2011.
Shareholding
As of December 31, 2013, EDS had a total
registered capital of 6.23 million shares (equivalent to
623 million Baht). Its ownership structure is composed
of EGAT, MHI, MC, and RATCH with the portion of 45
percent, 30 percent, 15 percent, and 10 percent stakes
respectively.
23
Associated Company
• Electricity Generating Public Company Limited (EGCO)
Nature of Business
EGCO was established as a holding company by EGAT on May 12, 1992. Its
revenues are mainly from dividends of subsidiary and associated companies.
EGCO focuses mainly on generating and selling electricity to EGAT and other local
customers as well as customers in ASEAN countries under the long-term Power Purchase
Agreement (PPA). The company also provides a variety of energy-related services.
Business of EGCO can be categorized into 4 groups as follows:
1) Independent Power Producer (IPP)
2) Small Power Producer (SPP)
3) Overseas Power Producer
4) Other business groups which are operation and maintenance companies
(O&M) and water supply companies.
At present, EGCO has a total capacity of 4,692 MW consisting of 3,819 MW from
domestic projects and 873 MW from overseas projects.
Shareholding
As of December 31, 2013, EGCO had the total registered capital amounting to 530
million shares (equivalent to 5,300 million Baht) of which 526.47 million shares (5,264.65
million Baht) were issued and paid-up. EGCO’s shareholders are EGAT (25.41 percent),
TEPDIA Generating B.V. (23.94 percent), and general public (50.65 percent).
Joint Venture
• District Cooling System and Power Plant Co., Ltd. (DCAP)
Nature of Business
DCAP is a joint venture business co-founded on April 2, 2003 by EGAT, PTT Public
Company Limited (PTT), and Metropolitan Electricity Authority (MEA). The objective of
the company is to generate and sell electricity and cooling water to the Suvarnabhumi
International Airport.
Presently, DCAP has conducted a feasibility study for its phase 2 project, of a new
cogeneration plant for supporting the Suvarnabhumi International Airport. The scheduled
commercial operational date is in the mid-year 2016.
Shareholding
As of December 31, 2013, DCAP had a total registered capital of 167 million shares
(equivalent to 1,670 million Baht). Its ownership structure is composed of EGAT, PTT, and
MEA with the portion of 35 percent, 35 percent, and 30 percent stakes respectively.
24
A Leader
EGAT’s Investment in Its Affiliates
Company
Registered Capital Ownership
(Million Baht)
(%)
Ratchaburi Electricity Generating
Holding Public Company Limited
(RATCH)
14,500
45
Status
Subsidiary Company
8/8 Moo 2, Bang Khane Sub-district, Mueang District, Nonthaburi Province 11000
Tel : +66 (0) 2794 9999 Fax : +66 (0) 2794 9998
Website: www.ratch.co.th
EGAT International Company Limited 3,108
(EGATi)
99.99
Subsidiary Company
53 Moo 2 Charansanitwong Road, Bang Kruai District, Nonthaburi Province 11130
Tel : +66 (0) 2436 4000 Fax : +66 (0) 2436 4017
Website: www.egati.co.th
EGAT Diamond Service Co., Ltd.
(EDS)
623
45
Subsidiary Company
56/25 Moo 20, Khlong Nueng Sub-district, Khlong Luang District, Pathumthani Province 12120
Tel : +66 (0) 2529 0800 Fax : +66 (0) 2529 0900
Website: www.egatdiamond.co.th
Electricity Generating Public
Company Limited
(EGCO)
5,300
25.41
Associated Company
EGCO Tower 222 Moo 5, Vibhavadi-Rangsit Road, Thungsonghong Sub-district, Laksi District,
Bangkok Province 10210
Tel : +66 (0) 2998 5000 Fax : +66 (0) 2998 0956-9
Website: www.egco.com
District Cooling System and
Power Plant Co., Ltd
(DCAP)
1,670
35
Joint Venture
Moo 1 Nong-Prue Sub-district, Bang Phli District, Samut Prakan Province 10540
Tel : + 66 (0) 2327 4242 Fax : +66 (0) 2327 4244
Website: www.dcap.co.th
25
Analysis of Operating Results and Financial Status
1. Analysis of Operating Results of EGAT and Its Subsidiaries
Operating results of EGAT and its subsidiaries including associated company and
jointly controlled entity for the years ended December 31, 2013 and 2012 are summarized
as follows:
Operating Results
Revenue from sales and services
Revenue from electric energy sales
Revenue from sales of other goods
and services
Cost from sales and services
Cost of electric energy sales
Cost of sales of other goods
and services
Gross profit
Other revenue
Income before expenses
Selling expenses
Administrative expenses
Other expenses
Operating income
Share of profit from associated
company and jointly controlled
entity of subsidiaries under
the equity method
Income before financial cost
and income tax
Financial cost
Income tax (part of subsidiaries)
Net income for the year
Net income - Non-controlling
interests
Net income - EGAT
and its subsidiaries
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2013
Million Baht
2012
Increase / (Decrease)
Million Baht Million Baht Percentage
536,913.34 512,991.89
512,820.46 486,243.70
23,921.45
26,576.76
4.66
5.47
24,092.88
26,748.19
478,658.84 455,503.10
456,479.01 430,191.42
(2,655.31)
23,155.74
26,287.59
(9.93)
5.08
6.11
(3,131.85)
765.71
(1,340.37)
(574.66)
11.70
(1,561.71)
143.95
831.40
(12.37)
1.33
(21.92)
(0.90)
8.87
(8.89)
149.59
1.82
22,179.83
58,254.50
4,774.20
63,028.70
143.55
16,006.77
240.18
46,638.20
25,311.68
57,488.79
6,114.57
63,603.36
131.85
17,568.48
96.23
45,806.80
2,804.34
3,761.73
(957.39) (25.45)
49,442.54 49,568.53 (125.99)(0.25)
4,416.81
5,343.21
(926.40) (17.34)
1,293.73
887.24
406.49 45.82
43,732.00 43,338.08
393.92 0.91
3,390.16
40,341.84
4,480.15 (1,089.99)(24.33)
38,857.93
1,483.91
3.82
For operating results in 2013, EGAT and its subsidiaries recorded a net income of
Baht 40,341.84 million, an increase of Baht 1,483.91 million or 3.82% from the year 2012.
The analysis is as follows:
1.1 Analysis of revenue from electric energy sales
For the year ended December 31, 2013, revenue from electric energy sales,
which is the primary source of revenue of EGAT and its subsidiaries, amounted to Baht
512,820.46 million, increasing by Baht 26,576.76 million or 5.47% from Baht 486,243.70
million in 2012. The higher sales revenue was mainly attributable to an increase of Baht
0.152 in unit selling price from Baht 2.869 in 2012 to Baht 3.021 in 2013, while electricity
consumption was increasing. The volume of electric energy sales of EGAT and subsidiaries
for the year 2013 increased by 282.30 million kWh or 0.17% to 169,778.52 million
kWh, compared with 169,496.23 million kWh in 2012. This was because the volume of
electricity consumption remained high in 2012 due to government’s policies to stimulate
the economy and rehabilitation after flooding, while the government’s policy especially
the first-car tax rebate scheme was ended in 2013. As a result, the manufacturing sector
slowed down especially in the automotive industry as well as domestic consumption
and investment. Exports slowed down because the global economy had not yet fully
recovered. Therefore, an increase in demand for electricity consumption in 2013 was
mainly because of the hot weather in summer.
1.2 Analysis of cost of electric energy sales
In 2013, the cost of electric energy sales of EGAT and its subsidiaries increased
from the year 2012 by Baht 26,287.59 million. Components of the cost of electric energy
sales are detailed as follows:
2013
Cost of Electric Energy Sales
Million Baht
Electricity purchased
Fuel
Generating expenses
Transmission expenses
Total
240,967.69
170,829.26
34,067.86
10,614.20
456,479.01
2012
209,206.82 31,760.87
176,240.28 (5,411.02)
34,962.81
(894.95)
9,781.51
832.69
430,191.42 26,287.59
15.18
(3.07)
(2.56)
8.51
6.11
27
1.2.1
Electricity purchased
In 2013, the cost of purchased electricity increased by Baht 31,760.87 million or
15.18%. The increase was attributable to an increase of 7,006.54 million kWh or 8.72% in
electricity purchase from private power producers amounting to 87,371.86 million kWh,
and the higher average power purchase price of Baht 2.758 per kWh increased by Baht
0.155 per kWh, compared with Baht 2.603 per kWh in 2012. The significant details are as
follows:
• Electricity purchased from Electricity Generating Plc. (EGCO) decreased
by 1,310.89 million kWh or Baht 3,008.49 million because the demand
for electricity was lower than the prior year. Therefore, EGAT decreased
in electricity purchasing from intermediate plants which could unlock and
parallel the power plant to the system instantly.
• Electricity purchased from GHECO-One Co.,Ltd. increased by 1,182.47
million kWh or Baht 3,999.69 million due to the fact that in 2013 EGAT was
ready to operate more than prior year. EGAT started to commercial trade
on July 26, 2012 and first synchronize on November 1, 2012.
• Electricity purchased from small power producers increased by 7,506.35
million kWh or Baht 27,735.37 million due to an increase of purchasing
power from non-firm because there was generation availability and an
increase in commercial operation from 12 producers.
• Electricity purchased from Electricité Du Laos increased by 2,051.68 million
kWh or Baht 3,340.58 million due to heavy rain. Therefore, there was a lot of
water in the dam thus the company had much more generation availability.
1.2.2 Fuel cost
In 2013, the electricity produced by EGAT and its subsidiaries amounted to
86,414.88 million kWh, decreasing from the prior year by 6,590.43 million kWh from
93,005.31 million kWh in 2012. The details of fuel consumption are as follows:
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A Leader
Fuel
Natural gas (MBtu)
Heavy oil (liter)
Diesel oil (liter)
Palm oil (kg)
Lignite (ton)
2013
2012
Million Unit
Million Unit
495.39
355.39
80.84
7.34
16.88
525.86
500.43
28.57
-
16.78
Million Unit Percentage
(30.47)
(145.04)
52.27
7.34
(0.10)
(5.79)
(28.98)
182.95
100.00
(0.60)
The fuel cost for the year ended December 31, 2013 amounted to Baht 170,829.26
million, decreasing by Baht 5,411.02 million or 3.07%. The details of fuel cost are as
follows:
Fuel
Natural gas
Heavy oil
Diesel oil
Palm oil
Lignite
Total
2013
Million Baht
2012
150,649.29 154,417.50
(3,768.21) (2.44)
7,895.24
11,905.41
(4,010.17) (33.68)
2,081.57
685.29
1,396.28 203.75
214.11
-
214.11 100.00
9,989.05 9,232.08 756.978.20
170,829.26176,240.28 (5,411.02)(3.07)
1.2.3 Electricity Generating Expenses
For the year ended December 31, 2013, expenses for electricity generation
decreased by Baht 894.95 million. The decrease was mainly attributable to a decrease in
depreciation of generation assets under the power plant and equipment for power plant
item of subsidiaries by Baht 522.97 million. In addition, there were the major overhaul
and minor inspection, the major maintenance of the power plants of EGAT, which is not
recorded as expenses in the period. EGAT recorded them as assets increasing from prior
year by Baht 329.81 million.
29
1.3 Revenue and cost of sales of other goods and services
Revenue and cost of sales of other goods and services were mainly derived from
operation and maintenance services, engineering and construction consulting services,
and telecommunication services.
In 2013, EGAT and its subsidiaries recorded the revenue from sales of other goods
and services in the amount of Baht 24,092.88 million, decreasing from the year 2012 by
Baht 2,655.31 million or 9.93%, and the cost from sales of other goods and services in
the amount of Baht 22,179.83 million, decreasing from the year 2012 by Baht 3,131.85
million or 12.37%.
1.4 Other revenue
Other revenue for the year ended December 31, 2013 amounted to Baht 4,774.20
million, decreasing from 2012 by Baht 1,340.37 million or 21.92% due to the following
reasons.
• A decrease in gain from power purchase agreement cancellation of
Collinsville Power Plant of Ratchaburi Electricity Generating Holding Plc. in
the amount of Baht 1,069.44 million.
• A decrease in gain on disposal of long-term investment from share offering
14% of Loy Yang A Power Plant which is indirect subsidiary of Ratchaburi
Electricity Generating Holding Plc. in the amount of Baht 783.68 million.
• An increase in gain on sale of long-term receivables of indirect subsidiary of
Ratchaburi Electricity Generating Holding Plc. in the amount of Baht 645.83
million.
1.5 Share of profit from associated company of EGAT and share of profit from
jointly controlled entities of subsidiaries by using the equity method
For the year ended December 31, 2013, share of profit under the equity method
totaled Baht 2,804.34 million, decreasing from the year 2012 by Baht 957.39 million or
25.45% which consisted of share of profit from associated company and share of profit
from jointly controlled entity in the amount of Baht 935.15 million and Baht 22.24 million
respectively.
1.6 Income tax
For the year ended December 31, 2013, the income tax of its subsidiary, namely
Ratchaburi Electricity Generating Holding Plc. amounted to Baht 1,293.73 million,
increased from the year 2012 by Baht 406.49 million or 45.82% due to dividend income.
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2. Analysis of Financial Status of EGAT and Its Subsidiaries
2013
2012
Financial Status
Million Baht
Total assets
Total liabilities
Owners’ equity of EGAT
and its subsidiaries
Non-controlling interests
578,380.63
231,299.21
533,270.08
208,296.15
45,110.55
23,003.06
8.46
11.04
315,928.06
31,153.36
294,868.74
30,105.19
21,059.32
1,048.17
7.14
3.48
As at December 31, 2013, the total assets of EGAT and its subsidiaries increased
by Baht 45,110.55 million mainly due to the following reasons.
• An increase in cash and cash equivalents of Baht 26,766.45 million, mainly
from an increase in fixed deposits not more than 3 months of EGAT and
its subsidiaries in amount of Baht 23,319.61 million and an increase in
government bonds not more than 3 months of EGAT in amount of Baht
3,998.23 million.
• An increase of Baht 23,299.41 million in temporary investment, largely
from an increase in fixed deposits not more than 12 months of EGAT and its
subsidiaries in amount of Baht 27,034.38 million and a decrease in receipts
of fixed deposits in amount of Baht 3,909.00 million.
• An increase of Baht 8,963.28 million in accounts receivable, largely from an
increase of Baht 10,047.61 million from Metropolitan Electricity Authority
and a decrease of Baht 3,459.29 million from Provincial Electricity Authority
respectively.
• An increase in investment in associated company and jointly controlled
entities of subsidiaries by using equity method of Baht 2,178.66 million.
The details are as follows:
31
Unit : Million Baht
Increase (Decrease)
Associated Companies
Electricity Generating Plc.
1,393.23
First Korat Wind Co.,Ltd.
139.66
K.R. Two Co.,Ltd.
136.93
Nam Ngieb 1 Power Co.,Ltd.
314.48
1,984.30
Jointly-Controlled Entities Tri Energy Co.,Ltd.
(291.27)
Ratchaburi Power Co.,Ltd.
185.56
Chubu Ratchaburi Electric Services Co.,Ltd.
(32.69)
SouthEast Asia Energy Ltd.
154.86
Hongsa Power Co.,Ltd.
(435.43)
Phufai Mining Co.,Ltd.
(0.04)
Nam Ngum 3 Hydro electric Power Co.,Ltd.
(0.34)
Nava Nakorn Electricity Generation Co.,Ltd.
52.50
Ratchaburi World Cogeneration Co.,Ltd.
31.89
Solarta Co.,Ltd. 138.94
Solar Power (Korat 3) Co.,Ltd.
18.46
15.32
17.50
Songkhla Biomass Co.,Ltd.
31.81
Perth Power Partnership (Kwinana)
(56.60)
KK Power Co.,Ltd.
(15.16)
Songkhla Biofuel Co.,Ltd.q
(0.01)
Sukhothai Energy Co.,Ltd.
(22.58)
Xae Pien – Xae Nam Noi Co.,Ltd.
383.71
Ayudhya Power Co.,Ltd.
17.93
194.36
Total
2,178.66
32
• Long-term investments decreased by Baht 9,751.69 million, largely
from investment of EGAT in fixed deposits more than 12 months of Baht
10,005.34 million.
• Net property, plant and equipment decreased by Baht 7,271.99 million
as the assets of EGAT and its subsidiaries increased during the year of
Baht 14,429.48 million, while depreciation for the year was valued at Baht
21,701.46 million.
A Leader
• Work under construction increased of Baht 8,282.98 million resulting from
the Chana combined power plant construction project - Block 2 and the
Wang Noi combined power plant construction project - Block 4.
• Other non-current assets decreased by Baht 3,693.42 million, largely from
divestment of subsidiaries in the amount of Baht 3,137.92 million.
As at December 31, 2013, the total liabilities of EGAT and its subsidiaries increased
by Baht 23,003.06 million, mainly detailed as follows:
• Account payables increased by Baht 23,683.48 million, mostly from an
increase in account payable - cost of electricity purchase from electricity
purchased payable and fuel cost amounting to Baht 14,450.00 million and
8,192.37 million respectively.
• Short - term loans increased by Baht 7,074.22 mainly because of an increase
in short - term loans from financial institutions of subsidiaries.
• Long-term loans and current portion of long-term loans decreased by Baht
8,252.38 million, due to repayment of EGAT’s long term loans amounting to
Baht 22,568.45 million, offset by asking for a long term loans amounting to
Baht 16,065.70 million.
Owners’ equity of EGAT and its subsidiaries totaled Baht 315,928.06 million,
increasing by Baht 21,059.32 million, as shown in the following details.
• For the year ended December 31, 2013, the net income of EGAT and its
subsidiaries totaled Baht 40,341.84 million.
• EGAT wrote off the contribution from the government of multi-purpose
dams in the portion of their irrigation purposes, resulting in a decrease of
Baht 62.33 million.
• A decrease in other comprehensive income in the amount of Baht 160.01
million.
• Estimated remittance to the Ministry of Finance in the amount of Baht
19,060.18 million
33
3. Analysis of Cash flow
As at December 31, 2013, cash and cash equivalents of EGAT and its subsidiaries
amounted to Baht 67,078.80 million, increasing from December 31, 2012 by Baht
26,766.45 million. The reasons are as follows:
Unit : Million Baht
Cash and cash equivalents as at December 31, 2012 (Restated)
Net cash inflows from operating activities
Net cash outflows from investing activities
Net cash outflows from financing activities
Effects from foreign exchange rate in cash and cash equivalents
Cash and cash equivalents as at December 31, 2013
40,312.35
88,510.75
(34,332.36)
(27,348.51)
(63.43)
67,078.80
In 2013, net cash inflows from operating activities totaled Baht 88,510.75 million
which was derived from net income of Baht 40,341.84 million, adjusted by non-cash items
in statements of income, such as depreciation and gains (losses) on foreign exchange
etc. totaling Baht 35,993.78 million. Besides, changes in working capital resulted in an
increase in cash of Baht 12,498.19 million, cash receipts on interest of Baht 1,070.92
million, and cash payment on income tax totaling Baht 1,393.98 million.
Net cash outflows from investing activities amounted to Baht 34,332.36 million,
consisting of investments for the construction of power plant projects, transmission
system, and construction projects and durable goods included interests totaling Baht
24,296.64 million, additional temporary investments in the amount of Baht 23,248.28
million, the payment for additional share capital in associated company and the jointly
controlled entities of subsidiaries totaling Baht 500.60 million. Meanwhile, EGAT and its
subsidiaries received cash on long-term investments of Baht 10,044.49 million, dividends
of Baht 2,001.17 million, and interest of Baht 795.13 million.
Net cash outflows from financing activities totaled Baht 27,348.51 million,
comprising of cash receipts from short and long-term loans of Baht 32,226.67 million,
repayment of loans of Baht 32,242.67 million, remittance to the Ministry of Finance of
Baht 17,671.88 million, and dividend payment of Baht 5,101.06 million.
34
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4. Financial Ratio
Based on the operating results and financial status for the years ended December
31, 2013 and 2012, the financial ratios of EGAT and its subsidiaries are as follows:
Liquidity Ratio
2013
2012
Current ratio (Time)
Quick ratio (Time)
Cash ratio (Time)
1.51
1.40
0.82
1.42
1.28
0.70
10.85
8.15
73,935.01
11.21
8.45
70,321.12
7.87
26.12
0.98
8.41
25.13
1.02
0.67
11.19
1.57
0.64
9.28
1.03
Profitability Ratio
Ratio of gross profit to net sales (Percentage)
Ratio of net profit to net sales (Percentage)
EBITDA (Million Baht)
Efficiency Ratio
Rate of return on assets (Percentage)
Rate of return on fixed assets (Percentage)
Total assets turnover (Time)
Financial Policy Ratio
Debt to equity ratio (Time)
Times interest earned (Time)
Fixed charge coverage (cash basis) (Time)
Remark : EBITDA is calculated from gross profit after selling expenses, administrative expenses,
excluding depreciation and other amortization expenses.
35
Enterprise Risk Management
Enterprise Risk Management is an essential tool for the organization to efficiently
and effectively achieve its objectives and targets for value enhancement of the organization
to obtain the maximum benefit. The implementation of the integrated enterprise risk
management has provided the confidence that EGAT’s operation and business continuity
can efficiently meet the organization’s vision and mission within the acceptable risk.
EGAT has systematically applied the Risk Management according to COSO
- ERM, the international framework for the enterprise risk management, and the Risk
Management of State Enterprise of the Ministry of Finance throughout the organization.
It is so important that EGAT has thoroughly monitored its risk management in every level.
The Enterprise Risk Management Committee (RMC) has been established by the Board
of Directors to cooperate with Deputy Governors of every business unit in monitoring
and overseeing the sufficiency and efficiency of the overall risk management. The Audit
Committee reviews the appropriateness of the risk management system and reports to
the Board of Directors. The risk management plan, follow-up, and report are submitted
to the Board of Directors every quarter of the year for monitoring and revising the
sufficiency of risk management action plans/measures to be within the Risk Appetite of
the organization.
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Risk Management in 2013
EGAT has considered risk factors in all aspects which could compromise its
operation under the current year. The four core aspects of key risk management consist
of Strategic and Corporate Risk, Financial Risk, Operational Risk, and Compliance Risk.
In May 2013, EGAT was able to cope with major critical incidents such as the
power outage incident caused by the climate condition and lightning striking the
transmission lines which occurred in 14 Provinces in the South of Thailand. According
to the existing measures in the security of power aspect of EGAT’s risk management
system, the blackout restoration plan was implemented to restore power and regain the
power system to its normal condition as fast as possible and restrict affected area within
the southern region. After the incident was resolved, EGAT set up a meeting to review the
measures in order to prevent the probability of reoccurrence as well as establishing the
short-term and long-term measures including the collaboration with Provincial Electricity
Authority (PEA) and Metropolitan Electricity Authority (MEA). Investment on transmission
system in the southern area has been made by constructing 3 new 500 kV transmission
line routes in order to increase the stability and reliability of the national power system.
Moreover, during the disruption of the natural gas production in Myanmar for
maintenance such as the 8-day disruption of gas supply from Yadana Source in April
2013 and the 14-day disruption of gas supply from Yetakun Source in December 2013
which led to the natural gas shortage in Thailand, EGAT applied the measures of risk
management system by replacing the natural gas with bunker oil and diesel. This made
EGAT be able to maintain the stability of the power system and to respond to consumers’
demand.
Regarding Compliance Risk aspect, EGAT has given close attention to law and
regulation compliance. In order to manage risks which involve the violation of any related
laws and regulations, EGAT has set up preventive and proactive plans and measures to
avoid and reduce impacts from such risks. For instance, EGAT has established information
system and alert system concerning related laws/regulations such as the Environment
Impact Assessment (EIA), Health Impact Assessment (HIA), and Social Impact Assessment
(SIA).
In addition, EGAT has been well aware of the new related laws which are expected
to be enacted and may have effects on EGAT’s operations such as the secondary laws
provided for the Energy Industry Act, B.E. 2550 (2007). EGAT has closely monitored and
thoroughly studied the effects of the new laws and regulations and has kept all concerned
units informed so that EGAT can ready itself for any compliance risks.
As a result of systematically and continuously managing risks during the year
2013, EGAT was able to fulfill its assignment as well as achieving its strategic objectives
as stated in the enterprise corporate plans.
37
Organization Chart
38
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Structure of Organizational Management
EGAT organizational management consists of a Board of Directors and EGAT
executives. Apart from establishing broad policies and objectives to oversee EGAT’s
overall operations, the Board of Directors also appoints EGAT executives to be responsible
for managing the organization in accordance with the given policies and strategies.
In 2013, the EGAT Board of Directors comprised persons from public and private
sectors having qualification as mentioned in the List of State Enterprise Directors in the
Notification of the Ministry of Finance and had specific professional skills beneficial to the
EGAT’s operation. The qualification of the members of Board of Directors shall comply
with the Act on Standards for Qualification of Board of Director Members and Employees
of State Enterprises, B.E. 2518 (1975) and its amendment. Qualification of EGAT Board
Committees shall comply with EGAT regulation on EGAT Board Committees.
1. Board of Directors
1.1 Composition, Qualifications, and Criteria for Appointment
• The Board of Directors comprises Chairman and Directors not exceeding 10
members including EGAT Governor who serves as an ex-officio Director.
• Chairman and Directors must be of Thai nationality and well qualified and
experience in business administration, science, engineering, economics, finance, or law.
All members must not have any direct or indirect interest in the contracts made with
EGAT or in the activities acted for EGAT, except that they are merely shareholders who
invest in good faith in limited company or public limited company. All members must not
hold any political post or possess prohibited attributes according to the Act on Standards
for Qualification of Board of Director Members and Employees of State Enterprises, B.E.
2518 (1975) and its amendment.
• The Chairman and Directors, except the ex-officio Director, are appointed by
the Cabinet.
1.2 Authority and Responsibilities
EGAT Board of Directors is responsible for the following:
• Lay down rules and regulations
• Establish EGAT’s vision and policies and accountable for the performance of
EGAT management
• Review and approve significant policies and strategies including financial
objectives, corporate social responsibility, and other EGAT’s initiatives as well as
monitoring the performance of the management regularly
• Ensure the reliability of accounting system, financial statements, and
auditing as well as the effectiveness and efficiency of internal control, internal audit, risk
management, financial information disclosure, and follow up observance
39
• Control and address conflicts of interest issues that may occur among
employees, management, or Directors as well as monitoring the misuse of EGAT’s
property and investigating misconduct of illegal and unethical behavior
• Ensure that the structure and practices of EGAT Board of Directors comply with
the principles of good corporate governance and high ethical standards
• Monitor the appropriateness of human resources management including
position classification and manpower
• Evaluate the performance of EGAT Governor and review EGAT’s planning
regularly
1.3 Members of the Board of Directors
No.
Name
Position
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Mr. Pornchai Rujiprapa
Mrs. AnchaleeChavanich
Mr. Kurujit Nakornthap
Mr. Trakul Winitnaiyapak
Mr. Sukit
Charoenrattanakul
Mr. PorameteeVimolsiri
Mr. Prawit Sarakitprija*
Mr. Kulit
Sombatsiri
(Representative of Ministry of Finance)
Chairperson
Chairperson
Director
Director
Director
Director
Director
Director
Term of Office in 2013
Jan. 1 - Jan. 31
Feb. 12 - Dec. 31
Jan. 1 - Dec. 31 Jan. 1 - Dec. 31
Jan. 1 - Feb. 11
Jan 1 - Dec. 31
Jan. 1 - Sept. 30
Jan. 1 - Dec. 31
Mrs. Amporn Nitisiri
Director
Jan. 1 - Dec. 31
Mr. Chuan Sirinantporn
Director
Feb. 12 - Dec. 31
Mr. Surachai Tansitpong
Director
Jan. 1 - Dec. 31
Mr. Yongyutt Chaipromprasith
Director
Jan. 1 - Dec. 31
Mr. Prachuab Ujjin
Director
Feb. 12 - Dec. 31
EGAT Governor
Director (Ex-officio)
Jan. 1 - Jul. 30
(Mr. Sutat
Patmasiriwat)**
& Secretary
EGAT Governor
Jul. 31 - Dec. 31
(Mr. Soonchai Kumnoonsate)***
& Secretary
Remark : * Resigned, effective from October 1, 2013
** Retired on July 30, 2013 as having reached 60 years of age according to the hiring
contract of EGAT Governor
*** Appointed by the Cabinet on July 19, 2013 to replace Mr. Sutat Patmasiriwat, effective
from July 31, 2013 and serves as director (ex-officio)
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A Leader
1.4 Board Members Holding Office in EGAT’s Affiliates
No.
Name
Position in EGAT’s
Term of Office
Affiliates
in 2013
Electricity Generating Public Company Limited (EGCO)
1.
2.
Mr. Kulit
Sombatsiri
Chairman
Director
Jan. 1 - Dec. 31
Jan. 1 - Dec. 31
Ratchaburi Electricity Generating Holding Public Company Limited (RATCH)
1.
2.
3.
4.
5.
6.
Mr. Sutat Patmasiriwat
Mr. Soonchai Kumnoonsate
Mr. Prachuab Ujjin
Chairman
Director
Director
Director
Director
Director
Jan. 1 - Dec. 31
Jan. 1 - Dec. 31
Jan. 1 - Apr. 31
Jan. 1 - Oct. 1
Feb. 1 - Dec. 31
Apr. 24 - Dec. 31
EGAT International Company Limited (EGATi)
1.
2.
Chairman
Chairman
Jan. 1 - Sept. 30
Oct. 24 - Dec. 31
2. Board Committees
In 2013, the Board of Director appointed 5 committees to consider important
issues, namely Executive Committee, Audit Committee, Enterprise Risk Management
Committee, Corporate Governance Committee, and Human Resources Committee.
Moreover, other committees to consider matters concerning nomination of
EGAT management were also appointed. These committees were Committee for Deputy
Governor Nomination, Committee for Assistant Governor and Division Director Nomination,
and Committee for Advisor and Expert Nomination. As the then EGAT Governor (Mr. Sutat
Patmasiriwat) completed his office term as specified in the hiring contract and retire in
2013, the Committee for Governor Nomination and Subcommittee on Hiring Payment of
Governor were established to nominate knowledgeable and experienced person as EGAT
Governor and to consider hiring contract, payment, other compensation, and criteria for
performance evaluation.
41
2.1 Executive Committee
Duties and Responsibilities
• Consider and approve Term of Reference (TOR) and procurement of supplies
within the value limits not exceeding 500 million Baht
• Consider and screen all issues concerning EGAT’s financial and investment
policies and plans as well as annual budget, and recommend the financial and investment
strategies that will be beneficial to EGAT
• Approve information technology master plan
• Consider other issues assigned by the Board or proposed by the Management
before submitting to the Board
Members of the Executive Committee
No.
Name
Position
1
2
Mrs. Anchalee Chavanich
3
4
5
Mr. Kulit
Sombatsiri
6
Mr. Prachuab Ujjin
7
Mr. Sutat
Patmasiriwat
8
Chairperson
Chairperson
Member
Member
Member
Member
Member (Ex-officio)
& Secretary
Member (Ex-officio)
& Secretary
Term of Office
in 2013
Jan. 1 - Jan. 31
Feb. 15 - Dec. 31
Jan. 1 - Dec. 31
Jan. 1 - Dec. 31
Jan. 1 - Dec. 31
Feb. 15 - Dec. 31
Jan. 1 - July 30
July 31 - Dec. 31
Remark: -New Board of Director and Executive Committee were appointed on February 12 and 15,
2013 respectively by replacing Mr. Pornchai Rujiprapa by Mrs. Anchalee Chavanich as
Chairperson
-Mr. Soonchai Kamnoonsate was appointed EGAT Governor and Committee Member (Exofficio) effective from July 31, 2013 replacing Mr. Sutat Patmasiriwat who retired on July 30,
2013.
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A Leader
2.2 Audit Committee
• Review the adequacy and effectiveness of EGAT’s internal control and risk
management system
• Review the reliability of financial statements and financial reports
• Monitor observance of laws, rules and regulations, related policies, and EGAT
Code of Conduct and Ethics
• Monitor the effectiveness and efficient use of information technology systems
and resources that meet corporate objectives and create added values for EGAT
• Monitor the executive management’s response to recommendations made by
independent auditors and the Internal Audit Bureau concerning internal controls and risk
management
• Review the operation of the Internal Audit Bureau and consider, in consultation
with EGAT Governor, the appointment, transfer, performance evaluation, and salary raise
of the Assistant Governor - Internal Audit Bureau
• Meet and discuss with independent auditors the results of the annual audit
• Review at least once a year the appropriateness and effectiveness of the Audit
Committee Charter and the Internal Audit Charter
Members of the Audit Committee
No
Name
Position
1
2
Mr. Prawit Sarakitprija*
3
Mr. Yongyutt Chaipromprasith**
4
Mr. Porametee Vimolsiri
5 Assistant Governor - Internal Audit
Chairman
Member
Chairman
Member
Member
Secretary
(Ex-officio)
Term of Office
in 2013
Jan. 1 - Jan. 31
Jan. 1 - Jan. 31
Feb. 15 - Sept. 30
Feb. 15 - Dec. 31
Jan. 1 - Dec. 31
Jan. 1 - Dec. 31
Remark: * Appointed as member of the Audit Committee from November 4, 2011 to January 31,
2013 and appointed as Chairman on February 15, 2013 replacing Mr. Surachai Tansitpong
who completed his term of office.
Resigned from EGAT Board of Directors on October 1, 2013.
**Appointed as member of the Audit Committee in the 2/2013 meeting replacing Mr. Prawit
Sarakitprija, Chairman
43
2.3 Enterprise Risk Management Committee
• Ensure the adequacy and effectiveness of risk management framework and
policies which cover all EGAT’s operations
• Review policies and systems used in assessing and evaluating risk management
and controls as well as auditing and reporting procedures
• Oversee and ensure the observance of risk management
• Review EGAT’s risk management reports and information to be submitted to
regulatory bodies and the public
• Perform any other tasks within the purview of the Enterprise Risk Management
Committee as assigned by the Board of Directors
Members of the Enterprise Risk Management Committee
No.
Name
Position
1
2
3
4
5
6
Chairman
Mr. Sukit Charoenrattanakul
Member
Member
Mr. PrachuabUjjin
Member
Member
Deputy Governor - Policy and Member & Secretary
Planning
(Ex-officio)
Term of Office
in 2013
Jan. 1 - Dec. 31
Jan. 1 - Jan. 31
Jan. 1 - Jan. 31
Feb. 15 - Dec. 31
Feb. 15 - Dec. 31
Jan. 1 - Dec. 31
2.4 Corporate Governance Committee
• Establish policy, strategies, and practical guidelines for corporate governance
and social responsibility
• Oversee and ensure the observance of the defined plans and practices
• Promote and encourage involvement of Directors, EGAT management, and
employees in corporate governance and CSR activities
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A Leader
Members of Corporate Governance Committee
No.
Name
Position
1
Chairman
2
Mr. Kulit Sombatsiri
Member
Member
3 Deputy Governor - Administration
4 Deputy Governor - Corporate Social Affairs Member
Member
5 Assistant Governor - Human Resources
Secretary
6 Director of the Office of the Governor
(Ex-officio)
Jan. 1 - Dec. 31
Jan. 1 - Dec. 31
Jan. 1 - Dec. 31
Jan. 1 - Dec. 31
Jan. 1 - Dec. 31
Jan. 1 - Dec. 31
2.5 Human Resources Committee
• Propose policy guidelines on human resources
• Consider EGAT’s Human Resources Master Plan before submission to the Board
of Directors
• Perform any other tasks related to HR oversight as assigned by the Board of
Directors
Members of Human Resources Committee
No
Name
Position
1 Mr. Sukit Charoenrattanakul
Chairperson
2 Mrs. Amporn Nitisiri
Member
Chairperson
3 Mr. Chuan Sirinantporn
Member
Member
4EGAT Governor
Member
5Deputy Governor - Administration
6Assistant Governor - Human Resources Member & Secretary (Ex-officio)
Jan. 1 - Feb. 11
Jan. 1 - Jan. 31
Feb. 15 - Dec. 31
Feb. 15 - Dec. 31
Feb. 15 - Dec. 31
Jan. 1 - Dec. 31
Jan. 1 - Dec. 31
45
2.6 Committee for Deputy Governor Nomination
The Committee is responsible for considering and recommending nominees for
the position of Deputy Governor or rotation for the position of Deputy Governor.
