been a change in the necessary circumstances as provided in the first paragraph, the Minister upon the recommendation of the SEC may modify or change the conditions already specified.

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 1/2020 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural

) (9.1%) Sales of steam (IU) 2.5 1.4 (1.1) (44.0%) Sales from Natural Gas Power Plant 422.3 668.6 246.3 58.3% Sales of electricity - FiT, base tariff and Ft 70.1 68.1 (2.0) (2.9%) FiT Premium 6.0 6.0

(IU) 1.1 0.8 1.1 37.5% - 6.5 3.3 (49.2%) Sales from Natural Gas Power Plant 507.7 657.4 884.1 34.5% 74.1% 1,396.9 2,210.1 58.2% Sales of electricity - FiT, base tariff and Ft 59.5 73.5 76.7 4.4% 28.9

Natural gas (IPP) Natural gas (SPP+VSPP) Maintenance costs Others 59% 60% 63% 10% 9% 4% 18% 18% 18% 4% 4% 4% 9% 10% 10% 14,062 12,943 12,488 Q2/19 Q1/20 Q2/20 Coal GPSC - Q2/2020 Management Discussion and

% 680.5 1,124.4 65.2% Sales of electricity to Industrial Users (IU) 1.4 1.0 0.8 (20.0%) (42.9%) 2.5 1.8 (28.0%) Sales of steam (IU) 2.9 1.4 0.8 (42.9%) (72.4%) 5.4 2.2 (59.3%) Sales from Natural Gas Power

, decreased by Baht 153 million or 15% from Q2/2018. The drop was due to the rise in natural gas prices while Fuel tariff (Ft) rate remained constant; therefore, the gross profits of Rayong Central Utility

1,079.9 70.1% Sales of electricity to Industrial Users (IU) 1.0 0.8 0.8 0.8 - - 5.0 3.4 (1.6) (32.0%) Sales of steam (IU) 1.4 0.8 1.1 0.7 (0.4) (36.4%) 8.4 4.0 (4.4) (52.4%) Sales from Natural Gas Power

full quarter of recognizing gross profit from GLOW’s SPP plants of Baht 2,389 million. As for the company’s SPP plants, gross profit decreased by Baht 274 million due to the 10% growth of cost of natural

periods of 2017 were 7.10 million Baht and 16.23 million Baht, decreased from the same period of the previous year by 2.33 million Baht and 4.98 million Baht respectively, due to the high price of natural