GPSC: Petrochemical Captive Power and the Renewables Pivot
GPSC (SET: GPSC) is PTT Group's listed power arm, anchored on Map Ta Phut petrochemical-estate captive cogeneration. FY2024 revenue THB 90.7B, EBITDA THB 19.0B, net profit THB 4.06B; 4,431 MW installed.
Key takeaways
- 1
GPSC FY2024 revenue (- YoY); EBITDA (+ YoY); net profit ; H2 dividend /share.
- 2
Installed capacity 4,431 MW power, 2,858 t/h steam, 7,026 m3/h industrial water, 15,400 RT chilled water.
- 3
2019 Glow Energy acquisition (from Engie, stake) doubled GPSC capacity to 4,385 MW and locked in Map Ta Phut petrochemical captive base.
- 4
Avaada Energy stake (2021, / ) trimmed to ~ after May 2025 sale (~).
- 5
PDP 2024 targets renewable capacity by 2037; PTT Group renewable target 8 GW by 2030.
- 6
Peer set: Gulf ( revenue, 7.6 GW), EGCO ( revenue, 7,019 MWe), RATCH, BCPG.
Questions this report answers
What is GPSC's FY2024 financial picture? Per the GPSC dividend press release: revenue (- YoY), EBITDA (+ YoY), net profit , full-year dividend /share ( payout). Capacity stood at 4,431 MW plus 2,858 t/h steam, 7,026 m3/h industrial water, 15,400 RT chilled water.[, ]
How concentrated is GPSC on the Map Ta Phut petrochemical estate? Per Global Energy Monitor and GPSC's cogen project disclosures: the Glow complex alone runs ~529 MW SPP-2 / SPP-3 hybrid gas-coal cogeneration supplying petrochemical estate customers (PTTGC, IRPC tenants) plus EGAT under the SPP scheme. Sriracha and Rayong central utility add further captive scope.[, ]
What is the Avaada renewables-pivot bet worth? Per the 2021 acquisition press and 2025 divest news: GPSC paid () for via Global Renewable Synergy in 2021. By March 2025 Avaada committed capacity reached 20.6 GW with a 30 GW / 2030 target. GPSC trimmed to ~ in May 2025 (~ proceeds).[, , , ]
How does GPSC compare to Thai IPP peers? Per Gulf and EGCO FY2024 results: Gulf revenue with core profit on 7.6 GW equity capacity; EGCO revenue with operating profit on 7,019 MWe. GPSC sits between the two on revenue scale, with a structurally different business mix anchored in petrochemical captive cogeneration rather than EGAT IPP offtake alone.[, ]
Executive summary
GPSC is PTT Group's listed power arm. The FY2024 print held flat on revenue (, - YoY) but expanded EBITDA (+ YoY), with net profit and a payout ratio. The earnings quality reflects the petrochemical captive cogen base.[]
The 2019 Glow Energy acquisition (-class deal, from Engie) doubled installed capacity overnight to 4,385 MW and locked in the Map Ta Phut petrochemical estate as the structural anchor. Cogen-hybrid steam, industrial water, chilled water, and power get bundled under long-term contracts to PTTGC and adjacent estate tenants.[, , ]
The 2021 Avaada Energy stake ( for / , trimmed to ~ in May 2025) is the renewables-pivot vehicle. PDP 2024 targets Thai renewable capacity by 2037; PTT Group's own renewable target is 8 GW by 2030. The Avaada Indian solar platform is now committed to 20.6 GW (March 2025) heading to 30 GW by 2030.[, , ]
Adjacent positioning: GPSC's Nuovo Plus / Technologies SemiSolid LFP battery JV (Jan 2024, 30 to 100 MWh/yr) plugs into PTT OR Arun Plus EV charging. The Sriracha ERU cogen plant (COD targeted 2025) extends Thai Oil Clean Fuel Project captive scope. Risk watch: India merchant-power INR exposure on Avaada, ERU COD slippage, and PDP 2024 procurement timing.[, ]
GPSC FY2024 financial, capacity scorecard
Revenue
Value
$2.63B (-0.4% YoY)
Notes
FY2024 vs FY2023.
EBITDA
Value
$551M (+8% YoY)
Notes
Margin expansion despite flat revenue.
Net profit
Value
$117.7M
Notes
Full-year dividend $0.026/share, 62.5% payout.
Installed capacity (power)
Value
4,431 MW
Notes
Post-Glow consolidation.
Steam capacity
Value
2,858 t/h
Notes
Petrochemical captive utility.
Industrial water
Value
7,026 m3/h
Notes
Map Ta Phut estate utility.
Chilled water
Value
15,400 RT
Notes
Map Ta Phut estate utility.
Avaada stake (post May 2025)
Value
~39.9%
Notes
Trimmed from 41.6% (2021) via 3% sale ~USD 79M.
| Metric | Value | Notes |
|---|---|---|
| Revenue | $2.63B (-0.4% YoY) | FY2024 vs FY2023. |
| EBITDA | $551M (+8% YoY) | Margin expansion despite flat revenue. |
| Net profit | $117.7M | Full-year dividend $0.026/share, 62.5% payout. |
| Installed capacity (power) | 4,431 MW | Post-Glow consolidation. |
| Steam capacity | 2,858 t/h | Petrochemical captive utility. |
| Industrial water | 7,026 m3/h | Map Ta Phut estate utility. |
| Chilled water | 15,400 RT | Map Ta Phut estate utility. |
| Avaada stake (post May 2025) | ~39.9% | Trimmed from 41.6% (2021) via 3% sale ~USD 79M. |
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