Members of the Committee for Deputy Governor Nomination
No
Name
Position
Chairperson
1. EGAT Board of Directors
(Mr. Pornchai Rujiprapa)
(Ex-officio)
Chairperson
2 EGAT Board of Directors
(Mrs. AnchaleeChavanich)
(Ex-officio)
3
Member
4
Member
5
Member
6
Mr. Santad Jirayuwat
Member
7
Mr. Apichart Dilogsopon
Member
8
Mr. Wirash Kanchanapibul
Member
9
EGAT Governor
Member & Secretary
(Ex-officio)
Jan. 1 - Jan. 31
Feb. 15 - Dec. 31
Jan. 1 - Dec. 31
Jan. 1 - Dec. 31
Jan. 1 - Jan. 31
Jan. 1 - Jan. 31
Jan. 1 - Dec. 31
Feb. 15 - Dec. 31
Jan. 1 - Dec. 31
2.7 Committee for Assistant Governor and Division Director Nomination
The Committee is responsible for considering and recommending candidates for
nomination or rotation for the position of Assistant Governor and Division Director.
Members of the Committee for Assistant Governor and Division Director
Nomination
No.
Name
Position
Term of Office
in 2013
Chairman
1 EGAT Governor
(Ex-officio)
2
Member
Member
3 Deputy Governors
4 Deputy Governor - Administration Member & Secretary
(Ex-officio)
Jan. 1 - Dec. 31
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Jan. 1 - Dec. 31
Jan. 1 - Dec. 31
Jan. 1 - Dec. 31
2.8 Committee for Advisor and Expert Nomination
The Committee is responsible for considering and recommending candidates for
the position of advisors and experts.
Members of the Committee for Advisor and Expert Nomination
No.
Name
Position
Term of Office
in 2013
1EGAT Governor
May 28 - Dec. 31
Chairman
(Ex-officio)
2 Mrs. Amporn Nitisiri
Member
3 Mr. Wirash Kanchanapibul
Member
4 Deputy Governor - Administration
Member & Secretary
5 Assistant Governor - Human Resources Assistant secretary
May 28 - Dec. 31
May 28 - Dec. 31
May 28 - Dec. 31
May 28 - Dec. 31
2.9 Committee for EGAT Governor Nomination
The Committee is responsible for considering and recommending candidates with
suitable capability and experiences to the Board of Directors for the position of EGAT
Governor. The nominees must not possess prohibited attributes according to the law.
Members of the Committee for EGAT Governor Nomination
No.Name
1
2
3
4
5
6
Position
Mr. Suthep Liamsiricharoen
Mrs. Siriporn Luengnual
Chairman
Member
Member
Member Member Assistant Governor - Human ResourcesSecretary
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2.10 Subcommittee on Hiring Payment of EGAT Governor
The Subcommittee on Hiring Payment of Governor is responsible for considering
the payment rate and other compensation for EGAT Governor, setting up criteria for
performance evaluation, preparing EGAT Governor hiring contract, negotiating the hiring
rate with other candidates proposed by the Committee for EGAT Governor Nomination,
submitting achievement report to the EGAT Board of Directors, and assigning the work to
relevant units and employees of EGAT, as appropriate.
Members of the Subcommittee on Hiring Payment of EGAT Governor
NoName
1
2
3
4
5
Position
Mr. Kulit
Sombatsiri
Mr. Prachuab Ujjin
Mrs. Panchanitta Bunkrong
Chairman
Member
Member Member Assistant Governor - Human ResourcesSecretary
3. Meetings of the Board of Directors and Committees
The Board of Directors regularly meets at least once a month. Additional meetings
are convened as necessary. For each meeting, further information from the Management
can be requested by the members. For the Board Committees, certain committees
regularly meet on a monthly basis whereas others hold meetings only when needs arise.
48
A Leader
49
Remark: Times of attendance by each member against total number of meetings convened during his/her period of office
1 Mr. Pornchai Rujiprapa
1/1
1/1
2 Mrs. Anchalee Chavanich
11/11
13/13
1/1
3 Mr. Kurujit
Nakornthap
12/12
14/14
1/1
4/4
3/3
6/6
4 Mr. Trakul
Winitnaiyapak
9/12
10/14
4/4
0/1
5 Mr. Sukit
Charoenrattanakul 1/1
1/4
6
Mr. Porametee
Vimolsiri
10/12
14/14
9/10
4/6
7 Mr. Prawit
Sarakitprija
4/9
8/10
8
Mr. Kulit
Sombatsiri
9/12
12/14
4/42/2
9 Mr. Surachai Tansitpong
1/1
1/1
10
Mrs. Amporn
Nitisiri11/123/31/10/2
11 Mr. Chuan
Sirinantporn
9/12
0/3
12
Mr. Yongyutt
Chaipromprasith
11/12
10/10
6/6
13 Mr. Prachuab Ujjin
11/11
12/13
3/3
2/2
14 Mr. Apichart Dilogsophon
1/1
15
Mr. Suthep
Liamsirichareon
5/6
16
Mrs. Siriporn
Luengnual
6/6
17 Mr. Wirash
Kanchanapibul
1/1
18
Mrs. Panchanitta
Bunkrong2/2
19 Mr. Sutat
Patmasiriwat
7/7
8/8
1/1
20 Mr. Soonchai Kumnoonsate
5/5
6/6
No
Name
Board of Executive
Audit
Corporate
Human Committee for Committee for Enterprise Committee for Committee for Subcommittee
Directors Committee Committee Governance
Resources
Deputy
Assistant
Risk
Advisor
EGAT
Hiring
Committee
Committee
Governor
Governor & Management
and Expert
Governor Payment of EGAT
Nomination Division Director Committee
Nomination
Nomination
Governor
Nomination
Meeting Attendance in 2013
4. Board Self-Assessment
Board self-assessment is conducted to examine the performance and effectiveness
of the Board of Directors to help identify weak points that need improvement. The
self-assessment also provides an opportunity for all Board members to review their
past performance and obstacles confronted and to gauge their contribution to EGAT’s
success in order to improve their performance in discharging their oversight duties and in
determining EGAT’s strategic directions. The annual self-assessment comprises individual
self-assessment and collective Board self-assessment. Results of the evaluation are
notified to the entire Board for discussion. Moreover, there are meetings that are held
without the attendance of executives and members (ex-officio) in accordance with the
State Enterprise’s Corporate Governance measures that need the independent members
having the meeting without the presence of ex-officio from time to time.
For new Board members, an orientation program has been provided. The program
includes an insight into EGAT’s policies, mission, rules and regulations, business operations
and practices, and work systems. They have also been given a set of handbooks containing
guidelines and other necessary information.
In addition, training and development programs are available to all Board
members. Members of the Board are informed of the training/seminar programs organized
by various institutions in which they can express their interest to attend as appropriate.
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A Leader
5. Remuneration for Directors
The remuneration for directors of EGAT is stated at the rates approved by the
Cabinet. In addition, directors appointed to serve as members of Board committees
including Audit Committee, Executive Committee, Corporate Governance Committee,
and Enterprise Risk Management Committee will receive more remuneration at the same
rates. The remuneration for EGAT Board of Directors in 2013 totaled 7,622,851.56 Baht
detailed as follows:
No.
Name
Payment
Meeting
Bonus
Allowance (Baht)
(Baht)
Total
(Baht)
1 Mr. Pornchai Rujiprapa
-
50,000.00
49,218.75 99,218.75
2
Mrs. Anchalee
Chavanich 100,000.00262,500.00522,070.31884,570.31
3
Mr. KurujitNakornthap 50,000.00280,000.00457,031.25787,031.25
4
Mr. TrakulWinitnaiyapak50,000.00222,500.00435,937.50708,437.50
5 Mr. Sukit
Charoenrattanakul -
12,500.00
13,710.95 26,210.95
6
Mr. Porametee
Vimolsiri 50,000.00240,000.00457,031.25747,031.25
7
Mr. PrawitSarakitprija 20,000.00160,000.00189,140.62369,140.62
8
Mr. Kulit Sombatsiri 50,000.00225,000.00354,375.00629,375.00
9
Mrs. Amporn
Nitisiri
50,000.00232,500.00457,031.25739,531.25
10 Mr. Surachai Tansitpong
-
32,500.00
39,375.00 71,875.00
11 Mr. Chuan Sirinantporn
50,000.00
70,000.00 313,242.19 433,242.19
12
Mr. Yongyutt
Chaipromprasith
50,000.00270,000.00457,031.25777,031.25
13 Mr. Prachuab Ujjin
50,000.00 210,000.00 417,656.25 677,656.25
14 Mr. Sutat
Patmasiriwat
-
100,000.00 274,354.84 374,354.84
15 Mr. Soonchai Kumnoonsate 50,000.00
50,000.00 198,145.15 298,145.15
Total
570,000.002,417,500.004,635,351.567,622,851.56
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52
A Leader
Two Decades of DSM…. More Than Energy Saving
During its two decades, the Demand Side Management (DSM)
has successfully encouraged the awareness of the Thai people in
energy conservation. The project can reduce 3,000 MW of electricity
demand and 17,840 million kWh of energy. The emission of carbon
dioxide, which is the cause of global warming, can be reduced for more
than 10.7 million tons.
53
Board of Directors
Mrs. Anchalee Chavanich
Age 63
Chairman
Education/Training
• M.S. (Engineering Management), University of Missouri-Rolla, U.S.A.
• Bachelor of Engineering (Industrial Engineering), Chulalongkorn University
• Training programs organized by Thai Institute of Directors
• Audit Committee Program (ACP)
• Director Certification Program (DCP)
• Finance for Nonfinance Director (FND)
• Role of the Chairman Program (RCP)
• Politics and Governance in Democratic Systems for Executives, King Prajadhipok’s Institute
• Executive Program on Administrative Justice
• National Defense Course, National Defense College
• Executive Program, Capital Market Academy
• Executive Program, King Prajadhipok’s Institute
• National Defense Course, National Defense College
• Energy Literacy Leadership Program, Thailand Energy Academy
Work Experience
2011 - Present
2000 - Present
2000 - Present
2004 - 2010
2000 - 2004
President, Thai Industrial Estate and Strategic Partner Association
Chairman, Coral and Coastal Conservation Foundation
Chairman, Thai Industrial Estate Foundation
Advisor, Industrial Estate Authority of Thailand
Governor, Industrial Estate Authority of Thailand
Directorship/Management Position in Other State Enterprise/ Company
• President, Thai Industrial Estate and Strategic Partner Association
• Chairman, Coral and Coastal Conservation Foundation
• Chairman, Thai Industrial Estate Foundation
Amount/Value of Shares in Other Companies*
None
Connected Transaction in 2013
*
54
None
Refers only to shares of company in the same industry or business in which EGAT operates and the amount of the shares
held is equal to or higher than 10 percent of the total voting rights
A Leader
Age 58
Director
Education/Training
• Ph.D. in Petroleum Engineering, University of Oklahoma, U.S.A.
• M.Sc. in Petroleum Engineering, University of Oklahoma, U.S.A
• Bachelor of Science (with Special Distinction) in Petroleum Engineering, University of Oklahoma,
U.S.A
• Training Program for Senior Civil Servants (Class 46), Office of the Civil Service Commission
• Senior Executive Program, London Business School, U.K.
• Training programs organized by Thai Institute of Directors
• Director Accreditation Program (DAP 64/2007)
• Audit Committee Program (ACP 32/2010)
• Role of Compensation Committee Program (RCC 12/2011)
• National Defense Course (Class 51), National Defense College
• Executive Program in Commerce and Trade (TEPCoT) (Class3/2010)
• Leadership for Change (Class 2/2011), Right Livelihood Foundation, Matichon Group
• Executive Program on Administrative Justice (Class 2/2011), Institute of Administrative Justice
Development
• Executive Program (Class 12/2011), Capital Market Academy
• Energy Literacy Leadership Program (Class 1/2012), Thailand Energy Academy
Work Experience
2010 - Present
2008 - 2010
2006 - 2008
2006
Deputy Permanent Secretary, Ministry of Energy
Director - General, Department of Mineral Fuels, Ministry of Energy
Deputy Director - General, Department of Mineral Fuels, Ministry of Energy
• Chairman, Ratchaburi Electricity Generating Holding Public Company Limited (RATCH)
• Director, ESSO (Thailand) Public Company Limited
• Director, Electricity Generating Public Company Limited
None
None
*
55
MR. Trakul Winitnaiyapak
Age 63
Director
Education/Training
•
•
•
•
•
•
•
•
•
•
•
Master of Law (LLM.), School of Law, Tulane University, U.S.A.
Barrister at Law, Institute of Legal Education of Thai Bar Association
LLB., Thammasat University
National Defense Course of the Joint State-Private Sector, National Defense College
Politics and Governance in Democratic Systems for Executives (Class 11), King Prajadhipok’s
Institute
Training in “United Nations Standard Minimum Rules for the Treatment of Juvenile Offender”
under the Program “Crime Prevention and Treatment of Offender”, UNAFEI, Japan
Training in Child Abuse Prosecutors and Investigators, American Prosecutor Research Institute,
U.S.A.
British Council International Seminar on Children’s Rights, Oxford University, U.K.
The 2000 Executive Leadership, Georgetown University, U.S.A.
Senior Criminal Justice Executive Program, International Law Enforcement Academy (ILEA),
Thailand
US Department of Foreign Affairs’ s Program on Senior Crisis Management, Maryland University,
U.S.A.
Work Experience
2011 - Present
2005 - 2011
2005 - 2006
2003 - 2005
Deputy Attorney - General, Office of the Attorney General
Inspector General, Office of the Attorney General
Director - General, Advisory Department, Office of the Attorney General
Director - General, International Affairs Department, Office of the Attorney General
• Director, Ratchaburi Electricity Generating Holding Public Company Limited (RATCH)
• Director, Provincial Waterworks Authority
None
*
56
None
A Leader
Age 53
Director
Education/Training
•
•
•
•
•
•
•
•
•
Ph.D. (Economics), Carleton University, Canada
M.A. (International Affairs), Columbia University, U.S.A.
B.A. (Economics), Chulalongkorn University
Executive Creative Economy Training, organized by Office of Knowledge Management and
Development in collaboration with University of the Thai Chamber of Commerce
National Defense Course, National Defense College
Director Certification Program (DCP) (Class 86/2007), Thai Institute of Directors
Chief Information Officer (CIO) organized by Office of Civil Service Commission and NASDA
Top Executive Program in Commerce and Trade (TEPCoT) (Class 5)
Successful Formulation and Execution of the Strategy, Thai Institute of Directors
Work Experience
2011 - Present
Deputy Secretary - General, Office of the National Economic and Social Development
Board, Office of Prime Minister
•
•
•
•
•
•
Director, Mass Rapid Transit Authority of Thailand
Director, Neighboring Countries Economic Development Cooperation Agency
Director, Thailand Creative Economy Agency
Director, National Innovation Board
Director, National Center for Genetic Engineering and Biotechnology
Director, the Halal Science Center, Chulalongkorn University
None
None
* Refers only to shares of company in the same industry or business in which EGAT operates and the amount of the shares
57
Mr. Kulit Sombatsiri
Age 50
Director
Education/Training
•
•
•
•
•
•
•
•
•
M.B.A. University of Southern California, U.S.A.
M.P.A. San Diego State University, U.S.A
B.A. (Political Science), Ramkhamhaeng University
Leadership Program (Class10), Capital Market Academy
Corporate Governance Program for Directors and Executives of State Enterprises and Public
Organizations(Class 3), Public Director Institute
Director Certification Program (DCP) (Class 124), Thai Institute of Directors
Executive Training Program 2 (Class 1), Office of the Civil Service Commission
Executive Training Program 1 (Class 40), Office of the Civil Service Commission
The Joint State-Private Sector Course (Class 24), National Defense College
Work Experience
2011 - Present
2010 - 2011
2008 - 2010
2007 - 2008
2006 - 2008
Inspector General, Ministry of Finance
Advisor, State Enterprise Policy Office, Ministry of Finance
Deputy Director, State Enterprise Policy Office, Ministry of Finance
Director, Bureau of Monetary Management, Treasury Department, Ministry of Finance
Deputy Secretary General, National Telecom Commission
• Director, TOT Public Company Limited
• Director, Krungthai Asset Management PLC
None
*
58
None
A Leader
Age 62
Director
Education/Training
•
•
•
•
M.A. (Political Science) ,Thammasat University
B.A. (Social Science), Kasetsart University
Leadership Program(Class 6), Capital Market Academy
Democratic Politics and Governance for High Level Administrators (Class10), King Prajadhipok’s
Institute
• Financial Statements for Directors Program (FSD) (Class 16/2012), Thai Institute of Directors
Work Experience
2008 - 2011
2007
2006
Director - General, Department of Labor Protection and Welfare, Ministry of Labor
Inspector - General, Office of Permanent Secretary, Ministry of Labor
Advisor, Office of Permanent Secretary, Ministry of Labor
-
None
None
*
59
Age 60
Director
Education/Training
•
•
•
•
•
•
•
•
M.A. (Development Administration) (Hons), National Institute of Development Administration
B.A (Political Science), Chulalongkorn University
Thai Senior Executive Development Program, National Graduate Policy Studies(GRIP), Japan
Leadership for Changes, Prince Damrong Rajanuphab Institute of Research and Development,
Ministry of Interior
Certificate Course in Public Law, Thammasat University
Senior Administrator Course, Institute of Administration Development
Energy Literacy Leadership Program, Thailand Energy Academy
Work Experience
2012 - 2013
2011 - 2012
2010 - 2011
2007 - 2010
Director - General, Department of Provincial Administration
Governor, Nakhon Ratchasima Province
Governor, Phrae Province
Governor, Ubon Ratchathani Province
-
None
*
60
None
A Leader
Age 48
Director
Education/Training
•
•
•
•
M.B.A. (Business Administration), Southern New Hampshire University, U.S.A.
B.A. (Economics), Chulalongkorn University
Joint State - Private Sector Course (Class 24), National Defense College
Psychological Operations for Management (Class 90), Institute of Security Psychology
Work Experience
2012 - Present
2012 - Present
2005 - Present
Director, Krungthai Bank (Plc.)
Sub-Committee on Strategic Management, National Health Security Office
Chairman and Chief Executive Officer, Aquarius Estate Company Limited
• Chairman and Chief Executive Officer, Aquarius Estate Company Limited
• Director, MCOT (Plc.)
• Director, Krungthai Bank (Plc.)
None
*
None
61
Mr. Prachuab Ujjin
Age 63
Director
Education/Training
•
•
•
•
MS.EE. (Electrical Engineering), University of Missouri-Columbia, U.S.A.
B.Eng. (Electrical Engineering), Chulalongkorn University
Advanced Executive Program, Harvard Business School, U.S.A.
Senior Executive Program, Sasin Graduate Institute of Business Administration of Chulalongkorn
University
• Risk Management Committee Program (RMP), Thai Institute of Directors
Work Experience
2010
2002
1999
1997
Deputy Director, Ratchaburi Electricity Generating Holding Public Company Limited (RATCH)
Managing Director, Ratchaburi Electricity Generating Company Limited
Manager, Ratchaburi Power Plant, EGAT
Director, Efficiency Control Division, EGAT
•
•
•
•
Committee, RATCH O&M Company Limited
Committee, Ratchaburi Power Company Limited
Committee, Chubu Ratchaburi Electric Service Company Limited
Committee, Tri-Energy Company Limited
None
*
62
None
A Leader
Age 57
EGAT Governor
Education/Training
•
•
•
•
•
•
•
•
B.Eng. (Electrical Engineering), Chulalongkorn University
EGAT Successor Development Program
Excellence in Situation Management
Psychological Operations for Management (Class 101), Institute of Security Psychology, National
Defense Studies Institute
Advanced Management Program, Harvard Business School, U.S.A.
Public Administration and Law for Executives, King Prajadhipok’s Institute
Director Accreditation Program (DAP), Thai Institute of Directors
Energy Literacy Leadership Program (Class 2), Thailand Energy Academy
Work Experience
2013 - Present
2011 - 2013
2010 - 2011
EGAT Governor
Deputy Governor - Power Plant Development, EGAT
Assistant Governor - Fuel, EGAT
• Chairman, EGAT International Company Limited
• Director, Ratchaburi Electricity Generating Holding Public Company Limited
Amount/value of Shares in Other Companies*
None
*

None
63
Board of Directors
(during January 1 – September 30, 2013)
Age 61
Chairman
Education/Training
• Ph.D. (Regional Economics), University of Pennsylvania, U.S.A.
• M.Sc. (Regional Economics), University of Pennsylvania, U.S.A.
• Master of Public Administration (Programming Planning Administration), National Institute of
Development Administration
• B.Sc. (Agro-Industry), Kasetsart University
• Director Accreditation Program (DAP), Thai Institute of Directors
Work Experience
2012 - Present
2010 - 2012
2006 - 2010
2003 - 2006
1999 - 2003
Former Permanent Secretary, Ministry of Science and Technology
Permanent Secretary, Ministry of Science and Technology
Permanent Secretary, Ministry of Energy
Deputy Secretary General, National Economic and Social Development Board
• Chairman, Electricity Generating Public Company Limited (EGCO)
• Chairman, National Innovation Board
None
*
None
- The term of office was completed on January 31, 2013.
64
A Leader
Mr. Sukit Charoenrattanakul
Age 61
Director
Education/Training
• Certificate of Advanced Study (Political Science and Public Administration, Equivalent to Doctor
Degree of 3 Cycle in France), Northern Illinois University, U.S.A.
• M.A. (Political Science), Eastern Mexico University, U.S.A.
• B.A. (Political Science), Chiang Mai University
• Personnel Management Program, University of Essex. U.K.
• Senior Administrator (Class 13), Department of Provincial Administration, Ministry of Interior
Work Experience
2012 - Present
2011 - 2012
2009 - 2011
2008 - 2009
2008 - 2008
Visiting Lecturer, College of Local Administration, Khon Kaen University
Visiting Lecturer, Faculty of Political Sciences, Ramkhamhaeng University
Director - General, Department of Provincial Administration
Inspector General, Ministry of Interior, Acting Director General, Department of Provincial
Administration
Director - General, Department of Local Administration
Deputy Permanent Secretary, Ministry of Interior
• Director, Provincial Waterworks Authority of Thailand
None
*
None
- The term of office was completed on February 11, 2013.
65
Mr. Prawit Sarakitprija
Age 60
Director
Education/Training
•
•
•
•
•
•
M.A. (Development Economics), Boston University, U.S.A.
B.A. (Business Administration), Boston University, U.S.A.
National Defense Course (Class 49), National Defense College
Chief Information Officer Program (Class 19)
Director Certification Program (DCP) (Class 75), Thai Institute of Directors
Executive Development Program 1 (Class 39), Office of the Civil Service Commission
Work Experience
2008 - 2011
2006 - 2008
2003 - 2006
Advisor in Public Debt, Public Debt Management Office, Ministry of Finance
Deputy Director - General, Public Debt Management Office, Ministry of Finance
Director, Payment Administration and IT Bureau, Public Debt Management Office,
Ministry of Finance
• Committee, Zoological Park Organization of Thailand
• Committee, Financial Institutions Development Fund (FIDF), Bank of Thailand
None
*
None
- The term of office was completed on October 1, 2013.
66
A Leader
Age 64
Director
Education/Training
•
•
•
•
•
•
•
M.P.A., National Institute of Development Administration
B.B.A., Sukhothai Thammathirat Open University
B.Eng. (Civil Engineering), Chulalongkorn University
Senior Executive Program, Department of Provincial Administration
Executive Program, Office of the Civil Service Commission
Director Accreditation Program (DAP) (Class 73/2008), Thai Institute of Directors
Work Experience
2009 - Present
2008 - 2009
2006 - 2007
2002 - 2005
Chairman of the Executive Board, Siam Geotechnic Company Limited
Permanent Secretary, Ministry of Transport
Deputy Permanent Secretary, Ministry of Transport
Director - General, Department of Rural Roads, Ministry of Transport
• Chairman of the Executive Board, Siam Geotechnic Company Limited
• Director, Dhanasidhi Company Limited
Amount/value of Share in Other Companies*
None
*
None
- The term of office was completed on January 31, 2013.
67
Age 60
EGAT Governor
Education/Training
• B. Eng (Mechanical Engineering), Chulalongkorn University
• Advanced Management Program, Harvard Business School, U.S.A.
• Senior Executive Development Program, Foundation for International Human Resource
Development
• Creating Value through Product Management and Customer Profitability Program, Sasin
Graduate Institute of Business Administration of Chulalongkorn University
• Training Programs held by the Thai Institute of Directors Association (IOD)
• Director Certification Program (DCP)
• Role of the Chairman Program (RCP)
Work Experience
2009 - 2013 EGAT Governor
2008 - 2009 Deputy Governor - Generation, EGAT
2007 - 2008 Assistant Governor - Administration, Generation Area, EGAT
• Chairman, EGAT International Company Limited (EGATi)
• Director, Ratchaburi Electricity Generating Holding Public Company Limited (RATCH)
Amount/value of Share in Other Companies*
None
Connected Transactions in 2013
*
None
held is equal to or higher than 10 percent of the total voting rights.
- The term of office was completed on July 30, 2013.
68
A Leader
Executives
Age 57
EGAT Governor
Education/Training
•
•
•
•
•
•
•
•
Bachelor of Engineering (Electrical Engineering), Chulalongkorn University
EGAT Successor Development Program
Excellence in Situation Management
Psychological Operations for Management (Class 101), Institute of Security Psychology
Advanced Management Program, Harvard Business School, U.S.A.
Director Accreditation Program (DAP), Thai Institute of Directors
Work Experience
July 31,2013
October1,2011
January 6,2010
EGAT Governor
Deputy Governor - Power Plant Development
Assistant Governor - Fuel
69
Mr. Noppol Milinthanggoon
Age 59
Senior Deputy Governor to the Governor
Education/Training
•
•
•
•
•
•
•
•
•
•
•
•
Master of Engineering (Nuclear Technology), Chulalongkorn University
Bachelor of Engineering, 2nd Class Honors (Electrical Engineering), Chulalongkorn University
ASEAN Executive Management Program (Class 2)
Security Management for Executives (Class 2), National Defense College
Executive Course (Class 9), Capital Market Academy
Public Economic Management for Executives, King Prajadhipok’ s Institute
Finance for Executive Decision Program, Continuing Education Center, Chulalongkorn University
Director Certification Program, Thai Institute of Directors
Senior Executive Development Program (Class 1), General Electric Company, U.S.A.
Senior Executive Development Program (Class 2), Foundation for International Human Resource
Development
• ASEAN Executive Development Program, Thammasat Business School
• Senior Command Course, Institute of Police Administration Development
Work Experience
July
1,2013 Senior Deputy Governor to the Governor
October 1,2010 Engineer Level 14 to the Governor appointed as President of Ratchaburi Electricity
Generating Holding Public Company Limited
October 1,2008 Engineer Level 13 to the Governor appointed as President of Ratchaburi Electricity
Generating Holding Public Company Limited
December21,2007 Assistant Governor - Thermal Power Plant Construction
October 1,2005 Executive Vice President - Power Plant Engineering
70
A Leader
Mr. Mongkol Sakulkao
Mr. Piboon Buacham
Age 60
Age 59
Deputy Governor - Policy and Planning
Deputy Governor - Administration
Education/Training
Education/Training
• Master of Engineering (Water Resources
Engineering), Asian Institute of Technology
• Bachelor of Engineering (Mechanical
Engineering), Kasetsart University
• Director Certification Program, Thai
Institute of Directors
• Thailand and ASEAN Economic Community
(AEC), King Prajadhipok’s Institute
• Senior Executive Program, Sasin Graduate
Institute of Business Administration of
Chulalongkorn University
• Senior Executive Development Program
(Class 2), Foundation for International
Human Resource Development
• Masterful Coaching Workshop, Hay Group
• Finance for Executive Decision
Program, Continuing Education Center,
• ASEAN Executive Development Program,
Thammasat Business School
• Master of Science in Applied Statistics
(Hons.), National Institute of Development
Administration
• Bachelor of Engineering, (Electrical
Engineering), Chulalongkorn University
• Public Administration and Law for
Executive Course, King Prajadhipok’s
Institute
Work Experience
October 1, 2012
October 1, 2008
Deputy Governor Administration
Assistant Governor System Control
Work Experience
October 1, 2011
October 1, 2008
Deputy Governor - Policy and
Planning
Assistant Governor - Planning
71
Mr. Poonsuk Tochanakarn
Mr. Prapas Vichakul
Age 59
Age 59
Deputy Governor - Account and Finance,
Deputy Governor - Corporate Social
Affairs,
Serving as Chief Financial Officer (CFO)
Serving as EGAT Spokesman
Education/Training
• Bachelor of Accountancy, Chulalongkorn
University
• Executive Finance Management Program,
Economics and Finance Academy
Education/Training
Work Experience
October 1, 2012
October 1, 2011
January 6, 2010
Deputy Governor - Account
and Finance, Serving as Chief
Financial Officer (CFO)
Assistant Governor - Account
Assistant Governor - Internal
Audit Bureau
• Master of Science (Geology), New Mexico
Institute of Mining and Technology, U.S.A.
• Bachelor of Science (Geology),
• Advanced Certificate Course in
Sustainable Rural Development, King
Prajadhipok’s Institute
• Naval War College Course, Institute of
Advanced Naval Studies
• Masterful Coaching Workshop, Hay
Group
• Executive Program for Growing
Companies, Stanford Graduate School of
Business, U.S.A.
Work Experience
October 1, 2013
October 1, 2011
January 6, 2010
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A Leader
Deputy Governor - Corporate
Social Affairs, Serving as
EGAT Spokesman
Assistant Governor - Fuel
Assistant Governor - Mae Moh
Mine
Mr. Suthon Boonprasong
Mr. Somyos Theravongsakul
Age 56
Age 60
Deputy Governor - Transmission System
Deputy Governor - Generation
Education/Training
Education/Training
• Master of Business Administration,
Chiang Mai University
• Bachelor of Economics, Sukhothai
Thammathirat Open University
• Bachelor of Law, Ramkhamhaeng
University
• Advanced Management Program, Harvard
Business School, U.S.A.
• Public Economics for Executives, King
• Senior Command Course, Institute of
Police Administration Development
• Master of Public Administration, National
Institute of Development Administration
• Bachelor of Engineering, (Mechanical
• Psychological Operations for Management,
Institute of Security Psychology
Work Experience
October 1, 2013
January 6, 2010
Deputy Governor - Generation
Assistant Governor Generation 2
Work Experience
October 1, 2013
October 1, 2010
January 6, 2010
Deputy Governor Transmission System
Assistant Governor Transmission System
Operation
Assistant Governor Corporate Social Affairs and
Environment
73
Mr. Ratanachai Namwong
Mr. Rum Herabat
Age 57
Age 57
Deputy Governor - Power Plant
Development
Deputy Governor - Fuel
Education/Training
• Master of Engineering (Nuclear
Technology), Chulalongkorn University
• Bachelor of Engineering, (Metallurgy),
• Advanced Certificate Course in Building
Peaceful Society, King Prajadhipok’s
Institute
Education/Training
• Advanced Management Program, Harvard
Business School, U.S.A.
• Royal Thai Army War College Course
Work Experience
October 1, 2013
October 1, 2011
Work Experience
October 1, 2013
Deputy Governor - Power
Plant Development
October 1, 2010 Assistant Governor - Power
Plant Engineering
74
A Leader
Assistant Governor Operation and Maintenance
Business
Mr. Kornrasit Pakchotanon
Mr. Boonmarg Smitthileela
Age 55
Age 57
Deputy Governor - Business
Development
Development
Education/Training
Education/Training
• Senior Executive Program, Sasin
Graduate Institute of Business
Administration of Chulalongkorn
University
• Public Economics for the Executives, King
Institute
Institute
Work Experience
October 1, 2013
October 1, 2011
Work Experience
October 1, 2013
October 1, 2011
Development
Assistant Governor Generation 3
Deputy Governor Transmission System
Development
Assistant Governor Transmission System
Maintenance
75
Executives Posted to EGAT Affiliates
Mr. Sahust Pratuknukul
Mr. Thana Putarungsi
Age 58
Age 58
Engineer Level 14 to the Governor
Appointed as President, Electricity
Generating Public Company Limited
Appointed as Senior Executive Vice President and
Acting President, EGAT International Company
Limited
Education/Training
• The Joint State - Private Course, National
Defense College
• Executive Course, Capital Market
Academy
• Energy Literacy Leadership Program,
Thailand Energy Academy
(Class 1), General Electric Company,
U.S.A.
Work Experience
October 1, 2011
Engineer Level 14 to
the Governor Appointed
as President, Electricity
Generating Public Company
Limited
October 1, 2008 Deputy Governor - Policy and
Planning, EGAT
October 1, 2006 Assistant Governor - Policy,
EGAT
October 1, 2005 Assistant Chief Executive
Officer - Planning, EGAT
76
A Leader
Education/Training
• Master of Engineering (Electrical Engineering),
Kasetsart University
• Bachelor of Engineering, (Electrical Engineering),
Kasetsart University
• Energy Literacy Leadership Program, Thailand
Energy Academy
• Politics and Governance in Democratic Systems for
Executives, King Prajadhipok’s Institute
• Executives in Business and Industrial Development
and Investment, Institute of Business and Industrial
Development
• Director Certification Program, Thai Institute of
Directors
• Financial Statement for Directors, Thai Institute of
Directors
• Senior Executive Development Program (Class
2), Foundation for International Human Resource
Development
• Finance for Executive Decision Program, Continuing
Education Center, Chulalongkorn University
Work Experience
October 1, 2013
October 1, 2010
October 1, 2008
Appointed as Senior Executive Vice
President and Acting President, EGAT
International Company Limited
Deputy Governor - Transmission
System, EGAT
Assistant Governor - Transmission
System Operation, EGAT
MR. Pongdith Potchana
Mr. Paisan Katchasuwanmanee
Age 58
Age 58
Appointed as Chief Executive Officer,
Holding Public Company Limited
Appointed as Executive Vice President –
Development, EGAT International Company
Limited
Education/Training
Education/Training
• Master of Engineering (Civil Engineering),
Georgia Institute of Technology, U.S.A.
• Bachelor of Engineering, (Civil
Engineering), Chiang Mai University
• Energy Literacy Leadership Program
(Class 3), Thailand Energy Academy
• Director Accreditation Program, Thai
• Public Administration and Law for
Executives (Class 10), King Prajadhipok’s
Institute
• EGAT Senior Executive Program (ESEP)
• EGAT Director Development Program
(EDDP)
• EGAT Newly-Promoted Executive
Orientation Program (ENOP)
• EGAT Preparation of Professional Leader
Program, Australia
Work Experience
July
1, 2013
October 1, 2012
July
1, 2012
October 1, 2010
Engineer Level 14 to the
Governor Appointed as Chief
Executive Officer, Ratchaburi
Electricity Generating Holding
Public Company Limited
Deputy Governor - Corporate
Social Affairs, Serving as
EGAT Spokesman, EGAT
Assistant Governor Corporate Social Affairs, EGAT
Assistant Governor Corporate Social Affairs and
Environment, EGAT
• Bachelor of Engineering, (Electrical Engineering),
Kesetsart University
• Leadership Succession Program, Institute of Research
and Development for Public Enterprises (IRDP)
• Financial Statements for Directors, Thai Institute of
Directors
• Director Certification Program, Thai Institute of
Directors
• Public Economics for the Executives, King
• Senior Executive Program, Sasin Graduate Institute of
Business Administration of Chulalongkorn University
• Psychological Operations for Management, Institute of
Security Psychology
• Senior Executive Development Program (class
2), Foundation for International Human Resource
Development
• Finance for Executive Decision Program, Continuing
Education Center, Chulalongkorn University
Work Experience
October 1, 2013 Engineer Level 14 to the Governor
Appointed as Vice President Development, EGAT International
Company Limited
September1, 2012 Engineer Level 13 to the Deputy
Governor - Business Development
Appointed as Vice President Development, EGAT International
Company Limited
October 1, 2011 Assistant Governor - Business
Administration, EGAT
January 6, 2010 Assistant Governor - Power Plant
Maintenance, EGAT
77
Executives Retired on October 1, 2013
Mr. Surasak Supavititpatanana
Mr. Viwat Saeneemanomai Deputy Governor - Generation
Development
(January 6, 2010 - September 30, 2013)
(October 1, 2011 - September 30, 2013)
Mr. Thanakorn Poolthavee Mr. Somboon Arayaskul
(January 6, 2010 - September 30, 2013)
Senior Executive Vice President and
Acting President, EGAT International
Company Limited
(October 1, 2011 - September 30, 2013)
Mr. Pithsanu Tongveerakul
Development (October 1, 2011 - September 30, 2013)
78
A Leader
79
EGAT commits to continuously improving the efficiency, integrity, and
transparency of its operation and business practices in order to create sustainable values
as well as enhancing corporate image and stakeholders’ confidence and trust. EGAT has
also improved its corporate governance system and practices to meet the international
best practices. EGAT’s corporate governance is based on 6 pillars of good corporate
governance consisting of rules of law, moral integrity, transparency, participation,
responsibility and accountability, and effectiveness and efficiency.
