ar 08 EN - Investor Relations

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GHECO-ONEPOWER PLANT PROJECTGHECO-One Company Limited is a joint venture between GlowEnergy Public Company Limited, Thailand’s largest privateproducer of electricity and industrial utilities and Hemaraj Landand Development Public Company Limited, Thailand’s leadingdeveloper of the industrial estates. The JV was formed with theobjective of producing and supplying electricity to ElectricityGenerating Authority of Thailand (EGAT) under the IndependentPower Producers (IPP) program. To obtain approval to developthe new power plant project, and in accordance with newlyintroduce Thai regulations in Map Ta Phut, Glow Group mustreduce NO x and SO 2 emission at Glow’s existing facilities, wherebythe NO x and SO 2 emission of the GHECO-One project may notexceed 80% of the amounts reduced. GHECO-One is utilizinghighly efficient supercritical boiler technology and state-of-the-artemission reduction equipment. The plant will be one of the mostefficient and cleanest coal-fired power plant when commissionedin 2011. Its emission level could comfortably meet existing Thaiand World Bank standards, as well as EU standards which areamong the most stringent in the world.34 Annual Report 2008
ENVIRONMENTALLY – FRIENDLY ELECTRICITY GENERATINGPROCESS1. Imported high-quality Bituminous coal will be transferredfrom the project’s coal receiving harbor by the enclosedconveyor to coal stockyard.2. Coal will be pulverized before injecting into high efficiencyboiler to burn and generate heat energy by using burnersdesigned for optimum combustion and low nitrogen oxideemissions (Low NO x Burner).3. Heat energy will be passed into boiler to make high pressuresteam which will then go to steam turbine to drive generatorand generate electricity.4. Steam that has passed through the steam turbine will becooled using sea water for reuse. The temperature of coolingsea water will be controlled to legal limits before discharginginto the sea. This avoids use of fresh water that can be usedfor agriculture and residential use.5. Hot gas from combustion in boiler will be sent throughemission reduction and control system, comprising SelectiveCatalytic Reduction (SCR) for NO x removal, ElectrostaticPrecipitator (ESP) for dust removal and Flue GasDesulphurization (FGD) for SO 2 removal before emitting theair into atmosphere through 150 meter high stack. Thesesystems make this the cleanest coal fired power plant inThailand and one of the cleanest in the world.6. All coal ash residues from the combustion process will becollected in a silo before transporting to the cement industry/ready mixed concrete industry where it will be recycled.7. GHECO-One Power Plant will be operated at internationalstandards, using high quality coals and state-of-the-artand environmentally friendly technology including the use ofSupercritical Pulverized Coal Boiler Technology (a first forThailand), a high efficiency boiler system that can reduceconsumption of fuel, thus reducing all emission.8. There is continuous environmental monitoring programthroughout the project lifetime. In addition, Glow Group is thefirst private power company in Thailand to install an EmissionDisplay Board which is showing real time emissions comparedto standards, testimony to Glow’s transparency andenvironment care preoccupation.9. The Company can use some parts of its existing utilities andinfrastructures; consequently this will reduce environmentalimpact.BENEFITS FROM THE PROJECT – NATIONAL LEVEL• Cheap electricity tariff (award was based on competitivebidding).• Diversification of fuel risk.• Introduction of a “model” coal-fired plant, one of thecleanest in the world.• Increase competitiveness of Thailand.BENEFITS FROM THE PROJECT – LOCAL AND COMMUNITYLEVEL• Cleaner air due to net NO x and So 2 emission reduction asa result of the expansion.• Generate income to the local community via employmentand taxes.• Contribution to the Surrounding Community DevelopmentFund Project:- During construction period: approximately Baht 33million a year.- During operation: approximately Baht 100 million a yearCommunity Fund Management is comprised of representativesfrom community, qualified experts, representatives fromgovernment sector and power plant operators. The communitywill control the use of the fund. The Fund is primarily for thebenefit of the communities within 5 kilometers from the Map TaPhut industrial estate boundary. The fund may be utilized for thefollowing objectives:• Promote and develop career and life quality for thecommunities.• Support education, local folk and culture.• Support activities regarding health, hygiene and environment.• Support social activities.Glow Energy Public Company Limited35
