government solar project in collaboration with the war veteran organization (PPA 8.94 MW). The average irradiation hours of projects in both Thailand and Japan lowered due to the higher amount of clouds and

with minimal mass of clouds, leading to increase solar irradiation. Meanwhile in Thailand, the wind power plant project, “Lom Ligor” at Pak Panang district, Nakhon Si Thammarat province (PPA 8.965 MW

benefited from seasonal factors during the second quarter of every year that the sky is clear, with lowered clouds and fog. Whereas, the electricity sales of the “Lom Ligor” project adjusted downward, due to

recorded a slight increase in electricity sales (4% QoQ), as in Q4/2019 weather experienced dense clouds and fogs condition, thus increasing the average irradiation hours of the project this quarter. 3

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 4th quarter and year ended December 31th, 2019 2 Management Discussion and Analysis of Business Operation for FY2019 Bangchak Corporation Plc. | 03 Table of Contents 06 09 29 25 27 31 Executive Important Events Summary Business Performance 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural Resources Statement of Cash Flows Statement Financial Ratios Environment Manag...