In 2013 EGAT won several awards which reflected its good corporate governance.
Major awards are as follows:
• Outstanding State-Owned Enterprise (SOE) Award 2013 in the category of
Corporate Social Responsibility (CSR) to the Ban Klong Rua Micro-Hydropower
Project and an honorary SOE award in the category of innovation for Voice
Communication Control System (VCCS)
• National Moral Award 2013 to Ubol Ratana Dam for its CSR activities in
accordance with EGAT Good Governance (The award was given in the 6th
National Moral Marketplace and Assembly organized by the Moral Promotion
Center (Public Organization) and other organizations in the network during
July 25-26, 2013.)
• Four prizes in the ASEAN Energy Awards 2013 consisting of
- The first runner-up in the category of Community-Based Off-Grid
to the Ban Klong Rua Micro-Hydropower Project of the Corporate
Communications Division in cooperation with the Faculty of Social
Administration, Thammasat University
- The first runner-up in the category of Best Practices – Clean Coal Use
and Technology in Power Generation to Mae Moh Power Plant
- The first runner-up in the category of Best Practices in Surface Coal
Mining to Mae Moh Mine
80
A Leader
•
•
•
•
•
-“Excellence in Energy Management Award” given to Mr. Sutat
Patmasiriwat, the then EGAT Governor, in the capacity of Power HAPUA
Chairman and EGAT Governor of Thailand, on September 25, 2013
“Outstanding Renewable Energy Award” to the Ban Klong Rua MicroHydropower Project and “Power Conservation Promotion Award” given to
EGAT website in the category of website media in the “2013 Thailand Energy
Award” contest
CSR-DIW Continuous Award 2013 given by the Ministry of Industry to 20 units
of EGAT on September 11, 2013
Honorary plaque given by the Ministry of Social Development and Human
Security to EGAT as the organization having contributed to society and youth
in creating the awareness on value of energy and environmental sustainability
on October 3, 2013
“Safety Award” given to 29 units of EGAT during the “27th National Safety
Week” organized under the theme of “Economic Progress with Safety in Work
and People’s Health” on July 3, 2013
“Zero Accident Campaign Award” given to the line of Deputy Governor Generation by the Ministry of Labor on September 2, 2013
81
• Five-star honorary award in “Vocational Studies – Bilateral System toward
Excellence” given to EGAT and Mae Moh College of Technology and
Management on August 19, 2013 as model organizations which give support
to theoretical and practical learning and provide education opportunity to the
community
• Award of industrial enterprise complying with the good governance in the
environment given by Ministry of Industry to EGAT’s Bang Pakong Power
Plant on June 13, 2013
EGAT has developed its corporate governance policy in accordance with the good
governance of the State Enterprise Policy Office (SEPO) of 2009 to be observed by the
executives and the employees. Principal achievements are as follows:
Responsibility of the Board of Directors
The Board of Directors has a key role in monitoring the operation, making decision,
and planning EGAT’s policy and strategy. Committees are appointed by the Board of
Directors to deliberate and monitor the operation and functioning of the 5 key systems as
well as approving plans for all systems which include risk management, internal control,
internal audit, information technology management, and human resources management
systems.
Moreover, regular financial and non-financial reports are prepared monthly or
quarterly as necessary.
The monitoring of the operation system is carried out mostly through the meeting
of the Board of Directors which is scheduled at least one month in advance. The Board
of Directors has made various observations and suggestions regularly. Other monitoring
channels are visits to EGAT operation, participation in EGAT activities, and requests for
additional information or relevant persons to give further information in the meeting.
The Enterprise Risk Management Committee is responsible for reviewing key risk
management factors and adding new risk factors on the damage of the transmission
system from the accidents as well as deterioration and risk in connection with the lignite
and nuclear power plant development projects due to the insufficient understanding of
the public.
In complying with the laws, rules, and regulations, apart from observing the legal
provisions, rules and regulations, and government policy, EGAT has given importance to
the adoption of the Enterprise Risk Management (ERM) framework of the Committee of
Sponsoring Organization Enterprise Risk Management (COSO) as a tool to achieve EGAT’s
strategic goals and objectives. The integration of good corporate governance, enterprise
risk management, and compliance practices cultivates risk management as the key part
of the corporate culture and enhance EGAT’s sustainable value.
82
A Leader
For the internal audit, EGAT’s Internal Audit Unit is responsible for preparing an
effective internal control system which covers all aspects including finance, operation,
compliance practices, follow–up, and evaluation to ensure that all operations are according
to the plan.
The Audit Committee is responsible for monitoring the internal audit system of
EGAT and the affiliates, following-up the revision and improvement according to the
recommendations continuously and quarterly.
In the area of the information technology system, the Executive Committee has
been delegated by the Board of Directors to oversee EGAT’s IT system management
and development, as well as reviewing EGAT information technology and communication
master plan before submission for the consideration of the Board. The EGAT Information
Technology Committee (EITC) has gathered and prepared reports on the performance
of EGAT with respect to information technology management as well as the EGAT
information technology and communication (ICT) master plan for submission for approval
of the Executive Committee and the Board of Directors. The approved ICT master plan is
also submitted to the Ministry of Energy and the Ministry of Information Technology and
Communication for acknowledgement.
With respect to the human resources management system, the Human
Resources Committee is appointed to oversee and advise in the human resources policy
and review the human resource master plan for submission to the Board of Directors as
well as performing other tasks related to human resources. The Policy and Development
Consideration Committee of EGAT chaired by EGAT Deputy Governor - Administration is
entrusted to prepare the EGAT human resource master plan.
The Corporate Governance Committee is responsible for overseeing the work
regarding corporate governance, corporate social responsibility, and code of ethics and
conduct; giving advice on the policy; approving the plans; and promoting the involvement
of the committees, executives, and EGAT personnel in good corporate governance and
corporate social responsibility. The report is submitted to the Board of Directors every six
months.
83
Treatment to Stakeholders
EGAT has given importance to all stakeholders including responsibility to the
society, community, and the environment. Stakeholders are divided into 5 groups with
different delivered values and communication channels as follows:
Stakeholders
a)Regulatory bodies
comprising
- Ministry of Energy
- Ministry of Finance
- Energy Regulatory
Commission
Need and Expectation
Delivered Values
• Power purchase from
neighboring countries
• Expansion of the transmission
system
• Improving the efficiency of the
power plants to reduce heat rate
• Promoting the research and
development in renewable
energy and clean energy
• Promoting Thailand to be the
regional commercial hub for
power
• Expanding operation of related
businesses
• Becoming a world-class
oraganization in electricity
business
• National grid development
• Completing PDP 2013
• Provision of sufficient power for
the demand
• Security of the power system
• Reasonable price of electricity
• Availability of the technology
demonstration on renewable
energy and clean energy
• Meeting, seminar
• Activities as required by the
government policy and
government organizations
• Formal and informal meeting
• Annual report, website
• Submission of income to the
government
• Improving management quality
• Meeting, seminar
• Report
• Annual report, website
• Provision of sufficient power for
the demand
• Smart Grid Roadmap
• Focusing on CSR in process
• Using power efficiently
• Power conservation
• Volunteer projects
• Meeting and seminar with MEA
and PEA
• Safety
• Participation of EGAT and the
community in developing the
systematic community relations
which strengthens the economics
of the community
• Provision of local employment
•
•
•
•
•
b)Society as a whole
• Responsibility for the impact
from the operation
• Supporting to minimize greenhouse effect
• Participation in different social
activities
c) Communities in the
vicinity of the power
plants and transmission lines
• Controlling and minimizing the
pollution from the operation such
as noise, dust, magnetic field,
electromagnetic field, etc. to the
limit in the standard on safety
• Availability of measure in the
case of accident
• Availability of two-way
communication channel to learn
about EGAT activities and to
comment and complain problems
• Developing quality of life
• Employment
• Support in different activities
such as contribution to temples
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A Leader
Communication Channel
• EGAT website www.egat.co.th
• EGAT Call Center 1416
• EGAT Information Center (prinfo.
egat.co.th)
• Public Relations of each operation
unit and each power plant
Billboard showing SOx and NOx
Annual emergency rehearsal
Meeting of coordination
committees on society,
community, and environment
EGAT public relation unit
Events organized by EGAT
executives together with the
communities in the vicinity of the
power plants
• Invitation to representatives of
the community to visit the power
plants and projects of EGAT
• EGAT website
• Organization of social and
environmental projects such as
Biological Way of Life, Wan Kaew,
mobile medical units, etc
Stakeholders
Need and Expectation
Delivered Values
Communication Channel
d)EGAT Employees
•
•
•
•
Acceptance and involvement
Progress in profession
Security in life
Pride in working as EGAT
employees
• Guideline in building employee
relationship with the organization
in accordance with their need and
expectation as well as the care of
the organization to employees
• Meeting, teleconference
• Weekly newsletter
• Bi-monthly newsletter
• Poster
• Intercom
• EGAT TV via intranet and email
• Meeting with the executives
• Seminar
• Annual QC
e)Private sector
•
•
•
•
•
Sufficient power
Security and safety
Reasonable price
Less environmental impact
Transparency
• Being good organization of the
society
• Promotion of Demand Side
Management (DSM)
• Greenhouse gas reduction
• EGAT newsletter, newspaper,
radio, television
• Survey
• Call center
• Seminar, meeting, letters,
website, email, visit
In enhancing corporate governance practices for the best interest of all
stakeholders, the Information Management Committee is appointed to be responsible
for EGAT’s information service for all operational lines and units. Moreover, various
communication channels for comments and complaints are provided for stakeholders.
These received comments and complaints are transferred to the EGAT’s Opinion Handling
Center for further action.
In 2013, EGAT implemented the Good Corporate Governance Master Plan (20122016) to enhance EGAT as an organization with good corporate governance which
could satisfy the demand of all stakeholders. The Good Corporate Governance Master
Plan has been incorporated with the EGAT strategic plan to cover all lines of command
which are required to be responsible for the activities in the action plan with the clearly
specified indicators. Moreover, the Committee on EGAT’s Ethical Conduct, Value, and
Culture was appointed to study, analyze, and review practices on corporate governance
in accordance with the Good Corporate Governance Master Plan as well as promoting
EGAT’s value and culture in compliance with EGAT’s vision, policy, and strategy, providing
the good corporate governance information to the public, and evaluating and reporting
the progress of the work to the Executive Committee and the Corporate Governance
Committee quarterly.
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In the activities concerning social and environment, EGAT has constantly given
priority to its accountability to society and environment which has been an integral part
of its mission. Its social objective has been set in the corporate strategic map as “a
caring organization for society and environment” within the strategic driving framework
of “accountability to the society, community, and environment with honesty, fairness,
and sincerity” reflecting the systematic integration of EGAT’s social responsibility and
operation.
Moreover, in the activities to enhance employees’ volunteering spirit in supporting
the social responsibility, it has been found that a number of employees have long
dedicated themselves to social service and charity causes. The information about these
volunteers was gathered by EGAT to make a database for further use.
Information Disclosure and Transparency
Information disclosure is an indicator of transparency in the operation and a factor
to create confidence in stakeholders. Realizing the importance of the disclosure of correct
and precise information, EGAT has provided several channels through which stakeholders
can have an easy access to the information. Various campaigns have been made to create
awareness among Board of Directors, executives, and employees in information disclosure
and transparency in the operation. Appropriate mechanism for receiving complaints has
been provided to ensure fairness to all parties concerned. Financial and non-financial
information has been shown in the EGAT annual report. News and information have been
communicated to all stakeholders with equity in accordance with the Official Information
Act, B.E.2540 (1997) and other relevant laws. Importance has been given to financial and
management reports as an oversight tool. The reports have been ensured that they are
accurate, reliable, up-to-date, and accountable to reduce the risk that might affect the
operation. EGAT emphasizes the transparency of its operation founded on the principle
that employees at all levels perform their duties to maximize EGAT’s benefits without
personal interest.
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Ethics and Code of Conduct
In EGAT Regulation No. 346 on Corporate Governance, Code of Conduct was
issued to provide transparency, moral, and accountability to the society and environment
to the operation of EGAT. The Board of Directors, executives, and employees are required
to discharge their respective duties in compliance with the ethics and code of conduct
issued by the Board of Directors in the Regulation No. 347 regarding Ethics and Code
of Conduct to be observed by the Board of Directors, executives, and employees. The
standard for ethics has been established to comply with the provision of the Constitution
of Thailand B.E. 2550 (2007). Moreover, the EGAT Notification No.1/2552 (2009) on the
implementation of the Code of Conduct in connection with the operation of the employees
and recommendations to solve the related problems has also been in use.
Regarding the core value which is a basis for a strong corporate culture,
importance has been given by the executives of EGAT to the implementation of regulation.
In 2013, revision on the core value was undertaken, and it was found that the present
core value still complied, supported, and correlated with the vision, strategic frame, and
core culture of EGAT. Its core value “Firm-C” represents Fairness, Integrity, Responsibility
and Accountability, Mutual Respect, and Commitment. All these values support the
executives and the employees to work together in the same direction with individual
uniqueness, mutual trust, and the sense of belonging as a team. Being an essential
element for an organization with strong corporate culture, “Firm-C” is an indispensible
factor in enhancing an efficient and good person.
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Conflicts of Interest
EGAT Board of Directors has established a preventive measure against the
abusive self-dealing of the Board members. Every member has to report on the other
positions they are holding including committee member and management position in
other state enterprise or company as well as connected transactions (in the fiscal year
2013), amount/value of shares in other companies in the same industry or business in
which EGAT operates, and the amount of the shares held which is equal to or higher
than 10 percent of the total voting rights. The qualification of the Board members shall
comply with the Constitution of Thailand, Act on Qualification Standards for Directors and
Employees of State Enterprises, B.E. 2518 (1975) and its amendment and other related
laws. The qualification of the Board Committees shall comply with the EGAT Regulation
on Board Committees which is a measure in checking the qualification of committee
members.
In addition to the report of the Board members mentioned above, the Good
Corporate Governance Handbook also contains a form for disclosing the conflict of
interest between one’s personal interest and the organization’s interest for observation
of Deputy Governors or the equivalent and above. The matter of conflict of interest is
disclosed upon the beginning of the post as well as the one occurring during the year.
The concerned people who are members of the procurement committee must report on
this matter as soon as a conflict of interest is found. Moreover, the Handbook on Good
Corporate Governance also contains the guideline in handling the conflict of interest. For
example, in such a situation where decision is to be made in approving the items which
involve or are suspected to involve a conflict of interest, a report should be made to the
superior or the one who has the power to give approval before withdrawing from such
work.
Promotion and Dissemination of Activities Concerning
EGAT has organized the following activities to promote and support the
participation in good corporate governance which is a part of corporate culture:
• EGAT is the only state enterprise that has become a member of the
National Moral Center, which has a purpose of organizing activities to
increase the awareness of the Thai people in moral and ethics. EGAT has
been participating in the activities of the Moral Promotion Center such as
participation in the 6th National Moral Marketplace and Assembly. EGAT
Governor signed the “2nd Charter to Mobilize Moral and Honesty 2013” with
the other 32 organizations to declare that all members observe the charter
to mobilize the country to become society of honesty.
• Communication and awareness campaigns such as the website on good
corporate governance, news, and articles on the intranet of EGAT
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• Information on good corporate governance on the first page of EGAT website
(www.egat.co.th) as another channel easily accessible by the public
• Handbook on Good Corporate Governance to serve as guideline for
employees
• Lectures on good governance by persons who are skillful and possess
knowledge and experience in good governance for executives and the Board
of Directors as well as lectures on implementation of the Good Corporate
Governance master plan (2012-2016)
• The activity on “EGAT - the Clean Organization”, organized in July 2013 in
corporation with the National Anti-Corruption Commission
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Official Information Act Compliance Report
The right to know and get access to government agency information is stated in
Section 58 of the Constitution of the Kingdom of Thailand, B.E. 2550 (2007) as follows:
“A person shall have the right to know and have access to public data or
information in possession of a Government agency, a State agency, a State enterprise, or
a local government organization unless the disclosure of such data or information shall
affect the security of the State, public safety, or interest of other persons which should be
protected to be personal data as provided by the law.”
The Official Information Act, B.E. 2540 (1997) was enacted on the principle that
under the democratic system, it is necessary for the people to have a wide opportunity to
know about the information regarding the operation of the State agencies. According to
the Official Information Act, people have the right to know and have access to public data
or information in possession of a Government agency, a State agency, a State enterprise,
or a local government organization. According to Section 58 of the Constitution of the
Kingdom of Thailand, B.E. 2550 (2007), people shall have the right to express opinion
and to use political right correctly. This strengthens democratic system and promotes the
efficient and transparent state administration for the benefits of the people.
In compliance with the Official Information Act, B.E. 2540 (1997), EGAT has
appointed the Committee on Information Management to be responsible for determining
policies, rules or criteria, and procedures regarding information management, permission,
and information services, with the endorsement of EGAT Deputy Governor - Corporate
Social Responsibility. EGAT Information Center is responsible for information service in
accordance with the policy in information management which focuses on the intention
of EGAT to provide information service in a fair, equitable, and transparent manner
in compliance with the Official Information Act B.E. 2540 (1997) and other relevant
laws. In information disclosure and information service, EGAT has specified scope and
procedures under clear instruction complying with the Official Information Act B.E. 2540
(1997). EGAT’s information service is available in various forms, such as documents,
internet-accessible information, audiotext, fax on demand, and assistance by EGAT staff.
Moreover, interested persons can visit the EGAT Information Center at EGAT Head Office,
Bang Kruai District, Nonthaburi Province.
Detailed information or documents on important topics are available at the
concerned divisions with the assistance of appointed EGAT staff in each division.
Interested persons can visit the required division or by telephone.
Internet-Accessible Information
Information on various activities of EGAT is available on EGAT website: www.egat.
co.th which is accessible on 24-hour basis such as corporate profile, power plants and
transmission systems, power generation and sales, power development projects, etc.
Inquiry and complaint menu is also available on EGAT website for EGAT employees and
interested people.
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EGAT Call Center
EGAT Call Center is available to provide enquiry service regarding technical
and other related information and suggestion useful to the public including emergency
situations related to the transmission system. The service has provided a one-stop center
for the people countrywide to contact EGAT speedily around the clock. EGAT Call Center
1416 has been in full operation since 2012.
Activities of EGAT Information Center in 2013
In 2013, EGAT Information Center provided 8,653 times of information service
through its Call Center 1416. Types of information included the following:
• EGAT operations
• CSR activities
• Job recruitment, internship training opportunities
• Request to visit
• Contact of EGAT staff and offices
• The areas of the transmission lines
• Emergency situation and complaints
Moreover, EGAT Information Center also provided information and answer to
inquiries via EGAT website and to the visitors.
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EGAT Information Management Committee
The Committee on EGAT Information Management is responsible for establishing
policies, measures, and rules on public information management concerning the request
and permission to disclose information and information service as well as considering
complaints or objection according to the Official Information Act, B.E. 2540 (1997). In
2013, major considerations by the committee included the following:
• Approval for a request by the Office of the Energy Regulatory Commission
for a copy of Power Purchase Agreement between EGAT and Gulf JP UT Co.,
Ltd. By the letter Ref. EGAT 981400/23017 dated April 2, 2013, the Office
of the Energy Regulatory Commission was informed that as the disclosure
of the Agreement had to comply with the conditions in the Agreement, the
Office of the Energy Regulatory Commission was requested not to disclose
such information to prevent any harmful effect to the parties. However,
if it was necessary for the Energy Regulatory Commission to disclose any
information, agreement had to be made between the Energy Regulatory
Commission and such person to keep the information confidential with
limited purpose as mentioned in the letter Ref. 5502/1651 dated March 18,
2013.
• Approval for the request of the Bang Kruai Police Station as mentioned in
the letter Ref. TCH 0016.48 (S) /4961 dated December 3, 2012 for a copy
of the document for the investigation purpose. EGAT sent the letter Ref.
EGAT 981400/3272 dated January 14, 2013 to the Chief of Bang Kruai Police
Station enclosing 3 documents for investigation purpose namely,
- letter of Energy Absolute Public Co., Ltd. No. 5507/08 dated December
3, 2012
- letter of permission to rent and to use space (additional)
- letter of permission to rent and to use space
• Approval for the request of the Bang Kruai Police Station as mentioned in
the letter Ref. TCH 00160.48 (S) /2178 dated June 10, 2013 for the original
of the document for the investigation purpose. EGAT sent the letter Ref.
EGAT 981400/42691 dated July 11, 2013 to the Bang Kruai Police Station
enclosing 2 documents for investigation purpose namely,
- original of the letter of Energy Absolute Public Co., Ltd. No. 5507/08
dated July 9, 2012
- letter of permission to rent and to use space and additional letter
received by EGAT from the company
Public Complaint Process
To enhance the efficiency of the EGAT public complaint process, in 2013 the
comments and complaint process previously developed for use only on the intranet was
installed on the internet (EGAT website) to provide opportunity to 8 groups of stakeholders
comprising state sectors and regulatory bodies, financial institutions, EGAT employees,
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trade partners and business allies, main customers and end-users, academics and NGOs,
communities around the power plants and along transmission lines, and mass media.
Complaints, appeals, and enquiries received are recorded and directed to various
channels including public complaint process on EGAT website, EGAT–VOC, EGAT Call
Center 1416, Government telephone hotline 1111, and letter of complaints.
In dealing with these comments and complaints, EGAT has established a process
of investigation and management of the stakeholders’ expectation with equal and fair
treatment together with the review of complaints to prevent the same occurrence in the
future. Moreover, personal information of the persons making complaints is regarded
confidential.
During 2013, EGAT’s Opinion Handling Center received the following 760 public
complaints and opinions from all groups of stakeholders through the above mentioned
channels:
- through the Government’s Complaint Handling System 1111 (4 items)
EGAT investigated the complaints and reported to the Office of the Prime Minister
in reasonable time.
- through the EGAT - VOC (8 items)
Comments and complaints received from the following customers through EGAT–
VOC enabled EGAT to be aware quickly of the problems occurring to the power system of
EGAT which affected the customers’ operation and of the problems at the delivery points
so that they could be addressed promptly:
- Metropolitan Electricity Authority (MEA)
- Provincial Electricity Authority (PEA)
- Esso (Thailand) (Plc.)
- Jalaprathan Cement (Plc.) (Takli) - SCG (Plc) (Tung Song)
- Padaeng Industry (Plc.)
- Siam Construction Steel (2001) Co., Ltd.
- Electricity Welfare of the Royal Thai Navy (Sattaheep)
- The Voice of Free Asia (VFA) Radio Station
- through EGAT’s Opinions Handling Center (748 items)
In 2013, complaints on EGAT’s operation mostly involved the impact from the
construction of high voltage transmission system. Among these, 629 complaints were the
appeal regarding the land outside the power grid network. EGAT made an investigation
on the matter and submitted for approval of the Committee to remedy those who were
affected by the construction with compensation payment as well as informing those who
had made complaints on the results and the action taken.
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Power Development and Future Plan
The current official Thailand Power Development Plan (PDP) is PDP 2010 : 3rd
Revision (2012-2030) endorsed by the Cabinet on June 19, 2012. Consequently on
March 19, 2013, the Cabinet endorsed the 2011-2030 Action Plan for the 20-Year Energy
Efficiency Development Plan (EEDP) as approved by the National Energy Policy Council
(NEPC) on February 8, 2013. Furthermore, the Cabinet also endorsed on August 13, 2013
the new Alternative Energy Development Plan (AEDP) 2012-2021 which was approved
by NEPC on July 16, 2013. The mentioned action plan of EEDP and the new AEDP are to
be used in the revision of PDP which is under the responsibility of the Energy Policy and
Planning Office.
EGAT’s Power Projects
During 2014-2019, EGAT’s new power projects with a total capacity of 4,457.9
MW are as follows:
Project
Location
Fuel
Contractual Scheduled
(Province)
CapacityCommercial
(MW) Operational Date
(SCOD)
1. Wang Noi Combined Cycle
Block 4
2. Chana Combined Cycle Block 2
3. North Bangkok
Combined Cycle Block 2
4. Mae Moh
(Replacement of Units 4-7)
5. Krabi Coal Power Project (Clean Coal Technology)
6. Renewable Energy
Power Projects
Ayutthaya
Natural Gas
768.7
Apr. 2014
Songkhla
Natural Gas
782.2
Apr. 2014
Nonthaburi
Natural Gas
848.3
Jan. 2016
Lampang
Lignite
540.0
Jan. 2018
Krabi
Coal
800.0
Jun. 2019
Wind, solar, hydro 718.7
2014-2019
-
Total
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4,457.9
Power Purchase Projects
Independent Power Producers (IPP) Projects
The following 6 projects during 2014 - 2024 of a total power supply of 9,670 MW
consisting of the power projects under construction and the power purchase projects in
the 2012 bidding were acknowledged by the National Energy Policy Council (NEPC) on July
16, 2013, and the proposal of the Energy Regulatory Commission (ERC) was endorsed by
the Minister of Energy on November 13, 2013.
Project
Location
Fuel
Contractual Scheduled
(Province) CapacityCommercial
(MW) Operational Date
(SCOD)
1. Gulf JP NS Co.,Ltd.
Saraburi
Natural Gas
1,600
Blocks 1-2
2. Gulf JP UT Co.,Ltd.
Ayutthaya Natural Gas
1,600
Blocks 1-2
3. Electricity Generating Plc. Nakhon Si Natural Gas
930
Thammarat
4. National Power Supply Chachoengsao
Coal
540
Co., Ltd. Unit 1-4
5. Chonburi Power Chon Buri
Natural Gas
2,500
Generation Co.,Ltd.
6. Siam Eastern Power Rayong
Natural Gas
2,500
Co.,Ltd.
Total
Jun./Dec. 2014
Jun./Dec. 2015
Jul. 2016
Nov. 2016/
Mar. 2017
Mar./Oct. 2021
Mar./Oct. 2022
Mar./Oct. 2023
Mar./Oct. 2024
9,670
Small Power Producer (SPP) Projects
The PDP 2010 : 3rd Revision includes 5,258.1 MW of power supply to be purchased
from small power producers (SPPs) during 2014-2019 consisting of 3,600 MW power from
firm energy contract SPPs using cogeneration system and 1,658.1 MW from SPPs using
renewable energy.
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Power Import from Neighboring Countries
Currently, EGAT imports electricity under 6 projects with a total capacity of 2,404.6
MW. According to the PDP 2010 : 3rd Revision, during 2014-2019, additional power supply
of 3,316 MW will be purchased from neighboring countries.
Project
Fuel Contractual
Scheduled
CapacityCommercial
(MW)
Operational Date
(SCOD)
1. Hong Sa Lignite Units 1-3
Lignite
1,473
2. Xe-Pian Xe-Namnoy
Hydro
354
3. Nam Ngiep 1
Hydro
269
4. Xayaburi
Hydro
1,220
Total
Jun./Nov. 2015
Mar. 2016
Feb. 2019
Jul. 2019
Oct. 2019
3,316
Power Project Development
To cope with the increasing power demand in the future according to the
economic and industrial growth and also to ensure the stability and reliability of the
system according to the PDP 2010 : 3rd Revision (2012-2030), the following new power
projects have been developed:
1. Expansion of Existing Power Plants
1.1 Chana Combined Cycle Power Plant Project Block 2
The power plant of a total capacity of 800 MW using natural gas as fuel which is
located in the area of the existing Chana Power Plant, Chana District, Songkhla Province
has been constructed to ensure the stability and reliability of the power system in the
Southern region. The construction started in December 2011 and is expected to be
completed in September 2014.
The progress of this project in 2013 was 96.20 percent. The first synchronization
GT21 was carried out on December 31, 2013.
Chana Combined Cycle Power Plant Block 2
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1.2 Wang Noi Combined Cycle Power Plant Project Block 4
The power project of 800 MW capacity using natural gas as fuel which is located
in the area of the existing Wang Noi Power Plant, Wang Noi District, Ayutthaya Province
is intended to serve the future power demand and to ensure the stability of the power
system in the Central area. The construction started in December 2011 and is expected
to supply electricity commercially in June 2014.
The progress of this project in 2013 was 97.46 percent. The first synchronization
of the steam turbine generator was tested on December 28, 2013.
Wang Noi Combined Cycle Power Plant Block 4
1.3 North Bangkok Combined Cycle Power Plant Project Block 2
The power project of a capacity of 848.3 MW is located in the area of the existing
North Bangkok Power Plant in Bang Kruai Sub-district, Bang Kruai District, Nonthaburi
Province to serve the increasing power demand in Bangkok Metropolitan Area and to
ensure the stability of the power system in the Central region and the country as a
whole. This power station uses a mixture of natural gas from the source in the western
coast of Myanmar and the eastern coast of the Gulf of Thailand. The construction of the
plant started in February 2013 and is expected to supply electricity to the system on
commercial basis in January 2016.
The progress of this project in 2013 was 49.20 percent.
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North Bangkok Combined Cycle Power Plant Block 2
2. Renewable Energy Power Plant Development
EGAT has implemented the Renewable Energy Power Plant Development Project
in response to the strategy in renewable energy development (2008-2013) of the Ministry
of Energy and the condition in the renewable portfolio standard (RPS) requiring that 5
percent of renewable energy power plant development would be conducted.
In 2013, major renewable energy power plants were as follows:
Projects
Location Capacity Scheduled
(Province)
(MW)
Commercial Operational Date
(SCOD)
Khun Dan Prakanchol Dam Nakhon Nayok Mae Klong Dam
Kanchanaburi
Pasak Jolasid Dam
Lop Buri
Kwae Noi Bamrungdan Dam Phitsanulok
Thap Sakae Solar
Prachuap Khiri Khan Power Project
1x10 = 10
June 2013
2x6 = 12
July 2013
1x6.7 = 6.7
March 2014
2x15 = 30
June 2015
1x5 = 5
December 2014
Khun Dan Prakanchol Dam Project
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3. Projects in the Initial Stage of Development
3.1 Clean Coal Technology Power Project
The first clean coal technology power plant project is the extension project of Krabi
Power Plant which is located in Khlong Kanan Sub-district, Nuea Khlong District, Krabi
Province. With the total capacity of 800 MW using imported coal as fuel, it is expected to
supply electricity on commercial basis by 2019.
In 2013, the Environmental Health Impact Assessment (EHIA) of the power
plant expansion project and the Environment Impact Assessment (EIA) of loading pier
construction project were conducted. They are expected to be completed in 2014 so as
to be able to supply electricity on commercial basis in 2019.
3.2 Replacement of Mae Moh Power Plant Units 4-7
During 2009-2010, EGAT had a policy to increase the efficiency in power
generation while decreasing the production cost. The result of a feasibility study revealed
that it was appropriate to construct a new lignite power plant of a total capacity of 600
MW to replace the existing Units 4-7 of Mae Moh Power Plant which had been in operation
for 25 years. It is expected that the new units will be able to supply power on commercial
basis in January 2018.
In 2013, the Environmental Health Impact Assessment Report (EHIA) was
completed and submitted to the Office of Natural Resources and Environmental Policy
and Planning for consideration by the Expert Committee prior to seeking approval from
the National Environment Board.
3.3 Nuclear Power Plant
According to the Power Development Plan (PDP) 2010 : 3rd Revision (2012-2030),
the Cabinet endorsed the resolution of the National Energy Policy Committee (NEPC) to
postpone the development of Nuclear Power Plant from the original schedule to 2023.
In 2013, however, EGAT continued with the preparation for the project which
included staff training, locally and abroad, legislative framework, regulatory framework,
stakeholder involvement, and dissemination of knowledge on nuclear power. A curriculum
on “Electricity in Daily Life” for primary and secondary schools has been prepared by EGAT
with the cooperation of the Office of the Non-Formal and Informal Education. Moreover,
a text book on “Alternative Energy Utilization” for the secondary school has also been
prepared by EGAT together with the Institute for the Promotion of Teaching Science and
Technology (IPST).
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Transmission System Development and Expansion Projects
EGAT carries out its mission in transmission system planning and development to
ensure the stability and reliability of the power system to cope with the growing electricity
demand of the country while maintaining the efficiency of the interconnection system to
accommodate the power in the country and neighboring countries. Particular attention is
given to the risky and significant delivery points to prevent the possibility of blackout in
wide area in the future. Moreover, the transmission system development projects have
been well prepared for the interconnection system for the upcoming ASEAN Economic
Community (AEC) and Smart Grid System.
Major on-going transmission system development and expansion projects and the
projects in an approval process are as follows:
On-going Transmission System Projects
1. Bulk Power Supply for the Greater Bangkok Area Phase 2 Project (BSB2)
Being a successive project of the BSB1, BSB2 has an investment cost of 9,170
million Baht. The project comprises the construction of new transmission lines and the
upgrade of existing lines totaling 89.025 circuit-kilometers, installation of transformers
totaling 9,600 MVA, and voltage control equipment totaling 384.0 MVAr. In 2013, the
progress of the project as of November 2013 was 84.89 percent. This project was
scheduled to be completed in 2016.
2. Transmission System Expansion Project No.11 (TS.11)
Being a successive scheme of the TS.10, TS.11 covers the transmission system
expansion and reinforcement projects in all provincial areas countrywide to strengthen
system reliability and support the expansion plan of the new delivery points of the
Provincial Electricity Authority (PEA) to assure the power sufficiency and power quality
to the end-users. The TS.11 project consists of the construction of transmission lines
totaling a distance of approximately 1,922.7 circuit-kilometers, 12 new substations, the
installation of transformers of 14,575 MVA, and voltage control equipment of 1,741.2
MVAr. The project has an investment cost of 23,000 million Baht. As of November 2013,
the overall project achieved 83.82 percent progress. It was scheduled to be completed in
December 2015.
3. Transmission System Development Project for Power Purchase from IPPs
This transmission system project serves electric power purchase from four
awarded IPPs’ power plants, totaling approximately 4,400 MW installed capacity. The
investment cost of the project is 7,985 million Baht. The progress of each transmission
system sub-project is as follows:
3.1The transmission system for the Gheco-One Power Plant was completed
and connected to the grid system since February 11, 2013
3.2The transmission system for the National Power Supply Co., Ltd. is
currently pending due to the power plant rescheduling.
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3.3 The progress of the transmission system for the Gulf JP UT Co., Ltd. was
29.67 percent. It was scheduled to be completed in September 2014.
3.4 The progress of transmission system for the Gulf JP NS Co. Ltd. was 79.56
percent. It was scheduled to be completed in September 2014.
4. Transmission System Development for Power Purchase from Theun Hinboun
Hydroelectric Power Plant Expansion Project
The project includes the construction of the 230 kV Nakhon Phanom 2 Substation
and relevant transmission lines with a total distance of approximately 108 circuitkilometers. This transmission system project is to receive more electric power of 220
MW (additional to the former 220 MW) from the Expansion Project of Theun Hinboun
Expansion Hydroelectric Power Plant situated in Lao PDR. An investment cost for this
project is 665 million Baht. The project has been completed since December 1, 2012. As
of November 2013, the progress of the remaining transmission system construction work
was 98.61 percent. The whole project was scheduled to be completed in July 2014.
5. Transmission System Development for Power Purchase from Hongsa LigniteFired Thermal Power Plant Project
This project is to accommodate the power purchase from Hongsa Lignite-Fired
Thermal Power Plant Project in Lao PDR, the country’s first lignite-fired power plant of
the capacity of 3 × 626 MW, which will supply 1,473 MW of power to Thailand. This
transmission system project consists of the construction of new 500 kV transmission lines
from Thai/Lao border (Nan Province) to 500/230/115 kV Nan Substation to be connected
with 500 kV transmission line to the main system in Mae Moh 3 Substation, renovation of
related transmission lines with a total length of approximately 1,192 circuit-kilometers,
a new substation, and the installation of transformers of 1,150 MVA. The investment cost
of this project is 21,160 million Baht. As of November 2013, the progress of project was
27.27 percent. The project is scheduled to be completed in December 2014.
