["Solar Power Plants\/ \nProjects \nShareholding \n(%) \nCapacity (MW) \nLocation \n(Prefecture) \nCommercial \nOperation Date \n100% \nEquity- \nBased \n19. Shirakawa \n100.00 \n10.00 \n10.00 \nFukushima \nJanuary 2022 \nTotal Generation Capacity \n145.89 \nNote: \n *Banpu NEXT has increased a 100% stake in Hino, Awaji, and Yabuki power plants since 8 September 2023. \nSolar Farms in Australia \nBanpu acquired two operating solar farms in New South Wales, Australia, through Banpu Energy Hold Trust, \njointly established by Banpu Energy Australia Pty Ltd. (BEN), a subsidiary of Banpu, and Banpu Renewable \nAustralia Pty Ltd. (BREA), a subsidiary of Banpu NEXT. BEN\u2019s and BREA\u2019s shareholding percentage in Banpu \nEnergy Hold Trust is 80% and 20%, respectively. Banpu Energy Hold Trust acquired 100% shares of both \nBeryl Solar Farm (BSF) and Manildra Solar Farm (MSF), which are Banpu\u2019s first two utility-scale solar farms \nin Australia, as detailed below: \n1. Beryl Solar Farm \nBeryl is a 110.9 MW solar farm located in New South \nWales. It achieved COD in June 2019. \n2. Manildra Solar Farm \nManildra is a 55.9 MW solar farm located in New \nSouth Wales. It achieved COD in December 2018. \nThese two solar farms are supported by growing demand and electricity consumption as well as the government \npolicy to promote electricity generation from renewable energy. They supply electricity through the National Electricity \nMarket (NEM) under the long-term Power Purchase Agreement (PPA). This acquisition paved the way for investment \nin a renewable business in Australia under the Wholesale Electricity Market with an advanced trading system. \n49 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Solar and Wind Power Plants and Projects in \nthe Socialist Republic of Vietnam \nBanpu NEXT has expanded its investment and development of solar and wind power plants and projects in \nVietnam. Currently, it owns three solar and wind power plants and projects, one of which is during submission \nof documents for COD approval and feasibility study phase, while the other two projects have already achieved \ncommercial operation. These operating plants have secured long-term power purchase agreements with Vietnam \nElectricity (EVN) under the Feed-in Tariff (FiT) scheme for a 20-year period to supply electricity through the \nnational grid system. As of 31 December 2023, the Company\u2019s total capacity was 152.60 MW, as detailed below: \nSolar Power Plants in the USA \nBKV-BPP has invested in and is currently developing a solar power plant project with production capacity of 2.5 MW \nin the U.S. The project is expected to commence commercial operations in mid-2024. \nPower Plants\/Projects \nShareholding \n(%) \nCapacity (MW) \nLocation \n(Province) \nCommercial \nOperation Date \n100% \nEquity- \nBased \nWind Power Plants\/Projects \n1. El Wind Mui Dinh \n100.00 \n37.60 \n37.60 \nNinh Thuan \nJune 2019 \n2. Vinh Chau - Phase 1 \n100.00 \n30.00 \n30.00 \nSoc Trang \nDuring submission \nof documents for \nCOD approval \n Vinh Chau - Phase 2 & 3 \n100.00 \n50.00 \n50.00 \nSoc Trang \nDuring the feasibility \nstudy phase \nSolar Power Plants \n3. Nhon Hai \n100.00 \n35.00 \n35.00 \nNinh Thuan \nJuly 2020 \nTotal Capacity \n152.60 \n50 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Banpu NEXT, a leading smart energy solutions provider \nin Asia-Pacific, operates its businesses in alignment \nwith Banpu Group\u2019s Greener & Smarter strategy and \nsupports a low-carbon society. The Company strives \nto become the \u201cNet-Zero Solutions Provider\u201d offering \ntotal smart energy solutions for enterprises across \nAsia-Pacific. Banpu NEXT is positioned as the long- \nterm partner prioritizing customer needs by analyzing \ncustomers\u2019 pain points. It harnesses technology and \nleverages its energy expertise to design and develop \nthe best tailor-made solutions, from design and planning \nto installation, with expert assistance provided at every \nstage of project development, along with professional \nafter-sales service and 24\/7 customer care. The Company \nprovides a digital platform and applications which facilitate \neasy and real-time energy management for customers, \nenabling enterprises to adopt clean energy solutions \nwithout limitations. This supports the transformation of \nenterprises into smart business, enabling them to achieve \ntheir sustainability goals in line with the Environmental, \nSocial, and Governance (ESG) principles and Sustainable \nDevelopment Goals (SDGs). Moreover, the Company \ncreates opportunities for sustainable growth while \nimproving the quality of life for both its customers and \nthe general public. Banpu NEXT has engaged in five \nbusinesses as follows: \nEnergy Technology Group \nBanpu integrates various forms of technology into its Greener & Smarter approaches \nand is moving forward to becoming a leading international versatile energy provider with a commitment toward \nsustainable energy. To achieve its goal, the Company leverages its experience of over \nfour decades in the energy business, both in Thailand and abroad. Banpu builds on its expertise in \nsolar power generation business management in China, Australia, and Japan, including the energy trading \nplatform and virtual power plant technologies in o ering clean energy technology business suitable \n! \nfor the future energy of Thailand through its subsidiary, Banpu NEXT Co., Ltd. \n51 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Banpu NEXT develops energy storage systems \nfor all electric vehicles and stationary applications. \nFor example, an integration into solar power systems \nand renewable power plants to enhance energy \nefficiency and ensure stability in all situations. \nThe energy storage systems business is operated by \nits subsidiary, Durapower Holdings Pte. Ltd., a world \n-leading provider of lithium-ion battery systems. \nIn China, the Company developed a solar rooftop \nproject in Zhengding, with a total capacity of 66.10 MW \nas of 31 December 2023. \nSolar ESCO, a leading renewable company in Vietnam \nin which Banpu has invested, has installed an additional \n14.7 MW solar rooftop power generation system for VinFast, \na Vietnam-based automotive company in Vingroup. \nAs of 31 December 2023, Solar ESCO\u2019s total equity- \nbased capacity amounted to 40.20 MW (a 49% stake). \nThe solar rooftop power generation project in Indonesia operated by PT. ITM Bhinneka Power (IBP), a Banpu subsidiary, \nprovides solar rooftop installation services for commercial and industrial customers, such as latex glove factories and \nwater bottle factories. The total capacity as of 31 December 2023 was reported at 17.40 MW (in accordance with \nthe proportion of its shareholding). \nOperating a power generation and distribution business, including solar rooftop and floating solar, Banpu NEXT \naims to expand its portfolios into strategic markets in Asia-Pacific, namely Thailand, China, Japan, Vietnam, \nand Indonesia. As of 31 December 2023, the total installed capacity in all these countries amounted to 225 MW. \nBanpu NEXT is continually expanding its solar rooftop and floating business. In Thailand, it serves leading \nenterprises across various industries. For example, it has completed phase IV of solar rooftop power generation \nsystem installation at Betagen plant and phase III at Summer Lasalle, a mixed-use project. Furthermore, it has \ninstalled the system for automobile manufacturing plants, product manufacturing plants, and 16 MW large-scale \nfloating solar project at Lak Chai Mueang Yang Industrial Estate, Rayong Province, which has already achieved \nCOD. As of 31 December 2023, Banpu NEXT\u2019s total capacity of solar power and floating solar business in Thailand \nwas at 98.30 MW. \nSolar Rooftop and Floating Business \nEnergy Storage Systems Business \n52 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Banpu NEXT has engaged in overseas energy trading, earning profit from the price difference in buying and \nselling. The Company is ready to expand into free electricity trading markets with an operation in Japan. \nIts primary customers are electricity grid operators, educational institutions, government agencies, and hospitals. \nThe Company plans to expand its energy trading business to other countries with high-growth potential, such as \nthe United States of America and China. The energy trading capacity as of 31 December 2022 amounted to 760 GWh. \nBanpu NEXT is Thailand\u2019s first fully integrated alternative mobility service provider in the form of Mobility as \na Service (MaaS) to facilitate customers\u2019 logistics and transportation businesses. Its e-mobility business includes \nan EV fleet management system linked to a digital platform and an EV charger with after-sales services. \nThe Company\u2019s MaaS consists of three key services: \n1. Vehicle-as-a-Service (VaaS) \n offers customized EV \nfleet and charging station management to meet the \nspecific requirements of the customer\u2019s business. \n2. Energy-as-a-Service (EaaS) \n offers an EV energy \nservice, including batteries, EV charger stations, \nand battery swap stations. In 2023, the Company \ninvested in Oyika Co., Ltd., a Singapore-based \nstartup specializing in battery swap solutions for \nelectric motorcycles. \nIts lithium-ion battery plant in China has a current \nproduction capacity of 1 GWh with a plan to \nincrease to 3 GWh by 2025. Banpu NEXT and \nDurapower jointly established a battery assembly \nplant at Amata City, Chonburi Province, which will \ncommence commercial operations in 2024 and will \nachieve a production capacity of 1 GWh by 2027. \nIn addition, Banpu NEXT has acquired a 40% stake in SVOLT Energy Technology (Thailand) or SVOLT \nThailand, a manufacturer and distributor of lithium-ion batteries for electric vehicles. The battery manufacturing \nplant located in Sri Racha, Chonburi Province, is expected to begin delivering the first batch of products in \nthe first quarter of 2024 to key customers in the EV industry, such as GWM and Hozon. \nTo generate value in the entire value chain of the battery business, from manufacturing and distribution to \nreusing and recycling, Banpu NEXT has invested in Green Li-ion Pte. Ltd., a Singapore-based lithium-ion battery \nrecycling technology company. Moreover, Banpu NEXT has developed a battery farm project in Japan with \na capacity of 58 MWh, which is expected to achieve COD in 2025. \nEnergy Trading \nE-Mobility Business \n53 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Banpu NEXT offers total energy solutions, energy management systems, district cooling systems, waste \nmanagement, and smart utility systems that improve efficiency in business operations and optimize energy \nutilization and saving. It also assists its customers in transforming their enterprises into smart businesses, aiming \nfor a carbon-free society. In 2023, BNSP Smart Tech Co., Ltd., a joint venture between \u2018Banpu NEXT\u2019 and \n\u2018SP Group\u2019 from Singapore, secured a contract for the installation of a district cooling system at the Chaloem \nPhra Kiat Government Complex Extension Project, Zone C, Chaengwattana, Bangkok, which is expected to be \ncompletely installed in 2024, with a 20-year contract duration. As of 31 December 2023, Banpu NEXT operated \n27 smart city development and energy management projects. \nBanpu NEXT has been seeking out technological partners and supporting talented Thai startups to strengthen \nbusiness operations and create a robust business ecosystem. Apart from Durapower Holdings Pte Ltd, a Banpu \nNEXT subsidiary in Singapore, which is currently operating an energy storage system business, the company also \nhas a network of business alliances that have invested in leading companies in various industries. The company \ncontinues to explore new investment opportunities with partners specializing in clean energy technology to \nco-develop the best clean energy solutions that address the specific business requirements of each customer \nto drive a substantial shift toward a carbon-free society. \n\u2022 Ride-sharing service with Muvmi electric tuk-tuks \ncovering 12 main areas in downtown Bangkok, \nwith 16,888 passengers a day \n\u2022 EV charger management by Evolt Technology \nCo., Ltd. with 711 EV chargers \n\u2022 After-sales service by Beyond Green Co., Ltd., \nwith 22 branches across Thailand \nSmart Cities & Energy Management Business \n3. Platform-as-a-Service (PaaS) \n offers a user-friendly digital platform to enhance fleet management \nproductivity, track carbon credit optimization, and save costs, for instance, the platform for mobility \nsharing, ride sharing, fleet management, fleet maintenance, and battery management systems. As of \n31 December 2023, the Company\u2019s Mobility-as-a-Service (MaaS) encompassed: \n54 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","MARKET AND COMPETITION \nMining Business \nMarket and Competition \nEnergy Resources \nMarket \n1. Global Thermal Coal Market \nThe year 2023 is anticipated to witness the largest seaborne thermal coal import growth in history, despite a slowdown \nin the global economic recovery. The exceptionally high trade volume was propelled by peak hoarding demand \nstemming from energy security concerns, while sanctions and bans on Russian exports persisted. Trade volume \ngrowth was further fueled by the increasing coal-fired capacity in China, India, and Southeast Asia. However, a mild \nwinter and sluggish economic growth have dampened spot demand in Europe and North Asia. Domestic coal \nproduction challenges in China, along with the competitiveness of imported coal, were the primary factors \ncontributing to import demand growth. Despite the robust growth in seaborne demand, supply outpaced demand \ngrowth, leading to a significant price correction in 2023. \nMany end-users in Europe and North Asia commenced \nthe year with high inventories, having secured significant \nvolumes for the winter. However, they burned less coal \nthan anticipated due to a warm winter, while supplies \nremained relatively smooth. The combination of high stocks \nand low coal burn reduced spot demand in the market, \nparticularly in the high calorific value category. \nAt the beginning of 2023, China lifted the ban on \nAustralian coal imports and began receiving Australian \ncoal in February 2023. This move exerted downward \npressure on Asian coal prices, especially in the mid- to \nlow-calorific value grades. \nChina\u2019s domestic coal production faced challenges due \nto a series of mine accidents, prompting authorities \nto enhance coal mine safety inspections, leading to \nproduction suspensions in certain mines and tightening \ndomestic supplies. Despite these accidents, coal \nproduction in China remained robust as the Chinese \ngovernment continued urging miners to increase output \nto avert coal shortages. The country\u2019s overall coal \nproduction reached 4.66 billion tonnes in 2023, up by \n2.9% from the previous year. \nIn addition to safety measures, declining coal prices \nhave contributed to the challenges faced by China\u2019s \ncoal industry. The market has witnessed falling prices \ndue to factors such as high import volumes, mounting \ninventories, and sluggish industrial demand. \nImported thermal coal became competitive against \ndomestic coal at the coastal area, encouraging end-users \nto use more imported coal. The Chinese government \nhas extended the waiver of the 6% coal import tariffs \nto the end of 2023, aiming to increase coal supply \nand stabilize coal prices in the country. \nAlthough China\u2019s economic recovery was slower than \nanticipated, coal demand in power sector remained \nstrong, supported by low hydro generation. \n55 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","In India, insufficient rainfall because of El Ni o not only \n\u00f1 \ncontributed to an increase in temperature and humidity \nlevels but also led to draught in many parts of the country \nin 2023. Cooling and pumping needs increased \nsubstantially, further elevating the already high electricity \ndemand. Continued growth in economic activities also \nsupported the power demand growth. While lower \nrainfall led to low hydro generation which resulted in \na significant increase in coal-fired generation. \nIndian domestic coal production and supplies also \nincreased strongly following government efforts to \nenhance local coal availability to meet a rise in power \ngeneration, especially ahead of the summer season \nwhen electricity consumption typically surges. However, \ndomestic supply growth still lagged behind demand \ngrowth, supporting thermal coal imports. \nHence, India\u2019s Ministry of Power has issued directive \nto domestic coal-based utilities to use 6% of imported \ncoal in their blends. Another order to import coal fired \npower plants to raise generation helped to increase \noverall stocks at power plants, aiming to boost power \ngeneration to meet an anticipated increase in electricity \nconsumption. The Ministry has asked fifteen imported \ncoal-based power plants, with a combined generation \ncapacity of 17.5 GW, to operate at full capacity to meet \nan expected surge in the country\u2019s electricity demand \nduring summer. This kept Indian thermal coal imports \nstrong in 2023, although some of thermal coal import \nvolume for cement industry has been replaced by \ncompetitive petroleum coke. \nJapan continued to sanction Russian coal imports in 2023; \nhowever, small buyers still purchased Russian coal \ndue to high discounts, while key utilities switched to \nbuying coal from other sources. Japan\u2019s thermal coal \nconsumption was relatively weak in 2023 due to slow \neconomy, milder weather conditions and high nuclear \navailability. A warm winter at the beginning of the year \nresulted in lower coal burn, amid steady coal supply, \nelevating coal inventories at almost all power plants. \nHigh coal prices forced Japanese utilities to find \nalternative supply sources to lower costs. With ample \ncoal stocks and moderate power demand, some utilities \nhave secured lower-quality coal for blending, as power \nplants can operate at a lower load factor. \nAlthough coal was competitive against gas in power \ngeneration in most of 2023, Japan\u2019s thermal coal imports \ndropped significantly due to weak electricity demand, \nimproved nuclear output, and higher solar output. \nSouth Korea\u2019s thermal coal imports dropped in 2023 due \nto milder weather conditions and slow economic recovery. \nThe presence of strong nuclear and renewable power \ngeneration allowed coal-fired units in South Korea to \nrun at a lower load factor, despite firm power demand. \nThis means that coal-fired power operators do not \nneed to rely heavily on high-calorific value (HCV) coal, \nas burning mid-grade material could meet the country\u2019s \nelectricity production needs. \nIn late August 2023, the South Korean Ministry of Trade, \nIndustry and Energy (Motie) asked five state-controlled \nutilities to reduce their Russian coal imports for \nthe remainder of 2023. Russia became the main source of \nHCV coal for South Korea\u2019s power sector in 2023 because \nof its competitive pricing against other origins. However, \nthe South Korean government promised to reduce its \ndependency on Russian hydrocarbons at a summit \nwith the U.S. and Japan in August, prompting the \nministry to increase pressure on state-controlled utilities \nto cut down the share of Russian coal in their portfolios. \nThe South Korean government has placed a quota of 13 \nmillion tonnes on Russian thermal coal for delivery to the \ncountry\u2019s five state-owned generators in September- \nDecember 2023. This move means the generators have \nto push 1 million tonnes of booked Russian tonnage into \n2024, as the generators had already inked deals for \n14 million tonnes for arrival through the remainder of \nthe year. However, independent power providers and \nindustrial buyers were free to continue transacting \nwith Russia. \n56 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Decrease \nIncrease \n1,150 \n1,200 \n1,100 \n850 \n800 \n900 \n950 \n1,000 \n1,050 \n2023 \nTotal \nDemand \n1,093 \nEurope \nMediteranean Americas \nRest \nof World \nIndia \nSE \nAsia \nChina \n2022 \nTotal \nDemand \n973 \nJapan \n\/Korea \n\/Taiwan \nIn late November 2023, the South Korean government announced its seasonal fine dust management plan, which \nincludes restrictions on coal-fired plants during the winter months (December 2023 to February 2024). This measure \naims to limit coal burning in the country and consequently reduce thermal coal imports during that period. \nIn 2023, Taiwan\u2019s thermal coal imports witnessed a decline, \ndriven by the combination of lower power demand and \nhigher renewables output. These factors collectively \nweighed on Taiwan\u2019s thermal power generation. \nThe decrease in power demand was influenced by \ntyphoons and slow economic growth. Taiwanese utilities \ncurtailed coal-fired output from October to March to \nmitigate air pollution, thereby limiting import demand \ngrowth. \nAlthough Taiwan\u2019s state-controlled utilities have banned \nRussian coal imports, the private sector continued to \nimport Russian coal due to substantial price discounts. \nIn Southeast Asia, thermal coal import experienced \nrobust growth in 2023. This was propelled by strong \neconomic growth in Vietnam, recovered power demand \nin the Philippines and Malaysia, and the addition of \nnew coal-fired power plant in Cambodia. \nIn Europe, thermal coal imports significantly dropped in \n2023 due to sluggish power demand, low gas prices, \nstrong renewable generation, and high coal and gas \ninventories. Low power demand was attributed to a slow \neconomy and mild weather conditions. While the supply \nof coal and gas into the region remained relatively steady, \nmost power plants shifted to coal-to-gas conversion due \nto unfavorable coal-fired generation economics resulting \nfrom low gas prices and intensifying pressure on \ncoal burning. \nThe European Union (EU) and the United Kingdom (UK) \ncompletely banned Russian coal imports in 2023, causing \na shift in coal trade flows in the global market. European \nbuyers had to source coal from other origins such as \nColombia, South Africa, the U.S., or even Australia \nand Indonesia, requiring longer distance for delivery. \nThe European generators began reassessing their coal \ncapacity needs in late 2023 as pressure mounted on \ngovernments to adhere to their coal phase-out agendas. \nThe UK closed nearly half of its coal-fired fleet at the end \nof March 2023. While some countries still maintain coal- \nfired power plants on standby for energy security reasons. \nOn the supply side, adjustments in thermal coal trade flows \ncontinued following the sanction against Russian fuels. \nSupply improved in 2023 after geopolitics, weather, and \ninfrastructure-related disruptions in the prior years. Thermal \ncoal export growth was primarily driven by Indonesia \nand Australia, turning the global market into oversupply. \n2022\/2023 Thermal Coal Import Demand Changes \nMillion Tonnes \nSource: \n Marketing, Sales and Logistics analyst, Banpu Plc. \n57 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Indonesia\u2019s thermal coal exports experienced a strong \nincrease as producers intensified production and exports \nto capitalize on high coal prices. Dry weather associated \nwith El Ni o supported robust production in Indonesia. \n\u00f1 \nAustralia\u2019s thermal coal export rebounded from \nthe previous year due increased production, thanks to \nimproved weather conditions. Coal exports to China \nresumed following the end of import ban, helping to \noffset weak demand in north Asia. \nIn 2023, the New South Wales (NSW) state government \nmandated that coal producers reserve up to 10% of \ntheir output for domestic use, impacting exporters \nand temporarily removing coal from the seaborne \nmarket. However, the supply shortfall for NSW power \ngenerators, around 4 million tonnes per year, is not \nexpected to significantly impact the seaborne market. \nThermal coal export from South Africa continued to be \nconstrained by ongoing logistical issues on railway routes \nfrom mines to ports. Train derailments in 2023 reduced \ncoal transport volume to the key export port, Richards \nBay Coal Terminal (RBCT). Several producers resorted to \ntransporting coal to non-RBCT ports by trucks, causing \ntraffic jams and violating environmental regulation. \nThe port authority limited truck-transported coal into \nthe Richards Bay Multipurpose (MPT) and Dry Bulk \nTerminals (DBT), decreasing coal transport volume for \nexport in the second half of 2023 and limiting export \ngrowth, while these two ports manage around 20% \nof South African thermal coal exports. \nIn Colombia, several rail and road blockades disrupted \ncoal transport and mine operations, resulting in slow coal \ntransport to the export ports. Although most blockades \nwere short-lived, producers aimed to maintain high stocks \nat ports to mitigate the impact, limiting export growth. \nDrought and less rainfall in Panama led to low water \nlevels at the Panama Canal, causing prolonged delays for \nColombian coal shipments to Asian market. Some shippers \nhad to reroute cargoes, incurring expensive demurrage \npayments, contributing to limited export growth. \nRussia diverted coal to Asia due to the EU and the UK \nbanning Russian coal in response to Russia-Ukraine \nconflict. In 2023, Russian exporters had to use \nnorthwestern ports coal to Asia due to limited rail capacity \nto far east ports. High global coal prices allowed \nRussian producers to offer substantial discounts to \nbuyers and to ship more coal to China, India, and \nSouth Korea, maintaining Russian thermal coal exports \nat the 2022 level. \n1,150 \n1,200 \n1,100 \n850 \n800 \n900 \n950 \n1,000 \n1,050 \n2023 \nTotal \nSupply \n1,096 \nSouth \nAfrica \nRest \nof World \nAustralia \nIndonesia \n2022 \nTotal \nSupply \n1,004 \nRussia \nUSA \nColombia \n2022\/2023 Thermal Coal Export Supply Changes \nMillion Tonnes \nSource: \n Marketing, Sales and Logistics analyst, Banpu Plc. \n58 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","2. Coal Market in the Republic of Indonesia \nIndonesian producers ramped up coal production in 2023 to capitalize on high coal prices. The Indonesian Ministry \nof Energy and Mineral Resources (ESDM) reported a preliminary coal production of 770 million tonnes, marking \na 12.4% increase from the previous year. Dry weather associated with the El Nino effect also supported coal \nproduction in Indonesia, with the majority of growth occurring in the lower calorific value category. \nIn 2023, Indonesia\u2019s coal exports reached 514 million tonnes, reflecting a 12% year-on-year increase. The growth \nwas fueled by strong demand from China, India and Southeast Asia. \nDomestic coal consumption in 2023 was approximately 174 million tonnes, a 3.9% increase from the previous year. \nIn terms of sector-wise coal consumption, 60% was attributed to power generation, 23% to the metal smelting \nindustry, 7% to the cement industry, and the remaining 10% to other industries. \nPercentage of \n2023 \nSales Volume \nby Country \n4% \nIndia \n5% Bangladesh \n5% \nThailand \n3% \nMalaysia \n2% Hong Kong \n1% \nTaiwan \n1% \nItaly \n0.4% \nVietnam \n14% \nJapan \n8% Philippines \n0.4% South Korea \n24% \nIndonesia \n33% \nChina \nU.S. thermal coal exports increased in 2023 due to higher demand from Europe to replace Russian coal. \nThe high global coal price and soft domestic demand also encouraged producers to export more. But limited \nrail capacity constrained export growth. \nThe Company sold 21.0 million tonnes of Indonesian coal in 2023, a 7.3% year-on-year increase, including coal \npurchased from third party coal suppliers. The Company shipped 16.9 million tonnes of own produced coal, \nup by 3.9% year-on-year, and 4.1 million tonnes of third-party coal, up by 23.9% year-on-year. \nThe majority of third-party coal was used for blending with Banpu\u2019s owned coal to improve quality. \nChina accounted for the largest market with 33% of Banpu\u2019s total sales volume from Indonesia in 2023, \n5.8% year-on-year. Indonesia was the second-largest market, accounting for 24% of the total sales volume, \ngrowing by 21.5% year-on-year due to the government assignment as per Domestic Market Obligation (DMO) rule. \nJapan is the third largest market, with sales volumes accounted for 14% of the total sales volume, but the coal sales \nto Japan dropped by 1.4% from a year earlier due to change in product quality. \nBanpu diverted more coal to the Philippines, Thailand and Hong Kong to gain better value, with the sales volume \nincreases of 7.5%, 15.5% and 512.7% year-on-year, respectively. The Company also resumed selling to Europe \nin 2023 due to tight European supply resulting from sanction on Russian coal. \n59 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","In March 2023, the Indonesian government adjusted \nthe formula for the thermal coal reference price \n(the country\u2019s benchmark coal prices, called Harga \nBatubara Acuan or HBA), addressing concerns among \nsupplier about price lags. Some Indonesian coal \nproducers were reluctant to offer cargoes as the struggle \nto cover royalty payments based on HBA prices. \nThe ESDM announced the new coal HBA formula and \nscrapped the previous formula based on the average \nin the previous month of four coal prices indexes \u2013 \nthe Indonesian Coal Index, Newcastle Export Index, \nglobalCoal Newcastle Index and Platts 5900 Index. \nThe new HBA formula was composed of 70% \nof the average coal sales price in the previous month \nand 30% of the average coal selling price in the past \ntwo months. It was primarily used for calculating \nroyalties and is categorized into HBA, HBA 1 and HBA 2, \nbased on coal calorific values at 6,322 kcal\/kg GAR, \n5,200 kcal\/kg GAR and 4,200 kcal\/kg GAR, respectively. \nHowever, in August 2023, the ESDM modified the HBA \nformula again, introducing four grades to better align \nroyalty payments with the quality of coal produced. \nApart from the traditional 6,322 kcal\/kg GAR grade, \nthe reference prices for 5,300 kcal\/kg GAR, 4,100 \nkcal\/kg GAR and 3,400 kcal\/kg GAR grades were \npublished. This aimed to help producers to pay \nroyalties based on the quality of coal they produced. \nIn July 2023, President Joko Widodo signed off on \nIndonesian Government Regulation No. 36 of 2023 \nconcerning export proceeds from business, management, \nand\/or natural resource processing activities. \nThe regulation affected various business sectors, \nincluding coal, requiring at least 30% of export revenue \nto be stored in a special escrow account in Indonesian \nfinancial institutions for a minimum of three months, \neffective from 1 August 2023. This was aimed at retaining \nincome in Indonesian banks versus foreign bank, impacting \nproducers\u2019 cash flow and leading some to prioritize \nsales over exports. \nIn September 2023, Indonesian government launched \na new online system, the E-PNBP, integrating production \ntracking and royalty payment systems. However, technical \nglitches during data migration in late September led to \na suspension of transshipment activity for almost a week. \nTechnical glitches in the newly integrated monitoring \nsystems also disrupted barging and vessel loading \noperations in the second half of September. \nIn Indonesia, all miners require approval on their work \nplan and budget plan (RKAB) from ESDM as a production \nquota that government allows them to mine each year. \nThey have a chance to revise RKAB at mid-year if \nthey want to produce more than the production quota \nthey received. However, this year the government \nwanted to simplify the standard operating procedures \nby using electronic platforms, aiming to improve \nefficiency and transparency. \nThe ESDM has initiated the E-RKAB work plan system, \na digital platform designed to simplify standard \noperating procedures and business processes within \nthe mineral and coal mining sectors. \nThe move came after the ESDM\u2019s evaluation in August \n2023, focusing on optimizing business processes \nto tackle delays in processing requests from mining \ncompanies, a concern voiced by industry stakeholders. \nThe E-RKAB was launched in early October 2023. \nOnly producers that have submitted manual requests \nbefore 31 July 2023 to resubmit their proposals digitally. \nThe E-RKAB system represented an expansion of \nthe ESDM\u2019s ongoing digitalization efforts, integrating \nvarious oversight and monitoring programs such as \nthe E-PNBP, Mineral One Monitoring System, and the \nMarketing Verification Module. Transformation of \nthe approval processes for revising RKAB output \nplans, attributed to the ESDM\u2019s digitalization initiatives, \nresulting to a delay of revised RKAB approval and \ntemporary market exits for some producers as they \nran out of production quota. In September 2023, \ncertain producers informed customers of their inability \n60 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","to fulfill previously agreed sales due to running out of \nproduction quota, prompting buyers to seek alternative \nsources in an already tightly supplied market. \nIn 2023, the revision RKAB was approved n November 2023 \ni \nwhich delay from normal approval process. However, \nthis has not significantly impacted the seaborne coal \nmarket due to weak demand. \nThe Indonesian government implemented a new tariff \nscheme at the Muara Berau port in East Kalimantan \nfor ship-to-ship (STS) services from 1 October 2023. \nThe new tariff collection system required shipping \ncompanies, stevedoring, floating crane rental and \nloading facility companies, to register on the Orbit \ndigital STS activity platform. \nMuara Berau is one of the main transshipment ports \nin Indonesia, with the largest users being coal-carrying \nships. Pelabuhan Tiga Bersaudara (PTB) is the manager \nof the Muara Berau port and will be responsible \nfor collection of the tariffs. \n3. Coal Market in Thailand \nDuring the first eleven months of 2023, total coal \nconsumption of the private sector in Thailand was \napproximately 17.3 million tonnes, marking a significant \ndrop of 3.0 million tonnes or 14.8% year-on-year. \nThe largest decline in coal consumption occurred \nin the independent power producers (IPP) sector, \nwhere some IPPs had to halt operations by the order \nof the Electricity Generating Authority of Thailand \n(EGAT) due to the extremely high coal prices. \nIPPs\u2019 coal consumption plummeted to 3.9 million \ntonnes, a decrease of 26.7% from the same period \nlast year. The cement industry also experienced a \nnotable decrease in coal consumption, amounting to \nabout 5.9 million tonnes, down by 9.3% year-on-year. \nThis decline was attributed to a weak economy and \nreduced demand for cement. In contrast, the small \npower producers (SPP) group saw a slight increase \nin coal consumption, reaching 2.5 million tonnes, up by \n2.7% year-on-year. \nCoal consumption in the other industries, including \npaper, petrochemicals, textiles, and food, amounted \nto approximately 5.0 million tonnes, reflecting a \nsignificant drop of 17.0% year-on-year. Weak demand \nresulting from the sluggish economy compelled these \nindustries their productions. \nPTB implemented the new tariff scheme on 1 October \n2023 following the signing of a ministerial decree \nissued by the transportation ministry approving \nthe STS tariffs. There will be two sets of tariffs \u2014 \ndomestic and international. The rate will be Rupiah \n17,507 per tonne (USD1.13 per tonne) for domestic \nships that use their own cranes, while a rate of \nRupiah 28,270 per tonne will apply to ships that use \nadditional floating cranes. Tariffs for international \nships are set at USD1.22 per tonne and USD1.97 \nper tonne respectively. This tariff increase has led \nsome shippers to consider changing loading points \nto avoid additional costs. \nIn 2023, Banpu sold 5.1 million tonnes of coal in Indonesia, \nconstituting 24% of the Company\u2019s total Indonesian coal \nsales and about 2.9% of Indonesian coal consumption. \nMajor customers are coal-fired power plants (60% \nof total coal sales volume), the metal smelting industry \n(34%), the cement industry (5%), and other industries \n(1%). \nCoal Consumption by Sector \nSource: \n Marketing, Sales and Logistics analyst, Banpu Plc. \nCement \nIPP \nSPP \nOther Industry \nJan-Nov\u201923 \nJan-Nov\u201922 \n3 \n2 \n0 \n1 \n4 \n5 \n6 \n7 \nMillion Tonnes \n61 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Competitions \n1. Competition in the Coal Industry \nIn 2023, the adjustment in supply chain persisted amid sustained sanctions on Russian coal imports by European \nUnion, the UK and Japan. The ban on Russian coal reshaped the global flow of coal trade and altered the competitive \nlandscape among suppliers. Australia and Indonesia were able to redirect coal shipment to Europe, replacing \nRussian coal, while Russia increased its focus on Asian market. \nThe overall thermal coal imports in 2023 reached approximately 1,093 million tonnes, marking an increase \naround 120 million tonnes year-on-year or 12.3%. Despite the global economic recovery slowing down, \n2023 is anticipated to witness the largest growth in seaborne thermal coal imports in history. \nChina\u2019s thermal coal imports hit a historical record in \n2023 at 355 million tonnes, representing a substantial \nincrease of 137 million tonnes year-on-year or 62.5%, \ndespite sluggish economic growth. The growth n demand \ni \nwas propelled by domestic coal supply constraints, \ncompetitive prices of imported coal, and low hydro power \ngeneration due to dry weather associated with El Ni o \n\u00f1 \nphenomenon. Mining accidents prompted government \nauthorities to strengthen mine safety inspections, \nleading to production suspensions in certain mines and \ntightening domestic coal supplies. Despite these incidents, \nthe Chinese government continued to encourage \nminers to boost coal production to stabilize prices. \nRussian coal suppliers sold their coal to China at \na substantial discount compared to market prices, \naiming to increase sales due to the import ban by European \ncountries and Japan. This heightened competition \nin the Chinese market, causing a downward trend \nin Chinese domestic coal prices and global thermal \ncoal prices. \nIndia imported about 163 million tonnes of coal in 2023, \nmarking a 7.6% increase over the previous year. Strong \neconomic performance and low hydro generation \ncompelled the Indian government to issue a directive, \nrequiring power plants to blend 6% of imported coal \nin their total burn to address an expected shortfall \nin domestic coal availability. Although domestic coal \nproduction showed robust growth, it could not meet \nthe demand growth. As domestic coal supply improved \nand high coal availability from Indonesia, South Africa, \nand Russia emerged, Indian buyers did not rush to buy coal, \nleading to increased competition in the market. \nNorth Asian countries, including Japan, South Korea, \nand Taiwan, collectively imported approximately 264 \nmillion tonnes of thermal coal in 2023, marking an 8.2% \nyear-on-year decrease. Mild weather, slow economic \nperformance, and recovered nuclear generation were \nthe main factors contributing to lower coal consumption \nin this region. Over-purchasing and low coal consumption \nresulted in extremely high stocks in almost all end-users, \nlimiting spot demand, especially for the high-calorific \nvalue coal. Competition remained intense as supply \nfrom key suppliers remained smooth. Although Japan \nbanned Russian coal imports, the volume in the existing \ncontracts was allowed to be deliver until the end of \nthe agreements. South Korea has partial ban on Russian \ncoal as state-controlled utilities are not allowed to purchase \nRussian coal, but the existing contracts also allowed \nto be delivered until the end of the agreements. \nHowever, private sector coal consumers were still \nable to purchase Russian coal due to high discounts. \nIn Taiwan, state-controlled utilities volunteered to ban \nRussian coal imports, but private sector coal consumers \ncontinued to purchase Russian coal. \nThe thermal coal imports of Southeast Asian countries \nin 2023 increased by 19.5% from the previous year, \ntotaling 140 million tonnes, driven by strong demand \nfrom Vietnam, the Philippines, and Malaysia. Falling coal \nprices incentivized buyers in this region to use more coal. \nThe competition remained intense as the market \ntransitioned into oversupply. \n62 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","In Europe, the demand for thermal coal experienced a significant decline in 2023 due to a weak economy, mild weather \nconditions, and low gas prices. The coal burn rate in the region remained moderate as most power \nplants adopted a coal-to-gas switching strategy. The volume of thermal coal imports into Europe in 2023 \nwas approximately 63 million tonnes, reflecting a sharp decrease of 31.5% compared to the previous year. \nDespite European countries ceasing to purchase Russian coal since late 2022, robust coal supply from alternative \nsources proved sufficient to meet demand. The region witnessed high coal and gas inventories, contributing \nto intense competition. With the coal burn lower than anticipated, some utility buyers, well-contracted and with \nhigh stocks, were exploring opportunities to resell cargoes back to the market. \nChina \nIndia \nJapan \nSouth Korea \nTaiwan \nVietnam \nPhilippines \nMalaysia \nThailand \nBangladesh \nPakistan \nHong Kong \nUAE \nSri Lanka \nOceania \nOthers \n350 \n300 \n50 \n0 \n100 \n150 \n200 \n250 \n2022 \n2023 \nAsian Thermal Coal Import by Country \nMillion Tonnes \nSource: \n Marketing, Sales and Logistics analyst, Banpu Plc. \n2022 \n2023 \nGermany \nPoland \nItaly \nNetherlands \nSpain \nFrance \nUK \nBelgium \nDenmark \nMed E. Europe \nFinland \nIreland \nNorway \nSweden \nGreece \nPortugal \n35 \n30 \n5 \n0 \n10 \n15 \n20 \n25 \nEuropean Thermal Coal Import by Country \nMillion Tonnes \nSource: \n Marketing, Sales and Logistics analyst, Banpu Plc. \n63 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Global thermal coal exports in 2023 reached approximately 1,097 million tonnes, marking a 9.2% increase \nfrom the previous year. The growth was primarily fueled by Indonesia and Australia, with these two countries \ncontributing significantly to the expansion. About 96% of the global seaborne thermal coal trade originated from \nsix major coal exporting nations: Indonesia, Australia, Russia, South Africa, Colombia, and the U.S. \nIn 2023, Russian thermal coal exports reached \napproximately 170 million tonnes, marking a modest \nincrease of 0.7% compared to the previous year, despite \nfacing European sanctions. Russian producers achieved \nsuccess by redirecting coal to Asia, maintaining relatively \nlow prices compared to other origins. The limited \ncapacity of Russian railway to transport coal to far \neastern ports heightened competition among Russian \nIndonesia maintained its position as the world\u2019s largest \nthermal coal exporter, shipping around 514 million tonnes \nin 2023, reflecting a 12% increase from the previous \nyear. Producers in Indonesia ramped up coal production \nto capitalize on high coal prices and dry weather \nconditions further supported their efforts. Despite \nsignificant production growth amid weak demand, \ncompetition intensified among producers, particularly \nin the lower calorific value market, as the majority of \nthe production increase was in the lower calorific \nvalue category. \nAustralia remained its status as the world\u2019s second-largest \nthermal coal exporter, exporting approximately 200 \nmillion tonnes in 2023, a surge of 11.9% compared to \nthe previous year. Production rebounded from the low \noutput experienced in 2022, which had been influenced \nby heavy rainfall associated with the La Ni a effect. \n\u00f1 \nCompetition among Australian producers remained \nmoderate, aided by China lifting a ban on Australian coal \nimports, enabling Australian coal producers to resume \nexports to China and offsetting weak demand in North Asia. \n2022 \n2023 \nIndonesia \nAustraliaa \nRussia \nSouth Africaa \nColombiaa \nThe U.S.. \nOtherr \nI \nn \ndo \nn \nesi \na \nA u \nstrali \nR u \nssi \na \nSo \nu t \nh \n Afric \nColombi \nT h e \nU.S \nOt \nhe \n400 \n300 \n200 \n100 \n0 \n500 \n600 \nGlobal Thermal Coal Export by Country \nMillion Tonnes \nSource: \n Marketing, Sales and Logistics analyst, Banpu Plc. \nproducers. Despite this, the high international coal \nprices kept Russian coal competitive in several Asian \nmarkets, even when shipped from northwestern \nports. However, the continued decline in coal prices \nand fluctuations in the exchange rate posed risks \nto some Russian producers, potentially leading \nto negative margins. \n64 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","South Africa\u2019s thermal coal exports in 2023 total approximately 71.5 million tonnes, marking a 1.6% increase from \nthe previous year. South African coal faced fierce competition from inexpensive Russian coal in the Indian market. \nHowever, strong European demand in the first half of 2023 helped alleviate this competition. In the second half of the year, \nwith weakened European demand, South African producers had to redirect coal back to Asia, encountering \nstiff competition from other Asian suppliers. \nColombian thermal coal exports in 2023 reached approximately 56 million tonnes, representing a 4.7% increase \nfrom the previous year. Colombian coal producers faced intense competition as they had to redirect \ncoal to the Asian market due to weak European demand. High freight rates and falling coal prices added \nto the difficulty of expanding their market share. \nIn 2023, the U.S. exported 43 million tonnes of thermal coal, a notable increase of 21.8% from previous year. \nDespite facing stiff competition in the European market due to oversupply, the high coal prices and proximity to \nthe European market allowed U.S. coal to remain competitive. However, logistic constraints within the country \nrestricted the export volume. \nThermal coal prices in 2023 will be corrected from \nthe recorded highs in 2022, despite the ongoing \nsupply chain adjustment. This correction persisted \neven with the ban on Russian coal imports by the EU \nand its allies. The prices for high-quality coal \nwitnessed a significant drop in early 2023 due to \nlow electricity demand caused by a warm winter and \nsluggish economic performance in key importing \ncountries. Steady coal supply into these nations \nresulted in high stocks, limiting spot demand, and \nkeeping coal prices depressed throughout the year. \nIn contrast, the price of low-quality coal remained \nrelatively stable due to robust demand from China, \ncoupled with a strong supply from Indonesia. \nMild weather throughout the year, attributed to El Ni o \n\u00f1 \neffect, led to decreased coal burn in several key \nimporting countries, particularly for high-quality coal. \nAlongside slow economic growth, low gas prices, \nand stable supply, this contributed to the prolonged \nJan-21 \nApr-21 \nJul-21 \nOct-21 \nJan-22 \nApr-22 \nJul-22 \nOct-22 \nJan-23 \nApr-23 \nJul-23 \nOct-23 \n500 \n300 \n350 \n400 \n450 \n50 \n0 \n100 \n150 \n200 \n250 \nNewcastle Export Index \nAustralia-Japan Reference Price \nIndonesia (4,200 kc GAR) \nThermal Coal Export Price, FOB \nUSD\/Tonne \nSource: \n McCloskey \n65 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","depression of high-quality coal prices in the latter \npart of the year. Russian coal producers diverted \nmore coal to Asia, leveraging lower coal prices, which \nadded further downward pressure to high-quality coal \nprice in the Asia market. \nHigh-quality coal prices exhibited high volatility \nin 2023 due to various supply risks, including \ngeopolitical tensions, weather conditions, and \ngovernment policies. In September 2023, strike actions \nat Chevron\u2019s two Australian LNG plants supported spot \nLNG prices, with some spill-over impact on high-quality \ncoal prices. However, gains were limited due to weak \noverall demand. In October 2023, concerns over \nthe Israel-Hamas conflict, which had the potential to \naffect the energy supply chain, briefly lifted prices in \nthe wider energy complex. Nevertheless, the impact \nwas short-term, as global demand remained weak. \nAustralian coal producers reported ongoing pressure \non costs, as expenses related to equipment and \nsupply materials significantly increased in 2023 due to \nhigh inflation. This factor helped prevent a significant \ndrop in high-quality coal prices. \nIn 2023, major Japanese buyers and leading Australian \ncoal producers settled on a Japanese Reference Price \n(JRP) at USD199.95 per tonne, FOB Newcastle, based \non 6,322 kcal\/kg GAR, for supplying Australian coal \nunder annual contracts over April 2023 to March 2024. \nThe agreed contract price, serving as an industry \nbenchmark for seaborne thermal coal supplies in Asia, \nwas lower than the previous settlement at USD395 per \ntonne in October 2022. However, it remained higher \nthan the USD109.97 per tonne FOB mark in June 2021. \nNotably, this price maintains a considerable premium, \nespecially dealing with a top-tier supplier, irrespective \nof the prevailing market conditions at that time. \nLooking ahead to 2024, the demand for imported \nthermal coal demand is expected to remain robust, \ndriven by China, India, and Southeast Asia. However, \nglobal coal trade volumes are anticipated to start \ndeclining due to lower hoarding demand, increased \ninventories, and stronger global efforts towards \ndecarbonization. China\u2019s eased requirements for \nmedium- and long-term domestic coal supply contracts \nmay support imports, but potential import upside \nremains uncertain. Meanwhile, Europe\u2019s coal phase-out \nand declining imports are expected to continue. \nOn the supply side, the global thermal coal market is \nprojected to remain oversupplied as coal competes \nfor market share. Export capacity growth is expected \nto persist in 2024, creating growing spare capacity \nin the market. Major exporters are likely to introduce \nnew and cheaper capacities to maintain or expand \ntheir export quantities and shares. Although Russian \nexports continue to face sanctions, strong demand \nfrom Asian is anticipated to mitigate the impact. \nLogistic constraints are expected to limit export \ngrowth from South Africa and Colombia. \nIn conclusion, oversupply will continue to exert \npressure on coal prices in 2024. High-quality coal \nprices are expected to be more volatile than low-quality \ncoal prices due to inherent supply risks. \n2. Competition in Thailand \nCompetition in Thailand remained intense throughout \n2023, primarily because almost all coal consumed \nby private sector is imported, with a plentiful supply \nfrom abroad. Domestic coal consumption in the first \neleven months of 2023 was a mere 0.05 million tonnes, \nmarking an 86.3% year-on-year decrease due to \nreserve depletion. The share of domestic coal dwindled \nto just 0.3% of the total coal consumption in the private \nsector, in contrast to the 1.8% reported during the \nsame period last year. \nDuring the initial eleven months of 2023, imported coal \nconsumption reached 17.2 million tonnes, indicating a \n13.4% year-on-year decrease, influenced by a weakened \neconomy and elevated coal prices. Coal supplies \n66 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","to the independent power producers (IPP) typically \nadhered to long-term contracts, excluding them from \nparticipating in spot business. Conversely, other sectors \nopened their doors to spot transactions, engaging \nwith over 20 coal suppliers from both local and \ninternational markets. \nBuyers in the small power producers (SPP) and \ngeneral industrial sectors often make small quantity \npurchases from stock and sales, limiting their \nsuppliers\u2019 options to local players with available coal \nstocks. Despite this limitation, competition in this \nmarket remains robust due to the abundant overseas \nsupply accessible to local traders. \nReflecting the slowdown in coal burn, thermal coal imports in the first eleven months of 2023 aligned with \nconsumption, experiencing a 16.8% year-on-year decline to 16.5 million tonnes.The downward trend in coal \nprices contributed to a delay in coal purchases by buyers, as they sought to secure more favorable prices. \nExpectations for Thailand\u2019s market competition in 2024 indicate continued fierceness, fueled by increasing \noutput from Indonesian coal producers. While a recovery in Thailand\u2019s thermal coal demand is anticipated due to \nthe resumption of IPP power plants, the coal supply to these plants operates under long-term contracts, unlikely \nto significantly impact the spot market. Any demand resurgence in other industries is also expected to be modest. \nCompetitive Strategies \nThe global thermal coal supply chain has been adjusting to the new normal, resulting in an oversupplied global \ncoal market. In response to this evolving market environment, Banpu has adapted its strategies with the following \nkey initiatives: \n\u2022 \nShift to Premium Markets \nThe high-quality products are prioritized for premium \nmarkets to attain higher prices. While the lower quality \ncoal is blended to enhance overall quality for suitability \nin premium markets, utilizing a coal optimization \nmodel and acquiring coal from reliable suppliers to \ncontribute to quality improvement. The Company \npositions itself as a trustworthy coal supplier, \nleveraging ownership of coal sources and export \nport for competitive advantage in premium markets. \n\u2022 \nCustomer Focus \nThe Company concentrate on customer requirements \nby fostering collaboration between marketing, \nsales, logistics, operations, and coal supply chain \nand sourcing teams, while implementing customer \nsegmentation to better understand the diverse needs, \npreferences, and buying patterns of different customer \ngroups. Banpu works collaboratively with customers \nto ensure the delivery of the right quality, engaging in \nregular communication, visits, and gaining a deeper \nunderstanding of customer needs and issues. \nThailand Coal Consumption and Imports \nSource: \n Energy Policy and Planning Office \nJan-Nov\u201923 \nJan-Nov\u201922 \nMillion Tonnes \nDomestic Coal \nConsumption \nImported Coal \nConsumption \nCoal Imported \n25 \n20 \n15 \n0 \n5 \n10 \n67 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","\u2022 \nMaintaining Customer Relations \nBanpu emphasizes the importance of long-term \nrelationships with customers and trade partners \nthrough regular visits by sales representatives, while \nstrengthening relationships and address customer \nissues through continuous communication and \nquarterly performance updates by emails to ensure \nthe Company\u2019s commitments delivered. \n\u2022 \nCoal Trading Business \nThe Company strengthens the coal trading business \nthrough alliances with other coal suppliers to expand \nthe Company\u2019s portfolio and increase sales volume, \nwhile utilizing the supply chain management system for \nefficient transportation, quality control, and stability \nof supply. \nMajor Competitors \nMajor competitors in the global market include coal \nproducers and exporters like Glencore, Peabody and \nYancoal, and Indonesian producers such as Bumi \nResources, PT. Bukit Asam, PT. Adaro Energy, \nPT. Kideco Jaya Agung, PT. Bayan Resources, and \nPT. Golden Energy Mines. More Russian coal producers \nentered Asian markets due to the European ban on \nRussian coalimports, intensifying competition in key \nmarket such as China, India, and South Korea. \nAdditionally, there are other players in the form \nof coal traders, including Noble Energy, Trafigura, and \nnumerous small producers. Given coal\u2019s nature as \na commodity, traders from other sectors can readily \nventure into the coal business. However, becoming \ncoal producers poses a higher barrier to entry, leading \nlarge coal producers to remain relatively unchanged. \nIn Thailand, major competitors predominantly consist \nof coal import traders, with the market being accessible \nfor new entrants due to its open nature. Banpu faces \ncompetition from entities such as SCG Trading Co., Ltd., \nLanna Resources Plc., Asia Green Energy Plc., and small \ncoal traders importing coal to cater to smaller users \nwithin the country. \nPricing Policy \nBanpu focuses on coal sales based on index-linked \npricing to align with market prices. Spot sales prices \nare agreed upon shortly before delivery, reflecting \nthe global price at the time of sales. The Indonesian \ngovernment caps prices for power plants at USD \n70 per tonne for coal with a calorific value of 6,322 \nkcal\/kg GAR, while pricing for other industries \nin determined by market conditions. The coal price \nwas set at USD 90 per tonne with the same quality for \nother industries except metal smelting, while the metal \nsmelting industry, coal is sold at the market price. \nCustomer Characteristics \nMajor customers for Banpu are large-scale coal-fired \npower plants, characterized by high stability, reliability, \nand substantial coal purchase volumes. Transparent \nbidding processes are used for both short-term and \nlong-term contracts. Banpu also sells coal to other users \nwho need less coal for their operations than large-scale \npower plants such as cement, pulp and paper, \nmetal smelting, and brick-making industries under \nshort-term contracts and sometimes from the spot \nmarket. \nTrading and Trading Channels \nBanpu manages coal marketing and trading activities \nfor coal produced in Indonesia and Australia, as well as \ncoal procured from other sources. Direct sales to coal \nusers facilitate a better understanding of customer \nneeds and the establishment of long-term customer \nrelationships. The Company engages in identifying \nmarket opportunities, making sales offers, bidding \nand negotiating contracts, and coordinating with \ncustomers for coal delivery, ensuring