GULF Welcomes Shareholders to Uthai Power Plant

Highlighting Natural Gas as a Stable Foundation Anchoring the Net Zero Transition

Gulf Development Public Company Limited (GULF) recently welcomed its shareholders for an exclusive site visit to the Uthai Power Plant in Uthai District, Phra Nakhon Si Ayutthaya Province. As a major Independent Power Producer (IPP) with an installed capacity of 1,600 megawatts, the power plant served as the backdrop for an event designed to both strengthen shareholder relations and offer a deep dive into the vital infrastructure securing Thailand’s power grid amid the comprehensive transition toward renewable energy.

The visit commenced with a strategic briefing on GULF’s diversified portfolio, which has evolved from energy into a robust ecosystem spanning infrastructure, telecommunications, and digital sectors across four core business pillars. While the energy pillar remains the cornerstone of GULF’s portfolio, the company continues to de-risk its operations through geographical diversification with strategic investments in the United States, Europe, Oman, Vietnam, and Lao PDR. Looking ahead, GULF unveiled its 5-year investment plan budgeted at 130,000 - 140,000 million baht. Approximately 70% of this capital expenditure will be allocated to renewable energy projects, aiming to increase the renewable share in its portfolio to at least 40% by 2035, in alignment with Thailand’s Net Zero targets.

A key highlight of the tour was an exclusive look inside the Control Room—the nerve center of the Uthai Power Plant—where executives, the plant manager, and expert engineers provided firsthand insights. The engineering team shared compelling data on evolving power consumption patterns, noting that Thailand’s peak demand has shifted from the afternoon to the night. This shift is driven by the rapid growth of residential rooftop solar installations during the day. This structural transition underscores why flexible natural gas power plants remain an indispensable “backbone” of the grid, capable of ramping up power supply immediately when solar and wind resources are unavailable, thereby plugging generation gaps and maintaining national grid stability.

Ms. Yupapin Wangviwat, Chief Financial Officer, Gulf Development Public Company Limited, stated: “Pursuing environmental responsibility must go hand-in-hand with reliable energy security and rigorous risk management under the ESG framework. Today’s site visit reflects GULF’s integrated portfolio management strategy. Backed by long-term power purchase agreements, our natural gas assets serve as a core revenue driver that generates stable and predictable cash flow. This strong financial foundation provides us with the capital flexibility to aggressively expand our renewable energy investments. Concurrently, we view natural gas power plants as a crucial transitional infrastructure; their high operational flexibility can instantly offset the intermittency of renewable energy. Maintaining a disciplined capital allocation strategy that optimizes our existing assets while scaling up renewable energy is fundamental to achieving balanced corporate growth, meeting climate policies, and delivering sustainable, long-term value to our shareholders across all dimensions.”

Mr. Setthaphon Kittiyawat, one of the attending shareholders, shared his impressions: “Although I did not initially possess a deep technical understanding of the power plant, today’s visit gave me a crystal-clear picture of GULF’s strategic roadmap. This experience has significantly boosted my confidence in growing alongside the company, especially given the management’s sharp investment vision. Furthermore, I now truly grasp the vital importance of cost efficiency in energy management, particularly when Thailand still relies heavily on imported energy resources—a factor that is key to building a sustainable business.”

Mr. Prasit Sriatsadawutkul, another shareholder, added: “As someone who works within the agro-industrial, food, and beverage sectors, this firsthand experience at a GULF power plant has been an eye-opener. Seeing the generation technology and the vision behind this fully integrated energy business instills great confidence that Thailand possesses an advanced energy management system, high grid stability, and a well-diversified fuel mix. This tour provided a comprehensive look into GULF’s operations and offered immense educational value.”

This site visit underscores GULF’s dual commitment to maximizing the efficiency of its natural gas portfolio while aggressively expanding into renewable energy, telecommunications through AIS, and digital infrastructure via data center developments. By doing so, GULF continues to forge a sustainable business ecosystem, driving robust and resilient economic growth for Thailand throughout this era of energy transition.

For information on the shareholders activities, including the next scheduled site visit, please visit the company’s investor relations website at https://investor.gulf.co.th/en/home.