6. Transmission System Development for Power Purchase from Nam Ngum 3 and
Nam Theun 1 Hydropower Plant Project
This transmission system project is to accommodate the power purchase from
Nam Ngum 3 and Nam Theun 1 and/or other potential projects in Lao PDR, such as Nam
Ngiep 1 Hydropower Project and Xayaburi Hydropower Project. The project consists of the
construction of new 500 kV transmission lines Nam Phong 2 – Chaiyaphum 2 - Tha Tako
connected with the existing Ban Na Bong (Lao PDR) – Udon Thani 3 – Nam Phong 2 lines
(currently operating at 230 kV) to be the 500 kV Ban Na Bong – Udon Thani 3 – Chaiyaphum
2 – Tha Tako line, the construction of the 230 kV Chaiyaphum 2 – Chaiyaphum line,
with a total length of approximately 728 circuit-kilometers, a new substation, and the
installation of transformers of 4,000 MVA. The investment cost of this project is 17,550
million Baht. As of November 2013, the progress of the project was 0.06 percent. The
project was scheduled to be completed by March 2016 – February 2017.
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7. Transmission System Development in the Area of Loei, Nong Bua Lam Phu,
and Khon Kaen Provinces for Power Purchase from Lao PDR Project This transmission system project is to receive imported electric power from the
Xayaburi Hydroelectric Power Plant Project in Lao PDR which will supply power of 1,220
MW to Thailand. It is scheduled that all units will supply power commercially within
October 2019. The project involves the construction of 500 kV double-circuit transmission
lines from Thai/Lao border in Loei Province to the new Tha Li Substation (distance of
approximately 5 kilometers) and from Tha Li Substation to the new Khon Kaen 4
Substation (distance of approximately 225 kilometers) totaling 460 circuit-kilometers of
transmission lines (only in Thai territory). The project also includes two new substations
and installation of transformer of 1,000 MVA. The investment cost of this project is 12,060
million Baht. The project was initially planned for completion in 2018.
8. Transmission System Development for Chana Power Plant Block 2 Project
This new transmission system project aims to serve 800 MW power from EGAT’s
new Chana Power Plant Block 2 Project. The project comprises the construction of 230
kV Chana power plant – Chana Junction – Khlong Ngae lines, with a total distance of
90 circuit-kilometers, and the construction and expansion of two existing substations.
The investment cost of this project is 1,290.50 million Baht. As of November 2013, the
progress of this project was 39.87 percent. It was scheduled to be completed in March
2014.
9. Transmission System Expansion and Renovation Project Phase 1: Substation
This project involves the improvement/replacement of aged substation equipment
and control systems at EGAT’s 15 substations and other miscellaneous transmission
system expansion. The project aims to increase the availability, reliability, and security of
transmission system with an investment cost of 3,815 million Baht. As of November 2013,
the progress of the project was 1.34 percent. The project was scheduled for completion
in February 2017.
10. New Transmission System Interconnection Project between Su-ngai Kolok
Substation (EGAT) and Rantau Panjang Substation (TNB)
This new transmission system project helps strengthen the system’s security and
reliability in the Narathiwat Province by increasing imported power from Malaysia and
promote the cooperation between Malaysia and Thailand. The investment cost of the
project is 535 million Baht. The construction will start after the Interconnection Agreement
between EGAT and Tenaga Nasional Berhad (TNB) is achieved.
11. Main Transmission System Expansion Project for Power Purchase from SPP
Cogeneration Power Plants, Based on Request for Proposal 2010
This project is the expansion of major transmission system to accommodate the
increasing power purchase from SPP’s cogeneration power plants in line with the resolution
of the National Energy Policy Council (NEPC) of November 25, 2010 to strengthen the
stability of the power system and reduce the loss of power in supplying and purchasing.
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The project involves the construction of new 230 kV transmission lines between Ayutthaya
4 and Sikhio 2 Substation, renovation of related transmission lines with the distance of
482 circuit-kilometers, a new substation, the installation of transformers of 2,650 MVA,
and the improvement of relevant transmission system. The investment cost of the project
is 10,610 million Baht. As of November 2013, the progress of the project was 1.07 percent.
The project will be completed in January 2017.
12. Transmission System Renovation and Expansion Project Phase 1: Transmission
Line
This transmission system renovation and expansion project aims to reduce the
power loss from the blackout caused by the old transmission line so as to increase the
continuity and efficiency in power supply and to enhance the reliability of the power
system and the performance index of the transmission system. It involves the replacement
and upgrade of 15 transmission line routes and other miscellaneous transmission system
expansion. The investment cost of the project is 9,850 million Baht. As of November 2013,
the progress of this project was 0.12 percent. This project was planned for completion by
February 2017.
13. Transmission System Development in the Area of Ubon Ratchathani, Yasothon,
and Amnat Charoen Provinces for Power Purchase from Lao PDR Project
This project is intended to accommodate the power purchase from XepianXenamnoy Hydropower Plan Project which has the generating capacity of 3×130 MW,
and to receive more power from other potential projects from the Southern part of Lao
PDR. The project consists of the construction of new 500 kV transmission lines from Thai/
Lao Border at Ubon Ratchathani Province to the new Ubon Ratchathani 3 Substation with
the distance of 90 kilometers, initially energized at 230 kV, and the improvement of other
transmission lines (in Thai territory only) with a total of 440 circuit-kilometers. The project
also includes the construction of a new substation and the installation of transformers
of 400 MVA. The investment cost of the project is 7,300 million Baht. The project was
approved by the Cabinet on March 19, 2013 and expected to be completed in 2018.
14. Transmission System Renovation and Expansion Project Phase 2
The Transmission System Renovation and Expansion Project Phase 2, a successive
scheme of Phase 1 involves the renovation and expansion of the existing 19 substations
and 11 transmission lines and other miscellaneous work related to the transmission
system. The investment cost of the project is 21,900 million Baht. The project was
approved by the Cabinet on January 15, 2013 and was expected to be completed by
2015-2017.
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15. Transmission System Improvement Project in Eastern Region for System
Security Enhancement
This transmission system project aims to improve the system security in the
Eastern part of Thailand to continuously serve the growing electricity demand and
also receive the electric power from the new power plants. The project consists of the
construction of the transmission lines totaling 358 circuit-kilometers, two new substations,
and the installation of additional transformers of 4,000 MVA. The investment cost of the
project is 12,000 million Baht. The project was approved by the Cabinet on April 23, 2013
and expected to be completed by 2017 and 2019.
16. Bulk Power Supply for the Greater Bangkok Area Phase 3 (BSB3)
Being a successive project of BSB2, BSB3 comprises several subprojects to
respond to the increasing demand for electricity in the Greater Bangkok area, to maintain
the stability of the power system and the continuity of the power supply according to
the standard, and to cope with the malfunction problem of the western natural gas
pipelines as well as providing the security of the power system of the country as a whole.
The project comprises the construction of 27 circuit-kilometer transmission lines, two
new substations, the installation of transformers of 4,200 MVA, and the voltage control
equipment of 288.0 MVAr. The investment cost of this project is 12,100 million Baht. The
project was approved by Cabinet on October 15, 2013 and scheduled to be completed
initially in 2018.
Transmission System Projects in an Approval Process
1. Transmission System Expansion Project No. 12 (TS.12)
Being a successive scheme of the project TS.11, the project TS.12 covers the
transmission system expansion and reinforcement projects in all provincial areas
countrywide to cope with the increasing demand for electricity and to support the
expansion plan of the new delivery points of the Provincial Electricity Authority (PEA).
The project TS.12 consists of the construction of the transmission lines of the distance
of approximately 2,791.7 circuit-kilometers, 7 new substations, the installation of
transformers of 9,300 MVA, and the voltage control equipment of 2,322 MVAr. The
investment cost of the project is 60,000 million Baht. The project is expected to be
approved by Cabinet in 2014 and scheduled to be completed in 2020.
2. Transmission System Improvement Project in Western and Southern Regions
to Enhance System Security
The project involves the construction of the 500 kV transmission lines and the
renovation of 230 kV transmission systems to cope with the increasing power demand
in the Southern part of Thailand in the long run and to increase the capability of the
transmission system from the West/Central of Thailand to the South in order to promote
the growth of business, industry, and tourism sectors of southern Thailand, including
remedy in the power outage in the South. The investment cost of the project is 63,200
million Baht. This project is expected to be approved by the Cabinet in 2014 and scheduled
to be completed in two phases: 2019 and 2022.
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Research and Development
In 2013, EGAT research and development roadmap was completed. To cope with
the mission and responsibilities of EGAT, the work of related units was classified into five
major groups with the timeframe in line with the technological progress and the support
of appropriate EGAT’s budget in research and development as well as the social research
for the purpose of community development around EGAT’s power plants.
The research and development roadmap of EGAT, a master plan in research and
development, is beneficial sustainably to EGAT as it can be used in setting a direction for
the future research and development work to meet the demand of all units and to cope
with the technological changes.
Examples of EGAT research and development roadmap in nuclear power plant are
as follows:
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EGAT has funded 25 research projects of both inside and outside research offices
and also of educational institutes. Since 2006, a total of 183 projects amounting to
1,199.02 million Baht have been funded.
Moreover, EGAT has signed a Memorandum of Understanding with the Agricultural
Research Institute to promote the research and development in using the by-product
from power generation to enhance agricultural value and technology of energy crop,
as well as continuously increasing the competency of the researchers together with the
development of useful knowledge for the country.
Examples of the 18 completed EGAT-funded projects in 2013 were as follows:
1. Study on Integrated Reclamation of Cooling Blowdown
The study provides EGAT with an integrated
reclamation of cooling blowdown for the thermal and
combined cycle power plants which is technically and
economically appropriate. It can reduce the use of
water from natural water resources and thus the drain
of wastewater to the environment without a negative
impact on the ecological system of the public water
resource.
The chart showing integrated
reclamation of cooling blowdown
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2. Design and Development of Water Free Vortex Micro Hydropower Plant
The research revealed that the electricity generated by the water free vortex
system was environmental friendly and did not damage the aquatic animals. Being a
low-cycle turbine, the aquatic animals which may come with the flow of water can safely
escape from the turbine. Moreover, the rotation of water can also increase oxygen to the
water resource.
Water free vortex
Turbine and its operational test
Water free vortex micro hydro power plant with its water level of 0.7-0.9 meters
and capacity of 1 kW.
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3. Development of Robotic System for Welding
The research revealed that the designed robotic system for welding could weld
the critical part of the power plant precisely and efficiently. The robotic system can
control the precision of the welding constantly throughout the work, with speediness and
consistent quality, reducing the rework problem.
Robotic system for welding
4. Relationship of Air Deck Length to Ground Vibration of Mae Moh Mine
The research revealed that the method could reduce the vibration in the explosion
of Mae Moh Mine and produce lignite more rapidly while reducing the use of energy and
maintenance cost of the machine. As the explosion can destroy the ground structure
having the soil hardness, the deterioration of the machine, energy use, and the cost of
explosives can be minimized.
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5. Development of Smart Grid Roadmap for Electricity Generating Authority of
Thailand
From the research, a roadmap with a clearly stated vision, mission, and target is
available for EGAT for its smart grid development. The roadmap also provides a direction
for the preparation for the readiness of the personnel, the knowledge, and related
technology. It is useful in preparing the action plan according to the timeframe and in
monitoring the progress of each activity in each project.
Integration of power grid and information infrastructures
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Organization and Human Resource Development
Human Resource Management
EGAT values its employees as the most important resource for the organization’s
sustainable growth. Its human resource management emphasizes on building
professionally competent, good, and happy employees with loyalty to the organization.
In 2013, EGAT continued to promote and encourage the employees to work with
transparency, honesty, accountability, mutual respect, and self-development in line with
EGAT’s corporate culture: “Loyalty, Striving for Excellence, and Embracing Good Ethics”
which leads the organization towards its goal in becoming national pride. In addition,
EGAT has supported employees’ recruitment and educational development by providing
undergraduate scholarship to students and offering more scholarship for further studies.
Human resource development programs have been arranged for the employees of
all levels and all functions. Trainings are organized in various areas such as management,
quality of life development, ethics and virtues, etc., to promote the employees to be
competent and responsible for themselves, organization, and society as well as enjoying
their work.
In 2013, EGAT’s employee development programs were designed with a variety
of development approaches with an aim to enhance the effectiveness and shorten the
learning curve. In addition to classroom training, other methods such as coaching,
mentoring, and special assignment were encouraged. Moreover, Individual Development
Plan (IDP) technique was implemented. EGAT emphasized the development of core
technical competencies in terms of electricity production and transmission and also drove
the culture of learning organization through knowledge management activities in order
to maintain and disseminate the core knowledge and knowhow within the organization.
Promotion of employee’s ethics and awareness of social responsibility was also handled
substantially throughout the year. EGAT also fully supported the long-term development
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of both management and employees by having them trained by well-known institutes
and studied for a master’s degree and a doctorate. Thus, EGAT people can develop
their competencies to cope with the future progress. Lastly, the retirement preparation
program was also organized to enable the retiring employees to live happily and healthily
after retirement.
Information Technology Management
EGAT uses the information technology system in accordance with its IT
Governance which covers risk management and regulations concerning management of
information to be reliable, secure, and correct for continual use; available for need; and
compliant with the law. The IT Management helps support the aim of EGAT to become a
high-performance organization as stated in EGAT’s Corporate Strategic Plan (2013-2017).
The Information Technology Committee is thus responsible for laying down policy, rules,
and regulations and to consider and follow-up the results of operations and the project
implementation for business alignment to increase the efficiency and effectiveness in
responding to the need of all stakeholders.
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EGAT has followed the strategies as indicated in the Information and Communication
Technology (ICT) Master Plan (2013-2017). Improvement has been made to ensure that
EGAT’s work plans are initiated efficiently and lead to a successful delivery of business
operations. The key ICT strategies are as follows:
Strategy 1 : Develop EGAT’s ICT professionals both in terms of quality and
quantity to create, produce, and use ICT in an efficient, effective,
ethical, and discreet manner
Strategy 2 : Strengthen EGAT’s ICT governance
Strategy 3 : Develop EGAT’s ICT infrastructure
Strategy 4 : Use ICT to promote EGAT’s good governance
Strategy 5 : Use ICT to build EGAT’s sustainable competitiveness.
To optimize its operational efficiency, EGAT has successfully implemented the
Enterprise Resource Planning (ERP) to be aligned with its business processes since 2007.
The regular maintenance, improvement, and expansion of the ERP system are made
to include business processes and integration of data and information of day-to-day
operations into the Executive Information System (EIS). To ensure the system availability
and the potential of system for future business, in 2013 the computer system for ERP was
replaced after six years of use.
EGAT has used an email system as one of the major tools in doing its business
and as an effective mean of communications including business contacts, scheduling of
meetings, and distributing of information. The email system has been maintained and
improved for efficiency with seamless availability. In 2013, in responding to disasters that
might occur at the head office, the email backup system was installed at a safe location
outside the head office.
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Information Technology (IT) Security
EGAT’s information security policy, standards for information security, and
manual for information security control according to ISO/IEC 27001 were approved by the
Electronic Transactions Commission on September 28, 2011.
From 2010, the information security management system of EGAT according to
ISO/IEC 27001: 2005 has been successfully certified covering the security in the provision
of internet and email services.
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Clean Energy….. Power for the Future
EGAT supports the research and development of alternative energy and power
plant model with high efficiency and clean technology as power for the future.
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Corporate Social Responsibility
EGAT has carried out both CSR in process and CSR after process taking into
account the participation of the public and sustainable development of the quality of life
and the environment, in order to encourage the public acceptance.
Activities Concerning the Communities around the Power Plants
Participatory process has been used to enhance the participation of all sectors as
follows:
Encouragement of understanding in power development
This activity aims to create an understanding of the public to be aware of the
increasing power demand owing to the growth and expansion of the society, which results
to the necessity of the new power development projects.
The power projects to increase the generating capacity of the existing power
plants include the North Bangkok Power Plant Block 2, the Unit 4-7 Replacement Project
of Mae Moh Power Plant, the Wang Noi Power Plant Block 4, the Chana Power Plant
Block 2, five micro-hydropower plants, downstream hydropower plants, and Bang Lang
Hydropower Plant Unit 1-3.
The new power plant development projects include coal power development
projects in Chumporn, Nakhon Si Thammarat, Trang, Krabi, and Songkhla Provinces,
renewable power development projects in Sikhio District, Nakhon Ratchasima Province
and Thap Sakae District, Prachuap Khiri Khan Province, and nuclear power project area.
Development of the communities’ quality of life
EGAT has participated with all sectors to support and improve the quality of life of
the communities in the vicinity of the power plants and areas for new power development
projects. For sustainable development, a variety of community development projects and
activities have been carried out. EGAT also promotes and disseminates knowledge to
local people on the application of effective microorganism in sustainable farming and
living.
Environmental conservation promotion
EGAT promotes and participates with all sectors in raising awareness and
recognition of environmental conservation through the campaigns based on the Royal
Initiative Projects in Conservation of Natural Resources and Environment.
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EGAT’s project on reforestation to increase water sources of Sirikit Dam to
commemorate the 78th Birthday Anniversary of Her Majesty the Queen
The forest conservation project was implemented under the initiations of the
Organizing Committee to commemorate the 60th Coronation Anniversary and the Ministry
of Energy’s project to commemorate the 78th Birthday Anniversary of Her Majesty the
Queen (August 12) with the concept of “Tree planting and check dam building to honor
the Queen”. The project aimed for reforestation in an area of 780 rai on the right riverbank
of the Nan River National Park in Tha Pla District of Uttaradit Province and an increase
of water sources by building 780 check dams around the reservoir of Sirikit Dam with
participation of all concerned sectors.
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Project on restoration and preservation of seagrass in Krabi Province
The project aimed to create the awareness in restoration and conservation of
seagrass with participation of communities in Sri Boya Sub-district, Nuea Khlong District,
Krabi Province by growing and planting seagrass around Sri Boya Island and Pu Island.
A learning center was established at Pu Island. A campaign on seagrass planting was
organized with the participation of the community.
Promotion of the conservation of forests and the environment
The project aimed to create the awareness in forest and environment conservation
with participation of communities and government sectors by means of forestation.
Examples of such activities are as follows:
- Tree planting in Ubol Ratchthani Province
- Mangrove planting in the Mu Koh Chumphon National Park, Mueang District in
Chumphon Province
- Mangrove planting on both sides of the Natub Canal
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- Mangrove planting on the islet in the Bang Pakong River
- Trees planting to increase green area in Bang Kruai District, Nonthaburi
Province with participation of the community in the area
Promotion of community environment protection
The activities of using effective microorganisms (EM) as the means to protect the
environment were conducted with participation of communities which included lecture
on the use of EM for environmental protection in power development area in different
provinces such as Ubon Ratchathani, Kalasin, Nakhon Ratchasima, Nakhon Sawan,
Ayutthaya, Nonthaburi, and Nakhon Si Thammarat. Moreover, under the Project “Beautiful
Canal, Clear Water”, EGAT conducted training and established 5 microorganism banks in
community areas.
Activities Concerning the Environmental Conservation
EGAT has given importance to environmental management by conducting
activities within the framework of corporate social responsibility and environmental
policy comprising the project on greenhouse gas reduction and development of clean and
renewable energy. In 2013, major activities in environmental conservation are as follows:
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Environmental impact assessment of power development projects
Concerning the environmental impact assessment for the new power development
projects in 2013, assessment reports of the following 5 projects were approved by the
Office of Natural Resources and Environmental Policy and Planning.
- Bang Pakong Combined Cycle Project Block 5, Chachoengsao Province
- Lam Ta Khong Wind Power Project Phase 2, Nakhon Ratchasima Province
- Khlong Tron Hydropower Project, Uttaradit Province
- Grid network of 500 kV between Thai border (Nan Province) - Nan 2 - Mae Moh
3 (additional part through the conservation area)
- Solar Power Project of 5 MW, Thap Sakae District, Prachuap Khiri Khan Province
The preparation of report of the environmental impact assessment of the following
3 more projects are in process:
- Project of capacity expansion of Krabi Power Plant, Krabi Province
- Project of Replacement of Mae Moh Power Plant, Units 4-7, Lampang Province
- Mae Moh Mine, Lampang Province
Monitoring the environmental quality
EGAT recognizes the importance of environmental quality monitoring in preventing
and controlling the environmental impact from the operation. The activities include the
control of air pollution from SO2, NOx, CO2, etc. as well as management and control
of quality of water, noise, waste, and used materials in accordance with the standard
specified in the law and improvement of the quality of the environment as a whole.
Moreover, EGAT supports the establishment of a network of the communities around the
power plants to monitor the environmental quality.
Environmental network
The environment community networks in the area of 5 kilometers from power
plants have been established, namely,
- Wang Noi Combined Cycle Power Plant, Ayutthaya Province
- Chana Combined Cycle Power Plant, Songkhla Province
- North Bangkok Combined Cycle Power Plant, Nonthaburi Province
- Lam Ta Khong Jolabha Vadhana Power Plant, Nakhon Ratchasima Province
The purpose of the network is to provide the communities knowledge and practice
in the fundamental inspection of water quality. With this, EGAT intends to create more
understanding from the communities and a closer linkage between the local ecological
system and the power plants.
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Stakeholders’ participation and public hearing
EGAT recognizes the importance of stakeholders’ participation and public hearing.
In 2013, several public hearings were organized for the communities located around the
new power development projects as follows:
- Bang Pakong Combined Cycle Project Block 5, Chachoengsao Province
- Solar Power Project of 5 MW, Thap Sakae District, Prachuap Khiri Khan Province
- Kiew Koh Ma Hydropower Project, Lampang Province
- Grid network of 230 kV between Ayutthaya 4 - Sikhio 2 (additional part through
the conservation area)
- Clean Coal Technology Project, Nakhon Si Thammarat
Project on Clean Development Mechanism (CDM)
EGAT has implemented the Clean Development Mechanism (CDM) to minimize
the greenhouse gas emission. The following 6 projects are in process:
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- The project of energy efficiency improvement of Mae Moh Power Plant, unit
10-11, through retrofitting low pressure turbines. This is the presently largest
CDM project in Thailand.
- Mae Ngat Somboon Chol Hydropower Project, Chiang Mai Province
- Kaeng Krachan Hydropower Project, Phetchaburi Province
- Mae Khlong Hydropower Project, Kanchanaburi Province
- Pa Sak Jolasid Hydropower Project, Lop Buri Province
- Chao Phraya Hydropower Project, Chai Nat Province
- Sirindhorn Solar Power Project, Ubon Ratchathani Province
Among these projects, EGAT Irrigation Valve Based Micro Hydro Project at Mae
Ngat Somboon Chol Dam and Kaeng Krachan Dam complies with the Crown Standard
from Thailand Greenhouse Gas Management Organization (Public Organization)
The above-mentioned 6 projects have been registered at the CDM-EB for
UNFCCC. They are contributing, not only to the efficiency in power generation and fuel
cost reduction, but also to the image of EGAT as an organization which takes account of
society, community, and environment.
Environmental management in accordance with ISO 14001
EGAT has implemented the environmental management system in accordance
with ISO 14001 within its operation units to build confidence to the society and community
in its environmental management system. In 2013, 27 units of EGAT including power
plants, dams, and mine were certified with ISO 14001 by the certification body. Moreover,
EGAT substations also implemented ISO 14001 so that the environmental management
system could cover from the power generation to the transmission system.
Environmental and social management of the power plants
From the construction phase up to the power generation phase, EGAT has focused
on Social Impact Assessment (SIA), Health Impact Assessment (HIA), the implementation
of the international standard of ISO 14001, and Thai Industrial Standard for Occupational
Health and Safety (TIS 18001). To minimize the environmental impact and to create
correct understanding on the power development projects leading to the acceptance of
all stakeholders, EGAT has taken account of the stakeholder’s participation process and
public hearing as stated in the Constitution of the Kingdom of Thailand B.E. 2550.
Social Activities
EGAT has placed emphasis on good relationship with the communities in the
vicinity of the EGAT’s power plants and along the transmission lines as well as involvement
in providing them better quality of life. Social projects implemented by EGAT are as
follows:
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EGAT’s Project “Headwaters Reforestation at Sirikit Dam in Commemoration of
the 80th Birthday Anniversary of Her Majesty Queen Sirikit”
The project was implemented during 2012-2013. Activities included planting
of 1,000,000 saplings each year, the campaign to plant vetiver grass and to promote
the understanding in using vetiver grass for soil and water protection, strengthening
relationship with the communities in the area of headwaters of Sirikit Dam, nearby
areas, and target areas, and construction of check dams. EGAT will take care of the
reforestation area for two more years before handing over to the Department of Forestry
and Department of National Parks, Wildlife and Plant Conservation.
EGAT’s D.I.Y Camp for the Volunteering Spirit Fostering Project
The project aims to foster volunteering spirit among university students through
the volunteer camp activities under the concept “Good thoughts, good deeds”. Invitation
has been sent to university students to submit a D.I.Y project for contest. Selected
students are sponsored to participate in D.I.Y activities organized by EGAT. For maximum
benefit, the integrated knowledge in energy and experience in social responsibility and
D.I.Y camp management are incorporated in the D.I.Y activities so that the students could
apply in the area. EGAT is proud to be a part in fostering and building a network of “Young
EGAT” to become good members of the society.
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Financial Support to Thai Weightlifting Sport Project
EGAT has given financial support to the Thai Amateur Weightlifting Association
(TAWA) since 2004 to present under the project “One State Enterprise, One Sport
Association” initiated by the Government to develop the competency of the Thai athletes.
The Thai were so successful that they won gold, silver, and bronze medals in the three
successive Olympic Games, i.e. 2004 Athens Olympic Games in Greece, 2008 Beijing
Olympic Games in China, and recently 2012 London Olympic Games in England. EGAT
continues to support TAWA for four more years (2013-2016) for the 2016 Rio de Janeiro
Olympic Games in Brazil.
EGAT also sponsored the competition of EGAT Weightlifting Thailand Championship
for the royal trophies granted by His Majesty the King, His Royal Highness Crown Prince
Vajiralongkorn, and Her Royal Highness Princess Maha Chakri Sirindhorn.
Biological Way of Life for Sustainable Development Project
Being the project implemented since 1999, the Biological Way of Life for
Sustainable Development Project is based on the royal initiative of their Majesties on the
concept of sufficiency economy. The project focuses on the promotion and knowledge
dissemination by EGAT employees to the communities in the vicinity of the power plants
countrywide. The project promotes the reduction and avoidance of chemical use replaced
by effective microorganism among communities, farmers, schools, and public and private
organizations. Through the Memorandum of Understanding between EGAT and Office of
Vocational Education Commission, the Biological Way of Life for Sustainable Development
Project were implemented in 92 agricultural and technological colleges, vocational
colleges, fishery colleges, and technological and management colleges throughout the
country for further extension to the communities with necessary financial and material
support provided by EGAT.
Demand Side Management (DSM)
The principal mission of EGAT is to sufficiently acquire and generate electricity to
meet the demand of the country. As the demand is increasing while the source of energy
and fuel is decreasing, EGAT has implemented demand side management actively since
1993 until today. 35 projects have been implemented to promote the effective and
economical use of electricity in all sectors including household, business, and industry as
well as increasing the awareness of the youth in the effective use of electricity to prolong
the availability of electricity. Among these projects, the Label No.5 project is the most
successful and becomes well known among the consumers. The Label No.5 represents
high performance electrical appliances which require less energy and help reduce the
electricity cost of the households.
In 2013, major achievements included labeling of 2 more high performance
electrical appliances, namely washing machine and light emitting diode (LED) lamp.
Furthermore, EGAT signed an agreement with the manufacturers for the improvement of
microwave oven and induction cooker so that they will be eligible for Label No.5 by 2014.
Up to 2013, there are 21 high performance electrical appliances which have the
Label No. 5, comprising lighting equipment, cooling equipment, household electrical
equipment, etc. A total of 247 million of Label No.5s were attached to these efficient
products.
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The project of T5 fluorescent lamp was implemented in government buildings,
monasteries, and private sector with financial support from the Energy Conservation
Fund. During 2008-2013, more than 13 millions lamps were used in replacement.
From the study in the project promoting the use of LED lamps, it was found that
LED lamps could reduce the use of electricity approximately 60-70 percent. A pilot project
was carried out to use the LED street lamps at EGAT’s 8 dams and power plants and to
collect data on the energy use and saving. The project can be used as a sample to the
public in the use of LED lamps for lighting purpose.
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In May 2013, an international exhibition in electric lamps and LED “LED Expo
Thailand 2013” was organized by EGAT at IMPACT Exhibition and Convention Center,
Muang Thong Thani. Technology and innovation of LED products of manufacturers from
different countries were presented to provide knowledge on high-performance lighting
products and to promote the wide use, contributing to the energy saving of the country
as a whole.
In load management, EGAT made a study on the potential in reduction of electricity
need by means of Demand Response (DR) measure to minimize the use of electricity in
industry to prevent the possible power crisis. EGAT made a survey and assessed the
potential in power reduction by means of DR in 120 buildings and industrial premises
before promoting the activities to the national level.
The youth is the target group which EGAT has given continuous attention. DSM’s
Green Classroom Project aims to provide knowledge in energy and its effective use.
Presently, EGAT has upgraded from the Green Classroom Project in 414 schools to the
Green School in 92 schools across the country. The activity has been extended to more
than 800 nearby schools in the network. Moreover, EGAT has introduced schools to a
low carbon society by encouraging their participations in the reduction of carbon dioxide
emission.
Throughout 20 years of its operation in DSM, EGAT has achieved satisfactory
results as evidenced by the acceptance and participation of all sectors and the successful
energy saving rate. In 2013, the electricity demand of the country could be reduced by
3,150 MW, the peak energy saving was of 19,000 million kWh, and the carbon dioxide
emission could be reduced by 11 million tons.
CSR Achievement
Ban Klong Rua Micro-Hydropower Project of Phato District, Chumphon Province
was given three awards, which was the result of energy knowledge management for the
southern area implemented by EGAT in cooperation with Faculty of Social Administration,
Thammasat University. The project was selected by the Department of Alternative Energy
126
A Leader
Development and Efficiency and EGAT to participate in the 3 contests in 2013. It could
successfully win the awards in the national and regional contests. In ASEAN Energy Award
2013 organized at Nusa Dua Convention Center in Bali, Indonesia, the project was the first
runner-up in the category of the off-grid renewable energy projects. In Thailand Energy
Award 2013 at the Office of the Prime Minister, the project won the award as outstanding
project in the category of the off-grid renewable energy projects. The project was also
awarded the 2013 Outstanding State-Owned Enterprise (SOE) in the area of CSR.
Community Enterprise of Charcoal Briquettes situated at Moo 6, Ban Khlong Wai
Lek, Khlong Kanan Sub-district, Nuea Khlong District, Krabi Province was originated from
the project of quality of life development and energy security in the community. It was
implemented by EGAT in cooperation with Faculty of Social Administration, Thammasat
University. The project aims for quality of life development planning by participatory
process and begins with the analysis of household problem and collection of the need
and problems to find solution. From the analysis, it has been found that cooking fuel
such as a large amount of gas and charcoal is required. As a solution to the problem, the
community should produce charcoal briquettes from the waste materials such as coconut
shells or driftwood for use and for sale. The project comprises the experiment and study
tour on briquette production together with the application of community management
and local wisdom in charcoal production. The production of charcoal briquettes has been
materialized as a community enterprise of Nuea Khlong District. The people living in the
community have adopted a job of charcoal production from coconut shells to supply to the
factory. Moreover, the people can invest in the community enterprise and get dividend.
With the project, sustainable development could be achieved, and the community could
be strengthened.
Moreover, both of Mae Moh Power Plant and Mine received ASEAN Energy Awards
2013. Mae Moh Power Plant was awarded the first runner-up in the category of Best
Practices - Clean Coal Use and Technology in Power Generation, while Mae Moh Mine was
awarded the first runner-up in the category of Best Practices in Surface Coal Mining.
127
Events
On June 13, 2013, Her Royal Highness Princess Maha Chakri Sirindhorn graciously
represented His Majesty the King in officiating the opening of EGAT’s Lam Ta Khong
Jolabha Vadhana Power Plant. HRH Princess also visited the Lam Ta Khong Wind Power
Plant and observed the activity of the “Wan Kaew” Project.
128
A Leader
Her Royal Highness Princess Maha Chakri Sirindhorn graciously inaugurated the
museum of Ban Yang Micro-Hydropower Plant in Fang District, Chiang Mai Province on
August 13, 2013. The Ban Yang Micro-Hydropower Plant which was one among the royal
initiative projects of His Majesty the King and the first micro-hydropower plant of Thailand
became a learning center for hydropower generation.
On December 20, 2013, Her Royal Highness Princess Maha Chakri Sirindhorn
graciously presided over the technical meeting and exhibition entitled “Thai Resources:
Showing to the World”. The Princess also officiated the opening of the building “Rajanurak”
which was EGAT’s learning center at Srinagarind Dam in Kanchanaburi Province. The
building was constructed to commemorate the work of HRH Princess Maha Chakri
Sirindhorn in conservation, development, and sustainable use of natural resources of the
country.
129
Prime Minister Ms. Yingluck Shinawatra chaired the opening of “Thai People
Solving the Power Crisis” campaign which was held at the Government House on April 4,
2013. The campaign called for cooperation of Thai people in reducing the use of energy
(i.e. to turn off electricity, to adjust air-conditioners, and to unplug electricity) during April
5-14, 2013.
Mrs. Anchalee Chavanich, Chairperson of EGAT Board of Directors, represented
EGAT in receiving the 2 awards from the Prime Minister Ms. Yingluck Shinawatra on
October 16, 2013. The awards comprised “2013 Outstanding State-Owned Enterprise
(SOE)” in the category of CSR for the Ban Klong Rua Micro-Hydropower Project (located
in Pak Song Sub-district, Pha To District, Chumphon Province) and an honorary award for
outstanding innovation in “Voice Communication Control System (VCCS)”.
130
A Leader
EGAT Governor, Mr. Soonchai Kumnoonsate, and EGAT executives represented
EGAT in hosting royal mourning of the late Supreme Patriarch, His Holiness Somdet Phra
Nyanasamvara on October 31 and November 11, 2013 at Petch Pavillion, Bowon Niwet
Temple in Bangkok.
EGAT organized “LED Expo Thailand 2013” which was the first international
exhibition on technological electricity system and LED products of Thailand, during May
23-25, 2013 at IMPACT Exhibitions and Convention Center at Muang Thong Thani.
131
In “Thailand Energy Awards 2013” on July 5, 2013, EGAT won two outstanding
awards in renewable energy projects: Ban Klong Rua Micro-Hydropower Project in the
category of the off-grid renewable energy projects and EGAT website (www.egat.co.th) in
the category of website on promotion of energy conservation and renewable energy.
Ban Klong Rua Micro-Hydropower Project was awarded the first runner-up in the
category of the community-based off-grid in the “ASEAN Energy Awards 2013” on August
16, 2013.
132
A Leader
EGAT announced the success of its “20 Years of DSM - Demand Side Management”
in recognizing cooperation of all concerned parties in achieving the saving of approximately
3,000 MW of the power system and reducing 10.7 million tons of carbon dioxide. The
signing ceremony of the MOU together with the presentation of the Label No.5 plaques to
the manufacturers and the launch of No.5 Application was held on September 18, 2013.
EGAT organized the ceremony of foundation-stone laying for the construction of
the North Bangkok Power Plant Block 2 on November 19, 2013. It is estimated that, after
the construction completes, electricity will be supplied to the system by January 2016 to
cope with the rising demand for electricity in Bangkok and the metropolitan area.