comprehensive \nafter-sales services. \n68 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Natural Gas Business \nMarket and Competition \nMarket \n1. \nGlobal Natural Gas Market \nAs we journeyed through 2023, the global natural \ngas market found itself at a crossroads, navigating \nthe aftermath of the 2020 financial crisis. The year \nunfolded against the back drop of an uneven global \neconomic recovery, with regions diverging in their \npaths to stabilization and growth. This recovery was \npropelled by a mix of robust government spending, \nthe resurgence of global trade, a return of consumer \nconfidence, and increased business investments. \nThese positive trends, however, were tempered by \ntighter monetary policies aimed at curbing the inflation \nobserved throughout the year. \nCentral to understanding the dynamics of the natural gas \nmarket in 2023 are the U.S. and China \u2013 the titans \nof energy consumption.Their economic resurgence, \nreflected in robust GDP growth rates, has been a beacon \nfor the energy sector, particularly for natural gas \nThis interplay between economic growth and energy \ndemand underpins much of the global market\u2019s behavior. \nThe year saw a decline in natural gas prices, marking \na significant departure from the peaks of 2022, \ndriven by the Russia-Ukraine conflict. The decline can \nbe attributed to the sustained growth in supply, mainly \noriginating from North America and the Middle East. \nFurthermore, the unusually mild winter in the northern \nhemisphere during 2022 and 2023 and the significantly \nelevated inventory levels, surpassing the 5-year average \nacross major gas-consuming countries, have also \nshaped this trend. The market dynamics underwent \na transformative shift, with Europe adopting LNG as \na baseload and China playing a crucial role in market \nequilibrium. \nMajor price indices, such as the European-based Title \nTransfer Facility (TTF) and Japan-Korea Marker (JKM\u2122) \nrecorded declines of over 50 percent in 2023, while \nstill maintaining levels significantly above 100 percent \nof their average levels from 2018 to 2020. \nLooking ahead, the International Energy Agency (IEA) \nprojected that overall global energy demand would \ngrow at a rate of close to 1 percent per year from 2010 to \n2050 under their Stated Policies Scenario. Natural gas, \nin particular, was expected to experience an average \nannual growth rate of about 1 percent during this \nperiod. This growth is primarily attributed to the \nLNG-driven Asian market, with natural gas expected \nto maintain its contribution of around 20 percent to \nthe total energy demand till 2050. Prices of natural gas \nwere anticipated to stay elevated above pre-Russia- \nUkraine conflict levels for the medium term, pending \nthe introduction of new LNG production capacities \nand assuming modest growth in the global economy. \n69 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","$10 \n$8 \n$9 \n$0 \n$2 \n$4 \n$6 \n$7 \n$1 \n$3 \n$5 \nJan-18 \nMay-18 \nSep-18 \nJan-19 \nMay-19 \nSep-19 \nJan-20 \nMay-20 \nSep-20 \nJan-21 \nMay-21 \nSep-21 \nJan-22 \nMay-22 \nSep-22 \nJan-23 \nMay-23 \nSep-23 \nJan-24 \nMay-24 \nSep-24 \n0 \n100 \n200 \n300 \n400 \n500 \n600 \n700 \n800 \n2010 \n2020 \n2030 \n2040 \n2050 \nTotal Energy Demand \nNatural Gas \nGlobal Total Energy Demand 2010-2050 \nMonthly Henry Hub Natural Gas Spot Price \nExajoules \nDollars Per Million British Thermal Units \nForecast \nData Source: \n IEA World Energy Outlook 2023 \nData Source: \n IEA, Short-Term Energy Outlook \nPolicy shifts in key economies also played a defining role in 2023. Aggressive incentive programs for renewable \nenergy sources began to alter the energy mix, potentially positioning renewables to supersede fossil fuels \nas the primary energy source in the future. \nIn summary, the story of the global natural gas market in 2023 is one of gradual adaptation and a tentative march \ntowards a new equilibrium. Balancing the influences of geopolitics, economic conditions, and evolving energy policies, \nthe market\u2019s trajectory was a testament to its resilience and capacity for change in the face of global challenges. \n2. The U.S. Natural Gas Market \nIn 2023, the U.S. natural gas market navigated a path \nmarked by historical volatility, a familiar theme but \nwith new nuances. This year\u2019s journey was steered \nby a confluence of factors, ranging from escalating \nproduction rates due to the aftermath of high drilling \nactivities prompted by the exceptionally high price \nin 2022, and a positive outlook on medium-term \ndemand growth, to weather anomalies. These factors \nhave skewed the delicate balance of demand \nand supply. \nThe beginning of the year brought warmer-than-expected weather, tipping the scales in the demand-supply dynamic, \ntoward oversupply. This shift was met with a strategic response from the U.S. industry players, who remained steadfast in \ntheir focus on capital efficiency and balance sheet strength. Throughout the year, the natural gas market witnessed a decline \nin prices, a scenario compounded by the rising tide of inflation, which exerted pressure on profitability. \nDespite these headwinds, the majority of gas operators showcased resilience, maintaining profitability through \nefficient operations and exemplifying capital flexibility amid market volatility. \n70 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Jan-16 \nJun-16 \nNov-16 \nApr-17 \nSep-17 \nFeb-18 \nJul-18 \nDec-18 \nMay-19 \nOct-19 \nMar-20 \nAug-20 \nJan-21 \nJun-21 \nNov-21 \nApr-22 \nSep-22 \nFeb-23 \nJul-23 \n Cove Point \n Calcasiseu Pass \nLNG Export Capacity \n Freeport \n Sabine Pass \n Cameron \n Corpus Christi \n Elba Island \n0 \n2 \n4 \n6 \n8 \n10 \n12 \n14 \n0 \n50 \n100 \n150 \n200 \nJan-21 \nFeb-21 \nMar-21 \nApr-21 \nMay-21 \nJun-21 \nJul-21 \nAug-21 \nSep-21 \nOct-21 \nNov-21 \nDec-21 \nJan-22 \nFeb-22 \nMar-22 \nApr-22 \nMay-22 \nJun-22 \nJul-22 \nAug-22 \nSep-22 \nOct-22 \nNov-22 \nDec-22 \nJan-23 \nFeb-23 \nMar-23 \nApr-23 \nMay-23 \nJun-23 \nJul-23 \nAug-23 \nSep-23 \nOct-23 \nNov-23 \nDec-23 \nU.S. Natural Gas Rig Count 2021-2023 \nMonthly U.S. Lique\ufb01ed Natural Gas (LNG) Exports (January 2016 - September 2023) \nBillion Cubic Feet \nData Source: \nU.S. Energy Information Adminstration (EIA) and Liquefaction Capacity Table \nData Source: \n Baker Hughes US Natural Gas Rotary Rig Count \nStrategically, the U.S. gas operators pursued growth through various avenues.They engaged in organic expansion, \nmergers, and acquisitions, and notably ventured into the realm of energy transition business lines. This multifaceted \napproach was balanced with a commitment to returning value to shareholders, a testament to the industry\u2019s \nadaptive capacity. Each strategic choice bore its own set of implications, shaping the operators\u2019 performance and \npositioning within the dynamic landscape of the industry. Looking ahead to 2024, the sector anticipates navigating \nthrough headwinds such as a weak pricing environment, escalating costs, and the ever-present challenges \nposed by regulatory and political policies. \nFrom a supply-demand perspective, the domestic market in 2023 continued to seek signposts for future trends, \nparticularly in Henry Hub pricing. A key driver was the unwavering demand for the U.S. LNG exports and \nnatural gas pipeline exports to Mexico, coupled with the steady demand for natural gas in power generation. \nDespite a short-term oversupply challenge, the rig count for gas saw a decline to 120 rigs by the end of 2023, \nreflecting a roughly 20 percent decrease from the beginning of the year. This decline suggests a deceleration \nin production growth and the possibility of a near-term decline. \nRig \n71 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","The shift in power generation was equally telling. \nNatural gas-fired power continued to gain market \nshare, primarily due to the ongoing retirement of \ncoal-fired assets in the U.S. regional power markets. \nThis transition, driven by efficiencies and economic \nconsiderations, was also motivated by a broader \ncommitment to reducing carbon footprints. \nIn the Permian Basin of West Texas, operators continued \nto invest in incremental natural gas production capacity, \nnecessary for the region\u2019s burgeoning oil volumes. \nBy 2024, an additional 4.2 Bcf\/d of capacity is anticipated, \nsignaling a significant contribution to the overall U.S. \nproduction growth. This expansion, however, will require \nbalancing across both regional and broader the U.S. \nmarkets. \nLooking at the long-term horizon, the U.S. natural gas \nmarket maintains a constructive outlook. Factors such as \nthe retirement of coal-fired power plants, with 12 GW \nexpected to be retired by 2024-2025, and the maturation \nof unconventional shale plays point towards a market \nadjusting to new realities, including inventory challenges. \nU.S. Annual Supply - Demand \nData Source: \n IEA, Short-Term Energy Outlook \n0 \n20 \n40 \n60 \n80 \n100 \n120 \n2021 \n2022 \n2023E \n2024F \n2025F \nTotal Dry \nGas Production \nNet Trade (Export) \nOther \nElectric Power \nIndustrial \nCommercial \nResidential \nMoreover, the increasing interlinkage of the U.S. market \nwith global LNG markets is set to become a major \ndemand driver, starting from 2024-2025 and extending \nthroughout the decade. \nAs per the Federal Energy Regulatory Commission \n(FERC), by the end of 2023, the U.S. boasted 14.4 Bcfe\/d \nof LNG export capacity, running at near full utilization. \nWith an additional 17 Bcfe\/d of approved and under- \nconstruction projects, and another 15 Bcfe\/d approved \nbut not yet constructed, the U.S. LNG market is poised \nfor significant expansion. This prospective growth, \nincluding 9 Bcfe\/d of proposed projects, underscores \nthe burgeoning demand for the U.S. natural gas, a promising \nto reshape the market landscape significantly. \nIn essence, 2023 has been a year where the U.S. \nnatural gas market continued to evolve, influenced \nby both domestic factors and its growing integration \ninto the global energy matrix. This interplay of \nlocal and global forces, alongside the industry\u2019s \nadaptive strategies and evolving policy landscapes, \nsets the stage for a dynamic and transformative future. \nBillion Cubic Feet Per Day \n72 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","-30 \n-25 \n-20 \n-15 \n-10 \n-5 \n0 \n5 \n10 \nSETO Forecast \n2021 \n2024F \n2025F \n-10.54 \n-10.62 \n-12.88 \n-14.09 \n-16.65 \n2022 \n2023E \nPipeline Exports \nLNG Exports \nNet Trade \nLNG Imports \nPipeline Imports \n3. Other Key U.S. Industries \nCarbon Capture, Utilization, and Sequestration (CCUS) \nCCUS involves the capture of CO emissions and \n2 \nprocessing them for reuse or permanent storage in \nsubsurface geological formations. Recognized as \na primary means of reducing CO emissions from \n2 \nlarge-scale energy and industrial sources, CCUS \nplays a crucial role in advancing the objectives \noutlined in the Paris Agreement. In 2021, the U.S. \nset ambitious goals, including delivering a net-zero \nemission economy by no later than 2050 (and 2035 \nspecifically for the electric power sector). \nAccording to the Global Status of CCS 2023 Report, \nas of July 2023, there were 392 projects in the worldwide \nCCUS facilities pipeline, including 41 operational CCUS \nfacilities. This represents an impressive 102 percent \nyear over year growth and continues the upward \nmomentum in CCUS projects in development. The U.S. \nEnergy Information Administration (EIA) also suggests \nthat achieving long-term global emissions reduction \ntargets will require CCUS capacity about 1,000 million \ntonnes per annum (Mtpa) by 2023 and reach 10,000 \nMtpa by 2050. \nAdditionally, the Global CCS Institute reported that, \nas of November 2023, 41 CCUS facilities were \noperational around the world. In Energy Technology \nPerspectives 2020, published by the International \nEnergy Agency (IEA), the IEA estimated that 80 percent \nof industrial facilities and power plants accounting for \n85 percent of emissions are located within 100 kilometers \nof a potential storage site. \nTo stimulate investment in CCUS, the US Energy \nAct of 2020 provided over USD 6 billion for CCUS \nresearch and development programs. In 2021, the U.S. \nTreasury and the Internal Revenue Service (IRS) issued \ncritical guidance on Section 45Q tax credits for carbon \ncapture and storage, expanding its applications \nto a wider range of CCUS activities. In addition, \nthe Inflation Reduction Act of 2022, signed into law on \nAugust 16, 2022, authorized approximately USD 370 \nbillion for clean energy and climate change spending, \nproviding significant incentives for CCUS investments. \nFurthermore, with the support of these unparalleled \nincentives and an intensified commitment to \nsustainability across companies in the market, \nBoston Consulting Group anticipated a remarkable \ndouble-digit surge in the CCUS sector within the US. \nProjections indicate that by the early 2030s, the industry \nis poised to attain a substantial valuation of USD \n50 billion. This trajectory not only signifies substantial \ngrowth but also solidifies the U.S. standing as \na frontrunner in the global CCUS industry. \nU.S. Annual Natural Gas Trade \nData Source: \nIEA, Short-Term Energy Outlook \nBillion Cubic Feet Per Day \n73 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Liqui\ufb01ed Natural Gas (LNG) \nLNG is natural gas in its liquid phase, achieved by \nsuper-cooled it to -260 F. Its primarily purpose is to \no \nstore and transport gas between markets with limited \nnatural gas pipeline connectivity. Upon reaching an \nLNG facility, natural gas is liquefied and compressed \nto approximately 1\/600th of its original volume. \nSubsequently, the LNG is loaded onto carriers \nequipped with large cryogenic tanks for maritime \ntransport. At receiving terminals, the LNG is reverted \nto its original gaseous state through a process \nknown as regasification. From there, the regasified \ngas can be stored or transported via pipelines to \nend-consumers, including power plants, industrial \nfacilities, and residential communities. \nIn the wake of the Russian invasion of Ukraine, \nRussia\u2019s substantial cuts in gas supply to the EU \nexerted pressure on European and global gas markets. \nAccording to the EIA, Russia\u2019s piped natural gas \nexports to the EU declined by an estimated 49 percent \nyear-over-year in 2022, close to 40 percent of total EU \ngas demand was sourced from Russia before these \ncuts. To mitigate that shortfall, European LNG imports \nincreased by 65 percent compared to 2021. The EIA \nalso reported a 141 percent increase in U.S. LNG \nexports to Europe during the same period, \nrepresenting 64 percent of all U.S. LNG exports \nin 2022. Furthermore, the EIA and FERC note that \nthe U.S. LNG utilizations are at all-time highs, \noperating at 98 percent of baseline capacity. To meet \ngrowing demand, an additional 17 Bcf\/d capacity is \ncurrently under construction, and another 15 Bcf\/d \nin capacity has been approved by U.S. regulators. \nCurrent market dynamics have poised LNG for \nexpansion, with the EIA forecasting a 25 percent \nincrease in global LNG capacity from 2022 to 2026. \nThe U.S. is set to strengthen its position as the world\u2019s \nlargest LNG exporter, driven by the establishment of new \nliquefaction plants, particularly in the U.S. Gulf Coast, \nwhere approximately 90 percent of the U.S. LNG \nbuild is slated. Qatar is also strategically positioned to \nemerge as a major player in the LNG sector, fueled \nby its planned expansion projected for 2026-2027. \nThis growth in LNG supply signifies a transition \ntowards a more globalized gas marketplace, enhancing \nresilience and the capacity of suppliers and consumers \nto adapt to supply and demand fluctuations. \nCompetition \nWithin the U.S. natural gas production market, there are three primary sources of competition. \n1. Competitive Natural Gas Producers \nThe U.S. Natural Gas Producer Benchmarking \nYTD Q3 2023 \nIncome - O&G \nBKV \nPeer 1 \nPeer \n2 \nPeer \n3 \nPeer \n4 \nPeer \n5 \nPeer \n6 \nPeer \n7 \nPeer \n8 \nPeer \n9 \nAverage Production \n(Mmcfe\/day) \n867 \n270 \n942 \n1,057 \n1,420 \n1,559 \n2,123 \n3,478 \n3,495 \n4,620 \nFree Cash Flow Margin \n4% \n-2% \n-29% \n58% \n-34% \n8% \n17% \n-7% \n17% \n7% \nReinvestment Rate \n44% \n73% \n61% \n62% \n134% \n69% \n49% \n99% \n72% \n89% \nCapex per Production \n(USD\/mcfe) \n$0.35 \n$3.56 \n$1.92 \n$1.16 \n$2.40 \n$1.18 \n$0.77 \n$0.85 \n$1.32 \n$1.27 \nSource : \n Internal analysis based on peer company GAAP public company filing and BKV IFRS financials; Free Cash Flow Margin = Free Cash Flow\/Total Revenue; \nReinvestment rate = Capex\/Adjusted Earnings before Interest, Taxes, Depreciation, Amortization and Exploration Expense (EBITDAX); \nCapex per Production = Capex\/Total Production \n74 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","2. Associated Gas Production \nSecondary competition for natural gas producers arises \nfrom associated gas, a by-product of oil-producing \noperations. Since oil is the primary economic driver \nfor these operators, the marginal costs of their \nnatural gas are extremely low, allowing them to \ndisplace existing natural gas demand. For associated \nnatural gas producers, the key lies in efficiently \ntransporting their natural gas to market through \neconomic pipeline infrastructure to monetize these \nby-products. The primary source of associated natural \ngas is from the unconventional play in West Texas, \nBKV, a subsidiary of Banpu in the U.S, competes with other onshore unconventional natural gas producers in \nthe marketplace. In addition to environmental, social, and governance (ESG) principles, competition in this sector \nrevolves around efficiency and access to key markets. These measures are best quantified by financial metrics, \nexcluding hedging effects. The accompanying chart highlights BKV\u2019s competitive position against nine peers \noperating in similar natural gas basins. Despite its smaller size, the data illustrates that BKV can effectively \ncompete on efficiency and margin metrics with leading U.S. public peers. \nspecifically the Permian Basin. Despite substantial \nproduction, pipeline constraints from the Permian \nto demand markets in the Gulf Coast areas of Texas \nand Louisiana imply that overall competition from this \nsource of associated gas will be capped, contingent \non the pace of pipeline infrastructure build-outs. \nThe chart below projects the total potential associated \nnatural gas supply from the Permian Basin, assuming \nsupply is constrained by anticipated future pipeline \ninfrastructure builds. \nPermian Production, Uses and Ceiling \n2021 \n2022 \n2020 \n2019 \n2025 \n2027 \n2028 \n2026 \n2024 \n2023 \n2018 \n30 \n5 \n0 \n10 \n15 \n20 \n25 \nSystem Stress \nNagative\/Depressed \nWaha Basis \nEastbound Capacity \nOther Production Uses \nProduction \nPractical Ceiling Estimate \nHistorical Eastbound Flows \nFuture Implied Eastbound Flows \nData Compile: \n December 17, 2023 \nProdution uses refer to the way producton can be consumed (stacked bars), Practcal ceiling reflects the total production potential estimate and can be lower than \nthe theoretical limit because of conditional properties. Future implied eastbound flows based on cumulative share of production growth since January 2019. \nSource: S&P Global Commodity Insights \nBillion Cubic Feet Per Day \n75 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Data Source: \n IEA Net Generation Report All Sector Monthly \nCompetitive Strategies \nBKV\u2019s strategy is to create value for its shareholders by managing and growing its integrated asset base and \nfocusing on the net zero objectives. The strategy has the following principal elements: \n0 \n100 \n200 \n300 \n400 \n500 \nJan-21 \nMar-21 \nMay-21 \nJul-21 \nSep-21 \nNov-21 \nJan-22 \nMar-22 \nMay-22 \nJul-22 \nSep-22 \nNov-22 \nJan-23 \nMar-23 \nMay-23 \nJul-23 \nSep-23 \nNatural Gas \nCoal \nNuclear \nHydroelectric Conventional \nWind \nSolar \nOther Renewables Sources \nOther \nBillion Kilowatthours \nU.S. Net Generation by Energy Source - All Sector \n(January 2021 - October 2023) \n3. Alternative Sources of Primary Energy \nThe third source of competition arises from natural gas \nsubstitution sources, with a particular focus on \nthe increasing penetration of renewable energy in \nthe power sector, as well as in commercial and \nresidential sectors. Over the past five years, there \nhave been notable increases in net power generation \nfrom renewables across the U.S. However, the current \nbase of renewable power generation remains relatively \nsmall, resulting in a muted overall impact on demand \nsubstitution. Looking ahead, uncertainties surround \npolicies related to future power generation in the U.S., \nand these uncertainties are expected to have a \nsignificant impact on the outlook for future demand \nsubstitution. It is crucial to closely monitor developments \nin this area for a comprehensive understanding of \nthe evolving competitive landscape. \n1. Deliver Robust Returns to Shareholders \nBKV intends to prioritize delivering strong returns to shareholders through its focus on creating shareholder value. \nThe company believes that its operational expertise in successfully drilling and refracturing wells, \nacquiring and integrating assets purchased at attractive valuations, and maintaining financial discipline, will \nunderpin the ability to meet shareholder return goals. Its integrated businesses and natural gas-weighted, \nlow-decline proved developed producing (PDP) reserves collectively reduce the downside risk while providing \nasymmetric upside returns from the confluence of commodity price uplift potential, operational improvement \nand development opportunities, and future accretive acquisition opportunities. \n76 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","2. Optimize the Value of Core Businesses \nBKV utilizes technology and data analysis to enhance \nits assets and operations, which the company believes \nimproves its operational efficiencies, reduces emissions, \nand helps realize its operational and financial goals \nas the company continues to scale its business. \nFor example, the \u201cPad of the Future\u201d program, which \nincludes the conversion of natural gas-powered \ninstrument pneumatics to compressed air-powered \ninstruments on existing pads, combined with emission \nand leak surveys, is expected to eliminate or reduce \napproximately 1.15 million tonnes per year (Mtpy) CO e \n2 \nof our annual GHG emissions by the end of 2025. \nOur \u201cPad of the Future\u201d application also improves \npad efficiencies and operating revenue. By employing \ntechnology, data analytics and operational excellence, \nfor the nine months ended September 30, 2023, \nBKV has reduced our lease operating costs in the Barnett \nby 10 percent compared to the nine months ended \nSeptember 30, 2022. \nIn NEPA, BKV reduced its lease operating costs by \n25 percent since January 2019, based on a 12-month \nrolling average for this time period compared to \nthe prior operatorship twelve-month rolling average \nending in January 2019. \nAdditionally, its refrac and long lateral drill programs \nhave allowed the company to organically grow its \nreserves base. As of June 30, 2023, our Barnett \nrefrac program has added 371 Bcfe of proved \nreserves since its inception in early 2021, as well as \nan estimated 507 Bcfe of probable reserves and \n150 Bcfe of possible reserves. As of June 30, 2023, \nBarnett refrac program has an average of USD 0.79\/ \nMcfe in finding and development costs with respect \nto proved reserves. This refrac program employs \nspecifically designed perforating technology and \na suite of innovative refrac techniques, as well as \nadvanced refrac designs and diversion methods \nto maximize reserves recovery and economics \nfrom legacy Barnett wells. Barnett new well drilling \nprogram has added 679 Bcfe of proved reserves \nsince our entry into the Barnett, with a total estimate \nof approximately 627 Bcfe of probable reserves and \n406 Bcfe of possible reserves. \n3. Grow through Opportunistic and \nSynergistic Acquisitions \nA significant element of our business strategy \nis gaining scale through accretive acquisitions. \nBKV has a track record of growth through acquisitions, \nwhich the company believes have been at attractive \nvaluations. Since 2016, the company has completed \n19 acquisitions and two CCUS partnerships, resulting \nin greater than a 100 percent compound annual \ngrowth rate of Adjusted Earnings before Interest, \nTaxes, Depreciation, Amortization and Exploration \nExpense (EBITDAX) as of September 30, 2023. \nBKV believes its business model, management team \nexperience and application of technology enable \nthe company to quickly and efficiently integrate \nadditional upstream, midstream and power assets \ninto its business. \n4. Maintain a Disciplined Financial Strategy \nBKV believes that it can execute on its business \nplan and grow business while continuing to generate \nsubstantial adjusted free cash flow. The company \ntargets a maintenance reinvestment rate of less \nthan 40 percent and an upstream reinvestment rate \nof less than 50 percent. BKV is focused on its goal \nof maintaining a conservative financial profile, \nwith a long-term total net leverage ratio target of 1.0x \nto 1.5x. Although the company may allow its leverage \nratio to exceed that target in connection with a strategic \nacquisition, it would seek to return its leverage level \nto between 1.0x and 1.5x as soon as reasonably \npossible thereafter through adjusted free cash flow \nand, if needed, reduced activity levels. To support \nthe generation of future adjusted free cash flow, \nthe company has a policy of hedging approximately \n25 percent to 60 percent of production volumes over a given \n12 to 24-month period. BKV believes its capital efficient \nproject inventory, low-decline natural gas production \nand multiple, integrated business lines will provide \nconsistent returns through varying business cycles. \nThe company intends to apply our cash flows \nto manage our indebtedness in line with its leverage \ntarget, fund the capital expenditure program, enhance \nshareholder value, and execute opportunistic acquisitions \nacross its business lines. \n77 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","In August 2023, BKV entered into a contract with ENGIE \nEnergy Marketing NA, Inc, a subsidiary of the global \nenergy utility ENGIE S.A., to supply up to 10,000 MMBtu\/ \nday of Carbon Sequestered Gas. Following satisfaction \nof certain conditions precedent, delivery of Carbon \nSequestered Gas is expected to commence in early \n2024. This collaboration underscores the commitment \nto sustainable energy solutions and positions \nBKV as a key player in the evolving landscape of \nenvironmentally conscious energy practices. \n6. Encourage Innovation \nBKV\u2019s distinctive culture encourages innovation with \na value-driven focus that helps build its competitive \nadvantage. For example, its emphasis on the efficient \napplication of modern technology led to the development \nof the \u201cPad of the Future\u201d program, advancements in \nBarnett refracs, and other operational improvements. \nThe company intends to continue to develop, retain \nand add to its already talented, experienced, and \nforward-thinking employees. The unified team and \nmantra of \u201cBeing a force for good\u201d underpin BKV\u2019s \ncore values and contribute to the company\u2019s ability \nto drive business growth successfully. \n5. Focus on Net Zero Objectives \nBKV seeks to apply its integrated business model, \nCCUS projects, and carbon-negative initiatives to realize \nScope 1 and 2 net zero upstream owned and operated \nemissions by the end of 2025. The company believes \nit can achieve this through the \u201cPad of the Future\u201d \nemissions reductions program, emissions surveys, \ninstalling solar power, and executing CCUS projects. \nIt also believes that carbon emissions within the U.S. \ncan be reduced substantially through carbon capture on \nnatural gas production, power plants, processing facilities, \nand other energy and industrial infrastructure. As such, \nin addition to lowering emissions in its direct operations, \nCCUS for third parties has become a core focus \nof its business plan. BKV expects its CCUS projects \nto represent a meaningful portion of its budgeted \ncapital expenditures going forward as the company \nadvances its long-term goal of eliminating and\/or \noffsetting Scope 3 emissions from owned and operated \nupstream businesses. \nFurthermore, BKV is strategically positioned to offer \nCarbon Sequestered Gas, a Scope 1, 2, and 3 \ncarbon-neutral natural gas product that could command \na premium in the marketplace. The carbon credits \nassociated with this innovative product will be generated \nthrough BKV\u2019s CCUS projects and third-party certified. \n78 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Energy Generation \nMarket and Competition \nBanpu operates the energy generation group of businesses through its subsidiary, \nBanpu Power Public Company Limited (BPP). As a leader in power generation and distributor \nin Asia-Paci\ufb01c, including in Thailand, Lao PDR, China, Japan, Vietnam, Australia and the U.S. \nGlobal Electricity Demand 2020-2025 \n- \n5,000 \n10,000 \n15,000 \n20,000 \n25,000 \n30,000 \n2020 \n2021 \n2022 \n2025 \nU.S \nThe rest of Europe \nEurasia \nMiddle East \nChina \nThe rest of Asia-Pacific \nEuropean Union \nThe rest of U.S. \nAfrica \nSource: \n IEA Electricity Outlook 2023 \n(Unit: TWh) \nMarket \nThermal and Renewable Power Businesses \n1. Global Electricity Consumption \n79 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Comparison of Power Development Plan and Current Proportion of Power Generation \nCapacity by Energy Source in Thailand \nAs of end-September 2023, Thailand\u2019s total installed power generation capacity was 48,799 MW, which was \ncomprised of 33% from the Electricity Generating Authority of Thailand, 35% from Independent Power Producer \n(IPP), 19% from Small Power Producer (SPP), and 13% from imports. The proportion of generation capacity by \nfuel source consisted of natural gas at 58%, coal at 14%, oil at 1%, hydropower at 3%, and renewable at 10%. \n2. Market and Competition in Thailand \nEnergy Efficiency \nRenewables \nImports \nHydro \nOil \nImported Coal \/ Lignite \nNatural Gas \n6% \n19% \n11% \n53% \n14% \n10% \n3% \n1% \n14% \n58% \n11% \nProportion of \nPower Generation \nCapacity 2023 \nPower \nDevelopment \nPlan 2037 \nOver 2020-2021, global electricity demand increased \nby 5.7% per year thanks to a rapid economic rebound \nafter COVID-19. However, between 2021 and 2022, \nthe growth dropped to 1.4% per year due to the \nworsening energy situation following the war between \nRussia and Ukraine in February 2022, triggering a \nglobal energy crisis. Moreover, the global economy \nhas not fully recovered after the COVID-19 pandemic \nwhile the inflation in the Uunited States was severe. \nThe average U.S. inflation rate for 2022 reached \n8% before decreasing to 3.7% in August 2023. \nThe Federal Reserve, an influential regulator of the U.S. \nfinance and economy, has raised the reference interest \nrates more than ten times since 2022, resulting in \nadjustments to loan interest rates and investment \nslowdown in many business sectors. However, the \nInternational Energy Agency (IEA) expected global \nelectricity demand to grow at 3% per year over the \n2023-2025 period, reflecting the economic recovery \nresuming the growth of electricity demand. The IEA \nestimated that by 2025, Asia will account for 50% \nof the world\u2019s electricity consumption, with one-third \nof global electricity to be consumed in China. \nSource: \n Energy Policy and Planning Office (EPPO), Ministry of Energy *As of end-September 2023 \n80 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","China\u2019s Electricity Generation by Energy Source 2013-2022 \nIEA estimated that U.S. electricity demand would grow steadily at an average rate of approximately 1% per year \nover the 2023-2025 period, while the share of coal-fired power generation will shrink to 7.7% per year. Natural \ngas and renewables will play a major role in satisfying power demand, with expected shares of 35% and 44%, \nrespectively, of the total power generation by 2025. \nU.S. Electricity Generation by Energy Source 2020-2025 \nCoal \nOther Non-Renewables \nRenewables \nNatural Gas \nNuclear \n - \n2020 \n2021 \n2022 \n2025 \n 1,000 \n 2,000 \n 3,000 \n 4,000 \n 5,000 \n 6,000 \n 7,000 \n3. Market and Competition in the United States of America \n4. Market and Competition in China \n- \n1,000 \n2,000 \n3,000 \n4,000 \n5,000 \n6,000 \n7,000 \n8,000 \n9,000 \n2013 \n2014 \n2015 \n2016 \n2017 \n2018 \n2019 \n2020 \n2021 \n2022 \nNuclear \nCoal \nNatural Gas \nOil \nHydro \nSolar \nWind \nBiomass and Waste \n+3.4% \n+4.4% \n+5.8% \n+8.2% \n+6.4% \n+5.2% \n+4.2% \n+9.3% \n+3.3% \n(Unit: TWh) \n(Unit: TWh) \nSource: \n IEA Electricity Outlook 2023 \nGrowth Rate \n(Percent) \n81 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Australia\u2019s Electricity Generation by Energy Source 2009-2050 \n5. Market and Competition in Japan \n6. Market and Competition in Australia \n2014-2015 \n2019-2020 \n2025-2026 \n2029-2030 \n2034-2035 \n2039-2040 \n2044-2045 \n2049-2050 \n2009-2010 \n0 \n100 \n200 \n300 \n400 \n500 \nUtility Solar \nConsumer Energy Resources \n(CER) Storage \nSolar Rooftop \nand Distributed Solar \nWind \nHydro \nLignite \nUtility Storage \nNatural Gas \nCoal \nIn 2022, China\u2019s power demand growth rate was 3.31%, dropping from the average 2015-2021 growth rate of \n5% per year due to slower economic growth in the previous year. However, IEA estimated that the electricity \ndemand in China would grow steadily at an average rate of approximately 5.2% per year over the 2023-2025 \nperiod. \nAs of 2022, fossil fuels still accounted for 64% of total power generation, with coal accounting for 61% of total \npower generation and the share of natural gas-fired power generation decreasing for the first time since 2002 \ndue to the increase in natural gas prices. For renewable, the National Energy Administration (NEA) reported that \nChina\u2019s installed solar capacity in the first five months of 2023 reached 6.12 GW, an increase of 140.3% over \nthe previous year. China plans to reach peak carbon emissions by 2030 and to achieve carbon neutrality by 2060. \nAs of December 2023, Japan\u2019s electricity consumption \nexperienced stable growth, with the majority of capacity \nfrom thermal power generation. Part of the capacity \nwas from renewables, accounting for 16.9%, or 13,436 \nMWh, of the total capacity, consisting of 510 MWh \nfrom wind power, 2,482 MWh from solar power, 2,532 \nMWh from biomass, and 7,377 MWh from hydropower \n(as of December 2023). Currently, renewables account \nfor 77,220 MW of the total installed capacity, broken \ndown into 16,923 MW of solar power, 4,628 MW of wind \npower, 4,538 MW of biomass power, and 49,614 MW \nof hydropower. According to the 6 Strategic Energy \nth \nPlan, Japan set a target for renewables to account \nfor 36-38% of Japan\u2019s energy mix by 2030 to achieve \nits GHG reduction target. In addition, the Japanese \ngovernment has shifted from the Feed-in Tariff (FiT) \nscheme to an auction scheme for renewable-based \nelectricity pricing. In 2023, newly developed solar \npower plants secured an average price of JPY 8.55 \nper kWh through the auction scheme. Besides, a new \nregulation prescribes that any solar power plant project \ndevelopment with a capacity of over 20 MW is required \nto submit an Environmental Impact Assessment (EIA) \nreport, effective from April 2022. \nSource: \n Australian Energy Market Operator (AEMO) Draft 2024 Integrated System Plan (ISP) \n(Unit: TWh) \n82 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Australia\u2019s Eastern and Southern states consist of \nQueensland, New South Wales, Victoria, South Australia, \nand Tasmania. These states jointly operate the National \nElectricity Market, where electricity demand has remained \nstable over the past five years. From 2022 to 2023, \nthe electricity demand reached 208,414 GWh, rising 2% \nfrom the previous year. Australia\u2019s primary energy source \nis coal, with a share of 58.3% of total energy sources. \nIn 2023, Vietnam\u2019s Gross Domestic Product (GDP) growth was at 5.05%, dropping 8.02% from the previous \nyear due to slowing growth in the export sector in the first half of the year and frail loan growth. It is forecasted \nthat Vietnam\u2019s GDP will reach 6%* in 2024, driven by the rebound in exports. Vietnam has established \na renewable capacity target for 2045 in the Power Development Plan 8, released in May 2023, aiming to increase \nwind capacity to 27% and solar capacity to 34% of the national total capacity of 490.5 GW. The country has \nset the Feed-in Tariff (FiT) for solar and wind power projects that have already achieved commercial operation \naccording to the Power Development Plan 7. In the future, the government will change the solar and wind \npricing schemes from FiT to an auction scheme. \nHowever, the share of coal has gradually declined as \nrenewable energy, especially solar power, has gained \npopularity in households with solar rooftop systems. \nThe Australian government has pledged to achieve \nnet-zero emissions by 2050, which has led the states \nto develop and implement policies that promote more \nrenewable energy generation. The share of renewable \nenergy is projected to reach 90.88% by 2050. \n7. Market and Competition in Indonesia \n8. Market and Competition in Vietnam \nGiven Indonesia\u2019s target of achieving net zero \nemissions by 2060, the country plans to develop \n51.6% more renewable power plants out of the total \nplanned power plant development plan between \n2021 and 2030, adding 40.6 GW of new capacity \nby 2030. PT Perusahaan Listrik Negara (PLN) aims \nto increase its share of renewable power generation \nto 24.1-25.3% by 2030. \nAccording to the Indonesian Ministry of Energy\u2019s \nreport, electricity consumption per capita in Indonesia \nreached 1,173 kWh in 2022, increasing 4.45% from \nthe previous year due to Gross Domestic Product \n(GDP) growth and the latest National Electricity Master \nPlan (RUKN) 2023-2060 target to grow electricity \nconsumption by 3.6-4.2% per year from 2024-2060. \nIndonesia\u2019s Electricity Generation by Energy Source 2011-2022 \n0% \n10% \n20% \n30% \n40% \n50% \n60% \n70% \n80% \n90% \n100% \nNatural Gas \nCoal \nOil and Biofuels \nNew and Renewable \nEnergy (NRE) \n2022 \n2021 \n2020 \n2016 \n2015 \n2014 \n2013 \n2012 \n2011 \n2019 \n2018 \n2017 \nSource: \n Handbook of Energy & Economic Statistics of Indonesia (HEESI) 2020-2022 \nSource: \n World Bank - Global Economic Prospects (As of January 2024) \n83 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","9. Market and Competition in Lao PDR \nCurrently, Lao PDR operates 90 power plants with \na combined installed capacity of 10,956 MW. The \ncapacity comes from 77 hydropower plants, each with \nan installed capacity of 1 MW or more, accounting for \n81% of the total power generation capacity, eight solar \npower plants, four biomass plants, and one coal-fired \nplant. 