In the gas business, Banpu’s subsidiary BKV recently formed strategic alliances with Engie Energy Marketing NA, Inc and Kiewit Infrastructure South Co. These agreements focus on the sale and purchase of carbon sequestered gas, and represent a significant step forward in Banpu’s commitment to sustainable energy solutions, Sinon said.
It plans to begin delivering carbon sequestered gas by the end of 2024, subject to the successful completion of BKV’s certification process with the American Carbon Registry.
The energy generation business has maintained strong profitability. In the thermal power business, the Temple I and II gas-fired power plants in the US reported sales revenue of $288 million, a big jump year on year, owing to increased electricity sales from the acquisition of the Temple II gas-fired power plant in the third quarter of 2023. Solar power plants in China, Japan, Vietnam, and Australia provided consistent cash flow in the renewable energy industry.
Banpu’s energy technology company continues to expand investment in various potential businesses, with a focus on green energy solutions for the future, such as solar cells, batteries, electric vehicles, and power management.
In the first half of 2024, Banpu NEXT’s solar rooftop business secured contracts totalling 1.9MW capacity in Thailand and signed a 10MW power purchase agreement in Indonesia. The battery and energy storage systems division initiated production at the SVOLT Thailand factory, while another plant supplied its inaugural batch of nickel manganese cobalt oxide batteries to Thailand’s largest bus service provider, the CEO said.
The e-mobility sector saw MuvMi electric tuk-tuks joining a government-backed support programme for electric public vehicles, having provided over 13 million rides to date. The energy management division expanded its district cooling system at the Government Center Zone C and secured 25 contracts at the SB Design Square in Phuket.
Meanwhile, Banpu’s corporate venture capital arm invested in “enspired”, a trading-as-a-service business, aiming to bolster AI capabilities for its battery and energy trading operations.
Looking ahead, Banpu aims to focus on improving operational efficiency and implementing cost control measures, advancing efforts to reduce carbon dioxide emissions, enhancing digital operations, and carefully allocating capital expenditure, Sinon said.