Page 10 and 11: FINANCIAL HIGHLIGHTFINANCIAL POSITI
Page 12 and 13: GENERAL INFORMATIONGLOW ENERGY PUBL
Page 14 and 15: MESSAGE FROM THE CHAIRMANIn 2008 Gl
Page 16 and 17: 14 Annual Report 2008MESSAGE FROM T
Page 18 and 19: THE STRATEGY OF GLOWGlow’s object
Page 20 and 21: VISION, MISSION,CORPORATE CULTUREVI
Page 22 and 23: GOOD CORPORATE GOVERNANCEThe Compan
Page 24 and 25: In addition to disclosing informati
Page 26 and 27: so that the Board, under the guidan
Page 28 and 29: • Review the composition, size an
Page 30 and 31: operational results of the manageme
Page 32 and 33: GLOW IS PROUDTO PLAY VITAL PART IN
Page 34 and 35: • Glow Group also continually con
Page 38 and 39: BOARD OF DIRECTORS *Mr. Esa Heiskan
Page 40 and 41: Management TeamMr. Esa HeiskanenChi
Page 42 and 43: BUSINESSOVERVIEWWe are one of the l
Page 44 and 45: STRUCTURE OF REVENUESREVENUESWe der
Page 46 and 47: and enhancing our operations, conti
Page 48 and 49: 4. FINANCIAL PERSPECTIVEMaintain an
Page 50 and 51: We operate IPP and cogeneration fac
Page 52 and 53: THE FOLLOWING DIAGRAM SETS OUT OUR
Page 54 and 55: PRODUCTS ANDPRODUCTION FACILITIESOu
Page 56 and 57: PRODUCTION FACILITIESThe following
Page 58 and 59: (E) GLOW SPP 1 PLANTThe Glow SPP 1
Page 60 and 61: RISK FACTORSRISKS RELATING TO US AN
Page 62 and 63: necessarily reflect our actual fuel
Page 64 and 65: WE ARE SUBJECT TO SIGNIFICANT CONTR
Page 66 and 67: In the past, we have been involved
Page 68 and 69: • The terms relating to PTT’s r
Page 70 and 71: 68 Annual Report 2008SHAREHOLDING A
Page 72 and 73: Glow Energy Public Company LimitedB
Page 74 and 75: The company’s management structur
Page 76 and 77: NAMEPOSITION21. Mr. Chaiwut Rattana
Page 78 and 79: 3. Mr. Kovit Poshyananda (73)Educat
Page 80 and 81: 9. Mr. Rajit Nanda (38)Education: M
Page 82 and 83: DETAILS OF MANAGEMENT TEAM1. Mr. Pe
Page 84 and 85: 9. Mr. Louis Stephen Holub (47)Educ
Page 86 and 87:
18. Mr. Somchai Klinsuwanmalee (43)
Page 88 and 89:
28. Dr. Somgiat Dekrajangpetch (35)
Page 90 and 91:
Company nameSubsidiariesGlow Glow G
Page 92 and 93:
REMUNERATIONS FOR THE COMMITTEES•
Page 94 and 95:
INTERNAL CONTROLThe Glow Audit Comm
Page 96 and 97:
RELATED PARTY TRANSACTIONSDETAIL OF
Page 98 and 99:
MANAGEMENT‘S DISCUSSIONAND ANALYS
Page 100 and 101:
VOLUMES SOLDYEAR TO DATE ENDED DECE
Page 102 and 103:
The following table shows a breakdo
Page 104 and 105:
The following table sets out the en
Page 106 and 107:
Others income in 2008 amounted to B
Page 108 and 109:
AUDIT COMMITTEE’S REPORTTO: THE S
Page 110 and 111:
FINANCIAL STATEMENTSGLOW ENERGY PUB
Page 112 and 113:
GLOW ENERGY PUBLIC COMPANY LIMITED
Page 114 and 115:
Page 116 and 117:
STATEMENTS OF CHANGESIN SHAREHOLDER
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
1.3 SUBSIDIARIESAll subsidiaries of
Page 124 and 125:
Depreciation is calculated by refer
Page 126 and 127:
4. SUPPLEMENTAL CASH FLOWS INFORMAT
Page 128 and 129:
9. INVESTMENTS IN SUBSIDIARIES USIN
Page 130 and 131:
10. LONG-TERM LOANS TO RELATED PART
Page 132 and 133:
On April 30, 2008, the Company ente
Page 134 and 135:
13. FINANCE LEASE PAYABLESThe Compa
Page 136 and 137:
THE COMPANY’S LOANFacility Agreem
Page 138 and 139:
On May 8, 2007, Glow IPP Company Li
Page 140 and 141:
17.2 According to the Civil and Com
Page 142 and 143:
All the Company’s sales are domes
Page 144 and 145:
21.2.5 On November 11, 2008, Glow C
Page 146 and 147:
As at December 31, 2008 and 2007, t
Page 148 and 149:
22. TRANSACTIONS WITH RELATED PARTI
Page 150 and 151:
Unit : BahtFOR THE YEARS ENDED DECE
Page 152 and 153:
On February 27, 2008, the Company e
Page 154 and 155:
On February 19, 2008, the Company e
Page 156 and 157:
154 Annual Report 2008use fee of Ba
Page 158 and 159:
23.1.9.4 On February 15, 2005, Glow
Page 160 and 161:
23.2 CONTINGENT LIABILITIES23.2.1 L
Page 162:
27. EVENT AFTER BALANCE SHEET DATEO
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