72% of the output is exported to foreign countries, \nsuch as Thailand, Vietnam, Cambodia, Singapore, \nand Myanmar. \nAccording to the 2016 statistical data from the Division \nof Power Generation Planning, the Department of Energy \nPolicy and Planning, the Ministry of Energy and Mine, Lao \nPDR plans to develop 429 power generation projects, \naiming for an additional capacity of approximately \n29,171 MW and an annual total power generation \ncapacity of 129,589 GWh by 2030. The memorandum \nof understanding (MOUs) have been signed to supply \nelectricity to various countries, including 10,500 MW to \nThailand, 6,000 MW to Cambodia, 5,000 MW to Vietnam, \n600 MW to Myanmar, and 100 MW to Singapore. \nLao PDR is currently exploring the possibility of supplying \nan extra 300 MW of electricity to Singapore and also \nsupplying electricity to southern China through a power \npurchase agreement between the countries. Besides, \nin 2022, Lao PDR signed a MOU with Brunei to \npromote energy cooperation. \nMost of Lao PDR\u2019s capacity is from hydropower, \nwhich accounts for over 90% of domestic electricity \nconsumption. Therefore, Lao PDR faces power outages \nduring the dry season, forcing the country to rely \non electricity imports. To address this challenge, the \nLao government plans to diversify energy sources by \nincreasing the energy mix of power from solar, wind, and \ncoal while reducing reliance on hydropower generation. \nCompetitive Strategies \n1. Competitive Strategies in Thailand \nBPP holds 50% shareholding in BLCP Power Ltd. which operates the BLCP Power Plant, in which BPP owns \nan equity-based capacity of 717 MW out of a total capacity of 1,434 MW. Located in the Map Ta Phut Industrial \nEstate, the BLCP Power Plant is a major power producer selling electricity directly to the Electricity Generating \nAuthority of Thailand (EGAT). The dispatch rate of the BLCP Power Plant in 2023 was 99.3%, reflecting the \npower plant\u2019s ability to manage operational efficiencies. BLCP\u2019s production output accounts for 5% of EGAT\u2019s \ntotal installed and purchased power capacity. \nCompetitive Strategies \n1) \nMaintaining Operational E \n! \nciency \nand Readiness of Power Plants \nBPP consistently conducts the efficiency improvement \nand equipment maintenance of power plants according \nto the maintenance schedule to secure the Availability \nFactor (AF) and Contracted Available Hours (CAH) in \naccordance with the Power Purchase Agreement (PPA). \nIn 2023, BLCP reported the Equivalent Availability Factor \n(EAF) of 87.8%. \n2) Seeking Opportunities for \nBusiness Expansion \nBPP has been on the lookout for new domestic growth \nopportunities by aligning the business expansion plan \nwith the Power Development Plan for 2018-2037 (PDP \n2018 Revision 1), approved by the National Energy \nPolicy Council (NEPC) on 19 March 2020, which \nemphasizes the development of technology that helps \nreduce CO emissions. In 2023, BLCP Power Plant \n2 \nsigned a memorandum of understanding (MOU) with \nJERA Co., Inc., Mitsubishi Corporation, and Mitsubishi \nHeavy Industries, Ltd. to study the feasibility of the \nammonia co-firing system for the BLCP Power Plant. \nThis marked another significant step reaffirming BPP\u2019s \ncommitment to transition to a greener power producer \nin alignment with the Greener & Smarter strategy. \n3) Stakeholder Relations Management \nBPP has supported activities and fostered mutual \nunderstanding in all the areas where it operates, \nresulting in a positive relationship with local communities. \n84 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Major Competitors \nBPP\u2019s thermal power plants that are commercially operational have no direct competitors who are power \nproducers because the company entered into a long-term power purchase agreement with the Electricity \nGenerating Authority of Thailand (EGAT). \n2. Competitive Strategies in the United States of America \nOn 1 November 2021, BKV-BPP Power LLC (BKV-BPP), a 50%-owned joint venture of Banpu Power US Corporation \n(BPPUS), a wholly-owned subsidiary of BPP, invested in the 768-MW Temple I Combined Cycle Gas-Turbine \n(Temple I CCGT) Power Plant, which achieved commercial operation date in 2014. Subsequently, on 11 July \n2023, BKV-BPP invested in the 755-MW Temple II Power Plant, which commenced commercial operation in 2015. \nBoth power plants are located in Temple, Texas, one of the fastest-growing economic and population centers in the \nUnited States. The power plants can generate and supply electricity to meet the needs of over 750,000 households \nin Central Texas. Equipped with a pollution control management system to maintain low emissions, the power \nplants are highly efficient and flexible in adjusting power generation to match consumption patterns. Their priority \ndispatch status makes them ideal for the competition in the Electric Reliability Council of Texas (ERCOT) market. \nThe investment has created added value through synergies between BPP and BKV Corporation, a subsidiary of \nBanpu, leveraging knowledge and resource sharing to maximize investment benefits. \nCompetitive Strategies \n1) \nMaintaining Readiness and Enhancing \nE \n! \nciency of Power Plants \nTemple I and Temple II gas-fired power plants undergo \nannual maintenance in spring and fall or during March \nand October to ensure the highest operational readiness \nduring the peak periods for electricity consumption \n(in winter and summer). Additionally, to prevent damage \nfrom winter storms, the power plants have installed \nwindshields and permanent roofs to protect outdoor \nequipment from snowstorms and extreme temperatures. \nThey also installed the heat tracing system and heaters \non pumps, valves, gauges, and other equipment to \nprevent them from freezing and becoming inoperable. \nTo enhance the efficiency of the power plants during \nsummer, wet compression systems are deployed. \nThe systems increase generation capacity during summer \nmonths, the time when the ERCOT market\u2019s power \ndemand peaks. \n2) Cost and Price Management \nTemple I and Temple II gas-fired power plants are \nexposed to fluctuations in electricity prices and \nfuel costs. However, in the United States, there are \nadvanced derivatives available that can help power \nproducers mitigate the risk of electricity price fluctuations. \nSo, both power plants will consider entering into derivative \ncontracts to mitigate this risk. Moreover, as Temple I is \none of a few power plants in Texas that own gas storage \nfacilities, BKV-BPP can purchase natural gas when the \nprices are low and store it at the plant as a reserve for \npower generation when gas prices are higher, enhancing \nthe power plant\u2019s competitiveness. With a team of experts \nin the natural gas business and effective operational \nmanagement from both BPP and BKV Corporation, both \npower plants can benefit from their gas storage facilities. \n3) Seeking Opportunities for Business \nExpansion and Added Value Creation \nBPP monitors market conditions, growth, and \ninvestment trends. It seeks investment opportunities \nin various projects across the United States, whether \nnatural gas-fired power plants, renewable power plants, \nor other technologies. This includes creating value \nthrough additional investments in related companies, \nfor example, by exploring the possibility of investing \nin new fuels aligned with the country\u2019s energy \ndevelopment policy. At the end of 2022, BKV-BPP \nentered the retail electricity business through BKV-BPP \nRetail, its wholly-owned subsidiary that sells electricity to \ncustomers in Texas. Currently, BKV-BPP Retail serves \napproximately 30,000 customers. \nMajor Competitors \n\u2022 \n Domestic and international power producers and \ninvestors \n85 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","3. Competitive Strategies in China \nBPP\u2019s combined heat and power plants (CHP plants) and solar power plants in China are more efficient than \naverage power plants and meet pollution control standards. Hence, they obtain various supports from the \nChinese government, such as guaranteed electricity sales to local electricity authorities, exclusive rights to sell \nsteam and heat in permitted zones, and local government subsidies. In 2023, the Chinese government issued \nan electricity market reform to improve the overall efficiency of the power generation system and reduce the \nrole of power-grid companies to lower production costs for the entire system in the long run. \nCompetitive Strategies \n1) \nCost and E \n! \nciency Management \nThe Chinese government has pursued the electricity \nmarket reform to reflect fuel costs in each province and, \nat the same time, has imposed measures to stabilize \nelectricity prices for households. BPP has assessed the \nimpact on the pricing in power and steam purchase \nagreements and adjusted the prices accordingly. \nThe company maintains its cash flow generation and \nliquidation management by improving production \nefficiency and strictly controlling costs by strategically \nbuying and stocking up coal when coal prices decline \nand utilizing it when coal prices increase. \n2) Environmental Management \nThe Chinese government has a stringent policy on \nenvironment and pollution control, which restricts the \nuse of coal as a major fuel source in industrial plants. \nBPP\u2019s power generation processes comply with current \nenvironmental standards. The company regularly \nmaintains all equipment and machinery and has a plan to \nimprove environmental control equipment. Furthermore, \nBPP monitors and assesses environmental impacts to \nensure that its business operations fully comply with \nenvironmental laws, rules, and regulations. The company \nhas considered deployment of the state-of-the-art \ntechnology called Ultra-Supercritical (USC), which is \nhigh efficiency, low emissions (HELE) technology, in new \nprojects, such as the Shanxi Lu Guang Power Plant. \n3) High Adaptability \nBPP has a dedicated team to closely monitor changing \nmarket conditions and align business operations \nto the market conditions or situations in order to \nembrace business opportunities and mitigate negative \nimpacts. The company is prepared to adjust the \ndistribution of electricity, steam, and hot and chilled \nwater in response to the factors affecting the demand. \nFor instance, Zhengding CHP Plant would produce \nelectricity, steam, and hot water for sale during winter. \nIn summer, when customer demand shifted, it would \nswap to produce chilled water for sale, which helped \ngenerate more income and reduce the impacts of \nthe seasonal decrease in electricity and steam sales. \nIn addition, Zhengding CHP Plant was selected to \ndevelop a major solar rooftop project under the support \nof the local government in Hebei Province. Currently, the \nsolar rooftop has an operating capacity of 12 MW and \nan additional capacity of 52 MW under construction, \nwith the potential for expansion in the future, representing \nanother milestone in expanding its clean energy portfolio. \n4) Service Quality and Stakeholder Relations \nManagement \nBPP prioritizes the quality of products and services. \nThe company strives to ensure readiness and security \nin generating and distributing electricity and steam to \nrespond to customers\u2019 needs at all times, especially \nthe distribution of steam and hot water in wintertime. \nThe company always maintains a good relationship \nwith customers based on mutual trust and benefits, \nwhich has earned trust and confidence from customers. \nRelationship management with local government \nagencies and communities is based on mutual benefits \nby providing basic utility services (electricity and steam) \nto local communities, building trust and equity, and \nlending continued support to the community. This \nhas brought BPP acceptance from local government \nagencies and communities as an exemplary local \nenterprise. Despite a setback from external factors, the \ncompany still enjoys full support from local governments, \nfor instance, financial subsidies or approval to raise steam \nprices when coal prices increase. \n86 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","5) Seeking Opportunities for Business \nExpansion and Added Value Creation \nBPP puts greater emphasis on investment in renewable \nenergy to align with the government\u2019s policy to promote \nrenewable energy. The company also focuses on \ncreating added value by expanding investment into \nrelated businesses while considering the costs of \ndifferent fuel sources and appropriate technology. \nFor example, the location of Luannan CHP Plant is \nin the urban industrial area, which gives it a strategic \nadvantage in becoming the sole distributor of steam. \nBPP is also considering expanding its customer base \nto new industrial areas to offer the service of the \nsolar rooftop power generation system. Moreover, \nthe company is conducting a feasibility study for the \ndevelopment of its existing land to develop the biomass \ncoal co-firing power plant project to reduce costs and \ncreate a positive impact on the environment. \nMajor Competitors \n\u2022 \n Domestic and international power producers and \ninvestors \n4. Competitive Strategies in Japan \nBPP expanded investment into the Japanese market \ninitially through investments in the solar power plant \nbusiness. Currently, the company has a combined \ncapacity of 148.4 MW from commercially operational \nplants. In 2023, the company invested in the large-scale \nIwate-Tono Battery Farm project, with a total capacity of \n58 MWh. With support from the Japanese government, \nthis project aims to drive Japan\u2019s net-zero target. \nIn addition, BPP is seeking investment opportunities \nin power plants that deploy eco-friendly technologies \nin the Japanese market which has growing power \ndemand and benefiting from favorable government. \nCompetitive Strategies \n1) \nCapability in Investment Management \nBPP has a strategy to collaborate with partners in \nseeking new investment opportunities and managing \nfinancial costs by utilizing multiple funding sources, \nespecially domestic financial institutions, to achieve \nlong-term investment goals. \n2) Project Development \nBPP closely monitors policy and regulatory changes \nof the Japanese government related to the energy \nindustry, with a dedicated team to follow up and study \nthe changes in detail as well as impacts on projects \nunder development to ensure that all projects achieve \ncommercial operation date as planned. \n3) Seeking Opportunities for Business \nExpansion and Added Value Creation \nSince Japan\u2019s energy management is governed by a \nclear energy policy, BPP can effectively manage the \nrisk although the Japanese government reduced the \nFeed-in Tariff (FiT) for solar power and shifted to the \nauction scheme. BPP has adapted to achieve the \ntarget return on investment by focusing on cautious \ncost management, procuring important equipment to \nimprove efficiency, and seeking appropriate sources \nof domestic funding. In addition to investments in \nsolar power plants, BPP is exploring opportunities to \ninvest in large-scale battery farms in Tohoku and Kanto \nregions. The company also constantly seeks investment \nopportunities in related businesses by building upon the \nexisting power generation business to create added \nvalue, such as energy trading and retail electricity, \nby expanding business opportunities with retail customers \nas well as solar rooftop business to fulfill demands of \nbusiness and industrial sectors and renewable energy \nconsumers. \nMajor Competitors \n\u2022 \n Domestic and international power producers and \ninvestors \n5. Competitive Strategies in Australia \nBanpu Group has been driving the growth of the \nrenewable energy business through Banpu NEXT \nCompany Limited (Banpu NEXT), in which BPP \nholds a 50% stake. Banpu NEXT has expanded \ninvestments in the renewable energy business in \nAustralia. In June 2021, Banpu NEXT established \nBanpu Energy Hold Trust to invest in two solar farms \nwith a combined generation capacity of 166.8 MWdc, \ncomprising 110.9 MWdc from the Beryl Solar Farm \n(BSF) and 55.9 MWdc from the Manildra Solar Farm \n(MSF). Both solar farms are located in New South \n87 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Wales, where there is consistent growth in electricity \nconsumption and demand, and the government has \na clear policy to promote electricity generation from \nrenewable energy. Power plants under long-term \npower purchase agreements will supply electricity \nto the National Electricity Market (NEM). As NEM \nis a wholesale electricity market with an advanced \ntrading system, BPP entered into a long-term power \npurchase agreement (PPA) with the private sector \nconcurrently to prevent the risk of trading in the \nwholesale electricity market. The acquisition of the two \nsolar farms has paved the way for renewable energy \ninvestments in Australia. The company has been \nactively seeking investment opportunities with a focus \non team and people management and building trust \nwith business partners to expand growth in renewable \nenergy and related businesses. Furthermore, \nthe company is working on developing an integrated \nenergy solution platform. After obtaining the license in \n2022, BPP started energy trading to generate added \nvalue and enhance profitability. \nMajor Competitors \n\u2022 \n Domestic and international power producers and \ninvestors \n6. Competitive Strategies in Indonesia \nPT. ITM Bhinneka Power (IBP) engages in renewable \npower generation and explores opportunities in \nthe new energy technology business. IBP started \noperating a 2.2 MWp hybrid solar rooftop project \nat the mines of PT. TCM, a subsidiary of PT. Indo \nTambangraya Megah Tbk (ITM). PT. Cahaya Power \nIndonesia (CPI), a joint venture in which IBP owns \n80% of its ownership, and local partners own \n20%, operates a solar rooftop project under lease \nagreements for commercial and industrial customers. \nIn 2023, CPI\u2019s capacity from lease agreements \namounted to 14.1 MWp while the electricity from the \noperating projects amounted to 6.3 MWp. \nAiming to increase the capacity of solar power \nprojects according to its strategy, IBP acquired 65% \nownership of PT Centra Multi Suryanesia Aset (CMSA) \nin September 2023, with the remaining 35% owned \nby local partners. Similar to CPI, CMSA operates \na solar rooftop project under lease agreements \nfor commercial and industrial customers. In 2023, \nCMSA\u2019s capacity from lease agreements amounted \nto 14.2 MWp while the electricity from the operating \nprojects at year end amounted to 2.7 MWp. \nIn addition to solar projects, IBP has been pursuing other \nopportunities in hydropower projects. The company \ncurrently has hydropower projects, including operating \nprojects and