), primarily due to commercial operations of new power plants in 2018 described previously while the seasonally peak expense in Q’4 also impacted the q-on-q basis. COST STRUCTURE FINANCIAL PERFORMANCE 6 2017

, GPSC consistently focuses on efficient cost management of power plants along with maintaining a stable supply of power to customers. The company has seen the importance of supplying a stable supply of

investors’ confidence about the company. This debenture issuance was aimed to enhance the company’s financial status and innovative power flagship’s goal by driving the financial cost down which will reflect

due to the efficient cost management in the production of electricity and steam from the Cogeneration power plants. Throughout Q1/2018, the Sriracha Power Plant, which is a Independent Power Producer

gross profit for Small Power Producer (SPP) increased as a result of the lower natural gas and coal price, following the world crude oil price. In addition, the maintenance cost fell as there were no

% Industrial & chilled water, nitrogen and others Cost of Sales (THB million, %) QoQ -10% YoY -19% Executive Summary Small Power Producer (SPP) THB 3,927 mill ion | 73% Gross Profit 5,384 Very Small Power

+ Financial Lease (IPP) Electricity (SPP+VSPP) Steam QoQ -1% YoY -9% Industrial & chilled water, nitrogen and others Cost of Sales (THB million, %) QoQ -4% YoY -11% Executive Summary Small Power Producer (SPP

25-year Power Purchase Agreement (PPA) with the tariff of USD 6.5 cent per kWh. The project was able to achieve COD as scheduled in PPA, and construction cost is in line with the budget approved. Move

in September, while the company was unable to adequately adjust retail prices to keep up with the increasing product cost. Power Plant Business Group earned lower revenue from sales and rendering of

, combined with crude oil price declining during the quarter leading to retail price at service stations remain optimal relative to the finished product cost. Power Plant Business, increased in total