133
Key Statistical Data
System Installed Generating Capacity
Type of Power Plant
2013
MW Percentage
2012
Increase
MW Percentage Percentage
EGAT’s Power Plants
Thermal
4,699.00 13.95
4,699.00 14.41
Combined cycle
6,866.00 20.39
6,866.00 21.06
Hydropowr
3,435.74 10.20
3,435.74 10.54
Diesel
4.40 0.01
4.40 0.01
Renewable energy
4.99 0.02
4.99 0.02
Subtotal
15,010.13 44.57
15,010.13 46.04
Purchase from
Domestic Private Power Plants
IPPs
12,741.69 37.83
12,741.69 39.08
SPPs
3,524.60 10.46
2,444.60 7.50
Neighboring Countries
Laos
2,104.60 6.25
2,104.60 6.46
EGAT-TNB 300.00 0.89
300.00 0.92
Interconnection System
Subtotal
18,670.89 55.43 17,590.8953.96
Grand Total
33,681.02 100.00
32,601.02 100.00
134
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44.18
6.14
3.31
Monthly Peak Generation Requirement
Month
January
February
March
April
May*
June
July
August
September
October
November
December
Yearly Peak
Generation Requirement
*
Monthly Peak Generation
Requirement (MW)
2013
2012
23,390.78
22,251.10
24,589.4023,554.40
26,422.9724,571.51
26,324.6126,121.10
26,598.1425,207.27
25,038.04
23,927.30
24,568.41
23,932.60
23,941.68 24,155.70
24,363.6924,009.30
23,741.50 24,131.33
24,251.18 24,657.91
22,905.22 20,395.42
26,598.14
26,121.10
Increase/
(Decrease)
MW Percentage
1,139.68
5.12
1,035.004.39
1,851.467.53
203.510.78
1,390.875.52
1,110.74
4.64
635.81
2.66
(214.02)(0.89)
354.391.48
(389.83)(1.62)
(406.73)(1.65)
2,509.8012.31
1.83
477.04
2013 peak generation requirement occurred on May 16, 2013 at 14.00 hours
2012 peak generation requirement occurred on April 26, 2012 at 14.30 hours
Monthly Energy Generation Requirement
Month
Monthly Energy Generation
Requirement (Million kWh) 2013
2012
January
13,644.3213,036.23
February
13,476.66 13,579.14
March
15,730.6915,252.02
April
14,674.5014,380.65
May
16,058.7015,411.17
June
14,793.29
14,597.00
July
14,748.06
14,847.93
August
14,857.0314,652.29
September 14,403.6514,209.28
October
14,572.38 14,792.85
November
14,176.28 14,486.75
December
12,399.89 13,959.81
Total
173,535.45173,205.13
Increase/
(Decrease)
Million kWh Percentage
606.164.65
(102.48)(0.75)
479.433.14
292.722.04
645.904.19
196.29
1.34
(99.87) (0.67)
199.361.36
193.611.36
(202.47)(1.49)
(310.47)(2.14)
(1,559.92)(11.17)
330.32 0.19
135
Gross Energy Generation and Purchase (by type of fuel)
2013
2012
Source
Million kWh Percentage
Increase/
(Decrease)
Million kWh Percentage Percentage
EGAT’s Power Plants
Natural gas
48,234.0627.80 51,040.6129.47
Lignite
17,109.599.86 16,817.409.71
Hydropower
5,390.333.11 8,408.364.85
Fuel oil
1,201.190.69 1,177.450.68
Diesel oil
173.250.10
55.460.03
Renewable energy
5.52
-
3.57
0.01
EGAT’s Total Generation72,113.94 41.56
77,502.85 44.75
Purchase from
Domestic Private Power Plants
- IPPs
Natural gas
51,518.5229.69 55,588.5732.09
Coal
14,277.858.23 13,707.397.91
Fuel oil
195.230.11 727.240.42
Diesel oil
189.710.11
77.580.04
Subtotal
66,181.3138.14 70,100.7840.47
- SPPs
Natural gas
17,252.649.94 10,434.286.02
Coal
1,999.151.15 2,009.341.16
Hydropower
29.200.02
29.810.02
Fuel oil
28.080.03
29.970.02
Biomass
2,850.551.64 2,527.991.46
Renewable energy 508.370.29 135.720.08
Subtotal
22,667.9913.06 15,167.11 8.76
Neighboring Countries
- Laos
12,427.547.16 10,293.605.94
- Malaysia
144.670.09 140.790.08
Subtotal
12,572.217.24 10,434.396.02
Total Energy Purchase 101,421.51 58.44
95,702.28 55.25
Grand Total
173,535.45100.00 173,205.13100.00
136
A Leader
(5.50)
1.74
(35.89)
2.02
212.39
54.62
(6.95)
(7.32)
4.16
(73.15)
144.53
(5.59)
65.35
(0.51)
(2.05)
(6.31)
12.76
274.57
49.45
20.73
2.76
20.49
5.98
0.19
Energy Sales
2013
2012
Increase/
Customer(Decrease)
Million kWh Percentage Million kWh Percentage Percentage
Metropolitan Electricity49,623.6329.27 49,991.6929.52 (0.74)
Authority (MEA)
Provincial Electricity 116,793.3568.89 116,025.4568.50 0.66
Authority (PEA)
Direct customers 1,635.940.97 1,693.211.00 (3.38)
Standby power supply
98.04
0.06
119.81
0.07
(18.17)
Electricité du Laos (EDL)
953.56
0.56
1,141.02
0.67
(16.43)
Tenaga Nasional Berhad
4.22
-
1.06
-
298.11
(TNB) - Malaysia
Electricité du Cambodge
416.97
0.25
393.06
0.23
6.08
(EDC)
Other minor customers
4.61
-
4.67
-
(1.28)
Total
169,530.32100.00 169,369.97100.00
0.09
Average Energy Sales Price
2013
2012
Increase/
Customer
(Decrease)
Baht/kWh
Baht/kWh
Percentage
Metropolitan Electricity Authority (MEA)
Provincial Electricity Authority (PEA)
Direct customers
Standby power supply
Electricité du Laos (EDL)
Tenaga Nasional Berhad
(TNB) - Malaysia
Electricité du Cambodge (EDC)
Other minor customers
Overall Average Sales Price
3.04
3.02
3.18
6.51
1.65
7.28
2.79
2.81
3.01
5.76
1.83
7.69
8.85
7.63
5.78
12.94
(9.80)
(5.32)
3.65
2.11
3.02
3.41
2.05
2.80
7.14
3.03
7.97
137
Transmission System
2013
Voltage Level
Line Length
Number of
Transformer
(Circuit-Kilometers) Substations
(kV)
500 4,167.17
230 14,505.65
132
8.70
115 13,660.65
69
19.00
300 (HVDC)
23.07
Total 32,384.24
2012
Line Length
Number of Transformer
Capacity
(Circuit-Kilometers)Substations Capacity
(MVA) (MVA)
11 20,849.99 3,884.23 1120,849.99
71 51,160.04 14,060.13 7150,760.04
- 133.40
8.70 - 133.40
131 14,617.49 13,561.53 13014,598.74
-
-
19.00 - -
-
388.02
23.07
-
388.02
213 87,148.9431,556.66 21286,730.19
Fuel Consumption
Type of Fuel
2013
2012
Natural gas (million cubic feet)*
Fuel oil (million liters)*
Lignite (million tons)
Diesel oil (million liters)*
412,701.72
316.82
16.88
60.35
436,096.03
320.52
16.78
17.84
* Excluding gas and oil supplies provided for REGCO, KEGCO, and RGCO
138
A Leader
Increase/
(Decrease)
Percentage
(5.36)
(1.15)
0.60
238.28
Reservoir Operation
2013
2012
Increase/
Operation (Decrease)
Percentage
Total reservoir capacity 62,427
(million cubic meters) *
Total storage at year end 22,776
(million cubic meters) *
Total water inflow (million cubic meters) * 37,240
Total water release (million cubic meters) *
- Passed through generators
32,064
- Extra release through spillways
507
- Extra release for irrigation **
348
- Evaporation
3,112
Total water release
36,031
Water pumped up into the 196
upper reservoir (million cubic meters) **
Generated energy (million kWh) ***
5,390
Water used for energy generation
6.68
(cubic meters/kWh)
62,290
-
21,255
7.16
33,009
12.82
39,502
-
292
3,176
42,971
68
(18.83)
100.00
19.18
(2.02)
(16.15)
188.24
8,407
5.10
(35.88)
30.98
* Excluding Pak Mun Dam, Lamtakhong Dam, and other mini hydropower plants
** Water pumped up into Bhumibol Dam, Srinagarind Dam, and Lamtakong Dam
*** All of EGAT’s hydropower plants
Workforce
Educational Level
Bachelor’s Degree and Higher
Diploma/Higher Vocational
Certificate
Vocational Certificate
Others
Total
at December 2013
at December 2012
Increase/
Number of Percentage Number of Percentage (Decrease)
Persons PersonsPercentage
7,869
34.28
7,543
33.05
4.32
8,217
35.80
7,978
34.95
3.00
3,055 13.31
3,813 16.61
22,954100.00
3,201 14.02
4,103 17.98
22,825100.00
(4.56)
(7.07)
0.57
139
Auditor’s Report
(TRANSLATION)
(TRANSLATION)
AUDITOR’S
REPORT
TO: THE BOARD OF DIRECTORS OF ELECTRICITY GENERATING AUTHORITY OF THAILAND
The Office of the Auditor General of Thailand has audited the accompanying consolidated
and separate financial statements of Electricity Generating Authority of Thailand and its subsidiaries and of
(TRANSLATION)
Electricity Generating Authority of Thailand,
respectively, which comprise the consolidated and separate
statements of financial position as at December
31, 2013, and the related consolidated and separate statements
AUDITOR’S REPORT
of income,
comprehensive
income, changes
in owners’ equity
and cash flows
for the yearOFthen
ended, and a
TO:
THE BOARD
OF DIRECTORS
OF ELECTRICITY
GENERATING
AUTHORITY
THAILAND
summary of significant
accounting
policies General
and otherofexplanatory
information.
The Office
of the Auditor
Thailand has
audited the accompanying consolidated
and
separate financial
statementsforof the
Electricity
Generating
AuthorityFinancial
of Thailand
and its subsidiaries and of
Management’s
Responsibility
Consolidated
and Separate
Statements
Electricity Generating
Authority
of Thailand,forrespectively,
which
comprise
the consolidated
and separate
Management
is responsible
the preparation
and fair
presentation
of these consolidated
and
statements
of financial
positioninasaccordance
at Decemberwith
31, Thai
2013,Financial
and the related
consolidated
andand
separate
statements
separate financial
statements
Reporting
Standards,
for such
internal
ofcontrol
income,as comprehensive
income, changes
in owners’
equitytheand
cash flowsofforthetheconsolidated
year then ended,
and a
management determines
is necessary
to enable
preparation
and separate
summary
significantthataccounting
policies
and other
explanatory
information.
financial ofstatements
are free from
material
misstatement,
whether
due to fraud or error.
Management’s
Responsibility for the Consolidated and Separate Financial Statements
Auditor’s Responsibility
Management
is responsible
for theofpreparation
fair presentation
consolidated
and
The responsibility
of The Office
the AuditorandGeneral
of Thailandof isthese
to express
an opinion
separate
statements
in accordance
Thai Financial
Reporting
Standards,
andtheforAuditor
such internal
on thesefinancial
consolidated
and separate
financial with
statements
based on the
audits. The
Office of
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control
as management
determines
is necessarywith
to enable
the preparation
of theThose
consolidated
separate
of Thailand
conducted the
audit in accordance
Thai Standards
on Auditing.
standardsandrequire
that
financial
statements
that areGeneral
free fromofmaterial
to fraud orand
error.plan and perform the
the Office
of the Auditor
Thailandmisstatement,
comply withwhether
ethical due
requirements
audit to obtain
reasonable assurance about whether the consolidated and separate financial statements are free
Auditor’s
Responsibility
from material misstatement.
The responsibility of The Office of the Auditor General of Thailand is to express an opinion
An audit
involvesfinancial
performing
procedures
auditThe
evidence
the amounts
and
on these consolidated
and separate
statements
based toonobtain
the audits.
Office about
of the Auditor
General
in the financial
statements.
The procedures
on the auditor’s
judgment,
including
ofdisclosures
Thailand conducted
the audit
in accordance
with Thai selected
Standardsdepend
on Auditing.
Those standards
require
that
the
assessment
of
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
fraud
or
error.
the Office of the Auditor General of Thailand comply with ethical requirements and plan and perform the
In making
thosereasonable
risk assessments,
auditor
considers
internal control
the entity’s
preparation
and
audit
to obtain
assurancetheabout
whether
the consolidated
andrelevant
separatetofinancial
statements
are free
from
สํ า นั กmaterial
ง า น ก า ร misstatement.
ต ร ว จ เ งิ น แ ผ่ น ดิ น
An audit
involves performing procedures to obtain audit evidence about the amounts and
Office of the Auditor
General
disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including
the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and
สํ า นั ก ง า น ก า ร ต ร ว จ เ งิ น แ ผ่ น ดิ น
Office of the Auditor General
140
A Leader
2
2
fair presentation of the financial statements in order to design audit procedures that are appropriate in the
faircircumstances,
presentation of
statements
in order toandesign
audit
that areof appropriate
the
butthe
notfinancial
for the purpose
of expressing
opinion
on procedures
the effectiveness
the entity’s ininternal
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal
control. An audit also includes evaluating the appropriateness of accounting policies used and the
control.
An auditof accounting
also includes
evaluating
themanagement,
appropriateness
policies
and theof
reasonableness
estimates
made by
as wellof asaccounting
evaluating the
overallused
presentation
reasonableness
of accounting estimates made by management, as well as evaluating the overall presentation of
the financial statements.
the financial statements.
The Office of the Auditor General of Thailand believe that the audit evidence the Office of
The Office of the Auditor General of Thailand believe that the audit evidence the Office of
the Auditor General of Thailand has obtained is sufficient and appropriate to provide a basis for the Office of
thetheAuditor
has audit
obtained
is sufficient and appropriate to provide a basis for the Office of
AuditorGeneral
GeneralofofThailand
Thailand’s
opinion.
the Auditor General of Thailand’s audit opinion.
Opinion
Opinion
In The Office of the Auditor General of Thailand’s opinion, the consolidated and separate
In The Office of the Auditor General of Thailand’s opinion, the consolidated and separate
financial statements referred to above present fairly, in all material respects, the consolidated and separate
financial
referred
to above
present fairly,
in allof material
consolidated
separate
financialstatements
position of
Electricity
Generating
Authority
Thailandrespects,
and its the
subsidiaries,
andand
of Electricity
financial
position
of Electricity
Generating
Authority
of Thailand31,and
subsidiaries,
and of Electricity
Generating
Authority
of Thailand,
respectively,
as at December
2013,itsand
their consolidated
and separate
Generating
Authority ofand
Thailand,
respectively,andasseparate
at December
31, 2013,
theirthen
consolidated
and separate
financial performance
their consolidated
cash flows
for theandyear
ended in accordance
with
financial
performance
and
their
consolidated
and
separate
cash
flows
for
the
year
then
ended
in
accordance
with
Thai Financial Reporting Standards.
Thai Financial Reporting Standards.
(Signed)
(Signed)
Prapee Ankinandana
Prapee
Ankinandana
(Prapee
Ankinandana)
(Prapee
Deputy Ankinandana)
Auditor General
Deputy
Auditor
General
Acting
Auditor
General
Acting Auditor General
Adisorn Puawaranukroa
Adisorn Puawaranukroa
(Adisorn Puawaranukroa)
(Adisorn
Puawaranukroa)
Director of Financial
Audit Office No. 8.
(Signed)
(Signed)
Director of Financial Audit Office No. 8.
สํ า นั ก ง า น ก า ร ต ร ว จ เ งิ น แ ผ่ น ดิ น
สํ า Office
นั ก ง า นofก าthe
ร ต รAuditor
ว จ เ งิ น แGeneral
ผ่ น ดิ น
Office
Marchof24,the
2014Auditor General
March 24, 2014
141
Financial Statements
(TRANSLATION)
-3ELECTRICITY GENERATING AUTHORITY OF THAILAND AND ITS SUBSIDIARIES
STATEMENTS OF FINANCIAL POSITION
AS AT DECEMBER 31, 2013
Notes
Unit : Baht
Separate financial statement
2013
2012
Consolidated financial statement
2012
2013
(Restated)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
6.1
67,078,800,366
40,312,353,629
59,171,134,233
31,843,250,055
Temporary investments
6.2
37,068,694,151
13,769,278,699
33,020,558,654
8,047,257,530
Trade accounts receivable - others
Trade accounts receivable - related parties
6.3
6.4.1
55,891,616,198
3,087,652,761
47,819,131,996
2,196,855,857
55,294,331,530
3,643,517,639
47,353,258,355
2,509,755,872
according to automatic tariff adjustment (Ft)
Other accounts receivable
6.5
6.6
529,599,717
8,481,754,537
6,529,895,779
7,205,349,921
529,599,717
7,982,861,760
6,529,895,779
6,536,839,712
Current portion of long-term loans to related parties
6.4.2
Materials and supplies
6.7
13,103,841,970
Other current assets
Derivative assets
6.8.1
121,136
Accrued revenue from electric energy sales
Others
Total current assets
NON-CURRENT ASSETS
-
62,500,000
12,631,918,829
-
10,533,246,348
121,136
10,414,636,705
-
132,196,442
185,374,277,278
93,362,218
130,620,646,928
170,175,371,017
113,234,894,008
Investments in associates
6.9.3, 6.9.4
17,721,976,599
15,737,683,178
1,587,550,233
1,587,550,233
Investments in subsidiaries
Investments in jointly controlled entities
6.9.4
6.9.3, 6.9.4
14,104,003,823
13,909,641,259
9,913,350,000
584,500,000
7,122,952,585
584,500,000
3,183,523,921
261,012,924,599
62,297,874,119
763,742,443
28,362,587,910
2,125,289,755
141,025,159
3,293,403,202
393,006,351,530
578,380,628,808
12,935,218,422
268,284,912,744
54,014,892,441
752,913,124
27,700,083,434
2,121,472,035
129,882,869
7,062,730,872
402,649,430,378
533,270,077,306
220,057,322,644
62,269,449,284
23,388,044,807
1,816,082,185
1,581,218,270
321,197,517,423
491,372,888,440
10,005,340,984
223,244,394,993
53,905,163,695
22,027,229,518
1,816,082,185
1,896,520,378
322,189,734,571
435,424,628,579
Other long-term investments
Property, plant and equipment
Work under construction
Goodwill
Other intangible assets
Land awaiting development
Deferred tax assets
Other non-current assets
Total non-current assets
TOTAL ASSETS
6.10
6.11
6.12
6.13
6.14
6.15.1
6.16
Notes to the financial statements are an integral part of these financial statements.
142
A Leader
(TRANSLATION)
STATEMENTS OF FINANCIAL POSITION
AS AT DECEMBER 31, 2013
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable - others
Trade accounts payable - related parties
Deferred revenue for electricity compensation
Other accounts payable
Short-term loans
Accrued interest expenses
Accrued remittance to the Ministry of Finance
Accrued expenses
Current portion of long - term loans
Current portion of finance lease liabilities
Other current liabilities
Derivative liabilities
Others
Total current liabilities
NON-CURRENT LIABILITIES
Long-term loans from related parties
Long-term loans
Deferred tax liabilities
Finance lease liabilities
Employee benefit obligations
Provision liabilities for mine reclamation
Other non-current liabilities
Total non-current liabilities
TOTAL LIABILITIES
OWNERS' EQUITY
Contribution from the government
Surplus from royalty on state property service
Retained earnings
Appropriated
Capital expenditure appropriation
Unappropriated
Other components of owners' equity
TOTAL EQUITY ATTRIBUTABLE TO OWNERS
OF EGAT
NON-CONTROLLING INTERESTS
TOTAL OWNERS' EQUITY
TOTAL LIABILITIES AND OWNERS' EQUITY
Unit : Baht
2013
2012
Notes
2013
2012
(Restated)
6.17
6.4.3
6.5
66,230,641,939
7,622,278,324
2,231,343,911
9,657,778,368
9,774,215,414
1,227,648,844
9,466,293,684
5,210,277,256
11,590,864,773
3,106,946
42,012,277,857
8,157,161,024
2,768,975,278
12,210,547,595
2,700,000,000
1,166,100,704
8,077,994,513
5,450,498,674
9,333,668,342
1,394,273
59,240,043,399
15,947,732,882
2,231,343,911
8,849,880,043
989,752,178
9,466,293,684
5,200,132,196
6,480,099,844
1,510,500
34,983,438,682
11,974,052,504
2,768,975,278
11,323,952,243
927,933,843
8,077,994,513
5,368,338,728
4,980,015,965
-
6.8.2
88,349,789
123,102,799,248
4,591,500
39,951,445
91,923,161,205
108,406,788,637
4,591,500
80,409,293,256
6.4.4
6.19
6.15.1
1,186,296,943
71,734,801,073
1,942,951,121
4,951,813
14,051,248,017
2,080,313,567
17,195,843,540
108,196,406,074
231,299,205,322
1,358,280,353
82,072,391,755
2,185,544,715
1,037,602
13,562,464,135
2,047,399,372
15,145,872,091
116,372,990,023
208,296,151,228
64,416,272,901
1,384,625
13,955,724,214
2,080,313,567
16,602,058,760
97,055,754,067
205,462,542,704
57,742,506,324
13,475,643,183
2,047,399,372
14,503,747,639
87,769,296,518
168,178,589,774
9,001,977,817
474,767,280
9,064,310,580
474,767,280
9,001,977,817
474,767,280
9,064,310,580
474,767,280
80,186,366,913
224,710,045,449
1,554,899,904
80,186,366,913
203,428,380,429
1,714,915,271
80,186,366,913
197,685,039,974
(1,437,806,248)
80,186,366,913
178,958,400,280
(1,437,806,248)
315,928,057,363
31,153,366,123
347,081,423,486
578,380,628,808
294,868,740,473
30,105,185,605
324,973,926,078
533,270,077,306
285,910,345,736
285,910,345,736
491,372,888,440
267,246,038,805
267,246,038,805
435,424,628,579
6.18
6.19
6.20
6.21
6.22
6.23
(signed) Soonchai Kumnoonsate
(Mr. Soonchai Kumnoonsate)
Director and Governor
(signed) Poonsuk Tochanakarn
(Mr. Poonsuk Tochanakarn)
Deputy Governor - Account and Finance
143
(TRANSLATION)
STATEMENTS OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2013
Notes
Jan 1 - Dec 31, 13 Jan 1 - Dec 31, 12
(Restated)
Unit : Baht
Jan 1 - Dec 31, 13 Jan 1 - Dec 31, 12
REVENUES
Revenue from sales of other goods and services
6.24
Total revenue from sales and services
512,820,461,091
486,243,700,769
510,178,670,654
482,675,345,412
24,092,877,109
26,748,195,076
26,046,692,421
30,376,199,254
536,913,338,200
512,991,895,845
536,225,363,075
513,051,544,666
COST OF SALES
6.25
456,479,007,849
430,191,419,362
461,444,789,115
434,921,195,187
Cost of sales of other goods and services
6.26
22,179,830,145
25,311,681,698
24,317,549,826
29,235,554,618
478,658,837,994
455,503,101,060
485,762,338,941
464,156,749,805
58,254,500,206
57,488,794,785
50,463,024,134
48,894,794,861
Total cost of sales and services
GROSS PROFIT
OTHER REVENUES
6.27
INCOME BEFORE EXPENSES
4,774,197,184
6,114,568,329
5,135,814,857
4,666,323,301
63,028,697,390
63,603,363,114
55,598,838,991
53,561,118,162
143,546,015
131,852,220
141,543,687
130,072,296
16,006,773,493
17,568,480,611
14,036,488,965
15,907,624,928
240,180,973
96,226,083
894,553,145
198,695,224
16,390,500,481
17,796,558,914
15,072,585,797
16,236,392,448
SELLING EXPENSES
ADMINISTRATIVE EXPENSES
OTHER EXPENSES
6.28
TOTAL EXPENSES
FINANCE COSTS
6.30
INCOME BEFORE SHARE OF PROFIT FROM INVESTMENTS
SHARE OF PROFIT FROM INVESTMENTS IN ASSOCIATES
4,416,805,820
5,343,212,630
2,739,436,078
2,899,370,245
42,221,391,089
40,463,591,570
37,786,817,116
34,425,355,469
2,057,685,427
2,992,828,855
-
-
746,653,720
768,896,690
-
-
45,025,730,236
44,225,317,115
1,293,733,237
887,235,560
43,731,996,999
43,338,081,555
37,786,817,116
34,425,355,469
40,341,842,442
38,857,934,775
37,786,817,116
34,425,355,469
6.29
SHARE OF PROFIT FROM INVESTMENTS IN JOINTLY
CONTROLLED ENTITIES
INCOME BEFORE INCOME TAXES
INCOME TAXES
6.15.2
INCOME FOR THE YEAR
37,786,817,116
34,425,355,469
-
-
ATTRIBUTABLE TO:
OWNERS OF EGAT
3,390,154,557
4,480,146,780
43,731,996,999
43,338,081,555
37,786,817,116
34,425,355,469
144
A Leader
(TRANSLATION)
STATEMENTS OF COMPREHENSIVE INCOME
Notes
INCOME FOR THE YEAR
Jan 1 - Dec 31, 13 Jan 1 - Dec 31, 12
(Restated)
Unit : Baht
Jan 1 - Dec 31, 13 Jan 1 - Dec 31, 12
43,731,996,999
43,338,081,555
37,786,817,116
34,425,355,469
(1,356,016,962)
(45,997,970)
-
-
176,695,607
698,667,109
-
-
5,813,383
(1,437,806,248)
-
93,635,107
(99,762,538)
-
-
344,037,593
193,774,396
-
-
(735,835,272)
(691,125,251)
-
42,996,161,727
42,646,956,304
37,786,817,116
32,987,549,221
40,181,827,075
37,872,828,590
37,786,817,116
32,987,549,221
2,814,334,652
4,774,127,714
42,996,161,727
42,646,956,304
OTHER COMPREHENSIVE INCOME (LOSS)
Exchange rate differences from currency translation
Available-for-sale financial assets
Actuarial gain (losses)
6.20
Income taxes of other comprehensive gain (loss) of subsidiaries
Share of other comprehensive gain of associates
(1,437,806,248)
OTHER COMPREHENSIVE LOSS FOR THE YEAR,
NET OF TAXES
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
(1,437,806,248)
ATTRIBUTABLE TO:
OWNERS OF EGAT
37,786,817,116
32,987,549,221
145
146
A Leader
6.18
6.23
5
6.18
474,767,280
-
-
9,001,977,817
-
474,767,280
474,767,280
-
9,064,310,580
9,064,310,580
(62,332,763)
-
474,767,280
-
9,064,310,580
-
-
474,767,280
-
9,126,643,343
(62,332,763)
-
6.9.5.1
6.23
-
474,767,280
474,767,280
9,126,643,343
9,126,643,343
5
Changes in owners' equity for the year
Dividends paid
Total comprehensive income (loss) for the year
Balance as at December 31, 2013
Balance as at January 1, 2013 (Before adjustment)
Cumulative effect of the changes in accounting policies
Balance as at January 1, 2013 - adjusted
Depreciation of assets for irrigation
Additional paid-up share
Increase in investments of non-controlling interests
Remittance to the Ministry of Finance
Increase of the year 2012
The year 2013 (Jan 1 - Jun 30, 2013)
Provision for remittance to the Ministry of Finance
The year 2013 (Jul 1 - Dec 31, 2013)
Additional investments from subsidiaries
Dividends paid
Balance as at January 1, 2012 (Before adjustment)
Balance as at January 1, 2012 as previously reported
and adjustment
Balance as at January 1, 2012 - adjusted
Share received in advance of subsidiaries
The year 2012 (Jan 1 - Jun 30, 2012)
The year 2012 (Jul 1 - Dec 31, 2012)
Surplus from
royalty on state
property service
Contribution from
the government
Notes
80,186,366,913
-
-
80,186,366,913
80,186,366,913
-
80,186,366,913
-
-
80,186,366,913
-
80,186,366,913
80,186,366,913
40,341,842,442
224,710,045,449
(9,466,293,684)
(19,060,177,422)
(4,005,487)
(9,589,878,251)
203,803,127,409
(374,746,980)
203,428,380,429
-
38,857,934,775
203,428,380,429
(8,077,994,513)
(17,331,310,039)
(315,526)
(9,253,000,000)
(441,010,061)
181,901,755,693
-
182,338,845,049
3,920,705
182,342,765,754
Retained earnings
appropriated
unappropriated
(628,305,751)
(703,709,471)
-
-
(75,403,720)
(75,403,720)
-
(10,581,391)
(75,403,720)
-
-
(64,822,329)
-
79,500,971
354,603,105
-
-
275,102,134
275,102,134
-
314,400,199
275,102,134
-
-
(39,298,065)
-
Exchange rate Available-for-sale
differences
financial assets
from currency
translation
(65,168,738)
(39,298,065)
346,409
(64,822,329)
(39,298,065)
2,616,022
(1,435,190,226)
-
-
(1,437,806,248)
(1,437,806,248)
-
(1,437,806,248)
(1,437,806,248)
-
-
-
2,886,909,938
-
-
2,886,909,938
2,886,909,938
-
2,886,909,938
-
-
2,886,909,938
-
42,135,798
-
-
-
(42,135,798)
(42,135,798)
-
(44,893,141)
(42,135,798)
-
-
2,757,343
-
Other components of equity
Other comprehensive income (loss)
Actuarial
Surplus on
Income taxes
gain (losses)
subsidiaries and
for other
associates using
comprehensive
equity method
gain (loss)
2,886,909,938
2,757,343
2,886,909,938
2,757,343
Total equity attributable to EGAT
ELECTRICITY GENERATING AUTHORITY OF THAILAND AND ITS SUBSIDIARIES
STATEMENTS OF CHANGES IN OWNERS' EQUITY
(TRANSLATION)
-7-
344,037,593
452,286,558
-
-
565,187,751
(456,938,786)
108,248,965
-
193,774,396
108,248,965
-
-
(302,228,895)
(85,525,431)
-
Share of other
comprehensive
gain (loss) of
associates
216,703,464
216,703,464
(160,015,367)
1,554,899,904
-
-
2,171,854,057
(456,938,786)
1,714,915,271
-
(985,106,185)
1,714,915,271
-
-
(302,228,895)
2,700,021,456
-
3,001,903,942
346,409
3,002,250,351
Total other
components of
owners' equity
40,181,827,075
315,928,057,363
(9,466,293,684)
(19,060,177,422)
(4,005,487)
(9,589,878,251)
295,700,426,239
(831,685,766)
294,868,740,473
(62,332,763)
-
37,872,828,590
294,868,740,473
(8,077,994,513)
(17,331,310,039)
(315,526)
(9,253,000,000)
(743,238,956)
274,389,554,685
(62,332,763)
-
275,128,526,527
4,267,114
275,132,793,641
Total EGAT's
owners' equity
(1,810,325,000)
2,814,334,652
31,153,366,123
-
-
30,105,185,605
30,105,185,605
29,109,675
15,061,191
20,182,430
(1,794,375,000)
4,774,127,714
30,105,185,605
-
-
27,070,318,851
34,931,610
27,201,246,649
(130,927,798)
27,070,318,851
Non-controlling
interests
(1,810,325,000)
42,996,161,727
347,081,423,486
(9,466,293,684)
(19,060,177,422)
(4,005,487)
(9,589,878,251)
325,805,611,844
(831,685,766)
324,973,926,078
(62,332,763)
29,109,675
15,061,191
20,182,430
(1,794,375,000)
42,646,956,304
324,973,926,078
(8,077,994,513)
(17,331,310,039)
(315,526)
(9,253,000,000)
(743,238,956)
301,459,873,536
(62,332,763)
34,931,610
302,329,773,176
(126,660,684)
302,203,112,492
Total owners'
equity
Unit : Baht
147
6.23
6.18
6.18
6.23
474,767,280
80,186,366,913
-
-
9,001,977,817
-
80,186,366,913
-
-
474,767,280
-
80,186,366,913
-
474,767,280
-
80,186,366,913
-
37,786,817,116
197,685,039,974
(9,466,293,684)
(19,060,177,422)
(4,005,487)
(9,589,878,251)
178,958,400,280
-
34,425,355,469
178,958,400,280
(8,077,994,513)
(17,331,310,039)
(315,526)
(9,253,000,000)
161,864,354,850
-
Retained earnings
appropriated
unappropriated
-
474,767,280
-
Surplus from
royalty on state
property service
-
9,064,310,580
(62,332,763)
9,064,310,580
-
-
9,126,643,343
(62,332,763)
Contribution from
the government
Total comprehensive income for the year
Balance as at January 1, 2013
The year 2013 (Jan 1 - Jun 30, 2013)
The year 2013 (Jul 1 - Dec 31, 2013)
Balance as at January 1, 2012
The year 2012 (Jan 1 - Jun 30, 2012)
The year 2012 (Jul 1 - Dec 31, 2012)
Notes
STATEMENTS OF CHANGES IN OWNERS' EQUITY
(TRANSLATION)
-8-
(1,437,806,248)
-
-
(1,437,806,248)
-
(1,437,806,248)
(1,437,806,248)
-
-
-
Total other components of owners' equity
Other comprehensive income
Acturial losses
37,786,817,116
285,910,345,736
(9,466,293,684)
(19,060,177,422)
(4,005,487)
(9,589,878,251)
267,246,038,805
(62,332,763)
32,987,549,221
267,246,038,805
(8,077,994,513)
(17,331,310,039)
(315,526)
(9,253,000,000)
251,652,132,386
(62,332,763)
Unit : Baht
Total owners'
equity
(TRANSLATION)
STATEMENTS OF CASH FLOWS
Notes
CASH FLOWS FROM OPERATING ACTIVITIES
Net income of EGAT
Adjustments to reconcile net income to net cash inflow (outflow)
from operating activities
Depreciation
Donation assets
Donated assets
Amortization of land rights and project development rights
Amortization of computer software rights
Amortization of royalty on state property service
Amortization of gas pipe system rights
Amortization of transmission system connection rights
Amortization of deferred loan fees
Allowance for loss on impairment of investments
Amortization of deferred charges of the lignite mine
Doubtful debts
Bad debts
Allowance for obsolescence on materials and supplies
Gain on the power purchase agreement cancellation
Gain on sale of long-term investments
Loss on revaluation of investments in trading securities.