projects under development, which are \nduring the assessment and acquisition stages. \nCompetitive Strategies \n1) \nRelationship Management with \nCurrent Networks and Expansion to Related \nBusiness Alliances \nThe management leverages existing networks of \ncoal businesses, Thai companies, and partners in \nIndonesia to connect with industries and companies \nthat can promote renewable energy and carbon \ncredits. The company also builds relationships with \nnew alliances by investing in their companies, which \nhelps accelerate business growth. \n2) Business Development and Project \nManagement \nIBP focuses on exploring renewable energy projects, \nprimarily solar and hydropower. The company surveys \nexisting projects in the market to conduct a thorough \nanalysis and hires a consultant for due diligence to \nensure the accuracy and feasibility of project operation \nand development. The company also cooperates with \nexperts from Banpu NEXT who efficiently provide \nadvice and transfer knowledge on renewable energy \nand energy business. \n3) Seeking Opportunities in Integrated Energy \nUse and Value-Added Services \nIndonesia has sizable commercial, industrial, and \nservice markets. However, the energy sector is still in \nits early stages and at a point where other competitors \nare also looking to enter the renewable energy sector. \nAs BPP\u2019s advantage is its accumulated experience in \nrenewable energy and energy technologies in other \nregions, it has devised a strategy to provide integrated \n88 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","7. Competitive Strategies in Vietnam \nBPP has expanded investment in the power business \nin Vietnam since 2016 under a memorandum of \nunderstanding (MOU) signed with Soc Trang Provincial \nPeople\u2019s Committee to conduct a feasibility study on \ninvestment in a renewable energy project. In 2018, \nthe company was awarded an Investment Registration \nCertificate (IRC) for the Vinh Chau Wind Power Plant \nProject Phase 1. BPP subsequently established \na subsidiary in Soc Trang Province, managed by \nan experienced team with a good understanding of \nVietnam\u2019s business climate. The construction of the \nVinh Chau Wind Power Plant Project Phase 1 has been \ncompleted and is ready for commercial dispatch. \nThe company continued a feasibility study to explore \nthe opportunity for further expansion of the generation \ncapacity. In 2020, BPP expanded its investment through \nthe acquisition of the commercially operational El Wind \nMui Dinh Wind Power Plant in Ninh Thuan Province. \nThe 37.6 MW wind farm is eligible for a Feed-in-Tariff \n(FiT) for a period of 20 years. Located on the South \nCentral Coast of Vietnam, Ninh Thuan Province has \nthe highest potential and investment opportunities \nin renewable energy, thanks to government support. \nIn addition, in December 2021, a subsidiary of Banpu \nNEXT entered into a purchase and sale agreement to \ninvest in a 35-MW Nhon Hai Solar Farm in Ninh Thuan \nProvince, which is also eligible for a Feed-in Tariff (FiT). \nThe investment was approved by local authorities, and \nthe solar farm has realized income since June 2022. \nCompetitive Strategies \n1) \nManaging Relationships with Local \nGovernment Agencies and Communities \nBPP and its subsidiaries in Vietnam build relationships \nwith local government agencies on the basis of the \nunderstanding of social and cultural differences. \nThe company focuses on becoming a mutually responsible \npartner with government agencies to sustainably engage \nin local community development by providing continuous \nsupport for community activities. \n2) Seeking Opportunities for Business \nExpansion and Added Value Creation \nVietnam has enjoyed a continuous growth rate and \nis projected to achieve a GDP growth rate of 6% in \n2024*, which will lead to a continuous increase in \nelectricity demand. The Vietnamese government also \nhas a clear energy management plan to increase its \nrenewable power generation portfolio, presenting \na promising investment opportunity for the company. \nBPP is well aware of investment risks; thus, it \nexercises careful deliberation of investment and \nbusiness expansion opportunities to align with \nthe business direction to generate quality megawatts. \n3) Management by the Operational Excellence \nApproach \nBPP recognizes the importance of improving operational \nefficiency and maintaining optimal production \nreadiness. Therefore, it prioritizes operational process \nmanagement as well as preventive and corrective \nmachine maintenance. The company has implemented \nvarious development projects to minimize equipment \ndowntime while effectively controlling and managing \ncosts to align with its business operations and financial \ncosts. Furthermore, BPP provides human resource \ndevelopment within the organization to ensure that \nemployees can adapt to changing situations. \nMajor Competitors \n\u2022 \n Domestic and international power producers and \ninvestors \nenergy services, including solar rooftop installation \nand energy efficiency projects, to increase energy \nsaving and support carbon credit offset plans for \ncustomers. \nMajor Competitors \n\u2022 \n Domestic and international power producers, \ndevelopers of solar rooftop projects, and investors \n*Source: \n World Bank \u2013 Global Economic Prospects (As of January 2024) \n89 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Competitive Strategies \n1) \nMaintaining Operational E \n! \nciency and \nReadiness of Power Plants \nAll three production units of the HPC Power Plant have \nbeen fully operational since 2016 and achieved 102.9% \ndispatch in 2023. This demonstrates the operational \nstability and low operating costs, which are crucial for \nboth countries\u2019 electricity systems. \n2) Managing Relationships with Local \nGovernment Agencies and Communities \nBPP places importance on community development \nby promoting community engagement and improving \nthe quality of life of local people. These measures \nhave been realized into community development \ninitiatives, for example, infrastructure development \n(water supply, electricity, and roads), partial relocation \nand rebuilding of houses in appropriate areas, \nvocational training, and promotion of employment at \npower plants such as contracts for project design, \nand equipment procurement. \n3) Cost and E \n! \nciency Management \nIn 2023, BPP supported the HPC Power Plant in \nimproving its efficiency and capacity readiness in \npower generation and distribution. The improvements \ncovered equipment refurbishment and improvements \nin coal transportation to the power plant, which \nhelped maintain the Equivalent Availability Factor \n(EAF) at 84.9%. Moreover, the power plant increased \nreadiness by stocking equipment parts and improving \nthe speed and efficiency of maintenance, contributing \nto stable power generation. \nMajor Competitors \nBPP\u2019s commercially operational coal-fired power plant \nhas no direct competitors because the Company \nhas a long-term power purchase agreement with \nthe Electricity Generation Authority of Thailand and \n\u00c9 \nlectricit du Laos. \n\u00e9 \n8. Competitive Strategies in Lao PDR \nBPP holds a 40% stake in Hongsa Power Company Limited, which operates the HPC Power Plant, the only \nmine-mouth power plant in Lao PDR. The HPC Power Plant has a total capacity of 1,878 MW, of which BPP \nholds 751 MW equity capacity. The power plant sells the majority of electricity to the Electricity Generating \nAuthority of Thailand (EGAT) under the Independent Power Producer (IPP) scheme and some of its output \nto Lao PDR. The HPC Power Plant\u2019s production output constitutes 25% of the total electricity that Lao PDR \nsupplies to Thailand. \n90 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Energy Technology \nMarket and Competition \nMarket \n1. Renewable Power Business \nRenewable energy, particularly solar power, has \nexperienced exponential growth in Thailand. According \nto the Power Development Plan (PDP), Thailand\u2019s \ncurrent power generation capacity for the period \nof 2018-2025 is 20,343 MW, of which 3,000 MW \nis attributed to solar power and 1,500 MW to wind \npower. By 2037, Thailand\u2019s total capacity is projected \nto increase to 56,431 MW, with 18,833 MW from \nsolar and wind power. The increasing demand for \nsolar energy in Thailand is driven by various factors, \nincluding fluctuations in energy prices, particularly \nthose of natural gas and LNG used for power \ngeneration, resulting in higher electricity bills for \nconsumers. Another major factor is the government\u2019s \nenergy policy, encouraging the adoption of clean \nenergy, including solar power. Most financial \ninstitutions in Thailand have policies supporting the \nfinancing of clean energy production, fostering growth \nin the solar energy market. The market for installing \nsolar rooftop systems in residential, industrial, and \ncommercial buildings has witnessed exponential \ngrowth, averaging 22% annually. It is projected to reach \nTHB 67 billion by 2025 (Source: Ministry of Energy, \nREIC, and ttb analytics). Declining solar panel \ninstallation costs also enhance accessibility for both \nbusiness and household sectors to the installation of \nclean energy solutions. \n2. E-Mobility Business \nThailand\u2019s electric vehicle market is experiencing \nexponential growth, with registrations of 77,737 \nnew electric vehicles in the first nine months of 2023 \n(Jan-Sep), increasing 409.98% year-on-year. Supporting \nfactors for e-mobility growth include the government\u2019s \npurchase subsidies for EV car buyers, tax incentives \nuntil 2025, expansion of EV charging infrastructure \nto cover wider areas, and oil prices that remain high. \nHeightened awareness of pollution issues among both \nthe government and people in Thailand has further fueled \nlocal buyers\u2019 interest in EVs. In addition, automakers and \nparts manufacturers in the global EV supply chain have \ndecided to invest in establishing production bases and \nsales offices in Thailand. EV production is expected to \nstart in 2024 onward. This will provide consumers with \nmore diverse and accessible options, which will be \na contributing factor leading to the expansion of the \nEV market. However, rising production costs stemming \nfrom the prices of lithium, a critical battery component, \nenergy and electricity expenses, and labor costs may \nalso push the selling price up. In addition to changes \nin the passenger vehicle market, more electric vehicles \nhave been used for public transport and logistics, \nsuch as short-term EV rentals or car-sharing services. \nThis trend not only reduces reliance on private vehicles \nbut also contributes to mitigating air pollution and \nenhancing urban mobility. \n91 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Integrated Energy Services Policy for \nTransitioning to Net-Zero Carbon Society \nBanpu NEXT has established an explicit, transparent, \nand accountable marketing policy to support the Banpu \nGroup\u2019s Sustainability Policy as follows: \n1. To expand the customer portfolio to cover major \nmarkets in the Asia-Pacific Region \n2. To create added value to products and services \nas an integrated smart energy solutions provider, \noffering versatile energy solutions with state-of- \nthe-art technology, including smart hardware and \ndigital platforms, to satisfy varying customer needs \nat every step of business operations in order to \nensure limitless access to clean energy, alignment \nwith ESG principles to achieve SDGs, contribute to \na better living of customers and communities. \n3. To maintain marketing ethics and show respect \nto customers, competitors, and stakeholders. \n4. To ensure transparency, credibility, integrity, and \nprofessionalism. \nCompetition \nBanpu NEXT focuses on differentiating itself from \ncompetitors by offering net zero solutions for sustainability, \nencompassing smart hardware and digital platforms. \nThe Company deploys cutting-edge and appropriate \ntechnologies as well as designs products and services \nby prioritizing customers\u2019 painpoints and needs. \nThe Company provides customers with limitless access \nto clean energy in line with ESG principles and SDGs \nwhile promoting better living conditions of customers \nand communities. Banpu NEXT\u2019s major strategies are \nas follows: \n\u2022 \nBeing an Integrated Smart Energy \nSolutions Provider \nApart from providing solar rooftop system \ninstallation, Banpu NEXT also offers other \nenergy solutions to improve customers\u2019 quality \nof life. The Company helps promote and drive \nThailand\u2019s transition toward a net-zero carbon \nsociety. Solutions provided are, for example, \n3. Smart City and Energy Management \nBusiness \nThe Smart City Development Plan is another policy that \nthe government is prioritizing to align with the country\u2019s \ndevelopment direction under the Thailand 4.0 guidelines. \nThe government encourages cities to embrace cutting- \nedge and smart technologies and innovations. Energy \nsolutions development, in particular, is deemed essential \ninfrastructure for driving smart cities in Thailand. \nSmart city solutions that maximize energy efficiency \nencompass energy management systems (EMS), energy \nstorage systems (ESS), District Cooling System (DCS) \nand electric vehicles (EV). As of December 2023, 153 \nsmart city proposals were submitted to the Smart \nCity Thailand office, with 147 cities already enrolled in \nthe program and six cities as new applicants. So far, 36 \ncities have been declared smart cities (as of 17 August \n2023), and 117 cities are being promoted to become \nsmart cities. \nRegarding energy policy, the Ministry of Energy has \nintroduced several energy reform plans under the 20-year \nNational Strategy to drive the government\u2019s policy and \nkey strategies for energy management, energy \nconservation, and innovations. This is aimed to enhance \nenergy efficiency and reduce the country\u2019s energy \nconsumption, with an emphasis on industrial and \ncommercial sectors, which account for substantial \nenergy usage. \n4. Energy Storage Systems \nThe current global trend increasingly prioritizes \ntransitioning to a Net Zero Carbon society, favoring \nthe transition to green energy. Electric vehicles and power \ngeneration from clean energy are pivotal in achieving \nthis objective, resulting in a rise in demand for batteries. \nAccording to the Power Development Plan, an estimated \n2.76 gigawatt-hours (GWh) of batteries will be deployed \nin energy storage systems by 2030 alongside solar \npower plants. This strategic deployment aims to stabilize \nthe power transmission system and facilitate the growth of \nsmart power grids in the near term. In addition, Thailand \naims to manufacture zero-emission vehicles to constitute \nup to 30% of total capacity by 2030, which will drive an \nexponential increase in battery demand within Thailand. \n92 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","energy storage systems or batteries, smart city \n& energy management, as well as e-Mobility \nservices. These solutions are carefully tailored \nto meet diverse customer needs in different \nbusinesses and locations in terms of cost \nreduction, energy efficiency enhancement, \nand customer convenience. \nAdditionally, Banpu NEXT recognizesthe importance \nof the environment. Consequently, the Company \nhas conducted feasibility studies on managing \nretired batteries, aiming to repurpose components \nwith satisfactory performance while ensuring \nenvironmentally responsible disposal of \nnon-recyclable parts through collaboration with \nour affiliated recycling company. This reflects \nBanpu Next\u2019s integrated business operations \nthat responsibly address the entire process from \nupstream to downstream. \n\u2022 \nCustomer-Centricity \nIn developing services and solutions, Banpu \nNEXT employs a customer-centric approach \nby considering the customer\u2019s pain points and \nenergy utilization needs. Banpu NEXT\u2019s team of \nexperts will visit customers at their sites to discuss \ntheir requirements. Cutting-edge technologies \nand innovations are integrated to support data \ncollection, analysis, and evaluation, enabling the \nprovision of efficient and cost-effective energy \nsolutions to customers. This endeavor aims to \naddress their challenges and meet their needs \nas comprehensively as possible while fostering \nlong-term relationships with customers. \n\u2022 \nProduct Excellence \nBanpu NEXT uses top-tier products from industry- \nleading brands with guaranteed industrial \nstandards. The Company\u2019s engineering team \nhas expertise in designing systems that address \nthe specific needs of each project location. System \ninstallations comply with international standards, \nwhile state-of-the-art technology, such as drone \nthermal scan, is used to inspect solar panels to \nensure the delivery of safe, durable, and highly \nefficient smart energy solutions utilizing advanced \ntechnology customized to customer needs. \nIn the e-Mobility business, Banpu NEXT offers \na diverserange of tailored solutions to meet every \ncustomer\u2019s requirement. These solutions include \nEnergy-as-a-Service (EaaS) \u2013 providing batteries \nand chargers, Pay-Per-Use options, and Vehicle- \nas-a-Service (VaaS) \u2013 offering commercial \nEV fleets through 3-6-year operating leases. \nThe Company opts for lightweight batteries that \nsupport fast charging and have suitable battery \npack sizes. Its high-quality chargers and vehicles \nare sourced from leading brands in the market \nand accredited by institutions both domestically \nand internationally. \n\u2022 \nService Excellence \nBanpu NEXT has developed numerous systems \nto support after-sales service, for instance, \na control room for real-time monitoring of power \ngeneration, allowing timely rectification of system \nmalfunctions by a team of experienced engineers \nand customer service staff. The mobile application \n\u201cBanpu Application\u201d was developed to enable \nreal-time tracking of the power generation \nsystem, the amount of power generated, and \nthe power-saving performance. Customers can also \nview historical data and can be alerted in case of \nsystem failures. The Company\u2019s electric vehicles \nand equipment are insured to ensure reliable service \nand the highest safety and efficiency for customers. \nIn addition, Banpu NEXT has a customer service \ndepartment responsible for providing information, \nreceiving complaints, and responding to customer \nqueries through various channels. Customers can \nreport problems regarding Banpu NEXT\u2019s smart \nenergy solutions to customer service 24\/7, facilitating \nswift resolutions. The Company also has a support \nteam capable of offering after-sales assistance and \nbasic solutions over the phone before dispatching \nan onsite service team to assist customers onsite. \n93 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","1. PR Activities for Business Movement \nand Highlight Projects \n\u2022 PR activity presenting the summary of the successful \nexpansion of the smart energy business in 2023, \nwhich includes investments in leading companies \nand joint ventures with major partners to strengthen \nthe smart energy business ecosystem, the business \nplan for 2024, and the expansion of investments \nwith leading partners in Asia