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GPSC insists acquisition of GLOW will not lead to monopoly, vowing fair practices to all customers

GPSC insists the acquisition of GLOW will not lead to monopoly, ready to clarify the issue and affirm fair practices to all customers. The next step is to enhance service efficiency and power reliability for local and foreign investors.

Dr. Toemchai Bunnag, President and Chief Executive Officer of Global Power Synergy Public Company Limited or GPSC, announced that concerning news reports related to the acquisition of Glow Energy Public Company Limited or GLOW, the main objective of the transaction is to synergize both companies’ strengths in boosting efficiency and power security for local and foreign companies operating in Map Ta Phut Industrial Estate and the Eastern Economic Corridor (EEC). Aside from an assurance to users, the transaction will concurrently reduce operating expenses, which will hence bring about benefits to both GPSC and its customers.

“GPSC emphasizes power security and service efficiency enhancement. All stages of our operations must be transparent, accountable and based on business ethics. This is proven by the positive responses to our operations by shareholders as well as non-PTT customers who make up 49% of all customers. They have placed trust in our services and have expressed high level of satisfaction.”

Dr. Toemchai added that GPSC is well aware of concerns by some of GLOW’s customers and it had quickened the process to hold a meeting whereby GLOW customers would be assured that none of them would be affected by the transaction. All conditions, the electricity fee and services under the original agreements will be honored as the power business naturally involves long-term contracts which clearly specify fees and volume. Meanwhile, the price will depend on market rates on the arm’s length basis. The length of GLOW’s existing contracts are more than 10 years on average.

GPSC is prepared to strike agreements with all customers, to ease their concerns and assure them of non-discriminating services. They can also rest assured by the existence of the Energy Regulatory Commission (ERC), the regulatory body which demands fairness and non-discriminating practices in pricing. Both GPSC and GLOW had submitted their information to the ERC for its consideration.

GPSC is prepared to strike agreements with all customers, to ease their concerns and assure them of non-discriminating services. They can also rest assured by the existence of the Energy Regulatory Commission (ERC), the regulatory body which demands fairness and non-discriminating practices in pricing. Both GPSC and GLOW had submitted their information to the ERC for its consideration.

He asserted that Thailand’s electricity generating business has undergone changes, following the liberalization that welcomes greater competition from private companies, particularly, in LNG imports. In this regard, the Electricity Generating Authority of Thailand (EGAT) reportedly will start importing LNG in October while private companies are geared to follow suit.

Back11 September 2018