บทวิเคราะห์ (Research)

TOP’s Clean Fuel Project (CFP) project is delayed and needs an increase in investment cost. Commercial operation date (COD) of GPSC’s Energy Recovery Unit (ERU) Project (250 MWe capacity, GPSC holds 100% stake) is delayed from 2025 initially planned to 1Q29, while it is still unclear whether ERU needs to increase investment cost. GPSC executive said ERU has minimum economic internal rate of return (EIRR) of 8%, so impact on investment return should be limited. D/E ratio is 1.4x now, so it has room for higher investment cost.