2024-01-13 08:14:53
PTT explains information regarding the Stock Exchange, Cabinet resolution regarding measures to reduce the burden of electricity costs. Affecting the operating results of 2 parts with a total value of 10,800 million baht. The PTT board held a special meeting on January 12, 2024, requesting that the shortfall payment proceed according to the ERC’s resolution.
On January 13, 2024, Mr. Atthaphon Rerkpiboon, Chief Executive Officer and President of PTT Public Company Limited or PTT, informed the Stock Exchange of Thailand, stating that PTT would like to clarify the facts regarding the Cabinet resolution when December 19, 2023 on measures to reduce the burden of electricity costs. This will affect PTT’s operating results.
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Consisting of 1. Adjusting the natural gas price structure 2.Transmission of natural gas prices into the Gulf of Thailand In the event that the producer is unable to deliver gas according to the conditions of the gas purchase contract “Shortfall”
By adjusting the gas price structure According to the above measures, the cost of the gas separation plant changes from gas in the Gulf of Thailand to the average cost of gas from all sources, including the Gulf of Thailand, Burma, and liquefied natural gas (Liquefied).
Natural Gas : LNG) (“Pool Gas”), which will affect the operating costs of the gas separation plant business. to be adjusted higher Except for liquefied petroleum gas used as fuel in the country.
However, the above measures are short-term measures until the official gas price structure has been determined by the Energy Regulatory Commission (“ERC”) and is completed.
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From the preliminary estimate of the impact during January-April 2024, it will cause the overall performance of PTT’s gas business to decrease by approximately 6,500 million baht.
However, PTT has planned to find measures to reduce the impacts, such as adjusting the operating plan of the gas separation plant. (Optimization) Proposing guidelines for LNG procurement to achieve the target electricity price framework according to government policy, including PTT will discuss with the Ministry of Energy regarding the impacts arising from the gas price restructuring in all aspects. to find appropriate approaches together
As for the shortfall, the Energy Regulatory Commission has ordered that PTT incorrectly calculated the price of Pool Gas and ordered PTT to take the shortfall from October 2020 – December 2022, with a total value of approximately 4,300 million baht, to calculate the price. Pool Gas: PTT believes that PTT has calculated the price of Pool Gas correctly and in accordance with the resolutions of the National Energy Policy Committee (“NEPC”) and related ERC announcements, including correctness. according to the gas purchase contract all along
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PTT therefore filed an appeal once morest the said order to the Energy Regulatory Commission. Later, it appeared that the Energy Regulatory Commission issued a decision to dismiss PTT’s appeal, ordering PTT to comply with the order immediately and if PTT If you do not agree with the decision of the Energy Regulatory Commission, PTT has the right to file a lawsuit with the Administrative Court. or submit a matter to the Office of the Attorney General in accordance with the regulations of the Office of the Prime Minister on the determination of dispute resolution between government agencies and litigation, B.E. 2018, within 90 days from the date of knowing the ERC’s decision.
In order to comply with the order of the Energy Regulatory Commission, the PTT Board of Directors at the special meeting No. 1/2024 on January 12, 2024 has therefore resolved to approve PTT to comply with the appeal decision of the PTT. The Energy Regulatory Commission through PTT will consider the operational guidelines. or continuing to exercise legal rights that are necessary and appropriate
Read the original news at: PTT laments measures to reduce electricity prices affecting tens of billions – board orders shortfall payment according to ERC resolution.
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