Loss (profit) on disposal of assets
Revenue from deferred income
Employee benefit obligations
Loss (gain) on foreign exchange
Gain on changes in the fair value of derivatives
Dividends received from associates
Dividends received from subsidiary
Dividends received from other investments
Share of profit from associated company
Share of profit from jointly controlled entity
Net income attributable to non-controlling interests
Interest income
Interest expenses
Income taxes
Net income from operating activities before changes in operating assets
and liabilities
Changes in operating assets (Increase) Decrease
Trade accounts receivable
Other current assets
Deferred tax assets
Deferred charges of the lignite mine
Changes in operating liabilities Increase (Decrease)
Trade accounts payable
Other current liabilities
Accrued expenses
Other non - current liabilities
6.13
6.13
6.13
6.16
6.22
6.9.4
6.9.4
6.15.2
6.16
CCashh receipts
i ffrom operating
i
Cash receipts on interest
Cash payment on income taxes
Net cash from operating activities
Jan 1 - Dec 31, 13 Jan 1 - Dec 31, 12
40,341,842,442
38,857,934,775
37,786,817,116
34,425,355,469
25,393,555,332
(108,550)
672,215
298,258,525
219,650,249
6,337,356
312,449
3,712,103
(122,317,517)
15,155,956
6,031,320,583
2,198,763
5,593
283,140,776
(1,133,061)
187,161,915
(431,685,334)
383,252,090
(22,966,233)
(104,291,021)
(220,902,845)
(2,057,685,427)
(746,653,719)
3,390,154,557
(2,017,920,503)
4,210,822,459
1,293,733,237
76,335,622,390
24,653,281,931
(42,500)
5,460,443
328,817,591
220,446,078
6,337,356
312,449
3,558,250
(88,394,022)
5,408,304,116
(2,046,918)
111,270
287,043,620
(1,069,442,446)
(783,678,571)
61,472,685
(526,711,566)
(143,414,710)
(634,426,835)
(150,902,003)
(188,314,482)
(2,992,828,855)
(768,896,690)
4,480,146,780
(1,990,035,673)
5,425,184,044
887,235,560
71,286,511,677
22,105,153,294
(108,550)
672,215
874,894
213,081,693
6,337,356
6,031,320,583
2,198,763
5,593
236,327,885
159,310,563
(431,685,334)
371,933,217
682,223,523
(104,291,021)
(802,641,972)
(1,481,175,000)
(1,544,696,836)
2,737,707,515
65,969,365,497
21,269,620,278
(42,500)
5,460,443
896,061
214,829,489
6,337,356
5,408,304,116
(2,046,918)
111,270
345,499,315
(13,367,290)
(526,711,566)
(149,555,419)
163,941,825
(150,902,003)
(735,755,141)
(1,468,125,000)
(1,378,098,739)
2,893,013,089
60,308,764,135
(3,123,569,171)
(914,462,857)
(703,261,756)
(38,834,223)
3,694,638,205
(11,142,290)
(5,955,412,355)
(16,855,424,157)
(764,576,621)
(823,019,076)
43,002,448
(743,434,469)
59,745,241
(5,331,127,445)
(3,235,123,007)
(634,526,922)
(303,135,366)
240,612,643
(5,955,412,355)
(16,857,815,613)
(933,566,526)
(763,747,489)
(143,473,329)
(5,331,127,445)
23,200,355,269
(2,247,655,746)
161,138,358
249,253,946
(1,608,127,404)
(242,593,594)
37,865,259
12,498,191,641
88,833,814,031
88 833 814 031
1,070,923,689
(1,393,986,295)
88,510,751,425
14,573,733,346
(407,754,672)
(18,277,658)
1,567,431,000
(368,285,755)
(760,473,056)
70,101,832
(9,758,359,042)
61 528 152 635
61,528,152,635
912,699,761
(1,642,366,367)
60,798,486,029
27,747,158,983
(6,136,063,372)
(168,332,407)
(33,053,999)
37,865,259
11,559,989,457
77 529 354 954
77,529,354,954
1,042,112,353
78,571,467,307
13,622,333,229
(3,285,089,478)
842,574,569
(276,642,152)
70,101,832
(13,056,452,402)
47,252,311,733
47 252 311 733
909,251,442
48,161,563,175
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Jan 1 - Dec 31, 13 Jan 1 - Dec 31, 12
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- 10 ELECTRICITY GENERATING AUTHORITY OF THAILAND AND ITS SUBSIDIARIES
Notes
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash receipts (payment) on temporary investments
Net cash receipts (payment) on long-term investments
Cash receipts on disposal of assets
Cash payment on property, plant, equipment, work under
construction and intangible assets
a
Cash payment on interest for work under construction
Cash receipts on deferred income
Cash payment on investments in subsidiaries
6.9.5.2
Cash payment on investments in associates
Cash payment on investments in jointly controlled entity
Cash payment on investments in other entity
Cash receipt from disposal investments in jointly controlled entity
Cash receipts from compensation of the power purchase agreement
cancellation
Cash receipts on interest
Dividends received from associates
6.9.3 , 6.9.4
Dividends received from subsidiary
6.9.4
Dividends received from jointly controlled entities
Dividends received from other entities
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Cash receipts from short-term loans from financial institutions
Cash payment of short-term loans from financial institutions
Cash receipts from bill of exchange payables
Cash payment of bill of exchange payables
Cash receipts from long-term loans
Cash receipts from share subscription of subsidiary
Cash payment of long - term loans from related party
Cash payment of long - term loans
Cash payment on interest
Cash receipts (payment) on finance lease liabilities
Dividends paid to non-controlling interests of subsidiary
Dividend paid to the Company's shareholders
Net cash used in financing activities
EFFECT FROM FOREIGN EXCHANGE RATE IN CASH AND
CASH EQUIVALENTS
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
6.1
Jan 1 - Dec 31, 13 Jan 1 - Dec 31, 12
Unit : Baht
Jan 1 - Dec 31, 13 Jan 1 - Dec 31, 12
(23,248,282,391)
10,044,490,984
172,891,244
(687,859,670)
(9,798,928,380)
83,494,670
(24,973,301,124)
10,005,340,984
166,714,464
2,033,473,118
(10,005,340,984)
59,858,568
(23,724,844,591)
(571,798,570)
690,328,545
(367,082,771)
(133,520,000)
(11,643,851)
20,800,000
(30,759,146,477)
(283,944,559)
1,492,402,112
(342,770,299)
(507,020,830)
-
(24,259,720,669)
(571,798,570)
690,328,545
(2,790,397,415)
-
(29,799,865,901)
(281,844,538)
1,492,402,112
(70,000,000)
-
795,130,139
802,641,972
977,625,453
220,902,844
(34,332,360,993)
3,167,366,428
743,609,820
735,755,141
774,462,805
188,314,481
(35,194,264,758)
508,009,323
802,641,972
1,481,175,000
(38,941,007,490)
375,313,301
735,755,141
1,468,125,000
(33,992,124,183)
(17,671,878,251)
13,160,718,504
(6,424,227,960)
3,000,000,000
(3,250,000,000)
16,065,950,000
29,109,675
(58,170,400)
(22,510,275,718)
(4,589,464,918)
793,929
(1,810,325,000)
(3,290,737,147)
(27,348,507,286)
(16,297,000,000)
14,540,000,000
(13,640,000,000)
2,300,000,000
(500,000,000)
11,147,350,000
34,931,610
(23,751,963,072)
(5,379,010,951)
(1,795,698)
(1,794,375,000)
(3,262,002,373)
(36,603,865,484)
(17,671,878,251)
13,000,000,000
(4,964,753,468)
(2,677,809,423)
3,021,000
(12,311,420,142)
(16,297,000,000)
11,000,000,000
(14,640,572,134)
(2,923,285,965)
(22,860,858,099)
(63,436,409)
26,766,446,737
40,312,353,629
67,078,800,366
(26,830,065)
(11,026,474,278)
51,338,827,907
40,312,353,629
8,844,503
27,327,884,178
31,843,250,055
59,171,134,233
(2,538,362)
(8,693,957,469)
40,537,207,524
31,843,250,055
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Notes to the Statements of Cash Flows
a. Property, Plant and Equipment, Work under Construction and Intangible Assets
Consolidated
During the year 2013, EGAT and its subsidiaries purchased property, plant and equipment,
work under construction and intangible assets which total costs are Baht 27,466.45 million. The purchasing
were cash paid amounting to Baht 23,724.84 million and for the remaining unpaid amounting to Baht
3,741.61 million were accounts payable.
During the year 2012, EGAT and its subsidiaries purchased property, plant and equipment,
work under construction and intangible assets which total costs are Baht 36,829.35 million. The purchasing
were cash paid amounting to Baht 30,759.15 million and for the remaining unpaid amounting to Baht
6,070.20 million were accounts payable.
Separate
During the year 2013, EGAT purchased property, plant and equipment, work under construction
and intangible assets which total costs are Baht 28,001.33 million. The purchasing were cash paid amounting
to Baht 24,259.72 million and for the remaining unpaid amounting to Baht 3,741.61 million were accounts
payable.
During the year 2012, EGAT purchased property, plant and equipment, work under construction
and intangible assets which total costs are Baht 35,870.07 million. The purchasing were cash paid amounting
to Baht 29,799.87 million and for the remaining unpaid amounting to Baht 6,070.20 million were accounts
payable.
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NOTES TO THE FINANCIAL STATEMENTS
1. General Information
Electricity Generating Authority of Thailand (EGAT), which is a juristic person, was established by
Electricity Generating Authority of Thailand Act, B.E. 2511 (1968) and subsequent amendments. EGAT’s
main business objectives are as follows:
1.1 To generate, acquire, transmit or distribute electric energy to:
- The Metropolitan Electricity Authority (MEA), the Provincial Electricity Authority (PEA) or other
electricity authorities under the law thereon;
- Other electric energy consumers as prescribed by a Royal Decree;
- Neighboring countries
1.2 To undertake various activities concerning electric energy, energy sources deriving from natural
resources and undertakes business concerning electric energy and other businesses concerning or related to the
activities of EGAT, or collaborates with other persons for the said activities.
1.3 To produce and sell lignite or any chemicals derived from lignite.
All of assets, liabilities, rights, obligations and businesses of the Yanhee Electricity Authority, the
Lignite Authority and the Northeast Electricity Authority were transferred to EGAT. Total net assets (net of
liabilities) were considered the capital of EGAT.
2. Basis of Financial Statements Presentation
2.1 Principles of Financial Statements Preparation
The consolidated and the separate financial statements have been prepared in accordance with Thai
generally accepted accounting principles under the Accounting Act, B.E. 2543 being those Thai accounting
standards endorsed under the Accounting Profession Act, B.E. 2547, including interpretations and guildlines
promulgated by the Federation of Accounting Professions (FAP). EGAT has presented the financial
statements in compliance with the notification of the Department of Business Development “Definition of the
abbreviated components required in the financial statements, B.E.2554”, dated September 28, B.E.2554,
under the third paragraph of section 11 of the Accounting Act, B.E.2543.
These accounting principles may differ, in certain aspects, from generally accepted accounting
principles used in other countries. So the financial statements were prepared, have not intend to present the
financial position, the results of operations and cash flows in accordance with generally accepted accounting
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principles used in other countries. Consequently, the accompanying consolidated and the separate financial
statements are prepared based on the assumption that users of these financial statements have an understanding
of generally accepted accounting principles and practices used in Thailand.
The mentioned financial statements have been prepared under the historical cost convention, except
explained otherwise as disclosed in Note 3.
The separate financial statements present the financial position and the results of operations of all
EGAT’s businesses, which include assets, liabilities and equity of Staff Aid Fund, Welfare Loan Fund, Land
and Housing Loan Fund.
The consolidated financial statements include the EGAT’s financial statements, its three subsidiaries
and a jointly controlled entity over which EGAT has shared control. In the consolidated financial statements,
the subsidiaries are recorded by sum up on a line-by-line basis with similar items beside the jointly controlled
entity is accounted for by proportionate of EGAT. Significant inter-company transactions and balances are
eliminated. Investments in subsidiaries, associated company and the jointly controlled entity have been
presented in the separate financial statements under the cost method. Non-controlling interests are separately
disclosed in equity. When materiality, accounting policies of its subsidiaries, an associated company, and
a jointly controlled entity have been changed to ensure consistency with the accounting policies adopted by
EGAT.
An English language version of the financial statements has been prepared from the statutory
financial statements that were issued in Thai language. In case of conflict or difference in the interpretation
between the two languages, the financial statements in Thai language shall prevail.
2.2 Use of Estimates
The consolidated and the separate financial statements are prepared in conformity with Thai generally
accepted accounting principles in Thailand, which require management to make estimates and assumptions
that affect the book value of assets and liabilities in the consolidated and the separate financial statements.
Actual results may differ from those estimates and assumptions.
3. Significant Accounting Policies
3.1 Cash and Cash Equivalents
Cash and cash equivalents include cash, cash in current accounts, saving accounts and short term
fixed deposits (not more than 3 months) including promissory notes or bills of exchange with maturity of
three months or less which EGAT has fully accessed without commitment.
3.2 Trade Accounts Receivable and Other Accounts Receivable
Accounts receivable are stated at net realizable value. The allowance for doubtful accounts is
assessed by reference to the estimated losses arising from irrecoverable debts, exclusive of government
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agencies and state enterprises, which have been based on historical results of collection and the present events
pertaining to accounts receivable at the statements of financial position date. According to the regulations of
the Ministry of Finance regarding accounting and finance of state owned enterprise B.E. 2548, which
amended the regulations of the Ministry of Finance regarding accounting and finance of state owned
enterprise B.E. 2520, the allowance for doubtful accounts are stated as follows:
3.2.1 Trade accounts receivable exclusive of government agencies and state enterprises
Overdue Period
Percentage of allowance
for doubtful accounts
Over 6 months - 1 year
50
Over 1 year
100
3.2.2 Other accounts receivable (exclude accrued revenues and prepaid expenses), which the
overdue period is over 1 year, the percentage of allowance for doubtful accounts is 100.
3.3 Materials and Supplies
3.3.1 Fuel oil for power plant is stated at the lower of moving average cost or net realizable value.
3.3.2 Lignite is stated at the lower of moving average cost or net realizable value.
3.3.3 Spare parts for power plant and mine equipment are stated at moving average cost less
allowance for obsolescence of stocks designed to write off the parts on a straight - line method over the useful
lives of the main equipment.
Spare parts for power plant under materials and supplies-net item are namely the spare parts
and equipment which are used in maintenance power plants. The portion of main spare parts and equipment
for power plants, which has useful life over 1 year, is stated in equipment for power plants under property,
plant and equipment item.
Spare parts for mine equipment are namely component, spare parts and supplies for mine
equipment maintenance such as spare parts for 85 ton truck, spare parts for excavator and spare parts for
engine belt system. However, large-sized reserved spare parts for mine equipment, which has useful life over
1 year, is stated in large-sized spare parts for mine equipment under property, plant and equipment item.
3.3.4 General materials and supplies are stated at moving average cost less allowance for
obsolescence of stocks designed, which have not moved for six months and above. The allowance is
calculated at the following rates:
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No movement within
6 -18 months
Over 18 - 30 months
Over 30 - 48 months
Over 48 - 60 months
Over 60 months
Percentage of allowance for
obsolescence of stocks
10
30
50
75
100
General materials and supplies consist of fuel oil for vehicle and machine, general spare parts
and office suppliers for operation.
3.4 Derivative Assets and Derivative Liabilities
Derivatives have initial realized based on the fair value at the statements of financial position date.
Gains or losses from the change of fair value are realized in statements of income of that period.
At the statements of financial position date, the fair value of forward foreign exchange contracts,
cross currency and interest rate swap contracts, currency swap contracts and interest rate swap contracts are
calculated by financial institutions, which are the contractor of EGAT.
3.5 Investments in Associates, Subsidiaries and Jointly Controlled Entities
3.5.1 Investments in associates
Investments in associates of EGAT have been presented in the separate financial statements
under the cost method. Investments in associates of EGAT and its subsidiaries have been presented in the
consolidated financial statements under the equity method.
A list of associates of EGAT and its subsidiaries is set out in Note 6.9.1 and 6.9.2 respectively.
3.5.2 Investments in subsidiaries
Investments in subsidiaries of EGAT have been presented in the separate financial statements
under the cost method. Investments in subsidiaries of EGAT and its subsidiaries have been eliminated
together with the equity interests in the consolidated financial statements preparation.
A list of subsidiaries of EGAT and its subsidiaries is set out in Note 6.9.1 and 6.9.2 respectively.
Although EGAT owned Ratchaburi Electricity Generating Holding Public Company Limited
(RATCH) and EGAT Diamond Service Co., Ltd., only 45% of the total fully paid-up common share, EGAT
has effective control over so that they are subsidiaries of EGAT according to generally accepted accounting
principles, which must prepared the consolidated financial statements. But, according to the Budgeting Law,
EGAT has to own in the company over 50% then, they can be the state enterprise.
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3.5.3 Investments in jointly controlled entities
Investments in jointly controlled entities of EGAT have been eliminated together with the
equity interests in the consolidated financial statements preparation while investments in jointly controlled
entities of subsidiaries have been presented in the consolidated financial statements under the equity method.
A list of jointly controlled entities of EGAT and its subsidiaries is set out in Note 6.9.1 and
6.9.2 respectively.
3.6 Investments in financial securities
Investments in financial securities of EGAT comprise of held-to-maturity investments and availablefor-sale securities investments.
3.6.1 Held-to-maturity investments are investments with maturity period. EGAT intends and be able
to held to maturity date. It has been included in the current assets and disclosed in cash and cash equivalents
and temporary investments in the case of the maturity date of investments is more than 3 months but not more
than 1 year.
Held-to-maturity investments are stated in the statements of financial position at amortized cost
less impairment loss of investments. The difference between purchased prices and maturity value will be
amortized using the effective rate of interest method over the remaining useful life of the investments.
3.6.2 Available-for-sale securities investments are investments held with no identifiable time and
may sell for enhancing liquidity or when interests rate change. It has been included in the current assets and
disclosed in cash and cash equivalents and temporary investments in the case of the maturity date of
investments is more than 3 months but not more than 1 year.
Available-for-sale securities investments are stated at fair value. Unrealized gain (loss) from
value changes is recognized separately in the equity. When there is sales of available-for-sale securities
investments, accumulated changes in fair value is recognized in the statements of income and discloses in gain
(loss) from sales of investments.
Investments in financial securities of EGAT is in compliance with the regulations of the
Ministry of Finance about Accounting and Finance of state owned enterprise, B.E.2548 section 2 which
require the state owned enterprises who want to manage liquidity may elect to invest in short-term financial
instruments issued by the Ministry of Finance or government financial institutions.
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3.7 Property, Plant and Equipment
Property, Plant and equipment are stated at cost on the date of acquisition or completion of
construction less accumulated depreciation.
Depreciation is calculated on the straight - line method in order to reduce the book value of each type
of assets over the estimated useful lives with residual value of one Baht except the land which has infinite
useful lives.
The estimates of useful lives of EGAT’s assets are as follows:
Years
Structures
3 years
- 40 years
Reservoirs and dams
6 years 8 months - 75 years
Power plants
5 years
- 30 years
Equipment for power plants
6 years 3 months - 25 years
Control system
3 years
- 25 years
Transmission system
3 years
- 40 years
Communication system
5 years
- 25 years
Coal handling system
10 years
- 25 years
Machinery
5 years
- 10 years
Large-sized spare parts for mine equipment 8 years
Vehicles
5 years
- 12 years
Other materials and supplies
3 years
- 10 years
The estimate of useful lives for power plants of subsidiaries is stated according to the power
purchasing agreement.
Depreciation of the Srinagarind, Bang Lang, Vajiralongkorn, Rajjaprabha and Pak Mun dams are
included in the statements of income only to the extent that they relate to power generation. The remaining
portion relating to irrigation is deducted from capital contribution for supporting construction of those dams.
When the asset was disposed, EGAT recorded to write off the asset with accumulated depreciation
and recognized gain or loss on disposal of asset in the statements of income.
The cost of major inspection was recognized as the part of property, plant and equipment and was
amortized according to the estimated useful lives. The useful lives of major inspection fee are estimated
under type of major inspection fee and power plants as follows:
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Type of Power Plants
Type of Major Inspection Fee
Major Overhaul : MO
Minor Inspection : MI
Useful lives (Year)
Useful lives (Year)
- Hydro Power Plants
6 - 12
2-4
- Thermal Power Plants
4-6
2
- Combined Cycle Power Plants
2-6
2-3
- Gas Turbine Power Plants
4-8
1-4
8
2
- Lignite Power Plants
Besides, cost of power plants commissioning after deduction of revenue from electric energy
during power plants commissioning are recorded as the part of property, plant and equipment in work under
construction item.
3.8 Assets and Liabilities under Finance Lease Agreements
Assets and liabilities under finance lease agreements are stated at the lower of fair values at inception
or present values of the minimum lease payments less accumulated depreciation. A portion of lease payments is
recognized as financial expenses and the remainder is deducted from the principle over the lease periods.
Depreciations of those leased assets are calculated on the straight - line method over the estimated useful lives
of each type of assets. In case the ownership of the assets is not transferred to the lessee at the end of the lease
periods, depreciations are based on the shorter of the useful lives of the assets or the lease period.
3.9 Intangible Assets
3.9.1 Land rights
The land rights under transmission line have infinite useful lives because its future economic
benefit is uncertain. Other land rights, which can be expected their useful lives, will be amortized according to
the certain useful lives.
3.9.2 Computer software rights and software license
Computer software rights of EGAT are amortized as expenses over the expected useful lives
not more than 5 years, which are revised the amortization method and the useful lives in every accounting
period. The software license is amortized as expenses over the expected useful lives in 5-10 years.
3.9.3 Royalty on state property service
In 1990, with the approval of the Ministry of Finance, EGAT has been entitled to use land and
building surrounding the Sirikit dam, which are state property without charge and EGAT recognized cost of
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dam in portion that use for generating electric power and surplus from Royalty on State Property Service as a
Royalty on State Property Service account. It is recognized as expenses and written off from the Royalty on
State Property Service. The balance is being amortized over 59 years, which is the remainder estimated useful
lives of the dam.
3.9.4 Gas piped system rights
Gas piped system rights are amortized based on a straight - line method over the expected
useful lives in 20 years.
3.9.5 Transmission system connection rights
Transmission system connection rights are amortized based on a straight - line method over the
expected useful lives in 8 years.
3.9.6 Project development rights
The incurred costs on development projects are recognized as intangible assets when there are
obvious possibilities that the projects will be success. The cost on development projects that has been
capitalized is amortized from commencement of the commercial operation based on a straight - line method
over the period of its expected benefit.
3.10 Goodwill
Goodwill represents the excess of the cost of acquisition of the group of subsidiaries over the fair
value of the Group’s share of the identifiable net assets of the acquired subsidiary, jointly controlled entity or
associated company at the acquisition date.
Goodwill is measured at cost less accumulated impairment losses. Goodwill is tested for impairment.
The carrying amounts of the Group’s assets are reviewed at each reporting date to determine whether there is
any indication of impairment. If any such indication exists, the assets’ recoverable amounts are estimated. For
goodwill, the recoverable amount is estimated at each reporting date, when indicators of impairment are
identified.
3.11 Deferred Charges of the Lignite Mine
3.11.1 Overburden removal costs
The costs of overburden removal expended in each year are calculated by multiply the quantity
of lignite extracted from the mine in that period by 6.09 (the stripping ratio is 6.09:1, which is the ratio of the
overburden bears to the total economically lignite) and multiply by the average cost per cubic metre of
overburden removed. In case the actual stripping ratio in each period is more than 6.09, the excess is recorded
as the deferred charges. However, the accumulated of overburden removal costs is not more than the deferred
charges.
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3.11.2 Minerals resource exploration and preliminary development costs
Minerals resource exploration and preliminary development costs are recognized as expenses
for the year in which they are incurred. Any exploration done as a part of a power development plan and
long - term mining plan, are recognized as deferred charges and amortized in the proportion that the quantity
of lignite extracted during the year bears to the total economically mineable reserves.
3.11.3 Resettlement costs
Resettlement costs expended in each year are calculated by dividing the total actual
resettlement costs by the total lignite mineable reserves over the useful lives of the power plants multiplied by
the quantity of lignite extracted during the year. The resettlement costs in areas, which are not mined for
lignite, will be recognized as expense in the period as incurred.
3.11.4 Mineral patent costs
Mineral patent costs paid as an extra to the government are calculated by 0.1% of the total
mineral value, each of them has value exceeding Baht 50 million. Mineral fields with lesser value are
exempted from such patent costs.
Each patent is granted a period of 25 years. Mineral patent costs are recognized as deferred
charges and amortized over the period of patent.
3.12 Foreign Currency
Foreign currency transactions are translated into Thai Baht using the Bank of Thailand's reference
exchange rate prevailing at the transaction date. Assets and liabilities dominated in foreign currency are
translated into Thai Baht using the exchange rate at the end of accounting period. Gains or losses on foreign
exchange are recognized as either revenues or expenses for all amounts in that accounting period.
3.13 Employee Benefit Obligations
Employee Benefit Obligations of EGAT, subsidiaries and jointly controlled entities were measured
and recognized as follows:
1. Short-term employee benefits are recognized as expenses in profit and loss when incurred.
However, short-term employee benefits in case of leave with accumulated compensation are recognized when
the services are rendered.
2. Post-employee benefits - defined contribution plans
EGAT, subsidiaries and jointly controlled entity have jointly established a provident fund. The fund
is monthly contributed by employees, EGAT, subsidiaries and jointly controlled entity. The fund’s assets are
held in a separate trust fund and the contributions are recognized as expenses when incurred.
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3. Post-employee benefits - defined benefit plans
The obligation under the defined benefit plan is determined based on actuarial techniques, using the
project unit credit method, in order to determine present value of the obligation, current service cost and past
service cost. These are recognized as a liability in statements of financial position and expenses in statements
of income.
In case of EGAT has the differences between actual employee benefits paid and actuarial estimated,
EGAT will not recognized the differences until there is assumptions revision in accordance with actuarial,
which revised every 3 years or whether there is any indication. Any actuarial gains and losses are recognized
in statements of comprehensive income.
4. Other long - term employee benefits
The obligation under the defined benefit plan is determined based on actuarial techniques, using the
project unit credit method, in order to determine present value of the obligation, current service cost and past
service cost. These are recognized as a liability in statements of financial position and expenses in statements of
income.
In case of EGAT has the differences between actual employee benefits paid and actuarial estimated,
EGAT will not recognize the differences until there is assumptions revision in accordance with actuarial,
which will be revised every 3 years or whether there is any indication. Any actuarial gains and losses are
recognized in statements of income in the period in which they arise.
In the year 2012, EGAT hires actuary consultants to revise assumptions and the obligation
estimation based on new actuarial technique.
3.14 Provision Liabilities for Mine Reclamation
EGAT established provision liabilities for mine reclamation at the lignite mine in Mae Moh District,
Lampang Province, which will arise in the future. According to the Mining Act, EGAT is obliged to carry out
reclamation work when the mine is closed and because of the certainty of its occurrence amounts set aside for
this work are recognized as provisions. Such provisions are recognized as expense in EGAT's statements of
income and are calculated by taking that proportion of the total estimated cost of reclamation work that the
quantity of lignite extracted during the year bears to the total economically mineable reserves. The actual cost
is deducted from provision liabilities.
3.15 Staff AID Fund and Provident Fund
EGAT has established the Staff AID Fund to provide welfare for employees after leaving EGAT.
EGAT contributes to the fund on a monthly basis at the rate of 10% of salaries of its employees being the
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fund’s members. Contributions are recognized as expense in EGAT’s statements of income in full amount
and the accounting transactions of the fund have been consolidated in EGAT’s financial statements. Interest
earned from the assets of the fund is recognized as revenue in EGAT’s statements of income.
On January 1, 1995, EGAT has set up the Provident Fund in accordance with the Provident Fund
Act, B.E. 2530, which the Ministry of Finance prescribed the policy that the state owned enterprises
contribute to the Provident Fund at the rate approved by the Ministry of Finance. The employees have the
privilege to contribute to the Fund at the minimum rate of 3% of salaries but not more than the combined rate
that EGAT contributes to the Fund.
3.16 Deferred Income
3.16.1 Contributions for construction
In case cash contributions received from EGAT's direct customers towards project construction,
after completion of the project, assets will be owned by EGAT, are accounted for as deferred contributions
and released to revenues over the useful lives of the related assets.
In case cash contributions received from independent power producers towards project
construction, after completion of the project, assets will be owned by EGAT, are accounted for as deferred
contributions and released to revenues over the period of the power purchase contracts.
In the event that independent power producers operate construction and assets of the project
are transferred to EGAT after completion, those assets are accounted for as EGAT’s assets and matched with
deferred contributions which are released to revenues over the period of the power purchase contracts.
3.16.2 Income from donation
Income from donation, which is assets or cash received from governments and foreign
financial institutions in forms of discount of interest or grants to be used for project development of EGAT as
identified by donors, is recorded as deferred income under liabilities. Deferred income is recognized as
revenue over the useful lives of fixed assets or, in case of cash from donation is recognized according to actual
expenditures incurred.
3.17 Revenue from Electric Energy Sales
Revenue from electric energy sales is recognized according to metered delivery units at the selling
point under the power purchase agreement. Revenue from automatic tariff adjustment (Ft) is recognized
according to the occurred Ft revenue in that period which comprised of the actual collected Ft revenue in
accordance with the approval of the Energy Regulatory Commission (ERC) and recognized the accrued Ft
revenue or unearned Ft revenue, which came from the difference of the calculated Ft price under the formula
Ft with the collected Ft price in that period.
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Deferred revenue for electricity compensation has been occurred from receiving fuel costs or
electricity compensation from fuel suppliers or other power producers, However, such compensation has not
been approved by the ERC to be included in the tariff structure. When ERC has a resolution on the
compensation to be included in the tariff structure, EGAT will recognized that compensation as electricity
revenue.
3.18 Revenue from Sales of Other Goods and Services
3.18.1 Revenue from sales of other goods other than the revenue from electric energy sales comprise
of the revenue from fuel providing to affiliates of EGAT and revenue from sales of other goods such as
Hydrogen gas, distilled water, chemicals and by products from generating electricity. It is recognized as
income upon the delivery of products and when the significant risks and rewards of ownership are transferred
to the customers.
3.18.2 Revenue from services comprise of revenue from running the machinery and power plant
maintenance services, communications system and telecommunication services, etc. It is recognized as
income by percentage of completion method at the statements of financial position date.
3.19 Interest Income
Interest income is recognized on a time proportion basis and effective rate of return on assets.
3.20 Borrowing Costs
Borrowing costs include interest expenses, commitment charges and other expenses on long term
borrowings. Interest expenses of long term borrowings for acquisition of non - current assets that are work
under construction period are recognized as capitalized, while after the completion of construction period are
recognized as expenses. Interest expenses on borrowings for working capital are recognized as expenses in the
period they incurred.
3.21 Related Parties
Related parties refer to individuals or enterprises, that directly or indirectly manage or control, or are
controlled by EGAT or are under common control, including subsidiaries and fellow subsidiaries. Besides,
related parties refer to individuals or enterprises, including associated company and shareholder which have
directly or indirectly vote and significant influence to EGAT, directors, management or employees of the
EGAT.
Directors’ remunerations comprised of meeting remunerations and bonuses. Management who has
significant influence’s remunerations comprised of short-term benefits are salaries, bonuses, other short-term
employee benefits, post-employment benefits and other long-term employee benefits.
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In considering each possible related parties relationship, EGAT attends to the substance of the
relationship and not merely the legal form.
3.22 Financial Instruments
Financial assets presented in the financial statements include cash and cash equivalents, temporary
investments, trade accounts receivable - others - net, and trade accounts receivable - related parties. Financial
liabilities presented in the financial statements include trade accounts payable - others, trade accounts payable
- related parties, other accounts payable and loans. The accounting policies applied to those particular items
are separately disclosed in the individual policy statements associated with them.
EGAT uses the financial instruments to mitigate foreign currency risk and fluctuations in interest rate.
The main derivative financial instruments consisted of forward foreign exchange contracts and cross currency
and interest rate swap agreements.
Forward foreign exchange contracts
The forward foreign exchange contracts are financial instruments to protect against the risk of
exchange rate fluctuations, are agreements enabling EGAT to buy a specific amount of foreign currency at a
pre-agreed rate on a fixed future time. The forward foreign exchange contracts are not recognized in the
financial statements at agreement date but gains or losses will be recognized in the statements of income on
any due dated as specified in the contracts.
Cross currency and interest rate swap agreements
The cross currency and interest rate swap agreements are financial instruments to protect against the
risk of fluctuations in foreign exchange rate and interest rate associated with foreign currency borrowings.
The swap agreements are not recognized in the financial statements at agreement date but the differential will
be recognized in the statements of income on any due dated as specified in the contracts.
3.23 Capital Risk Management
The subsidiary’s objectives of capital management are to safeguard the subsidiary’s ability to provide
returns for shareholders, to be beneficial for other stakeholders and to maintain proper capital structure to
reduce the cost of capital.
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4. Thai Accounting Standards (TASs), Thai Financial Reporting Standards (TFRSs), Thai Standing
Interpretations Committee and Thai Financial Reporting Interpretations promulgated by the
Federation of Accounting Professions (FAP).
Effective for accounting periods beginning on or after January 1, 2014
¡Thai Accounting Standard No.1 (Revised 2012)
Presentation of Financial Statements
Statement of Cash Flows
Income Taxes
Leases
Revenue
Employee Benefits
The Effects of Changes in Foreign
Exchange Rates
Related Party Disclosures
Investments in Associates
Interests in Joint Ventures
Interim Financial Reporting
Impairment of Assets
Intangible Assets
¡Thai Financial Reporting Standard No.2
Share-based Payment
(Revised 2012)
Business Combinations
(Revised 2012)
Non-current Assets Held for Sale and
(Revised 2012)
Discontinued Operations
Operating Segments
(Revised 2012)
¡Thai Standing Interpretation Committee No.15
Operating Leases - Incentives
Evaluating the Substance of Transactions
Involving the Legal Form of a Lease
Service Concession Arrangements: Disclosures
Intangible Assets - Web Site Costs
¡Thai Financial Reporting Interpretation No.1
Changes in Existing Decommissioning,
Restoration and Similar Liabilities
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Thai Financial Reporting Interpretation No.4
¡
¡
¡
Determining Whether an Arrangement
Contains a Lease
Rights to Interests arising from
Decommissioning, Restoration and
Environmental Rehabilitation Funds
Applying the Restatement Approach under
TAS 29 Financial Reporting in
Hyperinflationary Economies
Interim Financial Reporting and Impairment
Service Concession Arrangements
Customer Loyalty Programmes
Distributions of Non-cash Assets to Owners
Transfers of Assets from Customers
Effective for accounting periods on beginning or after January 1, 2016
Insurance Contracts
The management of EGAT has assessed and determined the potential impact of adopting
Thai Accounting Standards (TASs), Thai Financial Reporting Standards (TFRSs), Thai Standing Interpretations
Committee and Thai Financial Reporting Interpretations, and concluded that there will have no material impact
on the financial statements, except for the Thai Financial Reporting Interpretations No.4 and Thai Accounting
Standard Interpretations No.27 that was during consultant hire and assessing the impact on the financial
statements.
5. The Effects on Financial Statements of EGAT Subsidiaries and Associates’s Financial Statements
Adjustment
Adjustment of financial statements and reclassification
EGAT had reclassified the consolidated and separate financial statements. And EGAT had adjusted
the consolidated financial statements and reclassified some items from the fact that EGAT’s associate had
adjusted share of income from investments in associate that affect from the adoption of Accounting Standards
No. 12 Income Taxes and Accounting Standard No. 21 (revised 2009) The Effects of Changes in Foreign
Exchange Rates. In addition subsidiaries and jointly controlled entities have been reclassified to consistent
with the presentation in the financial statements for the year ended December 31, 2013.
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The Effects of statement of financial position as at December 31, 2012, statements of income and
statements of comprehensive income for the year ended December 31, 2012 and balance brought forward of
statement of change in owners’ equity for the year ended December 31, 2012 are summarized as follows:
Unit : Million Baht
Before
reclassified and
restated
Reclassified
Statements of financial position
as at December 31, 2012
Temporary investments
Investments in associates
Other current assets-others
Trade accounts payable - others
Other current liabilities-others
Retained earnings-unappropriated
Other componenets of owners' equity
40,644.20
13,819.28
47,769.37
2,164.25
7,287.72
16,569.37
43.36
6,750.88
42,006.77
12,216.06
15,165.87
203,803.13
2,171.85
(331.85)
(50.00)
49.76
32.61
(82.37)
50.00
331.85
5.51
(5.51)
-
(831.69)
(20.00)
(20.00)
(374.75)
(456.94)
40,312.35
13,769.28
47,819.13
2,196.86
7,205.35
15,737.68
93.36
7,062.73
42,012.28
12,210.55
15,145.87
203,428.38
1,714.91
Statements of changes in owners' equity
Other componenets of owners' equity
Total owners' equity
203,803.13
2,171.85
295,700.43
-
(374.75)
(456.94)
(831.69)
203,428.38
1,714.91
294,868.74
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As reclassified and
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Unit : Million Baht
As reclassified and
Before reclassified
Restated
restated
and restated
Statements of income for the year
ended December 31, 2012
Revenues
Share of profit from investments in associates
Income for the year
Income for the year
2,926.57
66.26
2,992.83
43,271.82
66.26
43,338.08
Statements of comprehensive income
for the year ended December 31, 2012
Share of other comprehensive income of associates
Other comprehensive income (loss) for the year net of taxes
348.48
(154.71)
193.77
(536.42)
(154.71)
(691.13)
Statements of changes in owners' equity
as at January 1, 2012
Exchange rate differences from currency translation
Non-controlling interests
Total owners' equity
182,338.85
(65.17)
27,201.25
302,329.77
3.92
0.35
(130.93)
(126.66)
182,342.77
(64.82)
27,070.32
302,203.11
Unit : Million Baht
As reclassified and
Before reclassified
Restated
restated
and restated
Statements of financial position
32,175.10
47,303.49
2,396.08
6,700.27
1,564.67
(331.85)
49.76
113.67
(163.43)
331.85
31,843.25
47,353.25
2,509.75
6,536.84
1,896.52
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6. Supplementary Information
6.1 Cash and Cash Equivalents
Unit : Million Baht
Dec 31, 13
Cash on hand
9.38
Cash in banks current and saving accounts
35,893.08
Fixed deposits not more than 3 months
23,358.11
Government bonds not more than 3 months
3,998.23
Fixed deposit receipts
3,820.00
Bills of exchange
Total
67,078.80
Dec 31, 12
8.40
37,344.86
38.50
2,790.59
130.00
40,312.35
Dec 31, 13
8.39
33,154.27
22,010.24
3,998.23
59,171.13
6.2 Temporary Investments
Unit : Million Baht
Dec 31, 13
Fixed deposits more than 3 months
but not more than 12 months
Fixed deposit receipts
Debenture
Government bonds more than 3 months
Investments in trading securities
Total
Dec 31, 12
7.82
31,835.43
31,843.25
Dec 31, 12
Dec 31, 13
Dec 31, 12
35,132.06
1,400.00
50.00
41.00
445.63
8,097.68
5,309.00
50.00
312.60
33,020.56
-
8,047.26
-
37,068.69
13,769.28
33,020.56
8,047.26
Temporary investments of EGAT are investment in fixed deposits more than 3 months but not more
than 12 months. EGAT has followed to the regulations of the Ministry of Finance regarding accounting and
finance of state owned enterprise B.E. 2548 section 2 of finance which defined state owned enterprise to
deposit its money with commercial banks that also are state owned following to the budgeting law. If there is
remaining liquidity or desire to manage remaining liquidity to gain higher reward than deposit with state
owned banks following to the budgeting law of state owned enterprise, it is possible to invest in short term
financial instruments issued by the Ministry of Finance or financial institutions of government.