Pacific to drive \nthe goal of achieving a zero-carbon society \n\u2022 PR materials highlighting the Company\u2019s investment \nin Oyika Co. Ltd, a Singapore-based startup \nspecializing in battery swap solutions for electric \nmotorcycles, in a form of Battery-as-a-Service \n(BaaS), enabling instant battery swaps without \nwaiting for recharging. This strategic investment \naims to facilitate the expansion of battery swap \nstations in the Southeast Asia market, further \nenhancing the integration of e-Mobility business. \n\u2022 PR materials highlighting expansion of the better \nbusiness by Durapower Holdings Pte. Ltd., \na subsidiary of Banpu NEXT. Durapower develops \na Battery Energy Storage System (BESS) \ntailored for a hybrid solar power generation \nand utilization system at an Indonesian mine as \nwell as its plans to establish a battery assembly \nplant in Amata City, Chonburi. A PR material of \nthe investment in SVOLT Energy Technology (Thailand) \nor SVOLT Thailand, a manufacture and distributor \nof lithium-ion batteries for electric vehicles located \nin Sri Racha, Chonburi. This partnership aims \nto jointly develop and distribute EV batteries in \nThailand and Southeast Asia. In addition, there are \nPR materials highlighting an investment in Green \nLi-ion Pte. Ltd., a Singapore-based lithium-ion \nbattery recycling technology company, aiming to \ncreate value in the battery business and to offer \nmore comprehensive solutions covering battery \nproduction, distribution, and recycling. \n\u2022 \nStrong Ecosystem \nBanpu NEXT operates its business under the Greener \n& Smarter strategy while prioritizing collaboration \nwith partners across diverse businesses, including \nenergy technology, clean energy, battery and \nenergy storage systems, e-mobility, charging \nstations, and electric vehicle manufacturing \nand importing. Through these collaborations, \nthe Company aims to enhance its service provision \nto address various customer issues, as well as to \ndevelop business potential, strengthen its energy \ntechnology, and create a robust business ecosystem. \nThe Company has conducted feasibility studies on \nmanaging retired batteries, aiming to repurpose \ncomponents with satisfactory performance while \nensuring environmentally responsible disposal \nof non-recyclable parts through collaborationto \ntransform innovations into new business or to \nfoster business growth. \n\u2022 \nBrand and Marketing Communication \nStrategies \nBanpu NEXT conducts its business in alignment with \nits vision to ensure limitless access to smart energy \nsolutions and to create better living for all and future \ngenerations. This commitment is underpinned by \ntwo main aspects. \n1) Banpu NEXT is committed to becoming a \u201cNet- \nZero Solutions Provider\u201d for enterprises across \nAsia-Pacific. It offers total smart energy solutions \nand supports sustainable operations to reduce CO \n2 \nemissions and drive the transition to a zero-carbon \nsociety. \n2) Banpu NEXT positions itself as a long-term \npartner that facilitates the transitioning of customers\u2019 \nbusinesses toward smart businesses, offering them \nintegrated smart energy solutions that serve every \nbusiness requirement. \nBanpu NEXT\u2019s brand communication aims to create trust \namong the target groups, namely business customers, \ninvestors, service users, and the general public, \nby stressing the Company\u2019s commitment to being a total \nnet-zero solutions provider, with five business groups \nas drivers of growth to achieve a zero-carbon society. \nThe Company\u2019s PR and marketing promotion activities \nare as follows: \n94 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","\u2022 PR materials highlight BNSP Smart Tech Co.,Ltd., \na joint venture between Banpu NEXT and SP \nGroup from Singapore, for winning a tender to \ndesign, build own and operate a district cooling \nsystem at the Government Complex Center Zone C. \nThe installation is expected to be completed by \n2024, with the system projected to yield substantial \nenergy cost savings over THB 40 million per year, \nor over 20%, while also reducing CO emissions \n2 \nby more than 3,000 tonnes per year. \n\u2022 An article reaffirming Banpu NEXT\u2019s commitment \nto being a long-term partner of customers, offering \nthem the best tailor-made and total smart energy \nsolutions that will help reduce CO emissions \n2 \nand drive the transition to smart business. \nThe article featured diverse businesses that have \nplace their trust in Banpu NEXT\u2019s net-zero solutions. \nThese include Rugby International School, which \nutilizes integrated solutions consisting of a solar \nrooftop system, EV shuttles within the school \npremises, energy management system, and waste \nmanagement system; Lakchai Muang Yang Industrial \nEstate in Rayong Province which installs a floating \nsolar system; Betagen Factory and Summer Lasalle \nproject which install several phases of solar rooftop \nsystems; and Samyan Smart City and FN Outlet \nstores for having installed solar rooftop systems. \n2. Corporate Branding \n\u2022 Launching the campaign \u201cInfinite Cafe Powered by \nBanpu NEXT\u201d as a means to promote and reinforce \nthe brand identity of Banpu NEXT, reaffirming its \nposition as an integrated smart energy solutions \nprovider, offering customers limitless access to smart \nenergy and enabling the collective effort of people in \nsociety toward achieving a zero-carbon society. \nBanpu NEXT aims to create a smart business \nprototype utilizing integrated net-zero solutions, \nselecting a business that is related to everyday\u2019s \nlifestyle life so everyone can experience limitless \naccess to clean energy. It has found a partner with \nthe same business direction, Roots, a specialty \ncoffee shop brand that cares about all aspects of \nsustainability. Banpu NEXT and Roots collaborated \nto create Thailand\u2019s first 100% clean energy \npop-up cafe that maximally utilizes clean energy \nunder the concept of \u201cA Cup to Net-Zero\u201d to drive a \nzero-carbon society in a cup of coffee, considering \nthe environment and Net-Zero at every stage of \noperations from upstream to downstream. Starting \nwith the selection of sustainable coffee beans grown \norganically in a zero-waste, low-energy process, the \ncafe uses plant-based milk and cups made from \nnatural materials. The shop and coffee-brewing areas \ndeploy integrated net-zero solutions, including an \noff-grid power generation system from solar energy \nwith battery storage. A digital platform monitors \nelectricity usage, displaying real-time reductions \nin CO emissions. MuvMi electric tuk-tuks offer \n2 \nconvenient and eco-friendly transportation for cafe \nvisitors. Addressing downstream concerns, the cafe \nimplements smart waste management practices for \nproper waste disposal. Additionally, Banpu NEXT \nand Roots have collaborated to develop exclusive \nmenu designed to further reduce CO emissions, \n2 \nenabling everyone to effortlessly contribute to a zero- \ncarbon society by enjoying beverage from this cafe. \nSince opening in mid-2023, the period of over two \nmonths was a success, with excellent response. \nCO emissions were reduced by nearly 5,000 kg. \n2 \nfrom all beverages purchased by customers and the \nuse of clean energy in-store. Customers believed \nthat the \ncaf \n\u00e9 \n brought clean energy closer to them. \nThey were impressed and felt good about helping \nreduce CO emissions, seeing it as another way to \n2 \npreserve the environment and wanting this good \ncampaign to continue. \nIn addition, many government and private agencies \nare interested in the net-zero \ncaf \n\u00e9 \n concept as a \nSmart Business prototype and have requested \nstudy visits and helped publicize the project. \n95 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","3. Branding and Marketing \nCommunication Events \n\u2022 \n Banpu NEXT\u2019s Chief Executive Officer gave a talk on \nthe transformative shift toward green business led \nby the passion of people in the organization at the \ntalk session entitled \u201cLessons Learned from Game- \nChanging People\u201d in THE PEOPLE TALK: GAME \nCHANGER FORUM 2023.\u201d The talk was organized \nby THE PEOPLE, the media presenting stories \nof \u201cpeople\u201d who inspire others and change other \npeople\u2019s lives. Banpu NEXT\u2019s CEO discussed trends \nin the smart energy business, the sustainability \nconcept to improve the living conditions for people \nin the society, and the corporate culture \u201cBanpu \nHeart\u201d to inspire participants. \nMajor Competitors \nCurrently, Banpu NEXT, a Net-Zero Solutions Provider, \nhas no major competitors offering comprehensive smart \nenergy solutions as it does since most competitors in \nthe market tend to focus on providing specific aspects \nof energy solutions. \nBanpu NEXT\u2019s competitors in the solar rooftop business \nare large operators offering installation services along with \ninvestment packages since they are financially stable \noperators with diverse services to offer. Meanwhile, \nsmaller operators with access to funding from foreign \ninvestors can also offer similar services as large operators. \nThe access to funding enables them to partner with \nother operators that offer similar services to those of \nBanpu NEXT. \nFinancial institutions are considered competitors to Banpu \nNEXT in the EV services sector due to their financial \nstability and ability to provide operating and financial \nleases. However, the e-mobility business is relatively \nnew in Thailand and requires specialized expertise in \nThey acknowledged that Infinite Cafe Powered \nby Banpu NEXT has created interest in adopting \nBanpu NEXT\u2019s net-zero solutions for businesses \nand see opportunities for businesses of all sizes \u2013 \nsmall, medium, or large \u2013 to embrace clean energy \npractices, fostering greater social engagement and \neco-friendliness. \n\u2022 \n An article about new energy trends and deployment \nof technology along with clean energy production to \nenhance real-time energy management efficiency, \ntransform businesses into smart businesses, and \njoin efforts toward achieving a zero-carbon society, \naiming to improve the quality of life for everyone. \n\u2022 Giving an interview with the press on business \nvision, corporate management concept, directions, \nand strategies for promoting smart energy business, \nand the role of Banpu NEXT as a Net-Zero Solutions \nProvider aimed at creating sustainability in all \ndimensions and promoting a zero-carbon society. \n\u2022 \n Participating in a talk titled \u201cSmart Energy Solutions \nfor Transforming into a Smart Business\u201d at the Global \nBusiness Review Forum (GBR Forum). The event \naimed to update senior executives and executives \nfrom the private sector on current trends and new \ntechnologies, fostering business development and \ninspiring leaders to possess a global perspective \nand vision in their management approach. \n\u2022 \n Joining a panel discussion on \u201cGreen Energy for \nSustainability\u201d at the Activity Day event organized by \nthe Student Club of Sripatum University, providing \nstudents with an opportunity to develop skills and \nenhance their potential through activities of their \ninterest. The event also cultivated awareness and \ninspired the young generation to embrace social \nresponsibility. \n\u2022 \n Organizing the seminar \u201cShortcut to Net-Zero \nBusiness Growth with Energy Innovation,\u201d where \nentrepreneurs from various industries were invited \nto exchange views with Banpu NEXT\u2019s smart energy \nsolutions experts and innovation and sustainability \nexperts from other leading organizations. This \nseminar provided guidance on transforming \nbusiness into smart business through the utilization \nof clean energy, while driving toward sustainability \ngoals and a zero-carbon society. \n96 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","EV electrical systems, energy storage systems, and \nmaintenance. As a result, there are few competitors \nwho possess all the necessary qualifications in this \nemerging field. \nAnother group of competitors consists of traditional \ncombustion-engine car manufacturers venturing into \nEV business and new EV manufacturers from China \ninvesting in EV assembly plants in Thailand. Many battery \nmanufacturers from China, who saw this development \nas an opportunity, followed suit by establishing battery \nassembly plants in Thailand. Some of these plants \nare still under construction, while others have already \ncommenced operations. To capitalize on the growth \nopportunities in the battery business for passenger cars, \nBanpu NEXT invested in SVOLT Energy Technology \n(Thailand) Co., Ltd., a subsidiary of Great Wall Motor, \none of the world\u2019s leading manufacturers of batteries for \nelectric and passenger cars. The Company also invested \nin Durapower, which specializes in manufacturing high- \nperformance batteries with expertise in the large vehicle \nmarket, such as mini-buses, buses, and trucks. Both \ncompanies also have outstanding capabilities in battery \nproducts for energy storage systems. These investments \nposition Banpu NEXT to compete effectively in the battery \nmarket in Thailand and potentially expand into other \nmarkets in the Asia-Pacific region. \nPricing Policy \nBanpu NEXT offers various pricing packages tailored \nto meet customers\u2019 conditions and requirements. \nIn the renewable power or solar power generation \nsector, the Company provides two pricing packages for \nsolar rooftop installation services: customers can opt for \nBanpu NEXT\u2019s investment or cover the equipment and \ninstallation costs themselves. The investment budget \ndepends on factors such as equipment specifications, \ninstallation size, and the chosen service model. \nIn the e-mobility sector, the Company procures certified \nEVs that can be legally registered from authorized \ndealers, importers, or manufacturers who are eligible \nfor government subsidies and exemptions from import \nand excise duties, ensuring customers access high- \nquality, cutting-edge EV technology at reasonable prices. \nBanpu NEXT also adjusts installation, equipment costs \nand electricity tariffs as per the government\u2019s policy in \nresponse to market conditions. Moreover, the Company \nstays abreast of recent technological advancements to \noffer customers smart technology options that maximize \nefficiency and affordability. \nCustomer Pro\ufb01les \nBanpu NEXT\u2019s customer portfolio in the renewable energy \nbusiness consists of enterprises seeking alternative \nenergy management solutions or medium and large \nenterprises that primarily consume electricity during the \ndaytime, such as industrial and commercial buildings, \nand industrial estates or communities seeking optimal \nutilization of smart energy technology. In 2023, 75% of \ncustomers who signed solar power installation contracts \nwith Banpu NEXT opted the first option, where Banpu \nNEXT serves as an investor, allowing customers to \nenjoy saving on electricity bills without having to make \nown investment. The other 25% of customers opted \nfor the system installation service in which they invest \nin equipment and installation and enjoy the free use of \nsolar energy generated from their rooftops. For other \nsolutions, namely electric vehicle management, energy \nstorage systems, and energy management, customers \nhave similar investment needs, including periodic \npayment plans or lease options. The primary target \nmarket of the battery sector is customers who need \nbatteries for electric vehicles such as passenger cars, \nmini-buses, buses, trucks, industrial transport vehicles, \nand passenger tourist boats. Banpu NEXT\u2019s future target \ngroup consists of customers seeking energy storage \nsolutions for homes, factories, and public utilities. These \nbatteries are to be integrated with, for example, solar \npanel system or microgrid infrastructure to enhance \nthe stability of electric transmission networks. Furthermore, \nthe Company extends its services to provide commercial \nelectric vehicle solutions tailored for customers who \nare bus rental service providers, retailers, and logistics \ncompanies to support their operational needs. \nDistribution and Distribution Channel \nBanpu NEXT offers smart energy solutions through \nauctions, direct negotiations with customers, and \npresentations to agencies or organizations responsible \nfor renewable energy. The Company will reach out to \nprospective customers to introduce itself and understand \ntheir needs. Then, the engineering team will conduct \na site survey to design the power generation system or \nother solutions tailored to the customer\u2019s requirements. \nThese solutions may include electric vehicle management, \nenergy storage systems, or energy management. Based \non their findings, the team will prepare a project proposal \nto present to the customer. Banpu NEXT expands its \ndistribution channels through events, various activities, \nincluding word-of-mouth referrals from satisfied customer \nof Banpu NEXT\u2019s services. \n97 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Fixed Assets \nBanpu\u2019s business assets in Thailand and overseas include coal mining, natural gas, generation and distribution \nof power and steam, renewables, energy technology, and related businesses. The fixed assets illustrated in \nthe tables below consist of the Company\u2019s and its subsidiaries\u2019 fixed assets. Net book value after deducting \naccumulated depreciation and impairment losses, as reported in the consolidated financial statements of the \nCompany and its subsidiaries for the year ended 31 December 2023 and 31 December 2022, amounted to \nUSD 4,601.76 million and USD 4,190.37 million, respectively, as detailed below: \nThe Group\u2019s Property, Plant and Equipment \nBUSINESS ASSETS \nItems \nBook Value (USD Million) \nLiabilities \n31 Dec 2023 \n31 Dec 2022 \n1. Land \n49.77 \n52.83 \nNo obligation \n2. Land Improvement \n52.84 \n57.05 \nNo obligation \n3. Building and Infrastructures \n125.83 \n136.98 \nPut up some buildings and infrastructures as \ncollateral for the long-term loan agreements \nbetween subsidiaries and financial institutions \n4. Machinery and Equipment and Power \nPlants and Components of Power Plants \nand Gas Exploration and Producing Assets \nand Pipelines \n4,221.98 \n3,812.61 \nPut up some machinery and equipment as \ncollateral for the long-term loan agreements \nbetween subsidiaries and financial institutions \n5. Furniture and Office Equipment \n6.39 \n7.25 \nPut up some furniture and office equipment as \ncollateral for the long-term loan agreements \nbetween subsidiaries and financial institutions \n6. Equipment and Tools \n6.20 \n4.51 \nPut up some equipment and tools as collateral \nfor the long-term loan agreements between \nsubsidiaries and financial institutions \n7. Motor Vehicles \n7.31 \n9.11 \nPut up some motor vehicles as collateral \nfor the long-term loan agreements between \nsubsidiaries and financial institutions \n8. Assets under Construction \n131.44 \n110.03 \nPut up some assets under construction as \ncollateral for the long-term loan agreements \nbetween subsidiaries and financial institutions \nTotal \n4,601.76 \n4,190.37 \n98 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)"]
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