Gulf Energy Development Public Company Limited (SET: GULF) announced via the Stock Exchange of Thailand on Monday that on October 1, 2022, Gulf SRC Company Limited, a subsidiary of the company and operator of GSRC power project under the Independent Power Producer (IPP) scheme, commenced the sale of electricity generated from its fourth unit, which is the last unit of the project, to the Electricity Generating Authority of Thailand (EGAT) as scheduled, following the commercial operation commencement of its 1-3 units with a total installed power generation capacity of 1,987.5 megawatts on March 31, 2021, October 1, 2021, and March 31, 2022, respectively.
The GSRC power project is located in the WHA Eastern Seaboard Industrial Estate 1, Sriracha district, Chonburi province, and is one of the IPPs that uses natural gas as a source of fuel under Independent Power Development Company Limited (IPD), the operator of two IPP power projects with combined installed capacity of 5,300 megawatts, namely, GSRC power project and GPD power project. Each project has an installed capacity of 2,650.0 megawatts (comprised of 4 power producing units with capacity of 662.5 megawatts per unit) and has a 25-year power purchase agreement with EGAT. GPD is scheduled to commence commercial operation for units 1-4 in March 2023, October 2023, March 2024, and October 2024, respectively.