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6.3 Trade Accounts Receivable - Others
Receivable from electric energy sales
Metropolitan Electricity Authority
Provincial Electricity Authority
Others
Services and others receivable
Total
Less : Allowance for doubful accounts
Balance
Dec 31, 13
Dec 31, 12
24,273.44
27,050.93
3,789.23
55,113.60
826.30
55,939.90
(48.28)
55,891.62
14,225.83
30,510.22
2,475.14
47,211.19
655.76
47,866.95
(47.82)
47,819.13
Unit : Million Baht
Dec 31, 13
Dec 31, 12
24,273.44
27,050.93
3,756.39
55,080.76
261.85
55,342.61
(48.28)
55,294.33
14,225.83
30,510.22
2,441.01
47,177.06
224.01
47,401.07
(47.82)
47,353.25
Trade accounts receivable - others can be analyzed by categories and outstanding period as follows:
Outstanding period
Undue portion
Overdue not more than 6 months
Overdue more than 6 months to
1 year
Overdue more than 1 year
Total
Less : Allowance for doubtful
accounts
Balance
Unit: Million Baht
Dec 31,13
Dec 31, 12
Electric
Service and
Total
energy sales
others
54,840.00
756.69
55,596.69
47,811.13
273.60
18.49
292.09
5.00
55,113.60
0.07
51.05
826.30
0.07
51.05
55,939.90
0.11
50.71
47,866.95
55,113.60
(48.28)
778.02
(48.28)
55,891.62
(47.82)
47,819.13
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Trade accounts receivable - others can be analyzed by categories and outstanding period as follows:
Outstanding period
Undue portion
Overdue more than 6 months to
1 year
Overdue more than 1 year
Total
Less : Allowance for doubtful
accounts
Balance
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Electric
energy sales
54,807.16
273.60
Unit: Million Baht
Dec 31,13
Dec 31, 12
Service and
Total
others
192.24
54,999.40
47,345.25
18.49
292.09
5.00
55,080.76
0.07
51.05
261.85
0.07
51.05
55,342.61
0.11
50.71
47,401.07
55,080.76
(48.28)
213.57
(48.28)
55,294.33
(47.82)
47,353.25
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6.4 Related Parties Transactions
The companies that have transactions with EGAT as at December 31, 2013 are as follows:
Company
Country of
Incorporation/
Nationality
Relationship
EGAT International Co., Ltd.
Thailand
Subsidiary, EGAT has 100% shareholding
EGAT Diamond Service Co., Ltd.
Thailand
Ratchaburi Electricity Generating Holding Plc. Thailand
District Cooling System and Power Plant
Jointly controlled entity of EGAT, EGAT has 35%
Thailand
Co., Ltd.
shareholding
Thailand
Associated company, EGAT has 25.41% shareholding
Ratchaburi Electricity Generating Co., Ltd.
Thailand
Subsidiary of Ratchaburi Electricity Generating Holding Plc.
Ratchaburi Gas Co., Ltd.
Thailand
Ratchaburi Energy Co., Ltd.
Thailand
RH International Corporation Ltd.
Thailand
RATCH-Lao Services Co., Ltd.
Lao PDR
RATCH O&M Co., Ltd.
Thailand
Khanom Electricity Generating Co., Ltd.
Thailand
Related party of EGAT
EGCO Engineering and Services Co., Ltd.
Thailand
Xayaburi Power Co., Ltd.
Lao PDR
Gulf Electric Plc.
Thailand
BLCP Power Co., Ltd.
Thailand
Thailand
Yanhee EGCO Holding Co., Ltd.
Thailand
Solarco Co., Ltd.
Thailand
Ratchaburi Power Co., Ltd.
Thailand
South East Asia Energy Ltd.
Thailand
Hongsa Power Co., Ltd.
Lao PDR
Phufai Mining Co., Ltd.
Lao PDR
RATCH-Australia Corporation Ltd.
Australia
Eastern Water Resources Development and
Management Plc.
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Related Parties Transactions the details are as follows:
6.4.1 Trade accounts receivable - related parties
Subsidiaries
Associated company
Jointly controlled entity
Related parties
Total trade accounts receivable
- related parties
Dec 31, 13
Dec 31, 12
691.97
711.14
5.29
9.36
2,390.39
1,476.36
3,087.65
2,196.86
Unit : Million Baht
Dec 31, 13
Dec 31, 12
553.01
332.73
691.97
711.14
8.15
14.41
2,390.39
1,451.48
3,643.52
2,509.76
Trade accounts receivable - related parties can be analyzed by categories and aging schedule as follows:
Dec 31, 13
Dec 31, 12
3,087.65
2,196.43
Undue portion
0.43
Total trade accounts receivable
- related parties
3,087.65
2,196.86
Unit : Million Baht
Dec 31, 13
Dec 31, 12
3,643.52
2,479.94
29.82
3,643.52
2,509.76
6.4.2 Long-term loans to related parties
Long-term loans to related parties in consolidated financial statement are the transactions of the group
of EGAT’s subsidiaries consist of:
Unit : Million Baht
Dec 31, 13
Dec 31, 12
Current portion of long-term loans to related parties
62.50
Total
62.50
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6.4.3 Trade accounts payable - related parties
Subsidiaries
Associated company
Related parties
Total trade accounts payable
- related parties
Dec 31, 13
Dec 31, 12
1,064.11
820.42
78.01
67.56
6,480.16
7,269.18
7,622.28
8,157.16
Unit : Million Baht
Dec 31, 13
Dec 31, 12
8,283.45
3,780.51
1,064.11
820.42
120.01
103.94
6,480.16
7,269.18
15,947.73
11,974.05
6.4.4 Long-term loans from related parties
Long-term loans from related parties in consolidated financial statement are the transactions of the
group of EGAT’s subsidiaries consist of:
Unit : Million Baht
Dec 31, 13
Dec 31, 12
Long-term loans from related parties
1,186.30
1,358.28
1,358.28
Total
1,186.30
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6.4.5 Revenues and expenses - related parties
Unit : Million Baht
Jan 1-Dec 31, 13 Jan 1-Dec 31, 12 Jan 1-Dec 31, 13 Jan 1-Dec 31, 12
Revenues
Subsidiary
Associated company
Related parties
Revenue from sales of other
goods and services
Subsidiaries
Associated company
Related parties
Expenses
Subsidiaries
Associated company
Related parties
Cost of sales of other goods
and services
Subsidiaries
Associated company
Related parties
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20.71
87.26
7,239.61
56.31
14,062.00
9,318.89
655.55
52,576.17
7,223.80
59.12
13,840.96
14.00
89.01
10,316.73
57.17
14,489.98
12,340.49
555.07
66,992.19
10,326.23
61.27
14,345.04
190.28
20.71
87.26
155.67
14.00
89.01
2,702.82
7,239.61
86.63
14,062.00
4,299.10
10,316.73
87.96
14,489.98
47,963.67
9,318.89
1,008.54
52,576.17
51,838.47
12,340.49
853.96
66,992.19
2,232.04
7,223.80
90.95
13,840.96
3,939.62
10,326.23
94.26
14,345.04
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6.4.6 Executives' remunerations
For the year ended December 31, 2013, Executives' remunerations are as follows:
Directors' remunerations
Meeting remuneration and bonuses
Management's remunerations
Salaries, bonuses and other short-term
employee benefits
Post-employee benefit and other
long-term employee benefits
Total
Jan 1-Dec 31, 13 Jan 1-Dec 31, 12
Unit : Million Baht
Jan 1-Dec 31, 13 Jan 1-Dec 31, 12
43.64
43.64
47.38
47.38
3.18
3.18
3.81
3.81
200.66
230.99
48.82
56.75
10.97
211.63
255.27
29.50
260.49
307.87
0.94
49.76
52.94
1.33
58.08
61.89
6.5 Accrued Revenue from Electric Energy Sales According to Automatic Tariff Adjustment (Ft) and
Deferred Revenue for Electricity Compensation
As at January 1, 2013, EGAT has the accrued revenue from electric energy sales according to
automatic tariff adjustment (Ft) in the amount of Baht 6,529.90 million. During the year 2013,
EGAT has recovered all of accrued Ft revenue. As at September 5, 2013, ERC has approved the Ft
estimation of September-December 2013 which was 61.10 satang per unit. Nevertheless EGAT can
charge equal to 54.00 satang per unit in such period by absorbs the Ft of Baht 1,566 million
temporarily. However, the cost of fuel and electric energy purchased in such period are lower than
the estimated Ft calculating formula, As of December 31, 2013, EGAT had accrued Ft revenue of
Baht 529.60 million.
EGAT had recorded deferred revenue for electricity compensation, which had been presented in
current liabilities as at January 1, 2013 in the amount of Baht 2,768.98 million and as at
December 31, 2013 in amount of Baht 2,231.34 million. Deferred revenue for electricity
compensation had decreased Baht 537.64 million by offset with compensation in amount of Baht
2,247.32 million, while EGAT had received more compensation for the fuel or electric energy from
fuel suppliers or other electric energy producers.
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6.6 Other Accounts Receivable
Employee accounts receivable
Less : Allowance for doubtful accounts
Advances and Prepaid
Accrued revenues
Input tax
Balance
Dec 31, 13
Dec 31, 12
161.68
78.69
348.00
(19.68)
2,965.77
316.03
4,792.94
8,481.75
768.31
(17.93)
1,937.16
417.02
3,939.11
7,205.35
6.7 Materials and Supplies
Fuel oil for power plant
Lignite stock
Spare parts, other materials and supplies
Less : Allowance for obsolescence
Balance
Dec 31, 13
Dec 31, 12
5,657.40
5,826.34
1,559.32
11,613.04
(5,894.86)
13,103.84
1,521.72
11,077.07
(5,624.27)
12,631.92
Unit : Million Baht
Dec 31, 13
Dec 31, 12
76.33
158.20
219.44
(19.68)
2,643.20
285.94
4,777.63
7,982.86
418.54
(17.93)
1,811.52
289.89
3,876.62
6,536.84
Unit : Million Baht
Dec 31, 13
Dec 31, 12
4,785.72
4,861.56
1,559.32
9,335.19
(5,146.98)
10,533.25
1,521.72
8,942.01
(4,910.65)
10,414.64
6.8 Derivative Assets and Liabilities
6.8.1 Derivative Assets
Unit : Million Baht
Consolidated financial statement Separate financial statement
Dec 31, 13
Dec 31, 12
Dec 31, 13 Dec 31, 12
0.12
0.12
Foreign currency forward contracts
0.12
Balance
0.12
-
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6.8.2 Derivative liabilities
Cross currency and interest rate
swap contracts
Balance
Unit : Million Baht
Dec 31, 13
Dec 31, 12
Dec 31, 13 Dec 31, 12
-
4.59
4.59
-
4.59
4.59
6.9 Investment in Subsidiaries, Associates and Jointly Controlled Entities
6.9.1 Details of subsidiaries, associated company and jointly controlled entity
Company
Country of
incorporation/
Nationality
Subsidiaries
EGAT International Co., Ltd.
Thailand
EGAT Diamond Service Co., Ltd. Thailand
Holding Plc.
Associated company
District Cooling System and
Power Plant Co., Ltd.
Thailand
Business
Generation and supply of electricity
Gas turbine maintenance including
components and spare parts
Shareholding (%)
Dec 31, 13 Dec 31, 12
100
100
45
45
45
45
Thailand
25.41
25.41
Thailand
and chilled water
35
35
177
(TRANSLATION)
- 39 -
6.9.2 Details of subsidiaries, associates and jointly controlled entities : Ratchaburi Electricity
Generating Holding Plc.
Company
Direct subsidiaries
Ratchaburi Electricity Generating Co., Ltd.
Ratchaburi Gas Co., Ltd.
Ratch Udom Power Co., Ltd.
(In liquidation process)
Ratchaburi Energy Co., Ltd.
RH International Corporation Ltd.
RATCH-Lao Services Co., Ltd.
RATCH O&M Co., Ltd.
Indirect subsidiaries
Ratchaburi Alliances Co., Ltd.
RH International (Mauritius)
Corporation Ltd.
RH International (Singapore)
Corporation Ltd.
Sustainable Energy Corporation Co., Ltd.
Khao Kor Wind Power Co., Ltd.
RATCH-Australia Corporation Ltd.
and the group of the company
Ban Bueng Power Co., Ltd.
Eastern IPP Co., Ltd.
Eastern Power Generation Co., Ltd.
178
A Leader
Country of
incorporation/
Nationality
Business
Shareholding (%)
Dec 31, 13 Dec 31, 12
Thailand
Thailand
Thailand
Investment in electricity business
100
100
100
100
100
100
Thailand
Power plant development and operation
and investment in electricity business
Operation and maintenance services
100
100
100
100
100
100
100
100
100
100
100
100
100
55.18
55.18
100
55.18
55.18
80
100
100
100
80
-
Thailand
Lao PDR
Thailand
Thailand
Mauritius
Singapore
Thailand
Thailand
Australia
Thailand
Thailand
Thailand
in foreign country
in foreign country
Power plant development and operation
and investment in electricity business
(TRANSLATION)
- 40 -
Company
Associates
First Korat Wind Co., Ltd.
K.R. Two Co., Ltd.
Country of
incorporation/
Nationality
Business
Shareholding (%)
Dec 31, 13 Dec 31, 12
Thailand
Thailand
20
20
20
20
Tri Energy Co., Ltd.
Thailand
50
50
Ratchaburi Power Co., Ltd.
Thailand
25
25
Chubu Ratchaburi Electric Services Co., Ltd. Thailand
50
50
South East Asia Energy Ltd. and subsidiary
Thailand
33.33
33.33
Hongsa Power Co., Ltd.
Lao PDR
40
40
Phufai Mining Co., Ltd.
Lao PDR
Generation and supply of coal
37.50
37.50
Nam Ngum 3 Power Co., Ltd.
Lao PDR
25
25
Nava Nakorn Electricity Generating Co., Ltd. Thailand
Generation and supply of electricity and steam
40
40
Ratchaburi World Cogeneration Co., Ltd.
Thailand
Generation and supply of electricity and steam
40
40
Solarta Co., Ltd.
Thailand
49
49
Solar Power (Korat 3) Co., Ltd.
Thailand
40
40
Thailand
40
40
Thailand
40
40
Songkhla Biomass Co., Ltd.
Thailand
40
40
KK Power Co., Ltd.
Cambodia
50
50
Songkhla Biofuel Co., Ltd.
Thailand
Supply the biomass fuel
40
40
Sukhothai Energy Co., Ltd.
Thailand
Development and operation in electricity business
25
51
Ayudhya Power Co., Ltd.
Thailand
45
-
Xe-Pien Xe-Nam Noy Power Co., Ltd.
Lao PDR
25
25
Jointly controlled entities
179
(TRANSLATION)
- 41 -
6.9.3 Investments in associates and jointly controlled entities in the consolidated financial statements
Shareholding (%)
Dec 31, 13
Dec 31, Dec 31, Cost
Equity
13
12
Method Method
Company
Associates
1. Electricity Generating Plc.
2. First Korat Wind Co., Ltd.
3. K.R. Two Co., Ltd.
4. Nam Ngiep1 Power Co., Ltd.
Total
Jointly controlled entities
1. Tri Energy Co., Ltd.
2. Ratchaburi Power Co., Ltd.
3. Chubu Ratchaburi Electric
Services Co., Ltd.
4. South East Asia Energy Ltd.
5. Hongsa Power Co., Ltd.
6. Phufai Mining Co., Ltd.
7. Nam Ngum 3 Power Co., Ltd.
8. Nava Nakorn Electricity
Generating Co., Ltd.
9. Ratchaburi World
Cogeneration Co., Ltd.
10. Solarta Co., Ltd.
11. Solar Power (Korat 3) Co., Ltd.
14. Songkhla Biomass Co., Ltd.
15. Perth Power Partnership (Kwinana)
16. KK Power Co., Ltd.
17. Songkhla Biofuel Co., Ltd.
18. Sukhothai Energy Co., Ltd.
19. Xe-Pien Xe-Nam Noy
Power Co., Ltd.
20. Ayudhya Power Co., Ltd.
Total
Grand Total
180
A Leader
25.41
20.00
20.00
30.00
25.41
20.00
20.00
-
1,587.55
399.20
365.40
302.31
2,654.46
16,449.87
514.92
442.71
314.48
17,721.98
50.00
25.00
50.00
25.00
1,809.21
1,831.25
50.00
33.33
40.00
37.50
25.00
50.00
33.33
40.00
37.50
25.00
40.00
Unit : Million Baht
Dec 31, 12
Dividend
Cost
Equity
Dec 31, 13 Dec 31, 12
Method Method
1,587.55 15,056.64
381.93
375.26
317.90
305.78
2,287.38 15,737.68
802.64
802.64
735.75
735.75
4,445.68
3,920.66
1,809.21
1,831.25
4,736.95
3,735.10
341.86
475.00
161.77
450.00
10.00
2,202.25
983.12
0.63
0.45
79.39
2,804.75
0.35
-
10.00
2,202.25
983.12
0.63
0.45
112.08
2,649.89
435.43
0.39
0.34
20.00
57.26
-
16.00
-
40.00
160.80
139.54
96.80
87.04
-
-
40.00
49.00
40.00
40.00
40.00
40.00
30.00
50.00
40.00
25.00
40.00
49.00
40.00
40.00
40.00
40.00
30.00
50.00
40.00
51.00
500.00
545.96
71.30
74.07
70.00
67.50
618.53
15.44
0.40
20.00
522.77
745.49
89.26
91.90
89.70
64.17
707.61
0.38
1.69
500.00
545.96
65.00
68.25
63.70
34.50
618.53
15.44
0.40
40.80
490.88
606.55
70.80
76.58
72.20
32.36
764.21
15.16
0.39
24.27
7.34
7.84
8.06
60.26
-
115.88
-
25.00
45.00
25.00
-
532.18
18.10
9,531.19
12,185.65
382.73
0.78
(0.98)
17.93
14,104.00 8,887.07 13,909.64 977.62 743.65
31,825.98 11,174.45 29,647.32 1,780.26 1,479.40
(TRANSLATION)
- 42 -
6.9.4 Investments in subsidiaries, associated company and jointly controlled entity in the separate
financial statements
Company
Subsidiaries
1. EGAT International Co., Ltd.
2. EGAT Diamond Service Co., Ltd.
3. Ratchaburi Electricity Generating
Holding Plc.
Total
Associated company
1. Electricity Generating Plc.
Total
1. District Cooling System and
Power Plant Co., Ltd.
Total
Grand Total
Unit : Million Baht
Shareholding (%)
Cost Method
Dividend
Dec 31, 13 Dec 31, 12 Dec 31, 13 Dec 31, 12 Dec 31, 13 Dec 31, 12
100.00
45.00
100.00
45.00
3,108.00
280.35
370.00
227.95
-
-
45.00
45.00
6,525.00
9,913.35
6,525.00
7,122.95
1,481.18
1,481.18
1,468.13
1,468.13
25.41
25.41
1,587.55
1,587.55
1,587.55
1,587.55
802.64
802.64
735.75
735.75
35.00
35.00
584.50
584.50
12,085.40
584.50
584.50
9,295.00
2,283.82
2,203.88
6.9.5 Movements in investments in the consolidated financial statements and the separate financial statements
6.9.5.1 Movements in investments in associates and jointly controlled entities accounted for under the
equity method in the consolidated financial statements
Unit : Million Baht
Dec 31, 13
Dec 31, 12
Balance at the beginning of the year
Change in accounting policy
Balance at the beginning of the year after adjustment
Share of profit from investments - equity method
Additional payment of share capital in jointly controll entities
Additional payment of share capital in associates
Sale of investments in jointly controlled entities
Transfer development cost to investment
Dividend revenues
Allowance for impairment
Available-for-sale investments
Currency translation differences of the company settled in
foreign country
Dividend received
Exchange rate adjustment
Balance at the end of the year (before adjustment)
Change in fair value
Balance at the end of the year after adjustment
29,647.32
29,647.32
2,804.34
133.52
367.08
(20.80)
392.53
(977.62)
(15.16)
(42.28)
27,074.83
(743.24)
26,331.59
3,695.46
507.02
342.77
(743.65)
532.64
404.45
(802.64)
(64.76)
31,825.98
31,825.98
(184.15)
(735.75)
(10.16)
29,735.77
(88.45)
29,647.32
181
(TRANSLATION)
- 43 -
6.9.5.2 Movements in investments in subsidiaries, associated company and jointly controlled entity accounted
for under the cost method in the separate financial statements
Additional investments
Balance at the end of the year
182
A Leader
Unit : Million Baht
Dec 31, 13
Dec 31, 12
9,295.00
9,225.00
2,790.40
70.00
12,085.40
9,295.00
183
Accumulated depreciation / Amortization
as at Jan 1, 13
Depreciation/Amortization for the year
Exchange rate differences from
currency translation
Reclassification
Disposal/write-off
as at Dec 31, 13
Accumulated impairment
As at Jan 1, 13
Increase (Decrease) during the period
As at Dec 31, 13
Net book value
As at Dec 31, 12
As at Dec 31, 13
Cost as at Jan 1, 13
Increase during the period
Transferred from work under
construction
Reclassification
Disposal/write-off
Cost as at Dec 31, 13
8.17
1,016.88
(10.00)
(0.31)
(123.29)
28,780.89
-
(25.37)
(28.07)
8,574.05
(10,110.02)
19,193.18
18,754.23
3.33
(0.07)
99.45
(18,120.94)
(49.58)
48.40
(1.18)
10,639.15
10,658.77
-
-
-
8,321.26
8,574.05
-
(17,202.76)
(1,020.89)
(9,662.61)
(447.41)
28,864.25
28,855.79
0.29
Reservoirs
and dams
27,891.49
6.12
Structures
8,321.26
306.23
Land
6.10 Property, Plant and Equipment
134,446.63
122,352.59
(899.84)
(899.84)
(211,523.06)
816.30
(0.28)
70.99
(200,077.83)
(12,332.24)
(2,079.49)
4.95
(76.75)
334,775.49
563.96
335,424.30
938.52
Power plants
15,503.31
14,249.73
-
(18,039.60)
1.11
-
(14,895.06)
(3,145.65)
(6.03)
32,289.33
-
30,398.37
1,896.99
Equipment
for power
plants
100.97
169.62
-
(717.91)
19.15
(703.79)
(33.27)
(20.92)
887.53
103.69
72,708.95
79,698.46
-
(76,718.98)
16.68
759.24
(71,950.73)
(5,544.17)
(24.20)
(1,056.87)
156,417.44
12,838.13
1,108.62
1,180.13
-
(5,735.34)
(0.15)
141.83
(5,561.08)
(315.94)
0.15
(142.57)
6,915.47
388.19
(1.43)
(55.35)
6,386.78
163.62
(0.15)
28.52
1,517.08
1,515.32
-
1,101.40
1,285.77
(53.62)
53.62
-
(4,545.14) (5,101.01)
-
(4,414.16) (4,895.24)
(130.98) (234.14)
6,060.46
129.22
517.37
568.81
-
-
-
(2,466.43)
(0.06)
113.97
(2,408.38)
(171.96)
2.27
(113.99)
3,035.24
-
-
(42.85)
-
(42.85)
-
42.85
-
2,585.86
2,698.09
(0.84)
0.84
-
(7,441.28)
0.06
(16.61)
360.01
(7,121.59)
(663.15)
(0.07)
23.26
(368.81)
10,139.37
32.14
3,229.92
1,799.45
-
-
(2,438.90)
1,462.83
(2,167.20)
(1,734.53)
(1,462.83)
4,238.35
304.06
(2,688.79)
(2,492.10)
-
-
2,347.23
-
2,150.54
196.69
(4,839.33)
-
268,284.91
261,012.92
(1,003.88)
102.86
(901.02)
(360,654.23)
819.69
0.47
3,055.99
(338,952.74)
(25,577.64)
(2,114.93)
(1.34)
(3,449.45)
622,568.17
15,548.06
Unit : Million Baht
Control Transmission Communication Coal
Machinery Large-sized Vehicles
Other
Deferred
Adjustment
Total
system
system
system
handling
spare parts
materials charges of major in consolidated
system
for mine
and supplies inspection fee from profit on
equipment
sale of power plants
804.76 144,659.68
6,669.70
5,931.24 6,050.26
42.85
2,925.75
9,708.29
5,397.12
(4,839.33)
608,241.53
0.70
229.68
221.21
744.56
4,344.30
(TRANSLATION)
- 44 -
as at Jan 1, 13
Depreciation/Amortization for the year
Reclassification
Disposal/write-off
as at Dec 31, 13
Accumulated impairment
As at Jan 1, 13
As at Dec 31, 13
Net book value
As at Dec 31, 12
As at Dec 31, 13
Transferred from work under
construction
Reclassification
Disposal/write-off
19,193.18
18,754.23
9,856.31
9,861.74
-
6,929.54
7,213.69
(10,110.02)
(17,698.27)
-
(9,662.61)
(447.41)
-
8.17
28,864.25
(16,831.21)
(966.08)
(0.07)
99.09
994.26
(0.31)
(121.87)
27,560.01
(0.63)
7,213.69
28,855.79
0.29
Reservoirs
and dams
-
26,687.52
0.41
Structures
6,929.54
284.78
Land
89,263.54
81,566.35
(15.33)
(15.33)
(170,977.11)
(162,119.38)
(8,927.64)
(0.28)
70.19
563.96
4.95
(70.19)
252,558.79
251,398.25
661.82
Power plants
15,482.57
14,233.91
-
(18,039.59)
(14,893.94)
(3,145.65)
-
32,273.50
30,376.51
1,896.99
Equipment
for power
plants
100.97
169.62
-
(717.91)
(703.79)
(33.27)
19.15
103.69
(20.92)
887.53
804.76
-
Control
system
72,708.95
79,698.46
-
(76,718.98)
(71,950.73)
(5,544.17)
16.68
759.24
12,838.13
(24.20)
(1,056.87)
156,417.44
144,659.68
0.70
1,108.62
1,180.13
-
(5,735.34)
(5,561.08)
(315.94)
(0.15)
141.83
388.19
0.15
(142.57)
6,915.47
6,669.70
-
1,517.08
1,515.32
-
(4,545.14)
(4,414.16)
(130.98)
-
129.22
6,060.46
5,931.24
-
Transmission Communication Coal
system
system
handling
system
(TRANSLATION)
- 45 -
1,095.73
1,111.37
-
(5,088.01)
(4,884.36)
(220.36)
(0.15)
16.86
8.47
(1.43)
(16.86)
6,199.38
-
-
(42.85)
(42.85)
-
42.85
Machinery Large-sized
spare parts
for mine
equipment
5,980.09
42.85
229.11
-
502.52
560.12
-
(2,431.03)
(2,379.30)
(165.64)
(0.06)
113.97
2.16
(113.99)
2,991.15
2,881.82
221.16
Vehicles
2,255.47
2,392.93
-
(7,198.37)
(6,953.43)
(582.87)
(15.50)
353.43
2.75
17.34
(359.30)
9,591.30
9,208.90
721.61
3,229.92
1,799.45
-
(2,438.90)
(2,167.20)
(1,734.53)
1,462.83
304.06
(1,462.83)
4,238.35
5,397.12
-
Other
Deferred
materials charges of major
and supplies inspection fee
223,244.40
220,057.32
(15.33)
(15.33)
(321,741.52)
(302,564.04)
(22,214.54)
0.47
3,036.59
15,340.90
(1.34)
(3,366.03)
541,814.17
525,823.77
4,016.87
Total
Unit : Million Baht
(TRANSLATION)
- 46 -
As at December 31, 2013 and 2012, EGAT has buildings and equipment fully accumulated
depreciation, while being in use. The cost value of these assets before deduction of accumulated depreciation
were Baht 97,256.68 million and Baht 94,494.46 million respectively. The details are as follows:
Structures
Reservoirs and dams
Power Plants
Equipment for power plants
Control system
Transmission system
Communication system
Coal handling system
Machinery
Large-sized spare parts for mine equipment
Vehicles
Other materials and supplies
Total
Unit : Million Baht
Dec 31, 13
Dec 31, 12
8,998.16
8,556.07
8.40
8.40
48,185.47
47,813.40
8,123.79
7,462.35
449.97
456.14
13,579.83
13,308.55
4,080.70
3,928.79
3,224.80
2,774.24
4,030.90
4,014.99
42.85
42.85
1,868.45
1,867.06
4,663.36
4,261.62
97,256.68
94,494.46
As at December 31, 2013, Nong Jok power plant-unit 2 and 3 with some equipments of Lankrabue
power plant-unit 11 which were sent to Japan for alleviating the electricity shortage during the summer of
2011 due to a natural disaster Tsunami, have fully accumulated depreciation. The remaining net book value
are Baht 47 and Baht 2 , respectively.
Transferred to property, plant, equipment
and others
Transferred to work under construction
of power pants and transmission system
Transferred to materials for work under
construction of transmission system
Carry forward as at Dec 31, 13
Bring forward as at Jan 1, 13
Transferred to property, plant, equipment
and others
Transferred to work under construction
of power pants and transmission system
Transferred to materials for work under
construction of transmission system
Carry forward as at Dec 31, 13
Bring forward as at Jan 1, 13
(8.17)
643.62
(999.07)
-
1,622.45
35,192.89
-
(564.75)
12,651.11
23,106.53
35,757.64
24.04
-
(105.54)
122.16
7.42
129.58
Control
system
499.02
152.77
651.79
(8.17)
643.62
1,268.46
1,321.79
2,590.25
(976.72)
-
1,613.53
35,189.72
-
(564.75)
12,651.01
23,103.46
35,754.47
24.04
-
(105.54)
122.16
7.42
129.58
Structures Reservoirs Power plants Control
and dams
system
499.02
152.77
651.79
1,270.22
1,351.30
2,621.52
Structures Reservoirs Power plants
and dams
6.11 Work under Construction
321.03
-
(388.19)
518.92
190.30
709.22
624.42
-
(144.12)
305.17
463.37
768.54
-
-
(155.15)
101.48
53.67
155.15
18,223.01
-
(12,830.90)
22,146.90
8,907.01
31,053.91
321.03
-
(388.19)
518.92
190.30
709.22
624.42
-
(144.12)
305.17
463.37
768.54
117.11
-
(11.22)
3.36
124.97
128.33
2,337.12
-
(304.06)
305.09
2,336.09
2,641.18
42.72
-
(1.29)
2,562.25
(936.78)
(7.23)
2,337.12
-
(304.06)
42.72
-
-
2,562.25
(936.78)
(7.23)
(114.15)
62,297.87
(17,836.28)
(15,549.36)
54,014.89
41,782.77
95,797.66
Total
(114.15)
570.88
(16,899.50)
-
(114.15)
62,269.45
(17,836.28)
(15,340.90)
53,905.16
41,655.62
95,560.78
Total
Unit : Million Baht
(114.15)
570.88
(16,899.50)
-
Computer Materials for Materials in
Software work under transportation
construction of
transmission system
2,200.09
13,884.98
44.01
1,306.17
3,699.55
44.01
3,506.26
17,584.53
Unit : Million Baht
Major
Computer Materials for Materials in
inspection Software
work under transportation
fee
construction of
transmission system
305.09
2,200.09
13,884.98
2,336.09
42.72
1,306.17
3,699.55
2,641.18
42.72
3,506.26
17,584.53
133.44
-
(40.89)
9.75
164.58
174.33
Transmission Communication Coal handling
Other
system and
system
system
materials and
exploration
supplies
18,223.01
-
(12,830.90)
22,146.90
8,907.01
31,053.91
Transmission Communication Coal handling Machinery
Other
Major
system and
system
system
materials and inspection
exploration
supplies
fee
(TRANSLATION)
- 47 -
(TRANSLATION)
- 48 -
EGAT had work under construction project as follows:
Unit : Million Baht
Project
Dec 31, 13
Dec 31, 12
Dec 31, 13
Dec 31, 12
Expand Transmission System Project
20,358.00
23,920.58
20,358.00
23,920.58
Chana Combined Cycle Power Plant Project - Block 2
15,467.08
11,390.07
15,467.08
11,390.07
North Bangkok Combined Cycle Power Plant Project - Block 1
-
0.08
-
0.08
North Bangkok Combined Cycle Power Plant Project - Block 2
911.24
-
911.24
-
Wang Noi Combined Cycle Power Plant Project - Block 4
14,950.71
10,967.68
14,950.71
10,967.68
Others
10,610.84
7,736.48
10,582.42
7,626.75
62,297.87
54,014.89
62,269.45
53,905.16
Total
As at December 31, 2013, Chana Combined Cycle Power Plant Project (Songkhla) – Block 2, North
Bangkok Combined Cycle Power Plant Project - Block 2 and Wang Noi Combined Cycle Power Plant Project
– Block 4 have 96.20, 49.20 and 97.46 percentages of completion respectively.
As for the Power plant of North Bangkok Combined Cycle Power Plant Project - Block 1 was completed
and transferred to asset, which its commercial operation has been commenced on November 19, 2010.
However, there are incomplete construction in the part of the additional surrounding development in the
power plants (Facilities) that will be transferred to asset after completion.
6.12 Goodwill
Cost at the beginning of period
Goodwill amortization from disposal of long-term investment
Goodwill amortization from power purchase agreement cancellation
Differences from exchange rate adjustment
Net book value at the end of period
Unit : Million Baht
Dec 31, 13
Dec 31, 12
752.91
1,913.62
(660.15)
(546.45)
10.83
45.89
763.74
752.91
As at Dec 31, 13
Transferred from work under construction
Exchange rate differences from currency
translation
Reclassification
Disposal/write-offs
Accumulated amortization
as at Jan 1, 13
Amortization for the year
Exchange rate differences from currency
translation
Reclassification
Disposal/write-offs
as at Dec 31, 13
Net book value
As at Dec 31, 12
6.13 Other Intangible Assets
(743.76)
(219.97)
(1.81)
(0.47)
23.35
(942.66)
906.28
26,297.69
(3,838.09)
(0.87)
(3,838.96)
20,908.25
739.49
(4.79)
1.34
(23.47)
1,682.15
24,746.34
1,551.35
-
22,458.73
Computer
software rights
and software
license
1,650.04
57.73
1.30
Land
rights
220.22
226.56
(254.55)
-
(248.21)
(6.34)
474.77
3.91
4.22
(2.34)
-
(2.03)
(0.31)
6.25
16.20
19.91
(13.49)
-
(9.78)
(3.71)
29.69
Royalty on
Gas piped
Transmission
state property
system
system
service
rights
connection
rights
474.77
6.25
29.69
-
(TRANSLATION)
- 49 -
4,924.04
5,634.86
(1,790.99)
139.50
-
(1,633.11)
(297.38)
(552.94)
6,715.03
7,267.97
-
Project
development
rights
28,362.59
27,700.08
(6,842.99)
137.69
(0.47)
23.35
(6,474.98)
(528.58)
(557.73)
1.34
(23.47)
35,205.58
34,175.06
1,609.08
1.30
Total
Unit : Million Baht
(TRANSLATION)
- 50 -
Unit : Million Baht
Land
Computer
Royalty on
rights
software rights state property
and software license service
24,746.34
1,612.46
474.77
1,551.35
29.32
1.34
(23.47)
26,297.69
1,619.65
474.77
26,833.57
1,580.67
1.34
(23.47)
28,392.11
(3,838.09)
(0.87)
-
(720.04)
(213.40)
(0.47)
23.35
(248.21)
(6.34)
-
(4,806.34)
(220.61)
(0.47)
23.35
(3,838.96)
(910.56)
(254.55)
(5,004.07)
Net book value
As at Dec 31, 12
20,908.25
892.42
226.56
22,027.23
As at Dec 31, 13
22,458.73
709.09
220.22
23,388.04
Reclassification
Disposal/ write-off
as at Jan 1, 13
Amortization for the year
Reclassification
Disposal/ write-off
as at Dec 31, 13
Total
6.14 Land Awaiting Development
Unit : Million Baht
Dec 31, 13
Dec 31, 12
Dec 31, 13
Dec 31, 12
2,544.90
2,544.90
2,239.51
2,239.51
Add : Increase during the period
3.82
2,548.72
2,544.90
2,239.51
2,239.51
Less: Accumulated impairment
(423.43)
(423.43)
(423.43)
(423.43)
2,125.29
2,121.47
1,816.08
1,816.08
(TRANSLATION)
- 51 -
As at December 31, 2013, EGAT has had the land awaiting development of Baht 1,816.08 million
appropriated for construction of new power plants to support the additional demand of electric energy. Due to
the change in power development planning, the construction of new power plants has been postponed. Details
of the land awaiting development are as follows:
- Land at Ao-Phai, Chonburi Province of 122 Rai is valued at Baht 9.05 million.
