Dr. Harald Link, Group President of B.Grimm Power Public Company Limited (SET: BGRIM), revealed that the financial performance in the first quarter of 2025 grew strongly, with Normalized Net Profit (NNP) attributable to the parent company increasing by 51.6% to 749 million baht, and EBITDA reaching 3,725 million baht, growing by 2.6% compared to the same period last year. Meanwhile, the consolidated net profit attributable to the parent company stood at 654 million baht, increasing from 379 million baht in the same period of the previous year, driven by five key factors: 1) the consolidation of Malacha performance after its 100% acquisition in May 2024; 2) an 8.8% increase in steam sales volume to industrial users (IUs) in Thailand compared to the same period last year; 3) a greater share of profits from associates and joint ventures; 4) a decrease in natural gas prices; and 5) realized gains from foreign exchange (FX).
Additionally, B.Grimm Power successfully synchronized new industrial users in Thailand with a combined capacity of 6.9 MW, including customers from the home appliance, tire, and chemical sectors. Furthermore, B.Grimm LNG imported two LNG shipments in March and April, totaling approximately 130,000 tons, into the pool gas system to fuel B.Grimm Power’s combined-cycle power plants.
During the first quarter, B.Grimm Power successfully commenced the commercial operation of the Kuchinashi, a ground-mounted solar power project with a total installed capacity of 14 MW in Japan, operating under a 16-year power sale agreement with Tohoku Electric Power Corporation. In addition, B.Grimm Power continued to expand its business by establishing Amata B.Grimm Renewable Energy Co., Ltd., a new joint venture where B.Grimm Power Smart Solutions Co., Ltd. (a subsidiary) holds 25% stake, and Amata U Co., Ltd. holds 75%, to engage in generation, distribution, and sale of solar energy.
Another key milestone for B.Grimm Power was advancing collaboration with partners both domestically and internationally. In February, B.Grimm Power, together with NS BlueScope, signed a power purchase agreement to develop a 12 MW ground-mounted solar project at the NS BlueScope factory in Rayong Province, to increase the proportion of renewable energy usage in the factory, equivalent to reducing up to approximately 9,000 tons of carbon emissions per year. Moreover, to promote the use of renewable energy in the business sector, B.Grimm Power has delivered Renewable Energy Certificates (RECs) to Kasikorn Asset Management Company, providing clean energy solutions for the financial and investment sectors and fostering a low-carbon society.
Furthermore, B.Grimm Power reaffirmed its achievements through awards and recognition. B.Grimm Power received “The Best of ESG” award from the Future Trends Awards 2025, organized by Future Trends, Thailand’s leading trend media, reflecting B.Grimm Power’s operations that comprehensively cover good governance, social, and environmental dimensions, considering the benefits of all stakeholders. B.Grimm Power also received nine awards from FinanceAsia, Hong Kong’s leading financial magazine, reflecting its professional business operations under the philosophy of “Empowering the World Compassionately.”
Dr. Harald Link stated that this year’s business operations are facing headwinds from U.S. trade and tariff policies, which may cause electricity consumption of industrial estate customers to decrease by approximately 5-10% compared to 2024, the trade war between the U.S. and major economies may have a positive effect through lower natural gas prices. We forecast natural gas prices for SPPs in 2025 to range between 320-340 baht per million BTU, similar to 2024, where the average gas price was 324 baht per million BTU, and plan to import up to five LNG shipments into the pool gas system.
“The attraction of new customers such as data centers will help mitigate the impact, as electricity demand from these customers is less sensitive to tariff measures and global trade slowdowns and is also supported by the continuous growth of the digital economy. B.Grimm Power will closely monitor the situation to assess any potential impact on certain industrial customers and will jointly develop response strategies and mitigation measures,” Dr. Harald Link said.
For the 2025 target, B.Grimm Power aims to synchronize 40-50 MW of new industrial users. Several ongoing projects are under construction and expected to achieve COD between 2025 and early 2026, with a combined installed capacity of 610.5 MW, as outlined below:
1) U-Tapao Solar Power Project (Phase 1) – 18 MW.
2) KOPOS Onshore Wind Power Project – 20 MW.
3) INSEE B.Grimm Solar Power Project – 80 MW.
4) Zhongce Rubber Solar Rooftop Project in Amata City Rayong – 35 MW.
5) 386 Solar Rooftop Project – 27.5 MW.
6) ARECO Solar Power Plant – 65 MW.
7) Nakwol 1 Offshore Wind Power Project – 365 MW.
As for long-term goals, B.Grimm Power aims to become a global leader in power generation and to achieve Net-Zero Carbon Emissions by 2050, as well as to expand its total installed capacity to 10,000 MW by 2030.
