GNRV2

Gulf Energy Development Public Company Limited (GULF) has reported that Gulf NRV2 Company Limited, a subsidiary of GULF and the operator of Gulf NRV2 power project (GNRV2), has commenced the sale of electricity to the Electricity Generating Authority of Thailand (EGAT) on July 1, 2019 under the Small Power Producer (SPP) program. The GNRV2 power project is located in the Suranari Industrial Estate, Nakorn Ratchasima province, with an installed power generation capacity of 128.2 megawatts and an installed steam generation capacity of 10.0 tons per hour. GNRV2 will supply a contracted power generation capacity of 90.0 megawatts to EGAT pursuant to a 25-year power purchase agreement and will supply the remaining power and steam generation capacity to industrial users through secured long-term contracts. The GNRV2 power project is the last gas-fired SPP completed under Gulf MP Company Limited (GMP) out of a total of 12 power projects with a combined installed power generation capacity of 1,563.4 megawatts and a combined installed steam generation capacity of 225.0 tons per hour. In this regard, all 12 projects commenced commercial operation as scheduled at a lower project cost than planned, and 2019 will be the first year that the Company will recognize revenues from all 12 projects under GMP.