- Land at Tap Sakae, Prachuap Khiri Khan Province of 4,029 Rai is valued at Baht 2,223.43
million with accumulated impairment in the amount of Baht 423.43 million. As a result, the net book value of land
was Baht 1,800 million.
- Land surrounding Carrier Gas Station on Phet Kasem Road at Ratchaburi Province of 37 Rai is
valued at Baht 3.75 million.
- Land surrounding Bannasan substation at Nampu, Bannasan, Suratthani Province is valued
at Baht 3.28 million.
6.15 Income Taxes and Deferred Taxes
6.15.1 Deferred tax assets and deferred tax liabilities
Unit : Million Baht
Dec 31, 13
Dec 31, 12
129.88
141.02
(1,942.95)
(2,185.54)
(1,801.93)
(2,055.66)
Deferred tax assets
Total
6.15.2 Income tax
Income tax
Current income tax
Income tax of previous year which is over recorded
Total
Unit : Million Baht
Jan 1-Dec 31, 13
Jan 1-Dec 31, 12
Deferred tax
Change in temporary differences
Total
Grand total
190
A Leader
1,291.01
(4.65)
1,286.36
1,783.61
(95.54)
1,688.07
7.37
7.37
1,293.73
(800.83)
(800.83)
887.24
(TRANSLATION)
- 52 -
6.15.3 Movements in deferred tax assets and deferred tax liabilities
As at
Jan 1, 13
Deferred tax assets
Allowance for spare parts and supplies
Provision for employee benefits
Finance leases liabilities
Income taxes of other comprehensive
income (loss)
Depreciation and amortization
Deferred expenses
Accumulated losses
Others
112.74
17.22
(0.08)
129.88
9.33
1.70
0.11
11.14
-
-
122.07
18.92
0.03
141.02
(93.63)
(3,214.95)
151.60
1,042.32
(70.88)
(2,185.54)
142.28
(142.51)
93.86
(112.14)
(18.51)
93.63
93.63
257.74
(9.09)
(96.69)
15.51
167.47
(2,814.93)
1,039.49
(167.51)
(1,942.95)
As at
Jan 1, 12
Deferred tax assets
Allowance for spare parts and supplies
Provision for employee benefits
Available-for-sale security
Losses carry forward
Finance leases liabilities
Income taxes of other comprehensive
income (loss)
Depreciation and amortization
Deferred expenses
Accumulated Losses
Others
Unit : Million Baht
(Charged)/credited to:
Exchange
As at
Profit or
Other
differences Dec 31, 13
loss
comprehensive
income
(Charged)/credited to:
Exchange
Profit or
Other
differences
loss
comprehensive
income
101.00
16.63
6.13
65.90
(0.03)
189.63
11.74
0.59
(65.90)
(0.05)
(53.62)
(6.13)
(6.13)
(3,058.17)
234.70
(122.55)
(2,946.02)
(199.07)
(81.07)
1,055.87
78.72
854.45
(93.63)
(28.00)
(121.63)
42.29
(2.03)
(13.55)
0.95
27.66
As at
Dec 31, 12
112.74
17.22
(0.08)
129.88
(93.63)
(3,214.95)
151.60
1,042.32
(70.88)
(2,185.54)
191
(TRANSLATION)
- 53 -
6.16 Other Non-Current Assets
- Deferred Charges of the
Lignite Mine
Deferred charges as at Jan 1, 13
Deferred charges as at Dec 31, 13
Amortization as at Jan 1, 13
Amortization as at Dec 31, 13
Net book value
As at Dec 31, 12
Unit : Million Baht
Overburden
Minerals
Resettlement Mineral
removal
resource
costs
Patent costs
costs
exploration and
preliminary
development costs
88,747.97
5,955.41
94,703.38
(88,747.97)
(5,955.41)
(94,703.38)
As at Dec 31, 13
645.67
645.67
(303.73)
(10.60)
(314.33)
1,988.44
1,988.44
(1,631.73)
(54.06)
(1,685.79)
281.14
281.14
(46.48)
(11.25)
(57.73)
91,663.22
5,955.41
97,618.63
(90,729.91)
(6,031.32)
(96,761.23)
-
341.94
356.71
234.66
933.31
-
331.34
302.65
223.41
857.40
- Others
As at Dec 31, 12
Adjustment
Reclassification
As at Dec 31, 12 - (adjusted and reclassified)
As at Dec 31, 13
Total other non-current assets
As at Dec 31, 12 - (adjusted and reclassified)
As at Dec 31, 13
192
A Leader
Total
5,817.57
(20.00)
5,797.57
331.85
6,129.42
2,436.00
7,062.73
3,293.40
(TRANSLATION)
- 54 -
Unit : Million Baht
- Deferred Charges of the
Lignite Mine
Deferred charges as at Jan 1, 13
Deferred charges as at Dec 31, 13
Amortization as at Jan 1, 13
Amortization as at Dec 31, 13
Net book value
As at Dec 31, 12
As at Dec 31, 13
- Others
As at Dec 31, 12
Reclassification
As at Dec 31, 12 - ( reclassified)
As at Dec 31, 13
Total other non-current assets
As at Dec 31, 12 - ( reclassified)
As at Dec 31, 13
Overburden Minerals Resettlement Mineral
removal
resource
costs
Patent costs
costs
exploration and
preliminary
development costs
88,747.97
5,955.41
94,703.38
(88,747.97)
(5,955.41)
(94,703.38)
-
Total
645.67
645.67
(303.73)
(10.60)
(314.33)
1,988.44
1,988.44
(1,631.73)
(54.06)
(1,685.79)
281.14
281.14
(46.48)
(11.25)
(57.73)
91,663.22
5,955.41
97,618.63
(90,729.91)
(6,031.32)
(96,761.23)
341.94
331.34
356.71
302.65
234.66
223.41
933.31
857.40
631.36
331.85
963.21
723.82
1,896.52
1,581.22
6.17 Trade Accounts Payable - Others
Trade payable - electric energy purchased
Trade payable - fuel for electricity generating
Trade payable - fuel for providing
Others
Total
Unit : Million Baht
Dec 31, 13
Dec 31, 12
Dec 31, 13
Dec 31, 12
33,840.82
18,855.94
33,840.82
18,855.94
19,732.48
11,540.11
19,732.48
11,540.11
2,962.82
2,096.59
2,962.82
2,096.59
9,694.52
9,519.64
2,703.92
2,490.80
66,230.64
42,012.28
59,240.04
34,983.44
193
(TRANSLATION)
- 55 -
6.18 Accrued Remittance to the Ministry of Finance
In the year 2013, the Ministry of Finance prescribes that EGAT has to calculate the accrued remittance to the
Ministry of Finance in 45% of net income before provision of bonus expense. However, the amount of remittance may
vary depending on the revision from the Ministry of Finance. As at January 1, 2013, EGAT has accrued remittance
to the Ministry of Finance in the amount of Baht 8,077.99 million. EGAT increased in provision for remittance to
the Ministry of Finance in the amount of Baht 4.01 million and on April 9, 2013, EGAT remit to the Ministry of
Finance in accordance with the notice of EGAT no. 921101/23761 in the amount of Baht 8,082.00 million.
As at December 31, 2013, EGAT recorded the provision for the remittance to the Ministry of Finance
for the year 2013 in the amount of Baht 19,056.17 million. However, in October 2012, EGAT remitted for the
six months ended June 30, 2013 in the amount of Baht 9,589.88 million, therefore, EGAT has accrued
remittance to the Ministry of Finance in the amount of Baht 9,466.29 million as at December 31, 2013.
6.19 Long-Term loans are as follows :
Unit : Million Baht
Dec 31, 13
Long - term loans at the beginning of the year 91,406.06
16,065.70
Repayments
(22,561.45)
Gain on repayments
(9.56)
Gain from derivatives
(5.70)
(Gain) Loss on exchange rate adjustment /
(1,569.39)
Long - term loans at the end of the year
83,325.66
(11,590.86)
Less Current portion of long - term loans
Balance
71,734.80
194
A Leader
Dec 31, 12
102,468.27
11,147.35
(20,976.02)
(26.70)
(62.89)
(1,143.95)
91,406.06
(9,333.67)
82,072.39
Dec 31, 13
62,722.52
13,000.00
(4,964.75)
(9.56)
(5.70)
Dec 31, 12
66,495.49
11,000.00
(14,640.57)
(26.70)
(62.89)
153.86
70,896.37
(6,480.10)
64,416.27
(42.81)
62,722.52
(4,980.01)
57,742.51
(TRANSLATION)
- 56 -
Long - Term loans are as follows :
Local sources secured by the Ministry of Finance:
EGAT bonds
Fixed rate due within 2013 - 2020
Local sources unsecured by the Ministry of Finance:
Ministry of Finance loans
EGAT bonds
Debenture
Other financial institutions
Floating rate due within 2013 - 2020
Fixed rate due in 2016
Foreign sources secured by the Ministry of Finance:
Loans
Japanese Yen:
Euro:
Foreign sources unsecured by the Ministry of Finance:
Loans
AUD Dollars:
Floating rate due within 2013 - 2015
Debenture
Japanese Yen:
Total
Less: Current portion of long-term loans
Balance
Dec 31, 13
Dec 31, 12
Foreign
Million
Foreign
Million
currencies
Baht
currencies
Baht
Unit : million
Unit : million
-
8,000.00
8,000.00
-
9,000.00
9,000.00
-
83.49
-
88.34
-
61,250.00
-
51,781.90
-
5,681.34
-
9,618.20
-
930.14
1,200.00
69,144.97
-
941.19
1,200.00
63,629.63
-
-
419.51
150.17
0.09
34.40
3.93
1,558.95
1,562.88
0.17
41.48
7.09
1,695.02
1,852.28
1.57
(45.62)
367.61
11,632.58
15,000.00
4,663.43
4,617.81
83,325.66
(11,590.86)
71,734.80
15,000.00
5,291.57
16,924.15
91,406.06
(9,333.67)
82,072.39
195
(TRANSLATION)
- 57 -
As at December 31, 2013, the fee of subsidiaries for advance financing is in the amount of Baht 45.62
million from loan of AUD Dollars 100 million for the period from the year 2013 to 2018. The company
intends to exercise its right to such loans. It still shows the offset against long-term loans payable as a whole.
Local sources secured by the Ministry of Finance:
EGAT bonds
Dec 31, 13
Dec 31, 12
Foreign
Million
Foreign
Million
currencies
Baht
currencies
Baht
Unit : million
Unit : million
-
8,000.00
8,000.00
-
9,000.00
9,000.00
Local sources unsecured by the Ministry of Finance:
Ministry of Finance loans
EGAT bonds
-
83.49
-
88.34
-
61,250.00
61,333.49
-
51,781.90
51,870.24
Foreign sources secured by the Ministry of Finance:
Loans
Japanese Yen:
Euro:
-
Less:
196
Total
Current portion of long-term loans
Balance
A Leader
0.09
34.40
3.93
1,558.95
1,562.88
70,896.37
(6,480.10)
64,416.27
419.51
150.17
0.17
41.48
7.09
1,695.02
1,852.28
62,722.52
(4,980.01)
57,742.51
(TRANSLATION)
- 58 -
As at December 31, 2013, long - term loans can be classified by interest rate as follows:
Floating rate
Fixed rate
Total
Dec 31, 13
Dec 31, 12
884.52
12,573.77
82,441.14
78,832.29
83,325.66
91,406.06
Unit : Million Baht
Dec 31, 13
Dec 31, 12
70,896.37
62,722.52
70,896.37
62,722.52
Interest rate of long-term loans as at December 31, 2013 are as follows:
EGAT bonds - local sources
-Guaranteed by the Ministry of Finance
-The Ministry of Finance does not guarantee.
Loans - local sources
Loans - foreign sources
-Guaranteed by the Ministry of Finance
Debenture
6.927% to 8.554%
3.240% to 6.235%
6.927% to 8.554%
3.240% to 6.235%
3.000% to 4.350%
3.000% to 3.000%
0.000% to 8.000%
0.000% to 8.000%
2.720% to 3.940%
6.20 Employee Benefit Obligations
EGAT's employees will receive retirement benefits under Thai labour law when employees has
completed their terms in accordance with agreements between employees and EGAT. Employee benefits
liability is a defined benefits obligation calculated by using the projected unit credit method on an actuarial
basis. This basis determines the present value of future payments by discounting the future cash flows using
the yields on government bonds with a currency and term similar to the estimated term of the benefit
obligations. Any expenses related to benefits are recognized in profit or loss in order to attribute benefits to
periods of service.
197
(TRANSLATION)
- 59 -
Movement in the present value of the defined benefit obligations:
Beginning balance
Current service costs
Interest on obligations
Actuarial (gains) losses
Actual payment
Ending balance
Dec 31, 13
Dec 31, 12
13,562.46
12,155.17
572.03
529.94
512.77
495.02
(5.81)
1,439.35
(589.76)
(1,056.95)
(0.44)
14,051.25
(0.07)
13,562.46
Unit : Million Baht
Dec 31, 13
Dec 31, 12
13,475.64
12,074.49
555.81
517.12
509.41
492.12
1,439.35
(585.14)
(1,047.44)
13,955.72
13,475.64
Expenses recognized in the statements of income and as part of cost of assets / liabilities are shown in
the statements of financial position for the year ended December 31, 2013 are as follows:
Unit : Million Baht
Expenses realized in statements of income
Cost of sales
Selling expenses
Administrative expenses
Total
Cost of assets / liabilities realized in
statements of financial position
Work under construction
Total
Grand Total
600.91
6.90
368.84
976.65
564.07
5.85
343.69
913.61
600.91
6.90
349.26
957.07
564.07
5.85
327.97
897.89
39.98
66.83
1.34
108.15
1,084.80
44.19
67.32
1.39
112.90
1,026.51
39.98
66.83
1.34
108.15
1,065.22
44.19
67.32
1.39
112.90
1,010.79
EGAT has actuarial gains which recognized in comprehensive income for the year ended December
31, 2013 in the amount of Baht 5.81 million and has actuarial losses which recognized in comprehensive
income for the year ended December 31, 2012 in the amount of Baht 1,437.80 million.
198
A Leader
(TRANSLATION)
- 60 -
Principle actuarial assumptions of EGAT
Annual
percentage (%)
3.9
Discount rate
Inflation rate
Consumer price index
Post-employment medical care
Resignation rate
Salary escalation rate
Mortality rate, by table
3.5
10
0.0 - 0.8
6 - 11
TMO08
(Thai mortality
table A.D.2008)
6.21 Provision Liabilities for Mine Reclamation
Add : Increase during the period
Less : Mine reclamation expenses
Depreciation
Dec 31, 13
Dec 31, 12
2,047.40
1,982.70
128.14
130.65
2,175.54
2,113.35
(91.62)
(62.23)
(3.61)
(3.72)
2,080.31
2,047.40
Unit : Million Baht
Dec 31, 13
Dec 31, 12
2,047.40
1,982.70
128.14
130.65
2,175.54
2,113.35
(91.62)
(62.23)
(3.61)
(3.72)
2,080.31
2,047.40
199
(TRANSLATION)
- 61 -
6.22 Other Non-Current Liabilities
Deferred Income
Add : Contribution received
Dec 31, 13
Dec 31, 12
Less : Recognized to other revenue
Decrease in depreciation
Retention
Cash received from breaking
agreement in case of conflict
Others
Total
6.23 Owners' Equity
Contribution from The Government
Capital
Contribution for supporting construction
of the Srinagarind, Bang Lang,
Vajiralongkorn, Rajjaprabha
and Pak Mun Dam
Less : Accumulated depreciation
Depreciation for the period
Balance
200
A Leader
Unit : Million Baht
Dec 31, 13
Dec 31, 12
6,100.59
691.55
6,792.14
(431.69)
(1.34)
6,359.11
8,475.46
5,156.23
1,472.41
6,628.64
(526.71)
(1.34)
6,100.59
6,623.86
6,120.59
691.55
6,812.14
(431.69)
(1.34)
6,379.11
8,475.46
5,156.23
1,492.41
6,648.64
(526.71)
(1.34)
6,120.59
6,623.86
848.47
1,512.80
17,195.84
841.16
1,580.26
15,145.87
848.47
899.02
16,602.06
841.16
918.14
14,503.75
Unit : Million Baht
Dec 31, 13
Dec 31, 12
Dec 31, 13
Dec 31, 12
6,507.64
6,507.64
6,507.64
6,507.64
4,364.75
(1,808.08)
(62.34)
2,494.33
9,001.97
4,364.75
(1,745.74)
(62.34)
2,556.67
9,064.31
4,364.75
(1,808.08)
(62.34)
2,494.33
9,001.97
4,364.75
(1,745.74)
(62.34)
2,556.67
9,064.31
(TRANSLATION)
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6.24 Revenue from Sales of Other Goods and Services
Revenue from telecommunication
services
Revenue from fuel providing
Revenue from operation and
maintenance services
Others
Total
Unit : Million Baht
575.20
20,753.37
416.62
24,266.13
575.20
21,742.48
416.62
27,360.26
1,353.67
1,410.64
24,092.88
881.75
1,183.69
26,748.19
3,081.08
647.93
26,046.69
2,079.98
519.34
30,376.20
EGAT has the revenue from telecommunication business, which has been approved to operate
telecommunication business by The National Telecommunications Commission on March 15, 2007.
6.25 Cost of Electric Energy Sales
Electric energy purchased
Fuel
Generating expenses
Transmission expenses
Total
Jan 1-Dec 31, 13 Jan 1-Dec 31, 12
240,967.69
209,206.82
170,829.26
176,240.28
34,067.86
34,962.81
10,614.20
9,781.51
456,479.01
430,191.42
Unit : Million Baht
Jan 1-Dec 31, 13 Jan 1-Dec 31, 12
289,284.49
261,334.91
134,416.99
136,189.64
27,129.11
27,615.13
10,614.20
9,781.51
461,444.79
434,921.19
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6.26 Cost of Sales of Other Goods and Services
Unit : Million Baht
Cost of telecommunication services
31.30
28.10
31.30
28.10
Cost of fuel providing
20,753.37
24,266.13
21,742.47
27,360.26
Cost of operation and
maintenance services
933.67
701.42
2,196.72
1,551.85
Others
461.49
316.03
347.06
295.34
Total
22,179.83
25,311.68
24,317.55
29,235.55
EGAT recorded cost of telecommunication services to dual with revenue from telecommunication
services since March 15, 2007 that EGAT has received the approval to operate telecommunication
business by The National Telecommunications Commission. However, cost of telecommunication services
excludes selling expense, administrative expense and finance cost, which each of expenses is shown in each
of categories of expenses in statements of income.
6.27 Other Revenues
Unit : Million Baht
1,992.50
1,547.22
1,380.57
2,020.45
220.90
188.31
2,283.82
2,203.88
13.37
22.97
634.43
-
Interest income
Dividend income
Profit on disposal of assets
Gain on foreign exchange
Gain on changes in the fair value
of derivatives
Gain on disposal of long-term
investment
Gain from power purchase agreement
cancellation
Contribution income
Fine income
Income on disposal of fly ash and scrap
Miscellaneous income
Others
Total
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104.29
150.90
104.29
150.90
-
783.68
-
-
257.17
136.37
379.75
55.87
1,576.43
4,774.20
1,069.44
287.82
124.24
340.89
26.47
515.88
6,114.56
257.17
136.37
379.75
55.87
371.32
5,135.81
287.82
124.24
340.89
26.47
138.18
4,666.32
(TRANSLATION)
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6.28 Other Expenses
Loss on foreign exchange rate
Loss on disposal of assets
Others
Total
Jan 1-Dec 31, 13 Jan 1-Dec 31, 12
187.16
61.47
53.02
34.75
240.18
96.22
Unit : Million Baht
Jan 1-Dec 31, 13 Jan 1-Dec 31, 12
682.22
163.94
159.31
53.02
34.75
894.55
198.69
6.29 Share of Profit from Investments in Associates
First Korat Wind Co., Ltd.
K.R. Two Co., Ltd.
Nam Ngiep 1 Power Co., Ltd.
Total
Unit : Million Baht
Dec 31, 13
Dec 31, 12
1,851.83
3,011.13
122.39
(6.26)
89.43
(12.04)
(5.96)
2,057.69
2,992.83
6.30 Finance Costs
Capitalized to work under construction
Finance costs in the statements of income
Total
Unit : Million Baht
Interest
Expenses relating
Total
to the loans Jan 1-Dec 31, 13 Jan 1-Dec 31, 12
expenses
0.76
572.56
287.90
571.80
4,168.13
248.68
4,416.81
5,343.21
4,739.93
249.44
4,989.37
5,631.11
Unit : Million Baht
Capitalized to work under construction
Finance costs in the statements of income
Total
Total
Interest
Expenses relating
expenses
to the loans Jan 1-Dec 31, 13 Jan 1-Dec 31, 12
571.80
0.76
572.56
285.72
2,737.71
1.73
2,739.44
2,899.37
3,309.51
2.49
3,312.00
3,185.09
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6.31 Performance of EGAT
The performance of EGAT in net income of 2013 was Baht 37,786.82 million. EGAT recorded the
provision of expenses and liabilities of bonus for employees and directors in the amount of Baht 4,560.23
million for the 2013 financial statements.
In April and May 2013, the Ministry of Finance approved EGAT to allocate the 2012 net income for
bonus payment to the employees and directors in the amount of Baht 4,139.80 million. EGAT recorded the
provision of bonus in 2012 in the amount of Baht 4,087.97 million so, EGAT recorded the difference of the
provision of bonus in the amount of Baht 51.83 million, that brought about to increase the expenses in the
year 2013.
6.32 Expenses by Nature
Jan 1-Dec 31, 13 Jan 1-Dec 31, 12
209,206.82
Electric energy purchased
240,967.69
Work performed by the enity and capitalized
(36,754.40)
(24,888.54)
Raw materials and consumables used
173,561.05
178,959.54
Management benefit expenses
350.59
391.89
Employee benefit expenses
28,164.06
29,465.42
Depreciation of property, plant and
24,713.86
equipment
25,473.99
Amortization of intangible assets
528.37
559.80
Hire and maintenance expenses
6,402.63
7,342.37
Other expenses
57,037.67
47,725.82
Total
495,731.65
473,476.98
Unit : Million Baht
Jan 1-Dec 31, 13 Jan 1-Dec 31, 12
289,284.49
261,334.91
(36,754.40)
(24,888.54)
137,574.11
141,818.76
147.20
145.47
27,729.33
29,001.72
22,135.57
220.40
5,505.99
54,992.23
500,834.92
21,297.41
222.39
5,290.77
46,170.25
480,393.14
7. Power Development Fund
The legislation of Energy Industry Act B.E.2550, which shall come into effect on December 11,
2007, determined to set up the power development fund with the following objectives: to support extensive
electricity service provision to various localities ; to decentralized prosperity to provincial areas; and to develop
the local communities affected by the operation of a power plant, etc. Anyhow, Energy Regulatory
Commission (ERC) has power and duty to manage the fund, ERC declared about delivery the money to the
power development fund for electricity industry licensees in type of license B.E.2553 which determines
electricity industry licensees shall deliver the money to the fund in 2 periods as follows:
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1. During the power plant construction from the date starting from the conducting of the
construction in accordance with the contract for services in order to construct and comply with the electricity
industry licenses until the commercial operation date (COD) and have to deliver annually by calculating the
money from estimate of installed capacity of power plant at the rate of Baht 50,000 per megawatt per year. In
case of the construction is less than 1 year, EGAT has to deliver the money in accordance with percentage of
month which construction had been conducted but it must not be less than Baht 50,000 per year.
2. During electricity generating the date starting from the commercial operation date, EGAT
has to deliver monthly money calculated by electric energy produced for sales and use which exclude electric
energy using in production process in station service. It was separated by the types of fuels using in generating
power such as natural gas, fuel oil, diesel, coal, lignite etc.
For the year ended December 31, 2013 and 2012, EGAT had provision for contributions for the
power development fund in the part of the power plant of EGAT which included in generating expenses in the
amount of Baht 954.46 million and Baht 1,039.01 million respectively.
8. Contingent Asset
Power Purchase Agreement of Power Plant Project, Nam Theun 2 and Nam Ngum 2
From the year 2010, EGAT entered into the Power Purchase Agreement with Lao People’s
Democratic Republic (Lao PDR) of Nam Theun 2 power plant project and Nam Ngum 2 power plant project.
The power purchase guarantee in accordance with annual supply target specified that in case of the power
plants have supply excess, they don’t charge EGAT for the excess. However, the excess will be accumulated
to set off in the following year which has supply shortfall. On the other hand, if EGAT has dispatch shortfall,
the power plants will charge in the amount of the buying guarantee of EGAT whereas EGAT has to pay in
advance and be able to receive amount of energy at a later month to make up the dispatch.
In case of EGAT accepts the supply excess, EGAT is able to apply the amount accumulated to set off.
During the agreement period, if it has no supply shortfall, EGAT will pay for accrued electricity expense for
supply excess with the excess electricity rate which is less than normal electricity rate (Baht 0.57 for Nam
Theun 2 power plant project and Baht 1.145 for Nam Ngum 2 power plant project) at the end of the period.
Period of Nam Theun 2 power plant ends at 13th anniversary from March 8, 2010 and period of Nam Ngum 2
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power plant ends 10th anniversary from running the machinery. However, both of the projects have to include
period of time extended because of unpredictable events.
Besides, EGAT will get the refund 25% of accrued electricity expense which pay at the end of the
period. It calculates by accumulated supply excess plus excess energy or excess revenue less accumulated
dispatch shortfall. At this time, EGAT is not able to estimate because there is no certainty about amount of
contingent assets.
9. Contingent Liabilities
As at December 31, 2013, contingent liabilities excluded from the separate’s financial statements, are
the calling for EGAT to pay additional compensation, which the details are as follows:
1. The Civil Court judged that EGAT was liable for the additional payment of 32 lawsuits amounting
to Baht 109.02 million in case of calling for compensation of land rights and violation.
2. On March 4, 2008, the Administrative Court at Chiangmai Province judged that EGAT repay the
compensation for health and sanitation of 131 affected people in the area, which are impacted from dust and
sulfur dioxide in the amount of Baht 246,900 per person. EGAT estimated the approximately compensation
amounting to Baht 24.72 million (excluding interest).
3. On March 4, 2008, the Administrative Court at Chiangmai Province judged that EGAT did not proceed
according to the regulations and requirements of environment impact protection and mitigation in patent of coal
mine. The court judged that EGAT is committed to practice under the principle of patent etc., village errigration,
reforestation in golf course, mitigation of affected dust and environmental assessment report is submitted
every two years. Due to, there are not obvious the compensation to the government and claimant, so, EGAT
does not determined the compensation.
10. Commitments
10.1 Long - Term Power Purchase Agreements
As a result of the government’s policy on decreasing the government’s investment burden and
encouraging private sector to be involved in the power generation industry, the Government approved an
investment programme for the power generation in new project by private sector (Independent Power
Producers known as IPP) who will sell power to EGAT.
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As at December 31, 2013, EGAT has entered into 96 Power Purchase Agreements with total
commitments amounting to approximately Baht 9,650,895 million and total production capacity of 27,526
megawatts. The details are as follows:
Company Capacity
Power producers
(megawatt)
Power Project Developers in Lao People's Democratic Republic
434
Theun Hinboun Power Company Limited
1
Houay Ho Power Company Limited
1
126
Nam Theun Project 2
1
920
Nam Ngum Project 2
1
454
Hongsa Lignite Project
1
1,473
Xayaburi Project
1
871
Nam Ngiep Project 1
1
249
Xe-Pien Xe-Nam Noy
1
349
Independent Power Producers (IPP)
Electricity Generating Public Company Limited (EGCO)
As formerly, Rayong Electricity Generating Company
Limited(REGCO)
1
1,161
Khanom Electricity Generating Company Limited
(KEGCO)
1
748
Tri Energy Company Limited (TECO)
1
700
Eastern Power Electric Company Limited (EPEC)
1
350
Global Power Synergy Company Limited (GPSC)
As formerly, Independent Power (Thailand) Company
Limited (IPT)
1
700
Ratchaburi Electricity Generating Company Limited
(RGCO)
1
3,481
Glow IPP Company Limited (GIPP)
1
713
Gulf Power Generation Company Limited (GULF)
1
1,468
Ratchaburi Power Company Limited (RPCL)
1
1,400
BLCP Power Company Limited (BLCP)
1
1,347
Gheco One Company Limited (GHECO ONE)
1
660
Gulf JP UT Company Limited (GUT)
As formerly, Siam Energy Company Limited (SEC)
1
1,600
Gulf JP NS Company Limited (GNS)
As formerly, Power Generation Supply Company
Limited (PGS)
1
1,600
Small Power Producers (SPP)
75
6,722
Total
96
27,526
Remaining life
Amount Availability
Energy
of contract
payment (AP) payment (EP)
(years)
(Million Baht) (Million Baht) (Million Baht)
26
16
22
24
27
29
28
28
2014-2039
2014-2029
2014-2035
2014-2037
2015-2041
2019-2047
2019-2046
2019-2046
123,067
16,119
190,235
103,588
525,083
414,185
94,115
102,983
319,050
-
123,067
16,119
190,235
103,588
206,033
414,185
94,115
102,983
1
2014-2014
12,019
1,917
10,102
3 2014-2016
7 2014-2020
10 2014-2023
38,974
73,176
59,780
3,721
5,216
9,302
35,253
67,960
50,478
12 2014-2025
139,910
17,636
122,274
14
14
20
20
19
24
2014-2027
2014-2027
2014-2033
2014-2033
2014-2032
2014-2037
823,318
176,188
528,132
529,286
251,726
319,555
116,124
22,150
77,922
707,194
154,038
450,210
63,202
466,084
86,397
165,329
107,386
212,169
25 2015-2039
765,954
119,149
646,805
26 2014-2039 764,771
6-26 Years 3,598,731
9,650,895
107,007
657,764
660,901
2,937,830
1,717,080
7,933,815
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10.2 Fuel Purchase Agreements
EGAT has entered to 7 fuel purchase agreements, which the details are as follows:
10.2.1 There are 4 gas purchase agreements for power plant in the totaled amount of Baht 1,803,702
million, which the remaining life of contract is from 1 year and 11.5 months to 18 years and 8 months.
The rest of amount as contract is valued at Baht 464,425 million.
10.2.2 There are 3 fuel oil purchase agreements, which the details are as follows:
- Fuel oil purchase agreement has ended, however, EGAT has renewed the contract until
a new contract is in effect. The amount of the contract is approximately Baht 14,837 million.
- Diesel fuel for generation purchase agreement will be renewed until EGAT will cancel
the contract. The amount of the contract is approximately Baht 2,102 million.
- Gasoline for vehicle purchase agreement will be renewed until EGAT will cancel
the contract. The amount of the contract is approximately Baht 235 million.
10.3 Hire - Purchase Agreements
EGAT has entered to the local and foreign hire - purchase agreements, which the details
are as follows:
10.3.1 There are 265 agreements of local hire - purchase agreements and their amount as contract
is Baht 51,762.62 million with the remaining life of contract in 0.5 month to 8 years and 5.5 months.
The rest of amount as contract is approximately Baht 28,868.80 million.
10.3.2 There are 161 agreements of foreign hire - purchase agreements and their amount as contract is
Baht 84,472.19 million. Some contracts have the remaining life of contract in 0.5 month to 3 years and 6.5
months and some contracts are not indicated the contract period. The rest of amount as contract from the
conversion of foreign currency under the average buying exchanged rate on December 27, 2013, which
announced by the Bank of Thailand was approximately Baht 36,849.47 million.
10.4 Letter of Credit
On December 31, 2013, EGAT has unused letter of credit, which are not expired amounting to
approximately Baht 15,512.58 million.
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11. Disclosure of Financial Instruments
EGAT uses the financial instruments to decrease uncertainty from uncontrollable outside factors.
The main derivative financial instruments consisted of currency swap agreements, interest rate swap
agreements and forward foreign exchange contracts.
11.1 Cross Currency and Interest Rate Swap Agreements
EGAT uses the cross currency and interest rate swap agreements to mitigate foreign currency risk and
fluctuations in interest rate which are inherent foreign currency borrowings. The agreements are not
recognized in the financial statements on the agreement date.
EGAT has entered into several cross currency and interest rate swap agreements with a maturity of
4 - 10 years. The term and remaining foreign currency amount under the cross currency and interest rate swap
agreements as at December 31, 2013 are as follows:
Terms of cross currency and interest rate swap agreements
Yen 6,712 million / Baht 2,456 million
Dec 31, 13
-
Unit : Million Baht
Dec 31, 12
153.54
153.54
-
Unit : Million Baht
Dec 31, 12
153.54
153.54
The maturity of agreements can be analyzed as follows :
More than 5 years
Dec 31, 13
11.2 Forward Foreign Exchange Contracts
EGAT has conducted a forward foreign exchange contracts to mitigate the risk of fluctuations in
foreign exchange rate associated with foreign loan repayment, the electric energy purchased from foreign
countries, goods and services. Forward foreign exchange contracts are contracts to buy foreign currency at
a pre-agreed exchange rate on a specified future time and are not realized in the financial statements on the
contract date.
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As at December 31, 2013, EGAT has forward foreign exchange contracts which has book value and
forward foreign exchange rate as follows:
Exchange rate : Baht 32.772 per US dollar
Unit : Million Baht
Dec 31, 13
Dec 31, 12
65.54
65.54
-
11.3 Fair Value of Financial Instruments
As at December 31, 2013 , contract price and fair value of long-term loans and derivative are as follows:
Unit : Million Baht
Dec 31, 13
Dec 31, 12
Contract price Fair value Contract price Fair value
71,093.64
60,870.24
64,210.01
Long - term loans - local sources
69,333.49
Long - term loans - foreign sources
1,562.88
1,584.27
1,852.28
1,897.67
Cross currency and interest rate swap contracts
4.59
Forward foreign exchange contracts
(0.12)
-
EGAT calculated fair value of long-term loans, derivative and fixed rate bonds as the present value of
the estimated future cash flow, which based on the nearby term discount rate. Cross currency and interest rate
swap contracts and interest rate swap contracts are calculated by financial institutions, which are contractor of
EGAT.
12. Subsequent Events
On November 1, 2013, EGAT has appointed Siam Commercial Bank Plc., as a financial advisor to
study design structure and guidelines for the establishment of the North-Bangkok Combined Cycle Power
Plant-Block 1 infrastructure fund which is an alternative for funding without causing public debt. EGAT
still owns and has management power in operation and maintenance of North-Bangkok Combined Cycle
Power Plant-Block 1 as it used to be. The structure and guidelines for the establishment of infrastructure
fund are defined as a tool for funding, so they do not lead to the privatization of EGAT. Initially, it is
expected to completed the study of the establishment of the mutual fund within 120 days before submission
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to the Cabinet and will be able to sell within 180 days after the Cabinet approved the establishment of such
fund.
At this time, EGAT is studying about the income transfer to the fund to present to the office of the
Securities and Exchange Commission and State Enterprise Policy Office for approval. EGAT has hired
PWC as a consultant for the financial statements of North-Bangkok Combined Cycle Power Plant-Block 1.
EGAT is currently collecting data for the preparation of initial financial statements.
13. Reclassification Transactions
EGAT reclassified some transactions in the consolidated financial statements for the year ended
December 31, 2012 for conformity with the presentation of the consolidated financial statements for the year
ended December 31, 2013.
14. Issuance Dated of Financial Statements
Governor of EGAT approved these financial statements for issuance on March 24, 2014.
_________________________________
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Audit Fee
EGAT’s financial statements are audited by the Office of the Auditior General of
Thailand. For Fiscal year 2013, audit fees and expenses total Baht 4,020,000 comprising
Baht 2,200,000 fee for the annual audit, Baht 1,500,000 fees for the reviews of quarterly
financial statements totaling three quarters or Baht 500,000 for each quarter and Baht
320,000 fees for the audits of account unbundling.
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